The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-27
New YoRx FMANcIEns IN LEAGUE WITH SEcEs-

udy AZ witnessing the Hnanclai phenomenon OF
rise in the rate of foreign exchange, in face of
commercial movement which, according to all
recognized rules in such matters, should have
caused the rates to fall. But there is an easy
explanation Of the matter. II so happens that,
with scarcely an exception, the dozen firms in
this city which control the business of foreign
exchange are, to greater or less degree, deeply
imbued with secession sentiments. British,
French, German, American, they are all open
to that same charge. Their aggregate capital is
probably some ten millions Of dollars, and the
business which they transact upon it is very
large and profitable OF course, the higher they
can put up the rates of exchange, the greater
are their profits. The more the difficulties of
the government are magnifed, the better their
chances of profits. They are, therefore, from
the very nature oftheir business, as we'll as from
their commercial, public and social relations,
sympathizers with the South in this rebellion
They generally entertain sentiments on the
subject similar to those which prevail in
England, and would not be at all
averse TO seeing the Union permanently dis
solved. In that event the currency and trade
of the country would be injuriously affected
and the rates of foreign exchange would conse
quently be enhanced. They therefore lose no
opportunity that promises any chance of weaken
ing confidence in the government, and thus ere.
ating financial panic For, although they
work for rise, and the bears on the Stock Ex-
change operate for fall, the objects of both
are Identical
The last movement Of these dealers in foreign
exchange was, by concert among themselves, to
run up, on Monday last, the rate Of exchange on
London to 1921. Owing to the balance of
trade being 80 much in our favor the rate has
fuctuated for SEINE time between lO7 and 1903.
The point at which we can make profit by i'm
porting gold from Europe is 1917; that at
which it will pay to export it from here is
1O9A The regular par value is lO9%.
1t will be thus seen that these foreign exchange
dealers managed to get up the rate, last Mon
day, to within one-half of one per cent of the
point at which the export of gold from here
would set in. The object of that movement was
to embarrass the government, by Withdrawing
specie from the banks, thus interfering with the
lean, and promoting, in proportionate extent,
the prospects of the rebels. In this they are
backed by the cotton men and rebel sympa-
thizers in England and France. The move
ment, however, could not possibly in the pre-
sent relations Of our import and export trade,
succeed and the rate fell back yesterday.
Where our exports for the last two weeks
amounted to 100000, and our imports to but
half that sum, all such puny efforts to create
financial trouble must be doomed to failure.
Nevertheless, it might be we'll to look after
this thing Congress meets next Monday, and
as Mr.. Chase has had his attention called to this
matter he will undoubtedly suggest some pre-
ventive measures. Among them might be such
still further increase of tariff duties as would
prohibit the Importation of foreign goods, and
ance Of trade in our favor. These financiers on
the Stock Exchange and in foreign exchange
will bear looking after
The TRIBuNEs Defence OF FREMoNr-INDI-
RECT ATTACK on THE GovERNMENr.-The Tribune
of yesterday contained very long and elabo-
rate defence Of General Fremont in the shape
of an editorial article, which is an indirect at
tack on the administration, and particularly
on the President who assumed the response
bility of removing him. Now that Mr.. Lincoln
has set his foot down, what can be the object
Of discussing the matter day after day, backing
up the discarded General and rejecting upon
the government? The only object is to in
fame the public mind and to excite mutiny and
rebellion against the President and his Cabinet,
by holding up Mr.. Fremont to the world as
political martyr.
But in his lengthy article of two columns
and half Greeley not only fails to make a
good case for Fremont, but fully confirms the
charge made against him of want of military
capacity. 1t is clearly demonstrated that his
plan was only playing the game Price, McCul-
loch and the other Confederate generals de-
sired. Had not his army been quickly recalled
it would have been all lost But to abolition
journalists, who are very brave at long dis
lance from the enemy, this seems a matter of
small account. Indeed the sacrifice Of an army
may be, according to their theory. a very good
thing. They managed to have one routed and
demolished at Bull run; and If one OF two more
disasters like that could be brought about they
calculate the result might be that we would
then have government with only one system
OF labor and that all free.
That is their dream. and they care little
whether the government be great or small.
Hence they dcnonnce all the generals who will
not chime in with theni--for instance, Mansfield,
Sherman, Hunter and Halleck--and they are
continually creating disaffection and throwing
embarrassments in The way Of the President. lest
he should succeed in restoring the Union and
the constitution, with all their covenants and
compromises. What Greeley 4 CO. want is
war Of emancipation involving servile insurrec-
ton and such horrors as have never been wit
messed on earth before or since the scenes Of st.
Domingo. These mutineers ought to be put in
straight jackets and sent to lunatic asylum, or
board and lodging ought to be procured for
them in some of Uncle Sans strongbolds. II is
dangerous to leave them at large.
TIE SHopDY CANDIDATE.-What is shoddy? II
Sc oono%arC,;+ cloth ypaIa or pulvori1o1 ~