The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-24
Moro Money Demanded for tho Govern.
ment.


1t Will be perceived, by reference to our
money article, that the Secretary of the Trea-
| sury has proposed tor new loan of eight mil
lions Of dollars, under the act of Congress Of
the Sth Of February authorizing the govern
ment to borrow money on the credit of the
United States to the amount of $25, 100000.
The eight million instalment of this loan OBJ
tanned by General Dix is used up, and now
eight millions more are demanded by his sue
cessor, Mr.. Chase.
When the first instalment was asked for it
was announced that there was to be no coer-
cion, no civil war, and under these circum-
stances Wall street lent the money, exacting q
heavy discount instead of paying premium
for the stock, as in former times. The country
never was SO prosperous as during the last
year, and were it not for the election of re-
publican President, which led to revolution and
completely paralyzed trade and commerce,
there would be not only no need to borrow
any money, but there would have been sur
plus fund in the Treasury. The same cause
which ruined business, preventing imports, and
consequently the receipt of revenue, also ope-
rated to depreciate government securities, and
those who had money to lend would not have
incurred the risk, but on the assurance that the
administration at Washington did not intend to
embark in civil war. Had such policy been
avowed it would have been impossible to raise
cent. But hardly had the money been OBJ
tanned when Secretary Dix, Mr.. Holt and Gene
raj Scott set their wits to work upon schemes
of coercion, and fuel was added to the flames
of revolution at the South. So far from allay-
ing the apprehension of the country, Mr.. Lin
coin, in his speeches en- route to Washington, and
in his inaugural on the 4th of March, rather in
creased and aggravated the public alarm.
Moreover, the effect of his ambiguous course
ever since has been to stimulate the revolution.
His organs have been most careful to show that
the intended evacuation of Fort Sumter was not
to be regarded as political concession, but
military necessity, and that naval and military
force would be undoubtedly employed to col
lect the revenue and execute the laws of the
Union in the seeded States.
That such is now his purpose there is every
reason to believe. One Of his principal organs
in this city yesterday announced, by authority,
that while the government is preparing to
abandon Fort Sumter, it is also preparing to
reinforce Fort Pickens, and will send the mill
tia there from the Northern States to inaugu-
rate bloody struggle, which, it is calculated,
will result in the subjugation of the Confede-
rate States. Here is the programme
The country sick at heart the necessary with
drawa Of Anderson from Fort Sumter. II had better
M In lime
In preventing similar humiliation at Fort Pckens. II
not relieved in six weeks from this time Fort Pckens
will have to be abandoned just like Fort Sumter and for
the same reason Fort Pckens and ts approaches are
being gradually commanded by sand batteries If it be
cannot be done at all But this is not all.
When garrsonsd and provisoncd will still be attacked
matter how full Of men the fort may be- siege Ia a
mere question or time After few weeks Of battery in
breach ito walls will be heap Of ruins, and the besier
ing forces will mount TO the assault For garrsons and
provisions alone will not the fort the dignity
Of the United States The siege will bcuccessful unless
&c the can 81
will become like the siege Of Sebastopo real trial Of
be concentrated at Fort PeSens Under the s .a
OF 1894 and 1907 the President embody and employ
| the whole militia for the purpose Instant
ltia sufficient bodies TO hold themselves in readiness
to.mach for embarkation vessels should be
centrated the nearest points practicable and the mo
ment gun is nred at Fort Pckens the forces In sufficient
bodies must be embarked and landed, and marched to
raise the siege
Such is the programme of the government as
foreshadowed by its own organ. And does it
expect to obtain money under such circum-
stances in Wall street, where alone there is any
money to be had? Let another organ of the
government in this city, more connected with
commerce, answer. In yesterdays number it
says
Ne,o lod~s called for, but here is prospect Of
niue render them safe. The seeded invite imports
under the tariff Of 1857 at least ten per cent lower than
that which the federal has Just adopted
matter OF course foreign trade will Southern ports
until the government has authority TO arrest this
MERGE and this cannot have without further legisla
top. The tariff In thus almost certain 10 drive
merce from our own ports and our revenue must suffer
In proportion.
Well may the same journal, in another part
of its article, observe that "as political blum
der the measure was without a parallel" II
will be impossible to borrow money on the
security of revenue TO be raised under such q
bill. Had the bill" adds our contemporary,
"been complete IN Itself, had IL contained proci
sion for It's oun enforcement, IL could necer haze
passed. Congress ,oos not prepared TO take any
such step, and refused 10 adopt any measure
looking 10 the enforcement Of The Ian in the Sc
ceding States" Yet in the face of this refusal
the administration is making preparation to in
augurate war on its own account. 1t has con-
centrated troops and naval armaments on the
Southern coast, both with a view to Its blockade
and in order to the reinforcement of Fort
Pickens. The moment the loan is raised, a
descent will be made at Pensacola Bay, which
will be the beginning Of the end. As antic-
pated by the administration organ, the federal
troops will probably be repulsed, and then
the government will summon the militia
| to their aid in sufficient numbers to
dislodge the victors, and then the whole South,
from the Potomac to the Rio Grande,
viii bristle with bayonets, and not only will
Fort Pickens be retaken, but Washington will