New-York daily tribune., 1862-05-17

pOrdneOtl5 reC0Tu5 iii WHICH ~ 10 Ane'~S"!
referred TO. Neither has a history OF the
Colonial paper currency been written; but
enough has been preserved to give us some
idea of the widespread ruin which has IN
every instance swept over the community "hlch
may have plunged into great issues OF IRE
dcemable paper. Even cautious, prudent Mas
sachusetts was compelled, in J75), to redeem
EI.7g2, ,23G Of her paper, at loss of 10 per
cent to the holders. In 17l2, South Carolna
issued fl3,O00 in bills, which deprecated one
third the first wear, one-haif the second, ana
gradually sunk to almost nothing. Only Blk
months after tho Declaration Of Independence,
public confidence in the Continental money was
seriously impaired. The Tories sneered at II,
and the British counterteited it. In October
III, il bad deprecated to three for one. The
belief was that, oven if Independence were &C.
cured the country would be found too poor to
pay its debt; while domestic enemies declared,
and tho army unfortunately believed, that, II
ever able to pay, it did not intend to. Up TO
September, 1919. Congress had issued sI6o,'
issues should at no time exceed 5000, ,0OO,W
But onco entered on tho career, its issues
soon exceeded this limit, and the next year
ito paper sunk to seyenty-tive for one. Com
was impossible to be had, and taxes could mol
be collected. In 1851, Congress had issued
$50, 600, COO of paper, and at that date the
earlier notes had sunk to FIVE hundred tor one
of hard money. Thenceior~ard. the dePrecia-
ton went rapidly toward utter wortblsssness. II
i. known that millions of this paper were never
redeemed, aud that depreciation and rePuda-
ton combined inflicted untold distress upon the
people. Taxation followed and this cumi-
uated in the Whisky Insurrection in Pennsyl.
yania and iu Shayss Rebellion IN MasSachu-
setts, with alarming symptoms of al outbreak
in New Hampshire and Connecticut.
All American history is full of warning as to
the certain ruin to follow the gorging Of a
community with paper currency TOR whose
early redemption no certain provision may
have been made. The South can hope for 10
exemption from q similar fate. Her cur
rency began TO derreciate from the moment
il was issued. The Continental Cons ere's
bore up for eight years under the waning
value Of its currency but single year
has been sufficient to wipe out hundreds
of millions in the South. That Congress did
repay many millions OF its war debt by bonds
which have long since been liqudated, but not
n dollar of tho enormous issues of the Southern
Confrderacy will be paid. II successful re-
bellion impoverished so many Of our fathers
how many will au unsuccessful one convert
into paupers The stake, moreover, which the
South has hazarded in provoking this contest
ia immeasuraby greater than that which all
the Colonies possessed. They had no banks, |
no railroads no canals, no telegfaphs, no
steamers, no furnaces nor mines, nor any OF
the multiplied appliances OF modern ciSllization
into which the South mas concentrated millions
of capital. All these have beeu daDssr'""'y
crippled, some nearly ruined, Others annih'ia'ed'
II,r banks must bo bvpoios,l! insolvent; her
state bouds may continue rs footballs at the
Stock Board, but redemption Is almost impos-
,ible; while the great bulk of her Corporation
stocks 10 comparatively worthless. thousand.
,rept away. Other thousands have meanly
iattened upon slave labor; but, under the stun
ming blows rained down upon i. BY the stall
wart North and Wet. this dependence now
reels to its dissolution. No ceu,on Is paid, no
corporation declares dividend. Slaves are
un,alabe, while the title to all real estate ID
doubtful under the prospect Of wholesale
sequestration. Every prop on which her de-
mded people rested has been knocked away.
Agriculture produces no crops, while every
cannon fred by our advancing armies drives
hundreds of families as fugltyes from their
homes. OF all wars, those Of invasion are the
most friehtfu and this the rigbteously dePolated
South has fully realized. The crash must be
proportioned to the magnitude of the interests
involved.
But the full force of her monetary collapse
is yet 10 come. When peace lifts the curtain,
and lays bare her pecuuary nakedness we
shall behold a perfect carnival Of insolvency.
1t will be aggravated by the obliterstion OF
vast properties voluntarily destroyed. This
voluntary destruction is of itself an admission
that confscation is inevitable. Here, then, is
an accumulation OF causes for huge monetary
explosion such AS had DO existence in the
Revolution. 1t is only on tho return Of peace
that such explosions really culminste. While
the war lasts, pervading pressure serves to
brace up all hopes all interests. But this
pressure relaxes with the return Of peace, and
a.. .rt;co,,t ,.k,.h tha