The sun. [volume] (New York [N.Y.]) 1833-1916, 1863-12-16
THE NEW YORK SUN.
WEDNESDAY MORNING. DEC. 10. 1868.
Northern Prosperity and -osthcrs
napkruptev


The Report Of TIE Confederate Secretary - the
TrsuJy, published Ia yesierday's sus, Ires nts
o. itsd. view Q, the financial po.iuon Il ne
Goa ,d.raey list 10 no les Interesting y tie
Nor bern than 70 the Southern people. In law, and
> most in fact they both oonsitute ORG nation and
people, and whatever sects one section, esnnoi be
indifferent 10 the other. To = cef,ain ertert, IT,
aeed, II may 10 assumed that Of the North have
wen more interest in ths southern poopie ihsn
they have In themselves; or ra'her, more than th.
present. temporary leaders Of the rebellion have in
them. One NJ the most srdouu duties q the iutlr'
wi IT, W redress the wrongs and sllsv iate the lis
Hs' "a oted on shs sou,t.rn people by M H'l-
rond usurpers, and any frsssn, injury ~ ALTERING
ibey experience entails future loss gpoD 70. ITO
rio,urs,,teriore, ~ snkrup,cy ard ruin presented
inn MrxyrSorFs report, eject. us IN 'iviin'lIy,
AVID an only produce sa,is'soton 80 far as Il md
cate. tho 81. .dv slrpr..on ~ TIE rebellion. and
- early puni,hnen, Of T.. authois 4 50 much
mis
Practically. W. Mrssr~GtE'. rtpor Sc eon.
{ s-ion II hsrkrit-.. To c-n'ederacy owes
money vh,oa he 'ransl state. that Il IL unsh.e -
raw but b., proyoUs TIE creditors 10 increase
III dstt and scc,pt The 'v.d'nces ~ Indebtedness
o. security IN srns cires Ia private b Islness, an
s1dltions loan To delinquent creditor may save
The intro debt hut-Nsuming tho honesty 81 tho
party this can only occur where thc business 10
lsgrt mate and Troductve. But the Con-, derAcy is
n this hopeful condition. II ~ sngagsi in .
dsrfuc,ive and .rhGnsave war, nnd will be no
more able H. Absorb thc nrw lo.n oi Ten hundred
uillie ms than It tss been she h. fini the ptessut
currency 81 tvo.tnifd, II sG,um.
Mr.. Mrsxi>GsRr tuAucial scheme IL clever and
plsusit lc. ss al the aus Of southern leaders
p,uer. II only lscts the esso initial element of
yrsc,ic,hilhy In the drM place the new coin or
coupon t,r on which ts success q the loan pre-.
dicatcd, cannot ne realized Even kths legsl aud
constitutional inpsdiments 10 the tai are waved
fbf period, aud the slsveopnsr- consent g. tai
thir and and slave properly, Alsrse proportion 81
this very property -oft'o,h hnds-is now he'll un-
der III, rermsnent con,ro 81 the usited st.Iss.
the eev'n s's,es, containing 'srable and and
slave properly --soco rd.us T. NJ. Nsssir"EHs ss-
Inmates, 10 tie amount 81 thr's thousand rnlllens
NJ, one |. under The mrlotc coauo Of tho Rich
mond Government Tennessee, VI .ssouri and Ken
lucky are wholly los, g. them, aud in nearly ali he
oihr Ha,es NC &C ,upy nearly one hsI the tsrrito-
~. Besides, the loan amounts 70 full one
third The whole property valuation on Which 10 10
bascd; aud MS mons,rous disrroporiion mus, L.
rapidly increased. liy the snd Il 1854 the total
dc.t of.thc Conf derscy will amount 10 two thou
sand milIions-doube the smoun, Of tie present
losu, and two thirds IL 10 .ntire land aud slave
valuation Of ths eleven Statcs, haR u which srs
now under he authority q Uuiisd States laws NJ.
hExsiseLh d.vo,es considerable space W combat
in nal 3D. 10 \.
but, though they may be waved under she presen,
pressure, they will gather force with the increase Of
tho debt. and in due time M. DAvis's we'll known
rfudls,ion proolivtss vii induce him " viudI.
cate t-e rAncii,y OF re Montgomery Constitution.
Tie new loan and currency Will then h. shaken on
% e,siy % The present ourrsncy sud funded debss
Ia reality, the Southern people have no means Of
liking this new loan, ar Of retiring their pr.,ent
currency. They are burning Up their cspi,sl by
war, and are producing nosh.ns To Irrly the
waste. Thar huge dsot Is merely the etidanoe Of
capital destroy Cd. aud there 10 no p,.dueuye In &.
du.ty as in tie North to repair the Losses. In III.
North, the arts 81 peace and war flourish spsos,
AMI the people who do not fight ave ale to pro
duce even more than Ia destroyed or con.
sumed by srrnie.. H.ncs M CH.sr.
Gr,enbacks are absorbed in Fve-rwenuss"
vii b IN this respect represent the surplus labor
the people have con,r we'd to accumus,e in spite Of
the war. In the South the reverse 10 the oss..
The whole business is war and the psopls arc
Consuming their past sAviog. The poor whites
who neunr worked much srs in the army, AMI the
negroes who did nearly al the work, sro either
Tx ns themsev'- sw,y, or TIE lAhor which they
perform is worthless, be -usc the cotton c,nua, be