Year: 1861

The New York Times says:


If the necessity Of bringing the civil war
TO prompt conclusion is universally recog-
nized at the North, the Southern conspira.
tors must be still more thoroughly convinced
of it. Afraid of venturing too suddenly
upon the experiment of direct taxation,
which would, for the FIRST time, bring home
to the slaveowner an, awkward practical re-
suit of property in man, they founded their
expectations of carrying on the peaceful ma
chinery Of government by the continuance
Of duties upon imports, and Of prosecuting
the war with loans, secured by a pledge of
certain export duties upon cotton. By TINS
taxing at once the ebb and flow of trade,
they confidently calculated on meeting both
the ordinery and extraordinary expenses of
theit Government, and, in time, Of paying
off the principle of their borrowed money.


But in retaining the tariff system, it was
necessary to make some concessions to the
innovatots, who had placed free trade in the
front rank Of the blessings to be realized in
their negro Utopia. A tariff was, therefore,
declared to be temporary resort, in the ab-
sence of other immediate means Of raising
revenue; but it was to be fixed on a scale so
far below that of the Federal Government as
TO insure to Southern ports that command of
direct foreign intercourse, which scheme of
perfect free trade would only render more
absolute. A tariff which is to take effect on
the lst of August was, therefore, arranged at
rate averaging ten per cent, below that of
the Northern Custom house; and this offer
has been looked to as guaranteeing a vast
access of foreign commerce, and, of course, a
large addition to the revenue.


But the completion of the blockade brings
all these financial calculations to nothing.
| The only source provided for the costly game
\ Of government is effectually closed by the
closing of half dozen o, their harbors; and
all that was Anticipated from commercial
imposts proves to be as worthless as the
fleece Of wolf 1t is impossible to conceive
| that this contingency had not entered into
the estimates of the Montgomery fnancier.
Itwas, in fact expected that prompt block
ade would be established, and, if possible,
maintained by the Administration at Wash
jDgton. But another expectation was con-
fidingly INDUCED, that Great Britain and
France would at once decline to recognize
the blockade; and that in the eagerness of
| foreign traders to pay tribute to the Oonfed-
! crate treasury, they would enforce the open
! ing of the ports. This delusion is at an end.
! England, the only Power whose great
/ stake in American trade might have tempted
1 to this impolitic step, has formally accepted
4 the blockade as valid; France, for much
/ more powerful reasons, will unquestionably
\ take the same step; and the opening of the
4 Southern harbors to commerce, no longer
4 depending upon the rebel or any foreign
volition, will only cease at the will of the
National Government. This fact determines
| the event of the conflict in its material as
! poets. The Confederate Treasury is without
money. The only sources of supply legally
! provided are cut off. The only security the
I Government had to offer for loans disap-
\ pears with this supply. 1t is now practically
impossible, even among their own people,
! exhaustless as is their faith, to raise money,
for the interest of which no sufficient pro-
vision can be made, and even if forced loans
and benevolences be resorted to, decency re
quires the proffer of some plausible guar
antee for interest and eventual redemption
| guarantees which must defy the inventive
| ingenuity of the conspirRtors.


! The only alternative, and one which at
best applies only to immediate exigencies, is
direct taxation. In what condition for this
desperate measure is the Southern people,
may be judged from the fact that its circu-
lating medium is already exclusively OF
paper; shinplasters, redeemable in bank
notes, which there is no specie to redeem
or treasury. notes, payable from an empty
treasury. There is, therefore, no way of es-
cape for these foolish men from hopeless
bankruptcy. They have reached point
when all devices fail them. With an armed
force on foot calling for hundred millions q
year to sustain it. they have no source oi
revenue which can be relied upon to produce
a million during the next twelve months


For their civil establishment they are quite
without provision.


OF the result Of a contest where one Of the
parties has already reached this financial
prostration, there can be no sensible doubt


Practically, thewar is already ended. There
may be temporary perseverance in hostili-
ties, and scattered collisions of various event;
but so long as the blockade is faithfully
maintained around the entire Southern from.
tier, we are accelerating an inevitable result
After recovering Virginia, and guarding the
loyal States from incursions, by the exhibi.
ton of a sufficient force along the Southern
line of the loyal States, we shall only have
to await the end patiently.