New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-01-26
population barely half that of the loyal States,
and went into the war with an enormous debt

and went into the war with an enormous debt
upon her. The prospect Of mourning new
one Of untold amount, terrified and depressed
all classes. As the war progressed, the army
suffered repeated and stunning defeats. Every
commander but Sir Arthur Wellesley was re-
moved. The House of Commons rang with
bitter TRADES of faction, who clamored
against the Ministry on every occasion. de-
nouncng the war and demanding peace. With
them, even in perhaps the darkest period Of
English history, Office was everything. the
safety of the country nothing. But the Minis
try persisted, and the nation paid the money
price of it's independence. When the wal
closed, the national debt was found to be q
thousand million sterling. Had such an accre'
ton been deemed possible when the war began
every heart would have sunk under the con
viction that it was impossible to be endured
But the debt is vastly larger now, and England
fourishes as greeDly as ever.
The South has practically revived the shop
keeping sneer of Napoleon against England
q nation of spinners who would perish without
cotton, or acknowledge rebellion TO get it.
But instead of doing either England is this
time paying the money price Of manufacturing
independence The South, as trucnent as ar
rogant, assumed that England would be unable
or unwilling to undergo the pecuniary losses
she is now enduring for want Of cotton. Tue
North, q race of wooden nutmeg peddlers,
was to be conveniently ruined by the same
easy process. England fought for mere COM
morcial independence, and with feebler resources
than ours, encountered every possible difficulty
only to overcome it, and suffered every calamity
but invasion. In the end she triumpbed. The
North fights for principle, in which grander
stake is involved than even that for which our
fathers battled-the freedom Of people
already free, and tie emancipation of another
people in bondage.
The money price for both these liberties we
must pay, but we are, able to foot the bill.
Compared with EDglahd's pecuniary condition
forty seven years ago, we are imrneasuraoy
better off. Our resources are bcundiess. and
our Surplus cbCu ID O@u"1oe~N' '''~~
only $9,O00,000 of tho Continental currency
had been issued, the depreciation was very
great. Now, it required nearly twenty times
az much to create q sensible impression on the
markets. One of the sturdiest enemies of the
North, The London Economist, declares
that elf the North can command un-
limited pecuniary resources, If it have
within its own boundaries money
market sufficient for itself, the Ultimate end
is certain. Ten such disasters as that OF
Manassas Junction would not perceptibly
couuterweigh tie infnite advantage of perfect
credit over no credit" The evidence of this
great fact is perceptible around us. But We
need patient endurance as an element of sue
cess. Ia most wars one of the combatants IS
sorely beaten at the outset The British army
was humbIed aud demoralized for nearly two
years in the Peninsula, and in the Indian
mutny it was fairly overwhelmed. Washing.
toms first battles were defeats. But how bril-
liantly for the early.de feated did all these
contests end