Year: 1861




The capital of the world wherever depos-
tied is for the use of all nations who can
make pretensions to credit. Capital trans
fuses itself through all communities at the
command Of credit. 1t comes from Europe
TO America when the call is made by re-
sponsible parties. It goes every where with
the same freedom. Communities and States
may accumulate In the slow process Of
years from the earnings Of the people enough
to push forward internal improvements, but
capital and credit are magician wands that
accomplish in a moment the labor Of years
without them.


The first care Of young man on entering
into business is to establish for himself n
credit. His great wants to be known rs n
/ reliable, trustworthy man. Goods will then
/ be confded to him with perfect feeling Of
security The established houses with cap
ital are glad to know him rs n customer, as
an interest payer or their capital. National
credit is Of like Importance. No State can
progress rapidly unless confidence is felt in
her honor or securities. Capital, though
cosmopolitan, does not seek the countries
liable to revolutions. Like the inhabitants
around a volcano, capital is sensitive to
dangers. We see the effects of revolution
upon stocks in the South. Evenin Virginia,
State that has not yet decided to plunge
into the vortex of revolutions, her six per
cent stocks have fallen forty per cent since
the secession troubles commenced. When
she shall have decided to join her destiny
with that of the Cotton Confederacy, when
she shall become allied with repudiating
Mississippi, what will her securities lately
ranging at fifteen per cent above par, be
worth above the paper on which the bonds
are written? Virginia owes debt of S35,-
900, 900, a large share of which is held in
Europe. If coercive war should be un-
dertaken Virginia will be called on, should
she take art with the secession States, TO
contribute largely to maintain the conflict.
With her credit impaired already, what does
she expect to do2 Foreign loans are not to
little in revolutionary moments. The un-
certainty attending the fate of the Cotton
Confederacy would naturally destroy the
credit of that would-be government even if
the fckle character of her people were not
taken into consideration.


Virginia presents not the worst example
of deprecated credit. Not one of the
Southern States but suffers in this regard
from secession troubles. Stocks of every
description predicated or Southern credit
have wofully deprecated. Worse will be
the condition of things, it is plain, when
the energies of the malcontents are ex-
haus.ed by expensive e1eilemcnts.


The hew states in the South West are in
want of railroads to develop resources
Let the programme of the secessionsts be
attempted to be carried out and not mile
of road will be built in those states for
years to come. Tie burthen of suppo rg
Il new government must ABSORB the whole
of the spare earnings of tie people many
decades in the future. Commerce and in
dustry must languish under the cumulative
load and prosperity perish. The very
worst step new state that desires progress
can take is to join in league against the
government as it is. The North suffers
undoubtedly from secession, but it is little
in comparison with the blighting effects on
the South.