The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-18

patriotism that achieved its independence and
that now as vigilantly guards its honor as in
|. the days of the Revolution. It is practical
patriotism-a liberal, magnanimous patriotism
"a pervadng, sleepless patriotism and it is
not only capable of sustaining the government,
but is able to put down and utterly disgrace
its enemies. And it will do so. What we claim
is its union into great party and that union
will be effected the moment the public lber-
ties are seriously menaced, whether by aboli-
tionists at home or by governments from
abroad?
The Effects of the War upon Commerce and
Money The Independence of Agriculture.
Upon commerce and capital fall the first
penalties Of war. They are the bankers and
the endorsers of the government tor account
q the great branches of productive industry
which are ultimately called upon to foot the
bills 1t is not strange, then, that in the pre-
sent struggle between the Allies and Russia,
serious arrangement has been produced in
monetary and strictly commercial circles,
which, in truth, are identical. The deprecia-
lion of stocks loss of confidence on the part of
small and prudent fund holders, commercial
discredits and uspicions- effects as apparent in
the United States as in England and France
showing the Intimate connection of all the
trading States of the world and their liability
10 the penalties of war, no matter by whom
prosecuted-are the ripening fruits of the East
ern controversy. Meanwhile agriculture
which is in reality as much the primary
source Of wealth as of subsistence--so
far has been undsturbed. This is par
ticulaIly the case in this country, where
its productions, though demanded by
nearly all the States OF Europe to meet the
positive wants Of the people, are greater than
the E,eans which capital has to spare to move
| them forward. 1t is remarkable fact COZ
nected with our country, that while stocks OF
every description have for the last forty days
| been falling-in many cases to the extent of
| dtteen or twenty per cent--nearly every
| description Of agricultural products have been
rising. That much Of this is owing to the ex
| naordnary demand caused by the failure of
the crops on the other side of the water, we
| admit; but it is also evident that agriculture,
as well in this country as in the belligerent
| States, is the last TO be affected by war. We
! see no reason, looking to these phenomena, TO
| believe that the great producing interests OF
| this country are to be injuriously affected by
| The prosecution Of the Russian war. Mean
| while, the commercial and banking classes or
| the world are directly liable to the penalties
which the withdrawal of money from the ordi-
nary channels Of trade, the distrust thereby
| created-and often created by the uncertainty
in which the future at such times, is enveloped,
| and the sudden and unforeseen demands made
| upon capitalists for money-denands which
must be met in order TO sustain the credit of
| previous advances. This money is drawn from
| all the trading States alke-that one paying
| most which is the best off-the rewards offered
| being sufficient to produce the required means
1t is certain that the United States for in
stance, during the last ninety days, has contri-
| bnted OF its specie to France and England to
| aid III the operations of war, and to meet ne
cessities caused by its prosecution, their full
| quota ofthe precious metals. Money has gone
forward apparently in utter violation Of the
| laws Of trade, but in truth, in obedience to
| the superior demands of war, which has set
aside those laws Hence the arrangement Of
species of securities, State and corporate-the
loss OF Individual conference.-the withdrawal
Of deposits from the banks and the general
curtailment of operations. While all this has
taken place, in manifest sympathy with move
! ments on the other side Of the water. the staple
| products of American agriculture have main
| tanned full prices, and it must be confessed,
! vvarn navpr II, q moro haaIthu aud nroznara
| condition. The truth is, in the United States,
| which is a vast individual proprietorship-
| where the onerous aud oppressive relation of
landlord and tenant is hardly acknowledgement
| culture has grown to be an Independent and
| unassailable interest-an institution or govern
| ment by itself. II holds no other relation TO
commerce and money than that Of the simple
exchange Of its products for specie or it's equi-
valenf. 1t possesses the key to the Malakoii' Of
all other interests, which it has invested, and
| may compel to surrender by Withholding its
| supplies. 1t does not fear suspension of spe.
| Gle payments, because it has the absolute pow
| to draw specie at Wilt is independent. FIT
! teen years ago it was an indebted and depen.
| dent branch Of labor. II extended its opera
| tons over the whole plain Of the lakes, into
| Texas and the Southwest: it opened Califor-
| MIA and Oregon. ana became indebted and dis
credited. But il has already discharged its
| obligations without the aid of a bankrupt
law and now in New York, Ohio. Michigan.
| Indiana, Illinois. Wisconsin and Iowa. it is
| alike the most wealthy and prosperous OF all
the branches Of labor. Equally rapid and sue
cessiul has been its career ia the South aud
Southwest. The terrible crash of 1S37-the
period OF its greatest expanson-thrcw it into
utter discredit, but within tcn years il has
risen TO be an entirely success iul aud indepcn-
| dent interest.
II is well thus to consider the character and
relations of the leading departments of Ane-
rican industry and enterprise, especially 10