The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-15

beneficial result Why should we not engage
the enemy in numbers at least proportionate to
the population? The rebelliOus States have
eight millions--we have twenty millions. 1t is
in that proportion that we ought to meet them
on the battle field. In the late engagement in
Missouri the numbers were reversed. Whose
fault is this! Our army ought not to fight unless
in such overwhelming numbers as to crush the
rebels out. If our generals in Missouri are
not able to sustain themselves from the
Union men of the local population, the
government ought to send them aid. The re-
bells ought not to be allowed time to organize,
possess themselves of artillery, make intrench-
ments and erect masked batteries. The most
rapid movements ought to be organized against
them, which would keep them constantly re-
treating. The delays to make immense prepa-
rations for Bull run fights will not pay Nor is
it necessary to take the mail routes to Richmond
with a fortified position Of the enemy in the
way. Whether it is desirable to permit ten
thousand of the enemy to remain unmolested at
Fairfax may well be questioned. The plan is
to harrass the enemy, and not wait for great
battles.
1t is known that these are the views Of the
young generals Banks, Fremont
and Rosencrans-and there is reason to believe
that the veteran Scott comedies with them, and
that hereafter there will be more activity and
energy in the campaign. 1t will perhaps turn
out at last that " sweet are the uses of adver-
sity," and that we have learned something salu-
tary from Bull run and Davis creek.
The Government Loan Taken by the
Bamks-Let the Adm n istratiOn now Act
with Energy.
The important questi On-the government
loan-has been finally disposed of by the
prompt and decisive action of the committees
representing the moneycd interest of the three
leading cities in the loyal States, at their con-
venion held in this city yesterday. For full
particulars we refer the reader to the report in
our financial column.
1t appears that the committees appointed
by the Boston and Philadelphia bankers
visited this city for the purpose of
consulting with the Wall street com
mittee, and met it yesterday morning. Their
consultation resulted in the recommendation
that the banks and bankers of the three leading
cities agree to furnish the government with the
necessary snews of war by subscribing for the
Treasury notes at the rates fixed in the act Of
Congress authorizing the loan. The bankers
ass cmblcd in convention at three p. M. to hear
the report Of the committee, and after consider
able discussion acquiesced in The decision of the
joint committee agreeing that the banking inte-
rests of the three cities should pledge themselves
to take fifty millions of Treasury notes, bear
ing seven and three-tenths per cent interest.
Immediately, fifty millions ON the 18th of
| October, fifty millions on the 18th of Decem-
| Der, and so on until the entire loan was taken
providing that, in the meantime, the govern
ment should not issue any other notes or bonds
the first issue to bear date and draw interest
1 from to-day, the 18th of August. This settles
| the question that has caused so much anxiety
| to our linanciers, to the administration, and to
all who are anxious for speedy suppression Of
| the rebellion.
This decision of the men who control and
manage the financial interests Of the nation has
secured to the administration the necessary
funds for a vigorous prosecution of the war
until the citizens of every State are protected
in their constitutional rights. In thus coming
forward at this critical and trying hour,
and pledging themselves to unlock their
vaults and deal out their millions, it
is but reasonable to suppose that they
and the people in return will expect it to
be expended, not upon favorite contractors,
but in an economical and energetic prosecution
of the war. There is no longer any reasonable
excuse for the government to waver or delay;
they have asked for money. and it is at their
| command. Let their operations and the move
ments of our grand army be now prompt and
decisive. We know that President Lincoln is
endcavoring to do his whole duty in this matter
but he needs advisers who can comprehend the
issues of the day; he wants men of ability, en-
ergy and honesty at the head of the
| departments who comprehend their
| duties, and who will fearlessy execute them
| Our people do not any longer want to see their
! govelnment-representing twenty millions Of
loyal people and contending with rebellious
organization representing less than eight mil
lion-sending into battle armies one-third Of the
! force Of the enemy, as was the case both at
Bull run and Davis creek Missouri These
| facts, taken in connection with the looseness of
the blockade, are not calculated to give the
public any great confidence in the heads of the
| departments, and it will bchoove Mr.. Lincoln TO
see that more energy is infused into their
| bureaus, or difficulties more serious than any
that he has had to contend with will soon pre-
sent themselves. The public are now looking
| to the administration for an efficient and ener-
getic prosecution of the war. Let the authorities
at Washington see that they arc not disappointed
| in this expectation.
HARBoRlNG PRIvATEEHs.-By the arrival Of
| vessel from Curacao, one of the islands in the
| Caribbean Sea, under the dominion of the
| Dutch, we learn that the privateer Sumter was
allowed to remain, coal and refit there for a
week; and, so far as the authorities of the place
were concerned, might have prolonged her stay
indefinitely. This is an important fact and