Washington telegraph., 1862-04-23

tile following terms of the i1arcial condi-
ton OF Yankeedom, present and future:
Under the influence of political chloro-
form, the Americans are entering upon a
>tlec familiar 10 Tie history Of all nations.
FLey have taken the step ot suspending
>necie payments in the most balmy uucops
sciousuess of lis meaning and Inevitable
results. But We must tell orr own clnn-
rymon what this means. The fige dollar
notes now issred BY the United Safes
Treasury and tie Northern banks, instead
Of tie gold, are merely promises TO pay
that SRn a. soon n convenient after the
lcrniuatiUn Of tile war The value of
such promises depends upon 4 variety of
considerations, and ranges accordingly
from par 10 zero When we substituted
them lof goll in the year 1897, we were
az war with q neighbour divided from us by
rarrGw but bolsterOus strait, having our
selves a vast prep1nlerance Of naval power.
and having also the best part Of Europe
on cur side. The parliamentary session
had opeaed with che promise Of negotia-
tion and q prospect Of peace. There was
n1 apprehension Of danger to this country.
0la thing vas very clear-ihat any day
we pleased we might retire ont Of the
quarrel, with the British dominions. the
British constitution, the British commerce,
the British revenue, wholly uuinjured, and
1y iass, except sumo sentimental damage
t1 uur exalted char4cter-Iu,t a rent in
tie British flag Bat in tie February of
thai year wg suspended cash payment, and
Jill uot return to 1t fOr twenty years. Be
fore that day gold had Iiscn 10 forty or
fifty per cent premium, and glineas were
.o bc found only in cabinets and old stock
ings. \ comparison Of England in 1891
with th- Northern States of America in
1862, cannot be considered favorable to
the latter. Il is by no means plain that
the Cabinet Of Washington will be able
to make peace without serious compro.
misses and losses. II may have to give up
much more than the Southern States. 1t
may have to make terms with its own
araiy as well a that Of the foe
The United States are not tax paying
country. Half the American taxpayers
live ia regions Just reclaimed from the
forest, and sprinkled over with settlements.
Tire great State Of Illinois. which may be
sid % occupy n.iirank between New
Englaud aud the far West, has hitherto
paid In all a. out 100000 in taxes. Of
. tEis the riiiway has paid e24 900. What
security Is there here for the future pay
mcht uf the debts likely ID BE- incurred
under an expenditure of Gl0G, 100000
year! That rate is not likely to be dim
/ iai-hcl, " even brought under control
| Aii the press are open -mouthed against an
army of jobbcrs aud spsculators, who are
said to be making their fortunes BY the
rain Of their country! There is no. a
circumstance in which America of 1862
can ID compared with England Of 1897
aud ii tie British insolvency Of which we
have been lately reminded lasted twenty
years, We may a. well ask, when will it
terminate IT. q redemption of every bit Of
paper In the States? When an inconver-
tiO.e paper currency is once substituted
fJr gold, 1t becomes the base of the whole
financial system, and its rising or falling
effects every fixed payment, whether pub
lie or private. That value will rise with
thc prospects Of peace, and fall a. they
reccde from the eye. The defeat u
throws the cause on its defence, and the
victory which encourages It to perseFerI
ancc, are equally fatal to the hopes of an
carly peace. Hen may be sanguine, or
may despond, but it is the probable dura-
ton of the war, and the extent OF the ex-
panditure, that will rule the value Of the
dollar note. The Confelerates have been
over and over again pronounced to be so
bankrupt Of means a. TO b. incapable Of
further exertion TO any purpose but The
prediction has been repeated too often TO
be needed; and, whatever the value Of the
/ desultory operations on the coast, the
| Fcierals iud an organized, entrenched
aud well-supplied force wherever they
push their reconnoisances south Of the
Potomac. With twice the expenditure of
our war, the Government of Washington
cannot raise half our revenue by taxation.
Let that speak for itself. To y il speaks
Of either bankruptcy aud disorder, or the
expediGnt of European arbitration