Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-02-19
rHE NORrH ALREADY TsEDu,

Z were DOM 10 come OF III AUcllu5 ana h
seemed inevitable, but the doubt was VIII
would come Of first. Gen. MCCLELLAN with
army Of the Potomac was a powel which cor
be measured. We could number Is forces, a
We could form some notion OF tbir ~eficien.
We could make some estimate go Of bis al
culties, and we could form guess more or lie
plausible, - to his success or fsilB. Gen. N
| Clellsn is, however, according tour last a
vices. lust where he was. He waprobably
advance tomorrow or next day. le has bee
for the last four months about totdvanee t
morrow or neIt day. Delayed eRctstiop hl
dulied the edge OF curiosity someWt as to h
great invasion. We are growing ntent to p,
Of cur belief IN it until we can 81 il at LEAF
commenced. But the invasion hsung over III
Federal States is one ia which Irope neyC
lacked faith. That is an invasion itch is inds
pendent Of rains and fever heats, Which wait
for no requirement Of discipline, iich is to b
kept out By no lines Of ~forri6catiO, and whicI
is rather tempted than repulsed bDstteries O
riaed cannon and huge assemblies Of highly
paid armed men. Il
That great gaunf General "Inspncy " hai
for some time past been hanging q the Nortl
American States aud the army ofe Potomac
more i~mmlnently than the clOudsf COssArks
hung around the retreating cOlns Of Ma
poleon the Great The only ostion was
which, tempest would be the FL to break
Would General Insolvency take GeMcClellau
N the rear, and disPerse his army fore it al.
vanced, or would be wait until Mlellan had
won 8 battle, aud had marched soaward, and
then content himself with cutting Gfhe victoIs
supplies and Tavaging the whole cgtry during
his absence This question Of Aoedence IS
- ] ~ - -al L ~
has been threatened has now tan place, AMI
New York, Boston, and Philadhis, are il
complete possession of the enemy The United
States treasury is s prey to insolcy, the New
York banks, with rare eXcep6On,ease 10 pay
their debts, and the third instslmeof the Fed
ersl loan fails. For the ugly wOrdnsOlvencv"
a gentle phrase has, undOubtedlyeen substi-
tused, and we are taught to Gale refusal or
~ineapacity to pay " 4 suspension specie pay
meDts." Call il, however, by v name we
may. the result to the creditor ano the credit
Of the debtor is the same. Inste6f gold, the
creditor Is put of with a piece Of Pr, more OF
less worthless. We apprehend than insOlvent
would ever declare his insolvenc. the world
would 60 on accepting his signatuo promises
70 pay.
Like many other long anticipatevents. dis
uEe ee8L AAEA An " tn0 h4E4NAA0snN OA the
great scale on which it has az * occurred
These threatening and ambitious Rral States
could not even contriye TO stretch formers Of
their credit so as to cover up the Oyear and
bury il respectfully. The United SIS treasury
was compelled, on the last Of Decem, to refuse
specie payment for their demand nt. Banks
of New York, Boston, Philadelphia, indeed,
throughout the county, have folld the ex-
IT, T,T.-,1 EA,A0- - A. -
this moment, IS insolvent as Austr But the
insolvency Of the Federal States hais essen
tial difference from the insolvency the Aus.
TRAN empire. the empire has a Ian revenue
which IS regularly paid and Rhichader pru-
dent management, might be unavailable
to back its credit; the Republicans no
such fund, aud no very cen pros
pect Of ever obtaining one. TLAustran \
currency circulates at discount
It's own territories, and is vakss else.
where. The American currency, hay no rev
enue from taxation 70 support it, mussvitsbly !
sink down and down in depth of disnt, and
be valueless everyWh ere-as vsluelesy an old
assignst or an American Static Of the
first revolution.
II is very sad to see a great commet nation
BY Its own wild passions 20 = pass
as this. What chastity is to womood and
is to manhood, sOlYency is toamerce.
A nation, which is an aggregate Of lists, has
It's financial point Of honor no less tits bel
ligeTent point OF honor. But these some
suffer eclipse BY some unavoids crisis;
but in this case there has been no neciy, and
there has been no compensation. Eali the
which have been WssteG'edeTal
America has not one cTeditable navaIailitary
o-wHs-H - ahra. NOR .-ua Aaar ~ wrkea- -
Of the present generation viii be prout This
is q spectacle 70 sad that, while we look tonit
we feel in no mood 70 note the points of iicule
by which the subject might be Eghtened lor &c
use she temptation to laughter sfordedty %.
scure mountebanks in Congress, Bho ehos this
moment Of deep depression 10 make iuDtent
threats against England and France.
The only compensation for such a disssr as
this III be peace. But even this msyDt be
immediate. For a moment it may happCthai
everything will be stimulatedby the gIeaaDwer
suddenly snatched of coming wealth rom
paper. So long rs the old habit Of B&ing
upon paper as money lasts, so long as tbeppu-
alton Of America have not thoroughly nsized
the difference between convertible az in
oontroTerable paper money, there viii e no
.ack Of funds IN the Federal States. A mawho
has found 8 gold mine is nothing 70 the mewho
has Just discovered that the dise0Unters wlcash
his bills. 81 long a. Mr.. Chase csn psuade
the volunteers 70 take their monthly pey united
States notes, he wants nothing to carry o the
war but a good supply Of paper and a putting
press. So long as the contractors viii 52ply
uniforms and rations and military storen re-
turn for government premises to pay, noarmy
70 be so layishly supplied as thatf the
c~onqueTing North, D..
Nothing fares so readily as a heap ofiraw.
For a little time We should not be astdshed
to- see q blaze Of fictitious prosperity shifting
up amidst the ruins of American credit. doI-
lar in New York or Washington no longer cans
q round piece of silver with 8 fixed alloy nd a
standard weight, bat it means a pieces Of lpor,
ike a psEsh dog IN the East, has le-
gal claims upon anybody. Rsckoaed inbese
new dollars, stocks and 81 msnne Of secttieE
sill, Of course, go up. If We were to eli 3
for . price 70 be psid in brsss imitiOns
Of golden s0vergSns, we should naturally speei
10 receive q CREST many more Of the f~alsesov-
than We should be ready to take the
coin. There viii be heavy hesH al
Sew York, but, perhaps, there may be y at
Washington.
The reader may remember bow, when the
cardinals wished 70 read . gentle lesson b the
az and litersry Leo Z, they caused Just sth a
ire Of straw rs We have spoken ef 70 be lilbe-
'oFs him. Thus quickly feet the vAuitk Of
he world" cried q warning voice, as the fine
shot mp. But while it passes, let Us warmsul
hands at if" retorted the quick Pope, hol,ng
Jat bis palms "a the IRE, The Cabinet Of W,h.
may, perhaps, be Of tbe mind Of h'
s0ly Father, and while the straw blazes tey
BE- very comfortable. But how long ~
be boped to lastl Not l0Bg enough for IA
conquest Of the South Shall We give the VI
sntsers two months as ths period necessary Z
,nlighten them a. 10 the difference betwel
liver dollars and paper dollsnf Il will !
time. We need not giYr the contrastg
lear so long they viii probably meet the diff
,ulty by raising their prices Immediately, az
going oil IS long Is the paper is saleabl
Bot what il the result 70 be expected at Il
Of the few weeks necessary 10 Spires
through america an appreciation OF the exact a
lerenoe between the words convertible y a.
ineonverible ?" All went wei so Ion
as thu million and q half Of dollars came
every day. Contractors, and volunteer, 81
camp followers stood still sad cried " Patience
10 the outsiders, and filed their pockets. ''Mo.
ey is made round say the French, " that
nav roll.n But when money is no longer rouI