Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1862-06-26
The London Times in its City article Of the 18th OF

The London Times in its City article Of the 18th Of
May remarks
The mercantile advces from New York this week in
7cae aud all the speculative Witness on the Stock
Exchange cors queDt upon the food Of p8Jnr currency
Am increasing feeling Of alarm aud discOuTagCmpDt
among tic leading merchants and fGanCiers Zach new
victory is followed by the discovery that the people in
tha vaaQuished district unanimously opposed to the
WASHINGTON Government, and that obedience can Oe
obtained from them except such as enforced by strong
military power. ct" Thus far" it is said, no Union
feeling whatever has been discovered in the Southland
il is now no longer expected" The loss OF life on both
sides we're beginning 10 be felt among the families OF
every part of the country and 1t Is probable that Tor
extent of misery there has rarely in the history Of the
world been struggle presenting more cruel results.
Spectators and contractors, however, continue 0p-
parently in high spirits No tax bill has yet been
passed and the politicians it is said, to have al
rived the conclusion that any attention to that point
is unnecessary "Ihe people, in fact, think that IN
paper money they have found the philosophers stone
In the absence Of the ordinary commercial demand,
money is universally forced into Government stocks
which experience new initiation on every telegram an
nouncng that the rebellion must ct length positively
be CRUSHED out" in the course Of few further days
The New York cOrresp, ldent writes IN th. same
vein. We quote;
The North is thrown of its balance
by the war and the fever and the rapid succession
of FACILITATING events. France and England to be
of no more account in its eyes than the two Car0hnGs
The riumphs of their fellow citizens small in COLI
parison with those which they expect TO achieve
the foreigner Meantime, the Government steam en-
CINE continues to pour out paper dollars fast they
can be printed based on the tcdry Of the nationa
credit and on nothing else and that in its turn, baSeC
on tax bill which has not yet been passed. The ex
Dected evacuation Of Richmond would the Il
be transferred into the Cotton States aud The realms
yellow fever, TO outlive the summer, and Afford th
European Powers another opportunity of intervention
correspondent of the Times (Mr. SPENCE thu
writes on the subject with special reference to " tn
fall Of New Orleans, and its effects on the SOuher
cause -
To The Editor of the IImCS-SIR - he fall of New
Orleans cannot but surprise those who have receive
recent assurances of the ample strength OF its deenccs
aud the ability of its gunhoals ard floating batteries +
repeI any attack This very confidence seems 10 haV
beel ata for the Southern A.et, much Of it a
rendered the rest pOwtrls' appears to have asceode
the river to Fort Wright and therefore 500 mile
away when so greatly needed at home UUqucstoOa
bly, this is the most injurious blow the South has Tt
Ceved and in the present state OF affairs 1t Is OF lntr
est to ascertain its real proportions, and he effect it Wi
produce Prestige is, indeed of little concern TO me
who are sacrificing their lives and property to preVan
the subjugaton of their country, but tne material los
important, the workshops of that city Ill be spared
and this success will reinforce these Northern eiusiOn
on which reason had begun to break aud thus will great
y tend TO prolong the war
A serious result, not unlikely TO follow IN the end
be the forcing Of the entire length of the Mississippi
The supporters OF the North appear to hold that som
very dire result would flow from this. They describ
that river as an artery, to open which would be fatal
the existence of the Southern cause, great high
way for the enemy into the heart of the country.
reality, the Southern States consist of two regions
one lying West Of that river Texas Arkansas and par
of louisiana altogether apart from the serious opera
tons OF the war. The States which form the actnl
field OF the contest occupy an enormous compact space
rude square, bounded two of its sides by the A
lantc and the Gulf; the other two by the Ohio an
Inc mississippi Hence the latter so far from being
arteral stream in the centre of the system as regard
tbs contest boundary line, and will simply place h
ntateS tnst lie upon in the position which those
the East occupy on the All the large rivers tba
lntersect the country below Cairo run from the Yves
into the Mississippi ard instead Of bringing an rnr
into the heart OF the country, would carry him ava
from it.
It is true that il a series of years could bc devote
to the conquest of the South this river wond hecor
Invaluable road to the various points of departnr
Tor the interior In that view of the Case too eac
town occupied would represent further step in tb
long reckoning But in forming judgment of thi
war the condition must be kept constantly in view
time and cost. Unless made quickly the conquest ca
never oe made The patience of Europe shut out froI
tWo-tnlrds OF the American coast and deprived of ma
~ssh absolutely essential to it, industry, is now bt