Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1864-04-14
Pc.o. Coming Through B.nkruptcx.

Peace Coming ThrOugh Bankruptcy
The following able and instructive article from tt
New York Metropolitan Record cannot fail to arre
the attention of every thoughtful reader It is worth
of preservation, as Astounding in sound financial view
and containing most interesting chapter in the histor
of finance
Are there any sign of peace Are there signs CT hr
mainly and reason breaking through the black cloud
that hang over our country? Yes, there are signs
peace but not humanity and reason The authors an
i managers of the lost to those virtues Ion
| before the war began. Peace when it comes, wi
come in spite OF them. They will fight against it, pic
against it, and abandon the field of blood only whe
forced by memorable necessity As long as it is posi-
BILE for the war to last the party in power will hold
it, from motives OF temporary selfdtfance, as we'll a
of avarce and revenge. The day of peace ends tb
theatre of their malice and plumber Peace is to then
what war ls to the country-ruin what the day O
Judgment Is to the sinner final settlement of the who'll
course OF crime Like the cornered highwayman they
| Will give up only through exhaustion That poin
cannot be far cf They cannot get on much turthe
without an amount of money it will be impossible t.
raise by the system of fraud and deception which ap
pears to be the only mans comprehended by the ad
minlstraton ln the sums required for the prolonged
prosecution OF the var real money does not exist with
in the reach OF the United States and printed or coun
teltet money is rapidly approaching crisis where il
must burst like bubble, leaving nothing but its OWL
roth behind it. Already the willy Secretary trembles
for lis fae bis printing presses not out.
is easy enough to strike of hundred thousand millions
of printed money but the entangled Secretary begins
at last to comprehend that the faster he prints the
swifter be hurries the Inevitable hour when ship
load OF these promises to pay will not be worth The
price OF single soldiers uniform
He begins to understand that his paper balloon is in
danger of coilapsrg at any moment To-day the debt
is beyond the reach of the real money. Even the New
York Tribune of late issue, was forced to coucss
that the people begin to fear that reputation is ooy
question of time. The New York Times moved by a
spirit OF intelligence and candor quite unaccouuable
warned the administration that it must not hope to
mortgage the property of the people to the Govern
ment without tinal reputation of the wnole debt
Even those blind organs that the popular con-
fdence begins to falter 1t staggers 1t must fall,
unless the swelling tide of debt is Immediately check
ed. If with all the unlimited resources which the
banks, the capitalists and the people, blindy
mltted to the use OF the administration it still
BILE to meet its obligations what will be its fate when
these props give way-as they to d., either
from exhaustion Or lack of confidence? Incompetent
cy and dishonesty in the management of public funds
have run the ship of State almost ashore An army
of plunderer5 has asSaed the treasury ten times more
to be dreaded than all the armed hosts OF secession
The wives and daughters of Government officials and
contractors are bespangled with diamonds, while the
wives and daughters of our soldiers are freezing or
starving in unpited in 'hepless neglect It is said
that defacations and theft of Republican officials
amount to over thousand million annually!
While this is going or, the Secretary of the Treas
ury poor wretch sits there, plunged up to bis chin in
sea of treasury warrants Whichever way he turns
in the language of the poor man in the Testament 'sl
yer and gold have none." The CHATTER of the print
ing presses reminds him that every hour he will have
less Like man in Maestrom, he finds himself swept
by the deVourng eddes until be is beyond the reach
OF help or the hope of mercy. He struggles He cries
for help! He throws up is hands in agony In vain.
Nothing can save him from the mighty gulf of waters
Under the direction Of such captains Lincoln and
Chase the ship Of State is whirling round in the outer
current of financial Maeisrom. Nothing save
it. You may cry rator'' at every who tells the
truth about the matter, but such cries will not check
the speed at which the Administration drives on into
bankruptcy Let it drive On, since its deuded supper
tiers will not be satisfied until the crash And
when it comes the must end-and disastously, dis
gracefully, to those who have conducted it but happi
y to the natlon since we have peace on no lighter
AS it is certain that there be step taken
to save or reconstruct the Union until there is end
OF fighting the people will welcome any ordeal, how
severe that brings about the benefcent result
Reckless and shallow men will rave at the mention Of
the word reputation But their profanity does not
mend the materloss not close the door OF even their
stold intellect against the conviction that 1t is neyta
BILE. The sum is simple one The interest on the
present debt is 81 400, 900 900, four IN hundred mil
lions of dollars every ten years. The annual export Of
agricultural productions of the North for the ten years
ending IN 1868 amounted to only 500 81 319. Here
after the surplus wealth of the North will fall, for
great many years. far below the above because
a million Of men who have been producers OF wealth,
have been drawn off into the army, where they have
not only ceased to be producers but Lave become non
producing consumers and desLroyers of wealth al
ready accumulated. If all the surplus productions OF
the North and West hereafter given to the Gov
ernment, they will pay only fraction OF the bare in
terest the debt That s if all the farmers, pro
ducers and laborers give up t. the Government every
dollar of their earnings except what barely supports
life, they only succeed in paying fraction OF the
interest on the Republican debt What must become
O. the principal where the payment of the interest is
beyond the possible reach Of the people Is there any
escape except through the door by which cur CONT
mental debt was rolled off from the shoulders Of the
people?
Repudiation therefore, is not question of right or
wrong but OF necessity. All must agree that repudi-
alton is Very bad thing but this general condemna-
ton does not remove its ineyitabiity. Death is an
unwel,ome visitor to ALL but all must nevertheless,
submit to it. The wretch who should advise men, in
their lives to ignore the TACT that they must dIe, has
a mate In the fool who would prevent men from dis.
cneainp this question: so vital to nations life
Merau, in his lin most respects) excellent work on
money. saws Government paper money cannot,
uccessuly tor any length of tme perform the func-
lions of money, because 1t IS invariably issued as t.
nanciaI resource in moments of emergency, generally
when war is ruthlessy destroying both life and proper
~ Government paper money instead of representing
visiting results of labor, ready to redeem the paper
on DENT nd of the holders, only represents prop
.rv and lives already consumed or destroyed and la
bor unproductively employed. How can such paper
iounns long perform the functions OF money, when me
taic money cannot perform them, unless constantly
redeemed with unusual results OF labor and with
fn sprvicesP Money cannot be redeemed with nsetu
results of labor unless these have been produced
omized and thus exist for those Who desire them IL
exchange for money
Onr own continental money, based upon the credit
If the government of the United States, is luminous
ovonnIe of the fate Of such money We have only tc
cast our ewes backwards eighty years to get vision
of the paIh we are travelling now AS the Continental