Washington telegraph., 1864-02-03

TIE UNITED STATES FrNaNcEs.--Mr Cobdcn,
in a speech which he lately delivered at Roch-
dale, England reaarked in tracing the financial
evils likely to result from war Of such magni-
tude as that in which we are engaged, that tbs
people Of the United States are mistaken If they
think they can carry on n civil war like this,
drawing million men from productive indus
try. and spending two hundred or thr hundred
million pounds sterling, without a terrible coll
lapse sooner OF later, and great prostraiioa in
every part of the community.
Golden is probably the most jealous advocate
Of the cause OF our enemy now in England. and
In that view must regard his opinion as 10
the inevitable result Of the exirAvagAnt outlay
incident to this war Of aggression, a. very sug-
ges i've. Mr.. bden is regarded as the ablest
financier in the British dominions. and in giving
this opinion be speaks upon predications which
are altogether irrespective Of the merits Of the
contest according to his prejudced mind.
He. however, assigns no limit to the ability Of
the North in the matter Of outlay. nor does he
predict, as be should nave done Ia order to give
point and merit to his opinion. how long IN:
North can carry on civil war like this" be-
fore the threatened terrible collapse occurs.
He does not say whether they can carry II Oh
for year or ten years. and the reader is left h.
infer the limit which he assigns TO their fin sncisi
ability
II we consider th, strong partiality which that
abolition statesman is known to entertain for
the North, we might reasonably conclude that
the 4 collapse TO which he refers is nearer at
hand than he would he willing to admit. To
predict that contingency as imminent, would not
comport with his advocacy of Northern interests,
| nor promote the issue TO this war which he as
suInes certain.
A financial collapse would as certainly put al
end to this would the rout aud dcstruc-
tion of the whole Northern army. and. Of course,
Golden would not foolishly eonteract bis assur-
ances to the people of Roc hdale, OF the certain
success of the North by prediction of inevita-
BILE and early financial ruin, which would in
volve the necessity OF peace favorable to the
South.
That such a collap . a. Mr.. Coid pred diets is
Imminent. there can he little doubt. That IL had
not occurred before now il owing to the succes-
ses which the North achieved in Tennessee. A
reverse there would have prccipitated snch g.
nanca crash a. the country never before Wit
messed. What IL peculiarly significant in con-
neciion with the financial operations of this
| North il the fact that, notwithstanding the ad-
vaniages gained in the late battles, gnld stfll
maintains pretty much the same standard that it
held before these battles.
The prestige of great victory Was not snfii-
cent tn enhance Gav rnment securities to any
thing like an approximate value to gold. The
repression from natural influences. such a. must
ever result from too vast a disproportion be-
tween paper currency and specie wa- too violent
to be coustcractcd by any more artificial appG-
ancc or or external contingency. The evils Of
this disproportion exist ia fall force, aud il needs
hut The influence OF a serious disaster to North
ern arms to bring about the terrible collapse"
which Mr.. Golden prcdicts.-Rieh. Whis.