The mountain Democrat., 1864-07-09
THE MOUNTAIN DEMOCRAT.
Prom the DubliA Tlmss.

Al the commencement Of the Civil War
n America the partisans Of the North in
1hese countries velIemently accused the
Southerns as alone guilty Of Reputation
The honorable NOrtherns, we were told,
always paid 20 shillingS in the pound to
the State creditors Like other state
ments made persistently on behalf Of the
North this was utterly false 4; bet an un-
truth, If repeated with sufficient pertlriac'
ity, is not easily refuted In u generation
which passes q rapid judgment On the
Rtksgm 43as RxIediately before N,without
due or impartial examination some oI
the Northern States, however are now
about to commit barefaced robbery up
on British subjects, and that, with the
most shameless effrontery. When the
State of New York had resolved to con-
struct canals, railways ard ,waterworks on
the most extensive scale, application was
made to English capitalists. Many hun
dreds Of persons with small capital, the
savings OF lifetime, invested their money
in the construction OF those American
works, the State having given an offirinl
guarantee that the interest should be reg
Hlarly paid. The capital was not lent to
private spectators Uut to the several
States. During the preceding year Of the
war the interest was paid to the public
creditor in coin. Now. the State of New
York has resolved that it should he paid
in "greenbacks." The rffrct Of this res
olution is, that the British creditor who
heretofore received 4l00 interest on his
capital, will now receive but ESQ. Wild
ows, orphans, and retired merchants,
whose means had been invested in Amer
ican State bonds, are thus. by single
clause in q State law, deprived Of one half
Of their resources. At the commencement
amount Of British capital invested in State
bonds at Gl2,oO0,00O 1t is easy to see
what distress ard suffering Nust be &C.
casioned to the families Of those who were
foolish enough to trust their money on
the faith OF Federal State.
Ohio, high minded and religious Ohio.
follows in the wake Of New Ynrk. Ohin
having a stock Of gold recently in her
State treasury, set apart for the payment
Of interest on her bonds entered the New
York money market and sold her gold at
. premium Of 80 per cent. With the
"greenbackS" thus obtained. she proposes
10 pay her English creditors. to whom
Greenbacks are useless, and who must eX
change them for gold. Thus the British
creditor is deprived Of one half the sum
lie is entitled, in all honesty, TO receive.
VIC suppose that all the other Northern
States will not hesitate-to follow the cx
ample set to them by Injurious New York
and wealthy Ohio. II this be not repu-
diation we know not ~hat else is.
The American iclrgrams which arrived
last night announce that the Senate has
ratified the resolution of the House OF
Representatives and imposed M addition,
al duty OF so per cent. upon all Imported
goods. As imports already pay 35 per
cent, the duty now amounts to SO per
rent. The nhjrct # Mr.. Chase is to Oh
tain gold, and n"ti,ins cnuld prove the
expense and scarcity Of the precious ii ct
al s0 fo'cihly as this reckless and tcn'a
tive lgiSlation. The custom hutis mu>t
he paid in gold" ard by adding 80 per
centto these duties. Mr.. Chase hopes to Oh
tain IS per cent ad vaiorem in gold on all
imports. So he will. sn far rs he is not
hntI1-d hy the smucgler>. Bat ii do :
not follow that he v Ill receive larg r >utn-
on the whole than he has hitherto -
ceivrd. Mr.. GLADSTONE imposed al eS
crSSivr duty on Irish spirits. and he re
reived the irish spirit maufarturr Sirhout
Increasing she revenue The cases ar"
exactly parallel, end Mr.. Chase will dis
cover that while all that NAV he imported
is enormously taxed. the Imports VIII he
diminished by more tnAn one tai, AMI
foreign trade will be diverted 10 Other
markets.
These dishorO,t re, olutions passed lay
the States Of Obi" and New York. couI
led ~ith tie Wild finance Of Mr.. Chase
and the enormous premium on 60 d prove
money" properly so called is rapidly be-
ing exhausted or boarded Now. As long
asa mile length Of steam presses could
manufacture greenbackS, and gold could
be procured in exchange for a moderate
premium, aud without loss to public cred
it, so long the Northcrncrs could afford Ia
carry on the war Greenbacks produced
gold, gold bought meTceRarirs. and with
them the astute EOrthcrncrS fought their
battles. The utter ruin which has belnll'
en- the costly expedition Of Banks; the
Tout OF the fcderalS from their strong
holds in Carolina the di>gracefnl failures
before Charleston, and the -ccntiaurti ie-
activities Of the Army Of the Potomac. al
prove that the sources by which wars ART
maintained are rapidly drying uP. N
doubt thrre may he for snEsc months un
furried and spaSmodic e6ortS TO . crush
orc out rebellion" but We thiak we can see
the beginning Of the end. Finance, afttl
all, is the great arbter of war or peace.