The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1862-01-13

~|sJ 'AAS A~~AaSAA A"y Doo~y - k1oLuiuAyt WAL
convince the reader that the great BUBBLE is
about to burst in tho midst Of its glory. The
banks are all broke, and SO is the national
Treasury. With SEQ ,0tO men, with arms in
their hands, and no money to pay them with,
the North 10 not likely to have the "gocd
time coming" just now, and its cities may
come 10 for being sacked and piundered By
its own unpaid misions. The Northern
commercial and manufacturing interes Is cry
for direct taxation, but the West--ths great
Wess-says no, Emphatically, NO.
AS preface, We annex an article from the
editorial columns Of the Herald:
FINANCIAL cosDITIos oR rHs c5BxTRY.
Whist Congress is wasting the precious
nours OF the session In the discussion OF ques-
hons which belong to the executive buAiu. IS
OF the War Department ana the a. isaliou OF
which can oe OF no sort OF benefit at the pres
ent tune, the GnSnciaI affIirs OF the country
are in u ccnuition which excites the utmost
ruxiety and alarm. In another week the
Treasury Will be wisho out q cent and in finan-
ciai and commercial business OF every KiId
the prospect is fast precipltatiIg matters to-
wards a panic Those no bave anything TO
dispose OF, AID VINO can realize it, are ia vest
ing the procee s in gold or in 1oreigu ex-
cnankes, SO as 10 be prepare for what seems
luhVttable II Is evident that, unless Con
sress acts speedily aud eGergetiealIy, not on,y
seNerer Than any We nave as yet eLcounlereu
out the credia OF the Government will be de
s.Foyed ,ano our army, W hich is being brought
ihso sacn nae condition., utterly demoraiIz-d.
khe Issue OF irreueemable paper money SO
Lar from helping TO extricate Us from our en-
oarrassmenis, will only render them less
easy of solGtIOn.
"A nation that has recourse to such expe Ill
ants Is bent on suicide. In taxation alone
can We mud the means of provlu ny for the
ourdens mat War imposes upon us. Every
drtlcie OF luxury, every deed OF paper re-
iating to the transfer of real or personal
property, promlsSery notes and bills of ex-
chause-every tning, In short, tnat is suscep-
tibie OF being thus charged-sh ouid bear Is
proportion of them, ia the form I'll her Of ui-
rect taxes or stamp duties. In this way d
revenue OF couple OF hundred millions
could be raised t. secure the Interest u the
heav/ war debt THAT We are incarring, and
10 leave large surplus to assist i'll pro iding
for the wduI Is OF the Government II Com
sress is animated by The least sense of pa
triotlsm, ano Is d. lIOuS To spare the country
the humiliation OF uninilated public
debt, as Well rs the disgrace attending the
triumph OF the rebellion, Il viii at once an.
ptV ltselI 10 the acJus tmen OF the taxation
necessary TO accomplish these objects Tne
country Was never in n better condi tion no
respond To the calls that Will be thus made
upon II, and will the more cDeertulJv rneaI
them, from the cohvlction now generally
en Ter talned, that they pro vide the only Sal.
ana issltimale remedy for the difficulties thar
are now crowcing upon as.
FIEAEcIAL AND COMMERCIAL
TUESDAY,, Jan. 7-s P. NJ We have reason
10 0-ieve til at Congress has at last wake,
up to sense OF its uuty TO the couutrv AND
tbat measure has already been or win a !,
once be reported Oy the Committee of Wsvs
ana Medns 10 the House, au, u,hor. z ng Nj.
thase 10 issue one hundred millions of rrse
sury notes in addition TO those auuhorizaa 81
last session declaring these new notes as
wen as the uenand notes, au thorIZ .d III ! lly
legal tehder TO- all deb's as we'll to the gov
ernment as 10 individuals directiur th.,t
they may be funded III twenty wear stocx NJ
tne-O. States AZ par at fix d periods or r..
deemed IN coin, at the pleasure of gov.rn.
lnent; and, for the security of their redemp-
ton and OF tne due pay ment of tha inraras,
aBd principal OF The bonus into which tbev
may ne converted, imposing a direct tax
which Is calculated t. vie d an annual nv
enne ct one hundred and fifty millions of
dollars. We have no hesitation in sayirp
tnat such measure AS IL is will te sa,isftc
tory 10 the pa bl,c credit.
Ihe new treasury notes will pass every
~ESre as money II their redemption is pro
pfriy seI ured by direct taxes and mona NJ m :,
evils which, in Other countries s. under legs cave.
iui systems OF finance, have attended heavy
issues OF paper money, need be appreh. ndaI
on this occasion. Much anxiety and loss
would have been avoided If Congress had
adopted this course month ago. when il
was first recommended In this column.
The speculation in exchange coutnues
Ntei' 'iEe mus uN quoted t.f n ll3&, and yil
81 The government has been disbursinv
heavily within the past day or two, and pea.
pie are investing their money in gold and ex.
cnaose, IN consequence Of the non acti n Of
congress upon 'hs subject OF tsxation Gold
is held for much higae premiums by the
SpecuiatOrs
he stock rarke: opened vigorously This
morning with large amount of orders from
me paoilc' but, as the day advanced the street
speeuiators began to realize profits and the
market was not stropg enough 10 take m.
stock thrown upon it. Hence the afternoon
prices OF many OF the speculative sh ares how
eeenhe, Ms corn par'd with the closing prices
OF last evening Thus. Rock Isiard, lost to-
daV per cent, Burlington and Quincy l
Toledo :, 6asenu J. IL nois Central -. Miebi
gan Central ! Southern old !, guaranteet ;
Reading The exceptions TO the dec,in.
were U. $. o's, which advanced / and did no,
fall back; Erie, which closed better than
yesterday; Mssouris, Tennsssess and yi,gi-
Mas, eaeh OF which gained to-day, ana Pa
enc ali. Wnich advanced per cent The
market closed very 1rm, with a geaeral dis.
position 10 buy.
THE BANKERS coNsBIsAcY IN PHILADELPHIA.
PHIhADALPHIA, Jan. 7.-soma OF cur btuks
very bad feeling ia getting up towards IN.
hanks and II they do not alter their con rse
there will not be n dozsn ban Ks In the Uni red
States in year from now. The cry is being
raised, down with the banks, and gtye ms
national currency"
y
Bank specie. IS 975 700 Late in ths day
The banks were called upon IN pay the gov.
ernment 9l0o o)o III cola. 10 supply, lperhars.
some temporary deficiency. Itis~o be opad
=, ina. . is,r S system viii os speedily adopted
ny which the g.vernm ent shall recei We Eank
bills Tor subscriptions TO the loans.
The bills OF the Boston banks are as good IN
the demand notes OF the United Statts-they
can be USED AS readily and dconvenientiy-anJ
the Government itseIf has stopped specie
DAVnAnI- fnR In FAR
due, and as specie is at q premium cf II to I
per cent 1t follows that the coin paid nv ,he
bank to the Government does not return 10
them Every coin payment, therefore, di.
sustain which these institu ions agreed TO
suspend. Moreover. the vote Of suspension
made no exception In favor Of Government.
and The banks, therefore. are Got justified In
Liberal payments Of United Ststes demand
notes to public creditors would furnish some
temporary remedy for the present difficulty.
for thereby the banks would soon obtain
enough OF these notes 10 cancel their remain
ing obligations to the Secretary Of the Tea.
sury.
And another extrac. from the Hsrald', ea,.
torial columns:
We are fighting TO put down Southern
white rebels, and not against the hun aas
Of thousands Of Union men through xhonl the
scum VINO are awaiting the day OF tAsir de-
TO save the South, not to destroy il; our OBJ.
lsct y TO restore tbs blessings Of our Federal
Coneutution TO the rebel States and not TO
transfer them from one irresEoI sibls mill.
tafy desp0tism 70 another.
We have an army aud navy svf1cient
TOT the immediate work In hand va have
our army and cur NAVY 90 orgaaized and
distributed as tn indicate the inevitable
oserthrcw Of this rebellion, and IN very
short time. But the mc9ey question 10 as.
suming An alarming shape. Sixty million I
hundred millions Of exp aAduurs The Re-.
eeipta Of the Treasury must be increased 10
the extsnt Of = bnadred and nfty millions,
and that right soon, or We shall b. aslussd