The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1862-03-26


familiar In the history of all nations They
have taken the step 81 suspeNding cash pay"
ment in most bAlIay Inconsistencies of
| its meaning and inevitable results. but We
must tell our own counTyEen what this
means The five dollar notes now issued BY
| the United 6,asee Treasury AND the North !
err banka, instead Of the gold, are merely
promises to pay that sum 40 soon as .eonve +.
pient after the termination Of the war. TINS
value OF such promises depends upon vsrie.
ty of ccnaidsrat ions, aud ranges accordingly
| from par to zero. When we substituted them
| for gold in the year 1877, we we're At war
| with a nei hor divided from as by narrow
bat eaisterous strait, having ourselves . vast
pTeponderAnce Of naval power, ana having
| Also the best part Of Europe on our side
rne Parliamentary session nad openeh
| with the promise Of negotiation and pi os .
| pect of peace. There was no apprehension OF
| danger to this country. One thing was very
| ciear-that any dag we pleased we mignt re :
| dire out Of the quarrel, with the HfitaAn 40
| mipions, the british constitution, the BRITISH
| commerce, the British revenue, wholly unin !.
| jured, and no loss, except some seutineLt tai
damage to our exalted charAoeeT-Josta rsn :
| in the British flag. But In the February II
| that year we suspended caah payment, and
did not return to Il for twenty years. Before
| that day gold hsd risen to forty or may per
| cent. premium, and gutneas were 70 % aoana
| only In cabinets and old stockings con-
| parison OF England in 1897 with the Northern
| States OF America In 1882 cannot Do consio-
cred faYorable 10 the latter. It's by no means
plain that the Cabinet OF Washington Will %
| able 20 make peace without serious eoMp.o
m uch more than the Southern Statee Atmay
have to make terms with its own army Us
l well as that OF the foe.
"The United States are not q tax paying
| country: Half the American tax payers i've
| In regions lusi reclaimed from The 10, est, and
| sprinkled over with settlements. the great
| State Of Illinois. which may be said to ocea
py a mid-rank between New England ana
! the far West, has hitherto PAID In SI apeas
| floo,oot In taxes. Ut this tbs railway has
| paid f24, 900. What security ts there mere
| for the future payment of the debts likely
| TO be incurred under an expenditure OF
| 900 900 900 year That rate ia not likely
| 70 De oimi nished, or even brought under CON
! ,roi. All the press are open MI utned against
| ~ army OF jobbers and spectators WIo are
| said to be making their fortunes oy the Iuln
| of their country. There Is not circamstancs
| in which America Of 1852 can be compared
| with England of 1877, aud II the brftish IN
! soivency Of which we have been lateiy re
minded lasted twenty years, we may wei
ask when will II terminate In q redemption OF
every bit of paper in the States When hh
iEoon yer bic paper currency is once substatu.
ted for gold, it becomes the base OF the Wnoie
financial sys ZEN nd Its rising or falling vaiue
affects every 6xed payment, whether pubic
or private. That value will rise with the
prospects of peace, and fail AS they reeede
from the eye. The defeat whlch throws the
cause on its defence, and the victory wnicL
fatal to the hopes Of al early peace. MeI
may be sanguine, or may despond, but IL Is
the rob8ble duration OF the war ana the ex'
TENT OF the expenditure, that Will rule the
value OF the dollar note The CoLfederatss
nave been over aud over again pronounced
to be so bankrupt Of means as TO be inchpapie
Of further exertion to any pur pose out tne
prediction has been repeated too ofteu TO De
needed; and, whatever the value OF the de-
sultory operations on the coast, the Fsderais
find an organ i3ed, intrenched ana well sup
piled force wherever they push their recon
noisGIces south OF the Potomac. Wath
twice the expenditure Of our war, the GOV
eminent of Washington cannot raise nall our
revenue by taxation Let that speak FOR
itself To US 1t speaks Of either bankruptcy
and disorder, or the expedient Of European
az hi tration."
That the predictions of the Times are SIRE
to be verified in the end, cannot be doubted
That the Yankee nation will come out OF this
war bankrupt in purse and III credit' f"e
hold to be certain. TIE great West will not
if it can, and cannot if it will, pay it's portion
of the debt. Instead of tlO0 5000, 900 sterl-
ing, the Yankee Government has been
expanding twice that sum. The war has
not lasted quite a year and it is already
81 100, 600 900 in de bit that is to say,
ego ,000. 900 sterling. 1t is conscious Of the
ruinous condition of its finances, and it hopes
to reinstate its credit by the conquest and con
iiscation Of the South.
Yet il would be madness in us to relax our
exertions in the slightest degree, in the hope
that the bankruptcy Of the Yankees will set
tie the question in our favor. The example
of revolutionary France teaches US that bank
ruptty is no impeachment to the prosecution OF
war on the most gigantic scale. AT time
when there was DO money ia the treasury,
and the Ass!gnats were not worth the paper
they were written on-because they were not
based upon specie and were, therefore, alto
gether ineonyertible--the armies of that re-
public ovarian nearly half the countries 'of
Europe. Pitt fell into the same error into
which some of our own statesmen seem TO
have fallen. Month after month and year af-
ter year, he was accustomed to rise IN the
House of Commons aud assure his hearers
that the war was drawing to an end that al
that was wanting on their part to It's succes4
full termination was little more perseverance,,
a little more energy, and the grant OF new
loan; that the enemy had issued many thou,
sduu mlAiioAs Oh iuCOANClbiolC tapci
that, as it was already worthless, they must
soon te without the means to prosecute, hos
tilities further How miserably he was disap-
pointed in his calculations, is matter OF history
The French, in spite of their vaiueless paper
overran all the neighboring States. Belgium,
Holland, Italy, Spain, and Germany were
deluged with their troops The great minister
did not reflect that they were living on
the resources of their enemies, and that The
value of their money was, under such
circumstances, a point of no Importance
What cared they for the market price OF their
assiguats, when they could convert them into
gold with the bayonet wheneyerthe pleased!
What concern was it to them that merchant
objected to their shinplasters, when, by de-
nouneing him AZ a depreciation of the cur
renew, they could cousign him to the tender
mercies of the Provost Marshal? The very
system which carried them victorious over
half of Europe, the Yankees propose to inaa-
gurate in the South. They design to live on
our resources and force their Treasury rags
into circulation here at par. Ifpersons having
ANYTHING which they want demur to taking a
depreciated and irredeemablep paper, they will
either give them a taste Of the guard house, orr
whatw Ill answer their purpose better take THIEF
property without paying anything for it. In
this way they will be enabled to spin out the
war indefinitely, in spite of broken banks aud
ruined credit Let us not depend upon any
such contingency as the bankruptcy of the
Yankees. Let ne be assured that our only de-
pendsuce 10 in ourselves. We must fight them
and whip them We must expel them from