Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1866-05-16
ADM9EITFGNS FOR THE FUTURE FROM
TIE HAST-WFEAT COTTNN HAS DONE
For THE NATIONAL CREDIT.

For THE NATIONAL CREDIT.
Whilst the very independent radical leaders
are busying themselves with the most short
sighted and culpable efforts to cripple and
ruin the section lately in revolt, avowing the
bitterest feelings as supplying in part the
motives for this exercise of madness and folly,
it may perhaps be of some avail in bringing
them to their senses, to contemplate the i'm
portant part. financially, the South has already
played since the war over in keeping up
the national credit abroad, and causing green
backs and other evidences of debt at home to
maintain their high character.
Although, when cotton was proclaimed
"king" by the fierce advocates of secession
and revolution; it signally failed to realize for
them the great expectations then based upon
it, the evidences of its Importance have since
the fall of Richmond made themselves appa-
rent enough because had it not been for the
large quantities sent forward to Europe at the
most enormous prices, the balance of ey
changes would to-day have been so fearfully
against us, that absolute national bankruptcy
would have stared the country i'll The face.
All will remember the deep feeling of So
licitude which prevailed just at the close of
the war, with balances accommodating against
us on the other side at rate absolutely APP
palling; but all may not have taken the trouble
to note what it was that came to the rescue,
and gave that favorable turn in affairs, to which
now the people of this country largely owe
the absence of those terrible financial reYul-
sions so generally anticipated with the close of
the war.
We repeat tive owe to the cotton held in
reserve by the South and the high prices OBJ
tanned for it, our wonderful escape; but the
crisis over, who amongst the oneidea poll
ticians thinks of it at present, or considers for
moment, that unless this supply is fostered
with the utmost care in the future, we may
again be in imminent danger of national bank
ruptcy and ruin.
A statement in the United States Economist,
in explanation of cotton movements, has at
tracted-and most acknowledgement atten-
ton of late, and by it we learn that up to the
latest dates from September LIST, 1865, the
total receipts at all ports were 1,756, JIG bales;
OF which 999,93G were exported to Great
Britain; 1886 to France; 50, 34S to other
ports, total foreign export of 1,24O, 600
bales. Added to this, 745, 033 bales were sent
North, and the stock is calculated at 4G3. 149
bales
Here then we have been enabled to send
forward crop of one million two hundred
and forty thousand six hundred bales, which
at the enormous prices realized for it have
made it more than equivalent perhaps in
moned value to the largest crop ever raised in
the past reign of peace; and with this evident
and the future needful to be provided for,
what sense is there in now doing all that is
possible to discourage and depress section
which already has, by its reserved resources,
done so much to keep the uhole country from
financial distress, and from possible ruin?
And because by this fortuitous reserve of
means, we have been enabled to tide over the
danger all feared with the sudden close of hos
tilities, and what otherwise would have been
ruinous expenditures, is there any certainty
that in the future we can afford to cripple and
humiliate section proved to be so essential
to us, and more especially when the fact is
ominous, that immense amounts of our govern
ment bonds are held, and are likely to be held
for years to come in foreign countries, the in
terest upon which must inevitably be met?
At the mercy, financially, of Europe, unless
we very soon make such peace here as will
develope to the uttermost all our resources,
are we in a condition to resent any encroach-
ments on our rights, and would not our rulers
be mad to provoke any conflict with foreign
power, when we are not in position to pay
even the interest on our bonds with the advan-
tages of the beaten section measurably lost to
US, by the miserable and shortsighted policy |
of men who somehow hatter themselves that
IL nlaJ Ne -Hdn"ed to desert with impunity! |
The truth Is, If the people of this country !
ever expect TO emerge from the troubles that |
beset them, and which for years to come will
still beset them, as the consequence of troubles
brought upon them by the extremists of both
sections, they must arise in their might and
their determination, and compel change of
front toward the masses of the South. They
must repudiate, unhesitatingy, the disgraceful |
and vengetul utterances lately heard on the
floor of Congress as provocations to the most
extreme legislation; and taking matters into
their own hands, they must recall from Wash
lngton men who have shown themselves utter
ly untitled for the places they at present oc-
cupy. If the people of the South were wrong
IN surrenderlng themselves up to the mad pas
SONS set IN motion by demagogues and revo-
not >f%,sts, they have paid heavily Tor it; and
torribIo 80 generation will they escape the
49, penli''oS oo~@eauent upon it. But
,,hor oee 'u"' even IN tne1+ ~ptremity that
"nen apparently ruined their means nare been
tnose the nation has most relied upon to main
tam Its financial standing before the world
surely it should bring reflection even to the
most thoughtless and vindictive, and make
them consider the bearing these events, in
their significance, have upon the future.
Show Your Pretty Faces. |
ia NJ 80 Gil