Year: 1861

The Effect Of the war aponSEe Aortn|'

 The North is fast discovering the war which it has forced upon itself to be a very serious matter, and to give an idea as to how serious if finds itself to be, we subjoin the following extract from the New York Her ald of the 4th of June:

 sThere never was a time in our history when it was more necessary to .ractise economy than now. " ar enormously enhances the price of provisions and other ecessares, while it diminishes the means of purchasing them. In some kinds of business fortnnes are being realized. But such is the gen erl rrosrati0n of business that the failures in New York since the 22d Of May, number over two hun dred and such is the quantity of protested paper thrown on the banks that they now refuse 10 accom- m0date. One of these, the day before yesterday, had s30,0 600 worth ofpaper protested. Real estate is unsa cable and rents are gone down because peo pie have not money to pdy.- The holders of bread stuffs will keep them up, because they know that the war and the demand in England will enable them to command high prices. It is necessary, therefore, for all classes of citizens to practice economy; even for some who used to purchase chase three or four suits in twelve months to one for a whole year. Economy in these, the hardest of hard times, is virtue of the first order, and ID person ought to buy anything he can dis pense with till the war is over"

 Two hundred failures in one city in twelve days is pretty rapid way of going down hill; and if New York long keeps up the fasclis descensus auerni the prophecy that grass would grow in her streets, when ever she lost the South, will soon be full filed This is but the beginning of state of affairs at home which will war more terribly upon the North than all the power of the South with armed endeavor. A dis tressed people in his rear will exercise more influence in inducing Lincoln to sue for peace than hostile people in front.

 With commerce and industry paralyzed, as they partially are, and are rapidly being, whence can Lincoln draw the sineu of war to defray the cost of his mighty military and naval operations? Where is he to raise the forty millions ofdollars per month to wage this war on the scale of magnitude in which he is inaugurating 1t. The dis tress among his citizens will give him sol diers-thousands and tens of thousands anxious to fight for living; but the same distress will prevent his raising the money to keep them fighting. It may, we think, be certainly calculated that Lincoln's abili- ty to raise funds to support the war will soon be exhausted, and that the most powerful influence for peace will be brought to bear upon him by his own people, and not by our arms.

 Events are thus practically approving the logic of economists, who so long preach ell to unbelieving ears, the great truth that the South had within herself the elements ofmaterial independence, and that her union with the North must necessarily be for the profit of the latter; that the accounts never could be evenly balanced between them, but would always show large bal ance in favor of the North. Is 1t not proved? We withdraw from intercourse with the North and she is brought to the very verge of ruin, while the South re- mains unshaken. It seems a potent de- nonstration of our inherent capacity for independence.

 Our business and financial vitality is based upon the most enduring of all foun- lations-a staple of agricultural industry "a base as broad as the land which we in haJis, and whence rises the fair fabric of our prosperity with the sunlight ever on ifs nights, because it's mud-sills are firm and reliable The basis of oar prosperity IS re- alitv of values. These are our own; hence foIth for our own use and cmolument.

 We have said that the business interests of the South, in their safely contracted con dition, as at present, would remain un- shaken. So they will. No influence can be brought to bear to disturb them during the summer. Our business IS secured till fall. We have purchased little and have little to pay the world. What is equally ;mnortant we have little now to sell the world which we are obliged to sell. By and by, in four or five months we shall have something to sell; we shall have cotton crop to put in the worlds market. When that time comes we shall be prePar- ed to put it in the market, we will put It there in British, French and other foreign bottoms. It may be that we shall then be at peace with Lincoln, but whether we are or not that crop of cotton will go unlnter- ruptedly to market, paying its millions of dollars of freight to its carriers, and sup plying it's essential staple of industry to the spinners and weavers of England whose banner will be the protection of the cotton ship over which it floats, in defiance Of all Lincoln's power.