The Sun.
London, England, 1863-06-22 00:00:00

THE CIVIL WAR IN AMERICA.

(From the Times' Correspondent.)

NEW YORK, Jun© 9.

The attack on Port Hudson and its consequences
seem to be bat a repetition of the story of Vicksburg.
Brave onslaught, obstinate resistance, immense loss
of life, and a conviction on the part of the assailant
that the assailed place is impregnable, unless by the
starvation of the garrison, or the slow process of sap,
mine, and old-fashioned siege. Both fortresses hold
out vigorously. Every day the public is informed
by the wise men of Washington all goes well, that
the Mississippi will be cleared of obstruction in 20
hours at furthest ; that the Confederacy will thus be
split in twain, and the "backbone of the rebellion
broken" in real, unmistakeable earnest. But the
day comes; the hope is not fulfilled; a new predic-
tion is made; and lying stories of sham deserters
are paraded in the journals, to show the weakness
of the enemy, and prove that he is desperate, de-
moralised, and famished. Bat still the enemy holds
his own, and efficient Generals who have been re-
lieved of their command by the inefficient Govern-
ment work out for themselves the problem of the
Mississippi by a study of the map, and an investiga-
tion of all circumstances on both sides, coming re-
luctantly to the:conclusion that Gen. Grant at Vicks-
burg is in a critical position, but may escape without
much loss either of prestige or men ; but that Gen.
Banks at Port Hudson is in "a very tight place."
The whereabouts of Gen. Joseph Johnstone con-
tinues up to the time of the despatch of this letter
to be suspected rather than known. Every one,
however, expects to hear stirring news from him
shortly, especially the military men, who know his
genius and calculate on his opportunities.
Gold, contrary to all the known laws that regu-
late its price, has fallen five per cent. within the
last seven days. There has been no news from
any of the numerous seats of war to justify the
depression. On the contrary, there have been cir-
cumstances ugly enough to warrant the belief that
the Federal armies would be defeated at more
points than one, and that the Confederates would
successfully invade Maryland and Pennsylvania, if
they did not strike at still bolder game, and make
a dash at the Federal capital. Yet gold has fallen.
People ask, why is this ? One reason is that gold is
no longer a favourite object of speculation ; that
brokers and stock jobbers have a wider range for
gambling in the price of railway and other stocks
than in gold and Government securities; that, con-
sequently, a smaller number of people are engaged
in it, and that these are people of larger means than
those who formerly hoped to make speedy fortunes
out of the rapid fluctuations in the price of the com-
modity. Another explanation is that Mr. Chase can
successfully "bear" the gold market whenever be
thinks proper. He has possession of so large a stock
of gold as to be able, to the extent of 4 or 5 per cent.,
to raise or depress the price, as the supposed policy
of the Government may recommend. Whenever the
Government is in possession of very bad news, the
publication?af which is certain to send up the price,
Mr. Chase's confidential agents offer to sell gold in
excess of the legitimate demands of commerce, and
the price goes down. When the bad news is pub-
lished the price goes up again, but not, it is sup
posed, to so high a mark as it might have done had
the price remained uninfluenced by the delicate
manipulation of the Secretary of the Treasury. It
is supposed to be Mr. Chase's opinion that the fair
premium on gold at the present time is only 20 per
cent., and that every dollar above that is due to fac-
tious, disloyal, and illegitimate influences operating
in the market. In other words,he thinks the mistrust
of the American people in his financial system, and
the ability of the Government to carry on the war,
are measurable by an insurance risk of 20 per cent.,
and that as soon as the risk is measured by 25 or 50
per cent. there is disloyalty at work rather than the
natural and ineradicable suspicion and jealousy of
commerce and banking, acting on and by their own
laws. How far this notion is a fact, and in how
much it is the dream of a sanguine theorist and an
uncompromising partisan, the sound heads that
govern the monetary affairs of the world will be at
no loss to determine.
Yesterday and for three days preceding, the Sun-
day excepted, New York has made holiday. From
spire and housetop in the long length of Broadway
the star-spangled banner has flaunted e
women, in theted in the bright
sunshine; and crowds elf peoplc--t
full exuberance of silk, satin, and crinoline, forming
the majority—have encumbered the side walks, and
filled window and balcony as far as the eye of the
passing spectator could reach. At every tree and
lamp-post on the line the little ragged boys have
clambered to bough or cross-iron to catch a view of
the numerous regiments of militia, preceded by
music, that have marched to and fro ell
day
ynds of
playing
" Yankee Doodle," " Hail Columbia,"
"See the Conquering Hero comes, and other "
well-
known airs. At intervals the whole ordinary traffic
of the crowded streets (and for business
purposes
Broadway may be said to be tlee only street in New
York) has been turned off into the side avenues to
allow,the proc?f,slons to monopolise the
rung merry peals, pavement,
bells have guns have been fired,
and all the paraphernalia and pride of a great mili-
tary gala have been exhibited to the delighted crowd.
Sometimes a mere fragment of a regiment that had
seen service in the war, and whose members had
resumed at the beginning of last month their usual
places in the ranks of trade and industry, gathered
together :their scattered comrades, donned once
again the old uniform, and with drums beating, or