New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-07
SOUTHERN DERTs.

| This chief Mercantile agency IN our city
established and mainland at a heavy cost, ex
pressy TO enable our merchants to determine
whom in all parts of the country they nigh
safely trust--has been collecting the statistic'
Of Southern mercantile indebtedness to The
North. and It's returns indicate that the sggre
gate amount is about Three Hundred Millions
of Dollars. New-York, Of course, loses th,
greater par! of this mountaineering over
Two Hundred Millions-wblle Philadelphia
stands next; Boston tagging fer behind. New
/ ark, New Haven, &c, OF course, lose heavily,
trough they are not named in the report. And
il must be borne in mind that these inyestga-
tions and aggregates relate only TO the failures
ard regulations of 1861. There were-to 20
no further baeh-commercial reyulsions in
lSg7, in l6i0-l, in 1854, and in 1851, th,
North in every cars losing heavily through the
bankruptcy of Southern debtors. The absolute,
irreeoyerahle loss Of the North by Southern
failures in 1887 aloss cannot have fallen below
One Hundred Millions OF Dollars. Bat let US,
for the present, conine our attention 10 the
Three Hundred Millions which hoge recently
taken leave of us.
These Three Hundred Millions ,re one Of
the chiof financial pillars Of the sl1ysholders'
Rebellion. A leading South Carolina Seces-
sloni.t assigned to us in November, 1860, the
universal prevalence and pressure e. debt in
the South "a one strC2g reason for rebellion
and disunion. Almost every one in .he South,
he said, was buried "A debt. and ready to
welcome revolution rs ; means of escaping its
burdens, annoyances, and humiliatiohs. The
Southern traders, who wers the more iume-
date debtors to the North, supposed they had
secured by Secession rot only immunity from
suit, but exemption from payment. To them
the rebellion commended Itself as a mode of
escaping their debts practically equi alent to
paying then. But the rebel lenders knew
trick worth two of theirs. They coHfscaied
every debt due from n resident OF tho Coated
rracy 10 an enemy-that is, unionist-as
well as I'll property OF Uniouists within their
reach: 20 that the Southern traders found
themselves in the hands Of new creditor far
more rigorous and imperative than .her old
ones. TIE rebel despOtism asserted and ex-
ercised tho power OF taking possession
of any merchants booto and papers, AID as
certainiIg therefrom the amount of h.s iudebt-
edness in the loyal StGtes-which amount he
was required to haad over forthwith 10 the
Confederate collectors. In default OF money,
they would take it in provisions, or any kind
of wares and fabrics needed in their armies;
but haze it they must. The merchants had
thus gained one remorsele's creditor instead OF
many mere lenent, and were compelled 30 pay
their debts in full, without dischargDg them
in the eye of either law or conscience. They
could BE- hauled before tribunals and compelled
to disclose the existence and amount Of any
debt not otherwise discovered, aud OF any prop
erty or evidences Of debt held by them in
/ trust for loyal men. Thus the heavy debt due
/ from the South 20 the North became one OF
tho principal resources OF the rebellion.
OF this aggregate, but a small proportion
was due to Black Republicans" or "Abo-
- litonists" Probably scyen-cighths OF it was
owing TO men who had always argued, voted,
and spent their money for whatever party
,ickct or cause they supposed most acceptable
10 "our Southern brethren In this behalf
they mado superhuman efforts and contribu-
tions in tho Presidential canvass OF 1860
They have their reward in the c0nGscation o
their debts, of their interests in Southern banks
railroads, &C., &c., and in the capture and
sinking of their ships ON the high seas by rcbe
pryateers. This surely, cannot be the enter
tainment TO which they invited themselves.
Whether the North has or has not made
an,thing BY its trade with the Cotton States
over and above its enormous losses IN those
States by insOlyencies may well b. questioned
1t might have realized handsome profits from
that trade by conducting 1t on the basis o
Pay Down. The Social Economy Of the S0utl
J Is very vicious, but tho great body OF her PEG
pie, free or slave. live very coarscly, so tha
those States ought never 10 be debtor 10 other
for a dollar. Whenever they haze Cotton
: Rice Sugar, or other staples to export fol
sale, they very properly exact pay for them
and thoy need but place their purchases OF
the Same basis TO be surely and uniformly sol
} vent. They choose to run in debt for most o
What they eat, drink and wear. aud Tho Norti