The New York herald., 1863-11-05

80 leaving one side of the road free for car
riages. This is not the way in which the con-
tracts Of great city like this should be exc
cuted. The public convenience should be
made paramount to all other considerations.
Let the officials in the Street Department see to
1t that the contractors do their duty, or they
will be made 10 feel the consequences Of thus
triHng with the public interests. This Is an
era Of sweeping reforms, and officials who are
wise will anticipate the necessity Of an over
hauling.
The Finances OF tho North and tho
south.
We have frequently had occasion, during this
war, to remark how singularly and completely
the history Of tho past has repeated itself Es
pecially Is this true Of our national finances.
The opponents Of Mr.. Chase's system 90 back
to the times Of John Law and tho South Sea
bubble to fnd parallels for the expansion
Of our currency, the impetus given to
trade and speculation, and the final financial
ruin which thoy predict as the result Of Mr..
Chase's administration Of the Treasury Depart
ment. But the great war between England
and France, and the financial management Of
the two countries during that war, afford US q
more apt aud perfect precedent fQr The present
condition Of the finances Of Tho North and The
South.
AT the period Of the great war England's
W ealth consisted in her commerce and manu-
factures. France, on the other hand, had no
commerce and no manufactures of any import
ance. The inauciers of England, therefore,
based their schemes upon the substantial
wealth of the country, and took care that the
sources of that wealth should be interrupted as
little as possible The French inancicrs had
no such basis for their paper issues. The
wealth Of France was chiefly in her agricultural
products, and the war soon exhausted this by
its drains upon both the population and the
products The consequence was that. in very
short time, the French paper became entirely
worthless. 1t passed from hand to hand as
money. because the people were compelled to
take it or nothing; but 1t was without the
slightest intrinsic or collateral value, and be-
fore the war was over France was bankrupt.
In England the case was different, because
the principles were different. English paper
money represented 80 much money deposited.
not in banks, but in the ships. the
warehouses, the manufactures. the mines,
the foundries and the workshops OF
the people. Compared with gold this paper
money was at discount; but still it was never
without certain and assured value OF its own.
In word, tho whole population were trans.
formed into stockholders in q great national
bank, which had for its capital all their pos
sessions and all their industry. This bank was
better than the Bank of England: 1t was Eng
land ITSELF
We see the same causes repeating the same
effects in the history OF this rebellion. The
South, like ancient France, is not a commercial
or manufacturing section. II always relied
for support upon what It could raise from the
soil. As soon as the war broke out cotton and
tobacco became almost worthless for our
blockade stopped their export, and the rebels
were unable to feed upon the weed or to manu-
facture cotton into clothing. Consequently,
s rebels must eat and wear something, the poor
victims Of Jeif Davis began to plant corn in.
stead Of their former staples, and, by means OF
blockade runners, they sought to exchange
what cotton they had on hand for food, arms
and apparel from England. This cotton, of
which they were 80 anxious to be rid, was
really the only foundation for the rebel
finances; and, having sent it away, or used il
upon Notifications, or seen 1t captured by our
armies and armed vessels, the rebel ananciers
knew, If they knew anything at all, that their
paper money must be valueless. Nothing was
left but taxation. Taxation could not save
them; for there was nothing to tax Of any
value, and, besides this, taxes were paid in
rebel paper, which, so far as the rebel treasury
is concerned, was precisely equivalent to pay
ing nothing at all. Thus 1t Is that rebel scrip
is now upon par with the old French assig-
mats and mandats, useful out of the confede-
racy only as curiosity for cabinets and scrap
books, and circulating among the rebels, at
tremendous discount simply because they have
no other money to circulate.
The North, like England, has vast material
resources and population devoted chiefly to
commercial and manufacturing pursuits. In
one respect we are far better of than England
ever was, and that Is in regard to our surplus
breadstuffs We raise food enough to supply
not only ourselves, but the people Of other
countries, and we are therefore able to make
these products an important item in our CON-
merce. Our ports, like those Of England, are
not blockaded. By our trade we get gold
with which TO pay the interest upon our
bonds. Our manufactures supply us with
oil that we require and with . surplus
for expectation. Upon this triple foundation
resources, manufactures and commerce-rests
our government currency system. The people
have the same confidence in II that they have In
themselves II b secured by the pledges Of
all the property Of the people, and Of oil The
industry and talent Of the people. Thus We
have the same advantages over the rebels, in