The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1862-06-21

FRO q the London NewrJ
rHE CAPTURE OF NEW ORLEANS AND EUROPEAN
RECOGNITION.
The direct political results Of this great
success are, however, all important. The
possession Of the Mississippi settles at once,
and In the most decisive manner, some Of
the most vital questions at issue in the war.
1t altogether destroys the political and ter
ritorial prestige of the Southern Confederacy.
The claim Of the revolted States to independ-
ence at home and recognition abroad, has
from the first largely rested on their extent
Of territory, command of frontiers, and pow
er Of self-defense--in word, on their geo.
graphical and political self-suficiency. This
plea is now destroyed. tbs no longer pos
sibfe to attempt any Justification Of the re-
bellion, or to urge its recognition, on this
ground. The revolted States never were, as
they claimed to be, great and powerful
confederation, and they have now lost al
chance Of ever gaining such position. Had
they been successful In the field, had they
been able to hold even one Of their chosen
frontiers. they might still perhaps have
urged feeble claim to be considered An in-
dependent State capable Of separate govern
ment and efficient self.defence. But with
the chosen frontier lines, and strongest mill
tary positions Of the new State in tie hands
ef the North, such claim becomes irrelevant
and even absurd. With the Mississippi and
its tributaries at the command of the North,
what chance would any Southern Govern
ment have Of independent political action,
what means Of permanent u efficient self,
defe nse?
AN APPREcIArIvE VIEW OF AMERICAN FINANCE.
from the London News, May 9o.]
The financial position of the United States,
after twelve months Of civil war, while it
sorely puzzles our mechanical politicians.
furnishes as striking proof of the constan-
cy of free people, and of the true wisdom
of their rulers in relying on that constancy,
IS their recent triumphs in the field. Four
months ago, there was no way of seeming
wise SO easy as predicting the speedy COL
lapse of the Federal cause from sheer wan.
Of money. The world was warned by grave
authorities on this side of the ocean, that
Federal insolvency was imminent, and fed
eral ruin and repudiation near at hand
America, in her exigency. had resolved to
raise four-fifths Of the extraordinary charges
for the war by way ola loan and one-fifth
by taxation. But community unaccus-
toned to draw quietly in fiscal harness was
sure to kick against load even thus COM
paratively light; and from the moment
Treasury Notes were made legal tender
national bankruptcy might be said to have
begun. Vainly it vas urged by those who
like ourselves, had not forgotten our own
financial history. that Ensland sixty years
ago had done the like without the pressure
Of an equal need, and that for eighteen years
the commerce and revenue Of an empire en-
gagged in war with half the world had been
carried on by means of paper currency
With far more sincerity than that affected
by the enemies Of popular government, we
deplore the necessity which had compelled
the adoption Of such measures in the present
cass but recognizing their urgency, we be-
iieve in the judgment and foresight Of the
men who adopted them. We took for gran
ted that they understood far better than
their European censors the spirit Of the ma
ton with which they had to deal and that,
Il they did not see moral and social reasons
for confiding in its power and will to honor
the drafts on its endurance, they would
never staked the national reputation and
stability on their being accepted and met.
Well, what has happened ? Every dollar
which the government of Washington re-
quirsd to borrow has been raised within the
Union, promptly and at moderate rates Of
interest, and, IS we know, every dollor has
been expended nearly As fast Is raised
Government securities, repayable At vari-
ously deferred periods, have been given for
the vast sums so borrowed, and these sccuri-
ties have been made legal tender. But
instead Of dropping to ruinoas discount,
as certain reactionary prophets amongst us
would have had the world anticipate, Treas
ury Notes are actually at three per cent pre-
mium, and United States stock Is In demand
at 99c in the money market Of New York.
There Is nothing to be compared to this for
grandeur in the annsls of European finance.
In the midst Of terrific struggle, in which
every energy and resource Of ths country is
needed, with army of Toe. 900 men to raise,
pay, feed, discipline. and equip At the exces-
sive cost which, proverbially. attends urgsn-
cy and with numerous flotil!a Of gum
boats and iron-olad vessels-ofwar to con.
struct and arm, EXCISE duties reaching every
article Of comfort or luxury have been imr
posed without . naurmur Of dissenteut, and
public credit continues to bs unfalterinsly
sustained ct figure which the exehequsrs
Of monarchy seldom hope 70 attain,