The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1863-09-21

MADE A KCAL MINI TIC '"'N"'"
ent Assembly Of France, the National
Assembly, and the Convention the first
named of which had the honor of i'an
eurating, while the two last developed TO
it's full extent the system Of assignatS -
arc Justly entitled to the credit Of hari'r:
heen the worst tinanccrs that up 10 that
period had ever embroiled the pccmniary
affairs, or perillcd the existence of a great
nation. They issued, during the first six
years Of their existence, to the value OF
about ten thousand millions Of dollars in
irredcemable paper, the basis upon which
the issue was made being the National
domain, that is, the forfeited lands of the
church and nobility, worth probably half
the sum- At the end Of the six years,
France was declared to bc in state OF
bankruptcy, aud the whole debt WAS
wiped out 70 the utter ruin of half the
property holders OF the nation. There
must have been stnpendons imbacihty
somewhere. But VIC doubt very mach
whether the statesmen OF Franc.>--;f the
men who then had the control of her
dcstinies numbered any statesmen among
thcm--would, had they possessed in pro-
digious quantities Al article Of merehan-
die more in demand than any other arti-
Gle whatever-an article which annually
brought into the country $3.50, 0OU, 600
an article the commercial value of which
was so great that it WAS called king by
It's admirers, aud was supposed to rule
with despotic sway over the commerce Of
the wOrld-an article which it alone
could supply in the proper quantity and
quality, and Of which il thcrctnis pos
sessed almost the monopoiy--an article
which it was only necessary 10 send
abroad To draw into the country a perfect
daluge OF the precious metals-we say,
we doubt whether, had the wretehrd &
nanciers Of the Assembly or the conve.i-
ton been in Possession Ht such an mex
haustible resource a. tbs, they would
ever have thailrht Of isa,iin" ten thou,
sand millions in iryedeen,aLle paper based
upon real estate. when experience had
already shown in other countries that
such security was perfectly illnsosy. and
that nothing could sustain the credit of
paper but convertihility into cash upon
demand. No. The fnanciers of the
Gironde and the Mountain were STUPID
enough in this respect, but they never
would have been guilty Of folly so pre-
posterous, so enormous, and so entirely
without the shadow of apology or exph-
nation.
We have always deeply regretted that
MIR. Stephens was selected to fill an office
which there are many others who can
till just as well, instead of being made
Secretary Of the Treasury, where his
great attainments in craftsmanship, and
rare sagacity in matters appertaining to
finance, would have enabled him to rem
der inestiMable services to his country.
he is said, and we doubt it not, TO have
seen at the first glance the whole trntll
with regard to our position, and to have
earnestly recommended the instant pur
chase and conveyance to Europe OF one
million of bales Of cotton. 1t could have
been done at that time with perfect ia
cility, for it was during the last term O
Buchanan, while the Government was
still at Montgomery, and the ports had
not vet been blockaded. He estimated
that the sale Of this cotton would hiring
at least 100000, 900, OF which a parl
was to be expended in the equipment Of
one hundred iron clad sen. going steamers
and the rest placed 10 our credit in En-
rope. Everybody can now see what
would have been the consequence of such
q policy but it is the fate Of genius al
ways to find its ar-reachIng foresight de
risied or neglected by ordinary minds. -
Had he been Secretary Of the Treasury
from the commencement, the very neceS
sites 81 his position would have induced
him to enlarge his views, SD as to embrace
the whole crop Of cotton, at thai
timc amounting to five millions Of bales
For one year after. the war comanenced
the blockade was so slight that tho
whole of this might have been shipped
to Europe, and there sold at two shillings
sterling pound, giving the Government
purchasing at twenty cents, aclear profit
es $500, O0b, 900. CIR supposing the enc
MY to have captured one-tifth, ian enor
NOUS Allowance We should still have
lad IN Europe balance al $3.50, 600, 600.
What might not have been done with
TINS sum- We might, had VIC been 80
disposed, have drained every bank in
Europe ot ,ts specie. We might have
taught the skep.ics Of the old World
and the New that the nreiansions 81
Cotton were no idle easeon.ds".,h.,
he was bona .tde king, and eyer nh
king'--that he ha.l the na,;ons {, IN" ~ ,
hollow ofhis hand and that k;na - ..a',
p0feLtates had no choice hut 10 .,i.sr I ~
dictates or embrace certain ruin "a ~. 1'a
alternative. Or we might have left IN.
great sum in proper hands in Eurou
and drawn Cor il as We needed it. Ou,
Treasury notes would then have been
equal TO gold or sterling bills, which az,
~ good Is gold; and although the exi
gencies Of the times would have required
suspension Of specie payment, conf
deacs would have been unshaken ana
universal.
But this simple solution Of : great,
but psFlscfly applicable, dilemma, did