Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-10-06

be Queensland, In Aastrslla, snd @ THE point he
advocates the expectation Of one million persons,
whose labors would eHsnre 3 cotton product which
would release Great Britain Of all dependence on
the american institution The N. P. blunders
immensely when he asserts in his speech that the
tconfessed profit" Of cotton raising in America is
two hundred per cent. We wish it were always
as much as two per cent sn the capital involved
Arguing from this he concludes that the cul-
tufe would pay at least one hundred par cent.
in Queensland Poor Mr.. Bailey is among the
many discontinued subjects of our King
Cotton and struggles desperately with the
conviction that 50 he must remain. Queens
land will not sustain him in his rebellion any mora
than India, Egypt or the Isles of the ses, which he
locked to in times past to enable him to throw off
the yoke Of the American monarch of commsrcs
In this connection we sh0uld mention q lengthy
artielelin the London Times Of September 18th,
which argues that cotton will be had from the
South, it may BE- By costly aud circuitous routea;
but it will be had @for where there is will Tiers
is way The Times cIiagg to avery fral reed
in cherishing such hope Of relief from ths cotton
supply dilemma. Our planters and our Govern
ment will see that the 4crcuitous routes are clos>
ed, so that though England may have "the will' to
get the stlple, fths way VIII only be sueh way
as suits us If she could get thu cosson without it,
the condemned, "slsveOcraey of the South" might
vainly whistle forever for her recognition of their
claim to place among nations.
AMERICAN FINANCES.
FROM tie LONDON Times.
Two broad assertions havs been made ia. this
country by the advocates ard opponents of Ameri-
can institutions respectively. The former Ssclaf-
ed that community governed on genuiae dem,-
cratic principles would never be likely to incur
public debt as it would never BIS hurried into war
by q class which found its interest in such poli-
ey Republic could afford TO be impatient Of
taxation as it would never be taxed. II disputes
should arise, the wisdom Of upright ard honest
citizens, exempted from the pernicious influence
Of self-seeking aristocrscy, would soon insure
return to the blessings OF peace. This was
one view Of democratic finance, and six
months experience has taught Us how mach
tha. was worth. The Americans have pIung-
ed headlong into war With greater obstinacy,
unrsason aad extrayaganee than were ever
shown in the Old World. We shall now be able TO
test the assertion Of those who have represented
Democratic Institutions in this particular especially
as altogether unsafe, They used to tell Us that,
though . Democracy might be eager enough to bor-
70 " it would not be ready 20 pay that il political
power was lodged exclusively in the lower classes Of
the population, those Classes WoGid never submit 10
the taxation which their eWn votes had rendered
necessary, and that public debt would either be
repuiiated, or shifted by process Of ruiaous
fscatiou on to the shoulders Of the classes above
We shall see how this shall turn out
The Americans are borrowing money With
prodgiouS rapidity, and to some extent, though
very dispropOrtionate one, they are taxing
themselves TO meet the burden. They have
even begun by taxing the 'breakf4st table," the
very thing which, 10 one Of our latest sgjtations,
it was opposed TO untax as necessary piece II
financial wisdom They are smiling complaeently
on the resources Of an excise, and soap and papsr
will perhaps contribute to the Federal EE-
chequer. Rut how long will this last when the
pinch is felt ? viii these very taxes now dscrsed
be sctu4lly paid These are questions on which,
as cur correspondents letter shows, no misgiViDg
is entertained inNeE York; but We in this country
can hardly iorbear from concluding that if the
Americans are really to accept this permanent
weight Of taxation they viii either be ccn Jelled
to remodel some Of their Institutions, or they will
display such qualities Of integrity and selfdenisl
as have never yet been held to distinguish Demo-
cratic communities.