New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1862-01-11
NORTHERN AND SOUTHERN CREDIT.

NORTHERN AND SOUTHERN CREDIT.
The banks Of New York, Boston and Philadel-
phia suspended specie payments simultaneously
on the 3oth Of December. This is the most signif-
cant thing that has happened in the North since
the war commenced, since it shows that the Gov
4 erament credit there is sinking. 1t shows. also
II that confidence in success in the war is giving
i way, and the people are getting out of the falling
i house to save themselves from being crushed in
the ruins.
The difference between Suspension in the North
and in the South is very easily seen. The South
owes but little to Europe while the North owes a
great deal. But the South has the wherewithal to
ipay her European Indebtedness whenever the
blockade is raised ; and our foreign creditors know
the fact, and feel easy about it. The North, on
the contrary, has little or nothing barring bread
stufs, which have to be transported from the
Northwest to the sea coast, the cost of carriage
eating up the profit. The Suspension of specie
payments necessarily advances the rates of ex-
change, and when exchange gets SO high that
debtors are unable to purchase it without being
ruined, the crisis will have come. Europe sends
an armed feet to Mexico to enforce the payment
of her claims, and another one will be sent to New
York for the same purpose. L s8s.s. H. q
Federal securities, even when the banks were
paying specie, were below par. Confederate se-
ourities were at par three months after our banks
had suspended, and our bonds are now worth one
hundred and two in Richmond, What the Federal
bonds will now go down to, may be easily oalcu-
lated. They may have value, iettiously created,
approaching par for . while but the intrinsic
worth based on the probabilities Of payment, will
be absolutely nothing and the capitalists of the
North know it. A counterfeit shinplaster on a
broken bank is not more thoroughly worthless
thansa Federal bond having fyesor ten years to
lrun.- sess
Meantime, the expedients the FederaIs are re-.
sorting to, show to what desperate straits they
reduced. A dutytof twenty cents a pound is put
on tea five cents on coffee, and from three to five
cents pound on sugar. The poor mans neces-
sitiess are to be put beyond his reach. To meet
immediate liabilities an issue of fifty millions of
dollars Of Treasury notes is to be made, no time
being designated for their payment. They are
about as yalueiess as if made payable one day
after Gabriel blows his horn. At the present rate
Of Federal expenditure, the amount will last the
Gorilla Government not quite a month.
To show the difference between Northern and
Southern credit and resources, and to show that
this difference is understood in Europe, we quote
from pamphlet recently published in Paris by M.
Belot, entitled la Question Americaine,'' the
extracts being derived from the Paris correspond
ence Of the Charleston Mercury:
{ The North, it IS true, says N. Bellot, is
manufacturing and commercial; but it is enabled
TO exist because the broker, the banker the ship
per- the furnsher, the factor and the carrier ofthe
..AJs IA !
is rather the North which lives by the South and
upon the South !; and that on the day that the
latter withdraws that commerce which feeds the
North, the North cansno longer snbsst. y
4 The prospect is rather gloomy for the Washing
ton President He finds himself without finances
and without solid credit in the face of daily ex-
penditure Of q million of dollars, absorbed in the
mere carnations for a war. II that war is to go
that it will swallow up. Is there not already an
unanimous outcry and most violent attacks in all
the Free States, about the fearful rapidly and the
strange manner in which enormous sums are en- |
Quilted day by day. TO provide for TIE troops Who
many months will it take, at this rate to bring the
Government of the, North to bankruptcy
Il On the other hand, the South has not those |
South is at home. She can sell her cotton to
EUROPE will know how to make sure Of the car
rage of the merchandise thus Sold Her (the |
s0nths) credit, then, does not run the same risks
Y must rise in the same proportion as that Of the
North must fall. ia g3s,s..l
The prosperity Of the South has no way de.
creased during the present crisis. Thus money |
and credit-that arm more potent than rfed can |
non--is on the side Of the South. She has little |
to fear In the struggle-itis the North that will
suffer most If sifB 4 bsy4
But this is not all. The situation Of the North |
and East presents painful contrast with the pros
perons state Of the South Though the general |
Suspension Of banks in the free States Of itself
To thair bod
evil does not stop there. Millions of laborers--
men women and children are on the streets, with
out work, or wages, or resources. The weather.
classes Of society are not spared either every /
thing is paralyZed together. "A Al
What q contrast in the South! The quantity of |
cereals prodccedh by the South is greatly superior
towhat 1t is in the North. There is no comparison |
point Of agricultural riches between the two
countries The South has not, indeed, the number
Of hands which sheacoula employ; but she has a [
soil of luxHriant fertility. What we have said of
the cereals we may repeated other products. If /
the prosperity and the riches of a country are
measured by the value of the products drawn
from its soil then no land matches tie Sout1sthe
whole world is her tributary. y 9a n
According to.the attitude Whichshe (France) will
soon take, she will either ALLEVIATE Or attach the
South, and Wireap from approaching events the
advantages she has 2 rightto exnect
y The Southsis our nature! friend the North is
our enemy, because Of It's GBt,ities .cs England.
The South, country essentially agricultural, is
Il
rhe North, By her manufactures, is the antagonist
BE- all. & VI 5t R 500
II isthe South which consumes our products:
'he exempts them from duties. The North. with
ler4 Morrill, Tariff, strikes them with an almost alb
'olute prohibition. The South opens her ports to
Isl exempts ships from tonnage dues, anddes-
roys the barriers which shut up the commerce of
he American coast against our ships. The North
Ices, in all things, exactly the opposite.
The South also.loves France. or all the nations
If Europe, ours is that with which she has most
ympathy. There is scarce a family that does not
.anse its young people to speake French-so that
he present generation wihspeak French like the
ARTISANS. M Oh 36 3 nj 3t5 H8&#
France, Hen, from all these considerations, is
ldtu,aiiy called upon TO pronounce in this quarrel
Inotto take The side of tie South. t * Il
TALK ON 'oHANGE, +
There was very little talk on the flags yesterday
'or alfthe benefits which the general habitues of
he flags of Carondelet are now reaping, they
night as we'll remain at home and save shoe
Gather. Leather is very important article at