Year: 1861

an adjournment of the State Convention 10
some place in which The desperadoes Of revolu.
ton are less numerous. Mr.. Jefferson said that
Virginia was more truly land of steady habits
than Connecticut 1t is not to be carried out
of the Union with hurrah. No action will
take place upon the spur of the moment, for
anything done, or not done, by Congress. Men
will wait until they get full history Of events,
and weigh all the circumstances which attend
them.


We hope that the Virginia secessionists who
denounce the plan Of the Peace Conference,
will not also denounce Congress for not acting
upon that plan.


NORTH CARoL1NA.-The news from the Old
North State is most cheering. See our tele.
graphic head.


FINANCES OF THE REvOLUTIONISTS.


Mr.. Van Buren, said that Finance is the
acorking point of all Governments" which is an
oracular expression Of the fact, which we all
know familiarly enough as individuals, that the
ways and means occupy the first place in the
art and mystery of getting through life.


OF course, it is to that part Of the movements
Of the revolutionists on the Gulf, that the scru.
tiny Of the country has been specially directed,
aud the conclusion is general, that it is the
weakness of their finances which will break the
conspirators down.


Their latest reported plan is an export duty
upon cotton Of IN eighth Of a cent per pound,
and q loan Of fifteen millions upon pledge Of
Tc ,1oJ
manded confidence, and if the money could be
borrowed, it would amount to capitalizing a
permanent annual income, making immediate
use Of the principal and leaving the future to
t,ke care of ITSELF This would give tempo.
rary relief, but would leave the conspirators
without any legitimate resource hereafter. This
export duty is all they can rely upon, direct
taxes being out Of the question, and import du.
ties being certain to be reduced to o nominal
figure by the policy Of the incoming Admins.
tration of Mr.. Lincoln. Nor can this export
duty be raised much higher than the rate which
is now proposed, without both crippling the
production of cotton, and diverting it upon in.
land channels Of transportation.


OF course, we do not believe that single
dollar of this fifteen million loan will be volun.
tarily taken by anybody, or that it will prove
anything else than All utter failure. But even
if it succeeded, it is an evasion Of all sound
principles of finance. 1t does not contemplate
the annual support of the revolutionary Gov.
ernment by any annual income, but proposes
to get along for few months by capitalizing
and spending all the income which is within
reach, leaving next year, and all future years,
to that prospect, which SO long consoled Mi
cawber, that something pould turn up"


Arms, eloquence, and dash, are the
strong points Of these Gulf States, but not
finance. On that subject they display a uni.
form poverty Of genius, in their separate States,
and in their general wisdom aggregated at
Montgomery. Indeed, they seem to have but
one idea, that of borrowing, which is q capital
idea if lenders can be found. But the necessity
Of laying any foundation for the confidence Of
these lenders, seems nowhere to be thought Of


The State of Florida, ordered the issue Of
half million of Treasury notes, but imposed
no taxes.


The Legislature of Texas has just ordered
the raising of troops for the frontiers, to be paid
by Treasury warrants receivable for taxes, no
new ones having been imposed and the old
ones having been long insufficient for ordinary
expenses. And having thus arranged to alb.
sorb oil existing taxes by an issue Of warrants
receivable for taxes, they propose to make these
same taxes perform the still further Office of
being the basis, by way Of pledge, for a stock
loan.


Nowhere has there been any increase of rev.
enue, at all commensurate with the exigencies
of the new situation.


About year ago, Alabama imposed special
tax to raise two hundred thousand dollars for
arms That tax was resisted in many of the
counties, and if any new one has been attempted,
it has escaped our notice.


Mississippi and South Carolina have both in
creased their taxation, but only in slight de-
gree. In the last State, the increase is just two
hundred thousand dollars over the old revenue,
Z which was hardly sufficient for ordinary wants.
The whole annual increase would not more than
meet the existing scale of military expenditure
for a single month, and the State is already in
the market for a million in loans.


1t is utterly impossible that this sort Of man.
agement can answer the purpose long. There
have been forced contributions, under the name
of patriotic gifts, and the expense of military
supplies has been diminished by the seizures of
the stores of the United States. But the forced
contributions will come to a speedy end and
the national arsenals will be exhausted at last.


The JEFF. Davis dynasty cannot be sustained
without numerous, Veuinstrueted, and Uell.
disciplined army" and such an army cannot