Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1862-01-10

|
money, and crushed whenever he took th,
field by one bloody defeat after another. II,
could hardly. had he written truly. have used
any other language than that Of desronden
cy and despair yet he had on his side one
thing which far more than counterbdlanced
all his wants and all his losses II could moi
be expressed in figures, and if put in words
il sounds like mere rhetorical cxaggerations
but the one thing which no address could adj
equately express was the real talisman Of vic
tory-the unconquerobe spirit of the people.
II the South possessed one-tenth part Of the
logged resolution TO which they lay claim,
they need not despair of arriving at a similar
result. We cannot, indeed, rsgard wh much
| confidence the financial prospects ofHe Southern
| Confeir1y They resolve themselves sim.
| ply, so far as we can understand, into an I'M
| limited issue Of a'signats. 1t is financial
/ system which, as we all know, works well
/ within moderate limits. by the issue of pa.
| per money Government, as Mr.. Davis says,
! borrows without interest IL is, IN fact, the
! pleasautest thing in the world, like a large
/ legacy or the discovery of a hidden treasure.
| Unhappily however. the amount issued de-
pends not on the will, but ON the necessities,
Of the Government The moment, with such
securities, that the supply exceeds the demand
the process OF depreciation commences, From
that moment the decline and fall Of paper
currency is rapid and iucvitabe Prices rise,
and the Government is obliged to receive
payment for taxes in its own deprecated
notes The security of am eight-per-cent.
stock will not sustain the currency. because
that stock itself uartakcs the sume deprecia-
ton. 1t is simply ridiculous 20 talk of such
a system ms afardinp hone o- commanding
confidence. An that eau be said OF it is that
the Southern States have no alternative. and
that they may view a return 90 state Of bar
ter as a less evil than a return 90 the arms of
the United States. II NAV be true also that.
with moderate care and economy. there is no
limit assirnable to the period for which a
people willing 10 confnc themselves TO the
bare necessities of life may protraet a stru,-
gle for existence and indepcndencc We
cannot understand such homes but we con-
TESS zoe read ,rih some iD,patience the hyuocr,t-
cal lamentations of Wr. Dapjs. Hc Preisident OF
the Coufederqcy uLicL MAJ be- said 10 Ere. and
more and haze a being under The esueciaI pa
tronage of .Ldge LyncL. ogcr the r,oi1tion of
personoI Iibe,fy The s,,,,pres,iog Of The G-e.Ioy,
ofhe Press. and the Intimidation OF the courts
Of Justice. consequent in the North tpou chill
toar. These things which the South regards
with contempiuous astonishment. the war has
not brought upon her because they were all
domestic,ted with her long before the war.
Nor can we svmDatbise with the lamentations
of men who have deliberately lit the torch of
civil war over the cruelties which he has en-
rendered the miseries which have fallen
upcn women and children. and the attempt to
raise servile instruction. These Hnqs
,rere for the consideration Of those ,rho first il
the forcb of Grill discard They knew TINT
civil war IS ordinarily AZ much more dreadful
than common war as common war is than
peace. They who take to the sword must
not complain if thew fall bv the sword thew
whose feet are swift to she'd blood must not
wonder if they should one day stumble in
their own. Mr.. Davis seems 10 imply that
by ceasinp to grow cotton the Southern
States will hiring ruin on all the interests of
foreign countries denendent on that stanle
On This noint let him undeceive himself
The failure of The coftot s,,rpIy of The Southern
States IS like The loss ofa Er,aiIinr face at inst
deeyly regr,ped then occgsioualL, missed and
then not missed AT oH We are learning how
well we can do without him. and are not un-
ant scholars.
From ,b. Journal les pebats
Noty,,hs,o,di,,, ,he oa,,erpess q, bich Pros
ident Davis shows Ia nroclaim that the new
State of the South have no need of any for
eign alliance. it is very evident that his mani
festo il rather Addressed 10 Europe than TO
America In order to be convinced of that
il il only necessary TO look at the prominent
Mace which Gotten holds in the document
and At The o,,ssiiop Of SIarery of trLioh the as.
sey,;op ,,o,, be- mad. that IL shines L,j lis absence
/ Athough the ENGLISH papers have ,iyer
sueh cordial welcome to the Message Of
President Davis. we do not think il is of a
nature IN cxalt and nonularize the cause OF
the south in the ewes of those in Europe who
have not beforehand come to a determination
on the subject What has most struck MS In
the document is NOT the emphasis with which
the victories of .be Separatists over the Fed
! oral troons are therein enumerated. but the
violence Of the determinations directed by the
President of the new Confederation against
the Government and the people of the State,
who have remained faithful to the Union 900
Our people" saws President Davis, "nov
look with contemptutous establishment OF
those with whom thcy have been SO recentl
associated. They shrink with aversion from
the bare idea of renewing such a connection
When they see President making war with
out the assent of Congress when they be
hold Judges threatened because they maintain