Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-11-23

port ons OF this Loan and for the hrt time the impor-
INT fac is discovered that many of them have trans
sended the legal limits Of their loan accommodations
under the deusve hope that the Government securef
on hand could be made available at any moment to re-
Penlsh their depleted capital Instead OF tbis they are
lied upon to ad to their already accumulated supply
OF Government securities, and being unable to do co.
they are compelled to submit to the depreciation which
the alternative of throwing them the pablo market
the only one left 10 the Government, must inevitably
create It is intiuatsd by some of the Yankee papers
that Chase has acted bad faith 10 the banks by thus
causing depreciation in the funds which they had
hoped would serve full equivalent for the specie
advances which they had mads. Necessity it is said
has no law and doubtless Chase upon that prnc
pls The question of good faith, in an emergency in
volVng ruin as q consequence of failure to raise the
sneWsof war, could hardly command much considera-
ton at lhe hands of Yankee politician.
But then, there exists prospeci7ely disadvantage
little les serious than would result from failure to
negotiate the amount necessary dpmeet immediate
wants The evils Of financial crisis would be scarcely
Hss de Fimenta to the policy of Lincoln than The
ruin of the Government ere lit The plan of Chase evil
IDENTIFY is to cure the first and most nmiaen: evil AID
.
m4ady. The accumulation of large specie capital in
the sub Treasury NOTES in the laes. Yankee papers
Is fOrashAdOWng of such policy, the intention evil
IDENTIFY being 10 toW this specie in the market Wheo
6nanc al crisis becomes imminent and by system OF
secret competition carried through Government
agents save its securities from serious depreciation.
All such resdts being purely artificial canno. long
avert threatened destruction of Government secu-
rites. If o. secret workings OF Northern fnsuces
could now be fully ccortained, state of rottenness
would be found 10 exist which would only excite aston
ishment a. the adroit financial ability that could main
tain such apparent buOyancy amid radical financial de-
cay.
The end, however, il near at hand. This falacious
buoyancy is Low roo much dependent on contingencies
to last and single disaster to the Northern will in
all probability burst the bubble and precpitae the long
impending crash 1. cannot be otherwise. No nation
EARTH not what the extent of its solver cy may
be, could long maintain it, credit in the face OF so
rapid an accumulation OF debt as the Yankees have III
Cured That the Government has maintained lis credit
so far is due to two causes which discern for the
first time in connection with national financial opera
tons These an oVerestimate or confidence in their
6naI eiA ability, predcated upon unparalleled prosperity
in the plst and the accumulation OF their present
ormous debt at rate OF speed too rapid to allow time
for an accurate estimate OF it relatively 10 their assets
the people int an idea that il had not attained any
thing like standard dsprcporoned to their ability TO
pay But theveil is removed and the people have
an opportunity of vieEi the financial spectre in all its
ghastliness The facility for speculation Oh change Of
orded by the active operations anty carried or,
and the enormous sums realized by those specuatiens
blinded capitalists and spectators to the true state Of
Affairs and the maintained with reference to
the condition of their finances is due to desire Oh the
pArs capitalists and operators to secure themselves
against loss and get rid of their Government securities
on the most favorable terms When this accomplished
their interest in maintaining this fictitious buOyancy
will cease and they will go into the market rather dis
posed to depreca:e government securities than to in
fate them They will aRait aud abide the Legitimate
fluctuations Of government stockp, and trust to their
professional "buling" and Clearing" operations as in
Ordinary times to make money. The government may
subsidize few Of these money operators to impart
new fictitious value to their stocks but such resort
cannot long avail in the teeth O.. natural induenGes.-
The operation will consist in the governments putting
their securities in the market and buying them up
through agents. 80 as to give the demand
for them Meanwhile their hope will be operate outside
upon the fictitious standard to which government secur
ties will be inflated in the market but the government
creditors will be too chary of system of financial
operations which experience has proved to be deceptive
and unstable, to make any further advances Devices
will have been exhausted, and careful estimate
of debts and assets will be entered into before any
further advances upon the securities of bankrupt
government will be made. The stability which these
securities derived in the past from the assured immi-
nenOs of Southern sut1gaion, will cease to afford any
guarantee, and the naked consideration of resources
for payment estimated with reference TO impending LA
bitie will serve as the landmark OF government credit
And thsn there the probabilities OF further dis
indignation Of the present United 4tes weigh against
estimates OF existing sovsncy This contingency may
be deemed remote nay impossible in the estimation OF
the majority Of that people, but nancers who are pro-
verbally shreWd and far seeing may discover enough OF
the leVen OF dsntegraIon to eIon cautious reserve
10 all transactions dependent upOl the continued exist
ence Of the United States government aGdth
ability to discharge the en- rmous debt already
lated.
financial crash is undoubtedly coming and we think
not far off, apd when it does come, it will be such as
this continent has never witnessed 1t be in some
degcee proportional the extent of the fictitious ope
r4tions hitherto maintLined, and in that view, we
cannot Overestmate its destroying magnitude Then in
deed will the Yankees have realized a catastrophe which
will totally eclipse the grsa dsastr that could bef
their arms, and will engrOss their attention to the ex
clusou Of all considerations touching this war; If they
DO reflect upon IL will be to curse its orginAtoFs as
the prime agents in their ruin and they will gladly sue
for peace any terms. The screw is already tight
enough, a few more turns, and all will be well.
JUDGE HALYBURToN'5 OPINION ON TEE M
. PRESSMENF ACT.