The Camden confederate. [volume] (Camden, S.C.) 1861-1865, 1862-06-27

Of peace, while the famous Tax Bill, that was
to hold out some promise of provision for
payment, appears all but certain to be thrown
over the session.. BY dint of such contriyances
as certificates of indebtedness" and e. guar
tcrmasters' vouchers the day of inconverti-
tle paper has been STAYED off cleverly; but the
ultimate effect of these measures will be that
instead Of a gradual depreciation, the collapse.
when it comes, will be so much the more sud-
den and violent The Northerner will smile
at this. During the railway mania, those in
the excitement Of the pursuit smiled compla-
Gently upon the few who asserted the hollow
ness of the bubble. The day came, however,
when it burst. Each month brings nearer the
inevitable crisis, and the battle must be fought
out before that hurricane strikes the ship.
1t follows that the events of the present war
can only be rightly judged when tested by the
standard of their cost In time and money. A
bluhderng player at chess may capture half a
dozen pieces, and discover that he has employ
ed himself in losing the game. Taking a
broad view of the subject, what is the aspect
OF the war to-day as compared with its prom
ises on the ist of March? The issue depends
absolutely and entirely, SO far as the Northern
progress is concerned, on the fate of the main
armies in the field. All the minor occurrences
at the extremities must follow the fate of de-
cisive events at the centrc-the branches must
fall as the tree falls. Now, the Eastern cam
paign opened with an enormous host at Wash
ington, we'll drilled, admirably equipped, and
to all appearance, able to annihilate the wealth
er-beaten forces, thinned by a winters hard
ships at Manassas. The Southern army was
to be driven ont Of Virginia as matter of
course. We now approach the end of the
spring, and find the great Northern host broken
up into pieces: The chief of these is SO placed
that the enemy might have guided it to take
the narrowest road the sickliest locality, and
to run against the very strongest wall it could
lind. Of the other corps, that of Mcdowell,
still breathes the air Of the Potomac, while
that of Gen. Banks devotss itself to an inces-
SAINT march, first to the west then to the south,
and now eastwards. Meantime the Southern
army, greatly increased in strength and placed
III q commanding Pooitiou, Auotcdu VI ltS Orlgl-
nal inferiority, appears stronger than any force
that threatens it, and, SO far from being driven
out of Virginia, seems very likely to infict
disastrous loss on its assailants. Should the
main army of the North return for the third
time to Washington, what value will attach to
successes on the coast9
Passing to the Western campaign the Fede-
raj troops advanced in like manner in over
whelming force. Bowling Green was abau-
doned, Fort Donelson taken, Nashville occu-
pied: Here, again, the operations commenced
with promise of continuous triumph yet at
the end of two months the army on the Ten
nessee is employed in recovering from disas
trous blow, and in seeking for further strength,
while the weak and scattered forces of the
South have become powerful army, fnll of
spirit, and under Genera who alone had ac-
quired reputation in the field. In the i'm
pending contest, should Beauregard gain vic
tory, the invading troops will be driven out of
Tennessee, and garrison in New Orleans, es-
tirely isolated and exposed to the effects of
summer in that climate, will prove but very
disastrous advantage to the North. And, in
copo;d h. IL "a vvno;x, EnJ