New Orleans daily crescent., 1862-04-05
Yankee Flnanesa as seen fson, Europe.
The London Times speaks in the following terms
Of the financial conditioned Yankeedom, present

The London Tmess speaks in the following terms
Of the financial condition of Yankeedom, present
and future:
Under the influence Of political chloroform, hea
Americans are entering upon stage lamhlaI hl
the history Of all nations They navs sahen s as9 e
step of suspending specie payments N .he iaost
balmy unconscionsness OF its meaning anu ilesl.a,
Bile results. But we must tell our own ceuht.yine9
what this means. The i've dollar notes IT. new Issued
hanks instead Of the gold, are merely promises TO
nav that sum as soon as convenient after the ter
rriiystion Of the war. The value of such promises
denends upon a variety Of considerations, and
ranges accordingly from par to zero When We
substituted them for gold in the year 1897 we were
| at war with neighbor divided from us by mar
row but boisterous strait, having ourselves vast
prepondrance Of naval power, and having also the
best part of Europe on our, side. The parliament
ary session had opened with the promise Of nege-
tiation and prospect Of peace. There was no
apprehension of danger to this country. one
thing was very clear-that any day we pleased we
might retire out of the quarrel, with the British
dominions, the British constitution. the British
commerce, the British revenue, wholly HninJufed,
and no loss except some "a th Rg,p
flag. But ,iu the February Of that year We sus-
pended cash payment, and did not return to it for
twenty years. Before that day gold had risen to
forty or fifty per cent. premium, and guineas we're
to be found only in cabinets aud old stockings. A
comparison Of England in 1877 with the Northern
States of America in 1862, cannot be considered
favorable to the latter. 1t is by no means plain
that the Cabinet of Washington will be able to
make peace without serious compromises and
LOSSES 1t may have to give up much more than
the Southern States. It may have to make terms
with its own army as well as that of the foe.
The United States are not atax-paying country.
Half the American tax payers live in regions just
reclaimed from the forest, and sprnkled over with
settlements. The great State Of Illinois, which
Be said aI,6eIta SeM
about El90, 900 in taxes. OF this the railway has
paid f24 900. What security is there here for the
future payment of the debts likely to be incurred
under an expenditure of slO0 ,000, 900 year? That
rate is not likely to be diminished, even brought
| under control. All the press are open. amounted
against an army Of jobbers and spectators, who
are said to be making their fortunes by the ruin Of
their country! There is not a circumstance in
which America Of 1867 can be compared with Eng
land Of 1897 aud if the British Insolvency of which
We have been lately reminded lasted twenty years,
we may well when will it terminate il redemp-
ton of every bit Of paper in the States When an
Finconvertible paper currency is once substituted
for gold it becomes the base Of the whole financial
system, and its rising o. falling effects every liked
payment, whether public or private. That value
kthey recede from the eye. The defeat which
throws the canse on its defence, aud the victory
which encourages i to perseverance, are equally
fatal to the hopes Of an early peace. Men may be
sanguine, or may despond, but it is the probable
duration Of the war and the extent of the expendi
ture, that will rule the valne Of the dollar note.
The Confederates have been over and over again
pronounced to beso bankrupt Of means as to be in
capable Of further exertion to any purpose; but
the prediction has been repeated too often to be
needed land, whatever the value Of the desultory
operations on the coast, the Federals find an or
ganized, entrenched and wellsupplied force
wherever they push their reeonnossances south of
the Potomac. With twice the expenditure of our
war, the Government of Washington cannot raise
half our reVenne BY taxation. Let that speak for
| itself. To US it speaks Of either bankruptcy and
disorder, or the expedient Of European arbitra-
L tan. -l-l5 = - y "a. = 49,