Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1862-08-18
TIE EIyANoILL PROSPECT OF THE NORTHERN
STATES-
ITron the Lonion Iiass.1

ala a new school OF political economy Htr prssen.
.ystau of finance Is entirely rreconciiabls with the
principles OF what Mr. Carlyle del ghts to call the dis
nal science" and either that dismal ecieaco or the
present state of things 10 America be oVorthrovn
rhe world is not wide enough 70 boli the both I've
~ mail that reaches US nom Amercs though IL brings
1n t abundant proof Gf the very sensitive nature
toe New York stock market aud tho upward tendency
1 gold is 6led also with repfoaches addressed to
Dy the American Press for conblng the ability oil d
state of things which has obtained the support Of the
psople Of the United States, which still hands their
unlimited COZ ience, and hss certainly been able TO
mlntsm itself and the war, Of which iI is at the
parent and the offspring, 10 manner quite unexamped
Ia the history of the world TIE American Press does
not indeed give isef the trouble ~ refue the reason
log by which is English contem porsIies seek to prove
the instability OF the fbric of circuit which has
oesn reared In the Uatsd Ststes they content lhsm
selves with appeal to faos; You talk OF &C.
probation. Look at our share List See how We
aaye besn abe, without embarrassment 10 anybody
and to the great gain and advantage OF uauy wslde
serving zsns 10 raise our army from IL 900 700
900 men, to create .tia which has biJckSdSd sse
COSTS aud sweeps the rvere Uf continent snd oary
on war on seals OF which the world has hitherto
20 exsnpls You talk Of depreciation aad discfedit.-
roe col Rdelcs OF the public IL our stocks is ne1haust
be We have Just Issued $50 900 900 sterling OF incon
Vstble nots and ebou. 20 Issue ESQ 600 900 ster
Ing more, most OF the after being for small amounts
aud destined 70 dspiAce the uie of silver in the
transactions of Ordinary life WshaVe discovered vsst
nine in Cur Own confidence and our oHn ingenuity
Lee the States Of the Old World emb,rrsss themselves
with the gold and silver and chill the martial ardor o.
mankind BY the imposition OF taxes; America secrns
such antq asted expedients Has she 10: paper snd
printing press Does not promising 10 pay DO Just as
well paving, and cost much less? France may repipe
Il her dtfoi. o. $40 900 900; England nay mutmur
over her Army aud Navy EIriussos Austri may erinc
unm!stakSoe cies towards bankruptcy but Ams
ca smiles a! the weakness OF old AID eaeebled S,aes
md Is able 10 dance uaGer burdens len bow le he,ds
II the old ana decreP n..ions oil Edrops " Ihs very
earth"
What are We to say to all ,his We have but our old
fashioned creed aud cur OH World experience. Let us
as some palsion for the into which We are 90
conf ienty alleged to have fallen, state few OF the
doctrines which have reduced 10 this piabe state
and drawn upon the general contempt Of the papers
hat Brighten and represent the public opinion vi Am,
rica We have then, freely confess H. TO the pre-
sent time always believed that wealth is the accumulate
result OF human labor; that the weAlth of nation
the aggregate of the wealth OF It's incyidlll citz
and consequently, that nation IL rich IN proportion
il ooiOus and parsimoniCuI And poor 10 proportion
e il is idle snd exTAvagaI. We have alwsys belieyed
,aat A nsuou's credit Ma In proportion TO is
wealh and that it ia Impossible for auy lolg psriot
. found credit Oh Sny other bass. We have A!yays
supposed that nobody would Of willing 10 ~.
change wealth Cxcep: for wealth, either in pos
.essiou or prospect We thought money meant gold
aud silver paper their reor, atiys, b.e
At suy time into geld or silver, and have venture
oold that paper not convertible into god or silver
.lOugh, may circulate without depreciation 40 10
GER anu point s IN sclf WCrhers and poses the na
On that puts is rust IN IL 10 the most dteadfu! clsm
.ics We have iur,hsr observed inst there are some
inform fea urss Wncl marx every 1Ancial crisis There
al unreasonable confidence 10 particular Kind o.
lavs neaG and there is from some cIuse other either
from the iudscreet operations OF Baaks from some
o,her thaOn o. tue circulating msduu or from undue
Individual crtdi grea; facility " obaiu toe means
90 suC1 purchases. TaeSe in tie mIin expressed
)Ii, d , the lnCples which have led 10 doubt the
at iy Of Am ,ricsn lsuC,s aad Ne confess even nov
,er els triumphant reiua ION by tHc NcT York Pe.s
ud the severe which have fallen on ourscycs
cauGot tui think ncy have considerable pausIoty
Let Us now 10 the s,slc Of things have found
u America aud Whether, those principles be true
.h,Ie net enough TO justify tseir application. Ne
saw great country, too, recently settled ever grea
pr is surface 20 admit Of any great accumulation Of
piai Ia the hands OF .tl population. We saw that
poyaliJu egug aside bighly PROGRESSIVE Industry ~
o dlr 10 leAd life tyiJod be iuerg cor lmpiO
aud active vas;rigl destruction al the cap al
the country. We observed hat the p@reoag thus with.
dram tom The production aud a;5a to tle cen
sunp ion Aud esTuctoa Of capital rssaried og
this wIs,eui GTpl sauoa OF their sa,rgs az "A ,nor
m u rate, tie CT pt.yate col i=r bcjGg equal 20
,as, OF Oficsr 10 al European afmy. We conceive
n,t his grJA dos II Neilil, ATTENDED via tbs
vast inc Of peadture, mus, be des Tuctve the
national credit auu In tact tie p-CSpeC; Of IT, be
o.a the process OF destfuc ioa sud expenditure began
ia that ,Hsc.; but SEel tee contss: grew and
the pissOn. oil mankind fairly aroused the CIT dit
Of The courtrJ improved W. obsersed tina, while he x
psudiuIe 1sims.ed IL 600 900 sterling cav, but
w. pro Jzb a. least double .-n auBun che pt pie avail
81 themselves olly Of .aer oredt sol DID nol jaEe a.
have up 10 the pr,ser taken upon tlemssly
nv burden wa s1eVer We kles shat D. .it,rv oucce.s
va one hing ard hrAJcil sacuiy Ractd,T and We
sh-ught ~ would b. better s-,urity for reYc u
aud 60 - ly or thg payment Of he insrss THAI
yc cries We had, bsslCs, and have ~, me yeIy
graves doubts 20 the ah,y o. the Genital Govern
nent TO enforce upon many sinos ilesps d,n States
the paymen, OF = heavy amount a iSIe. We thought
Se saw for believing that the Nes' poor uli
sA-, h, would think il rad dcue eucugh 10 break g
che long lilc Of Ia Confederate, aud you'd refuse ~
O.4r i;s sG.rs a. tGo hCavg u-f 6urd,ns aud wlte
CS1d msl h. This W,W 6y isugmoe.iuS boa very lgh.
l. sac taxation o which America has hitherto eghnitt
sud how totally IeE aid Uup1 ads u:od go uoiuu o.
the paymen, OF direct 20 t'a Csu,-l G1yerurl.a
We had aso great Uisg,yu gshst, az 10 ID, power Of
the Sorh sLbiue the SJuh, aa1 th,u surprising lbat
tea: accomplished, as TO tie FEASIBILITY Of raising any
revenue from that eE.aus'sd territory, OF recuc.ng
% sJlstmest- mper us,y tired 10 Keep 10 Ea c,f-
Di.i9a aanrI,i BY tbs ssoru aud euuhlg under the
isein,s II sl c,ion and dsSradatos.
Such was our vie. of TIVE fasosl POSITION OF Ameri
Co. With the exception ot the absence q t-IlOp, most
C rCss evils were utYittoa ana not Cn TIA! account
the ess real or the es formidable RI 10 these inev
able evils the Government Of the United SaCs with,
% far "a Ee can see the unanimous assent an opp o
l)n C he pope Snd the LgsA;urs Las cen Il, 20 adj
Ocur evils oil ia Owl creation Tac disorder OF .ho
rsHcia ia timer Is has riTElcG q IculGGTs and IT
rsgulAie in the departments Of expenditures. foe
enGe has been raised, # IL BY tie of stock
snd good deal by tho crculsioG 0! rafcaes ct it
debted0ess tue amount OF which these be 10
check whatever. The GJScrhmeIt hs-, h.it-e ls.-t
iis promises pay the amount NJ $4,000 600 and
ssem1 20 contemplate The issue Of $50 900 900 more
The Bks determined not 10 o, On;a,ae ths rsoo
All is ng rconycrublc currency the TO- L has b1sn
con pa,ed Of doa for eSery issuat by G,,
erumo1t. This Cg"ajiOD OF i:.iuous cir.
yulatiug medium neither ysulbie ITSELF nur culysr.i.
into anything else that is valuable, c9igcii2G with
poiu: of lime at which tralo 10 a: stand stil,
manui,otuTe is paraiyL3d, sercd j. deprived Of ia
needlu! LInds, and crumorce i. sagasnl Thefo $40
legitimate use fer al this vast creation If money bat
haa found far an 4 -..