The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-08-05
BALTIMORE.
MONDAY, AUGUST 8, 1851.

The battle of Bull Run, says the New York
Herald, 'has added another hundred millions to
'the cost of the war;" We do not think so. On
the contrary, we believe it will result in saving 10
the Northern States, not merely one hundred mil
lions of dollars, but, perhaps twice that sum, or
more. Instead Of prolonging the conflict, the ten
dency of that victory is to hasten negotiations for
peace. Such movement may not be made i'm
mediately, but il is already foreshadowed. Many
persons in the free States are becoming disguised
with the war, and, although they may swim with
the current for little while longer, there are
enough indications of independent action TO show
that the boosted unity Of political parties at the
North is by no means perfect as some of the
journals of that section would have us believe
The old antagonism is not only exhibiting unmis-
takeable symptoms of-revival, but is in fair way
of breaking up the coalition that has been tempo
rarily formed. The voters at the North are di-
vided into three parties-the radical Republican;
the moderate Republican, and the Democratic.
We throw out of the question that other Or
gauization, the "American" party, for the reason
that it has been principally absorbed by, and may
be classed with the moderate Republicans. All
these parties, since the date of Mr.. LNCoLN's first
proclamation, have acted in seeming accord; but
the radicals have gradually worked themselves TO
the front-as men of extreme views and intense
convictions always have done, and always will
do, in great national crises. 1t is well known,
however, that this acrid and fanatcal faction is,
by far, the weakest numerically, of any, and that
it can only be rendered seriously formidable by
the prestige of success. 1t controls, at this time,
Al 6 tl,o
preponderating influence in the Cabinet; it enjoys
the rgest share of official patronage it is the re-
cipent of the most lucrative jobs and contracts;
but It's tenure of power, and of the advantages
which power confers, is dependent solely upon its
ability to prosecute the war With vigor, and to a
speedy and triumphant conclusion. Thus far its
assumptions have beenstoerated. Thus far, by
the aid of active and inscriptions journalists, it
has succeeded in debauching popular sentiment at
the North, and in inspiring all classes there with
the belief that the power of the North was irresst-
ble, and that it would be an easy matter to reduce
the seeded States 10 submission. How effectuallv
this arrogance has been rebuked, we all know.
What has since followed is natural enough
The almost unbroken series of reverses which the
Federal arms have met with, bas.stmuated en-
qury and provoked discussion. Men cannot long
be deluded in the presence of facts which it is i'm
possible not 10 recognizes; and when the deception
of which they have been the dupes once becomes
transparent, farewell TO all further confidence in
It's authors. The reaction now setting in at the
North indicates that the fortunes of the radical
Republicans have eliminated. That they will
not surrender the authority and influence they
have acquired, without struggle, we can very
readily imagine That, though conscious of the
precariousness of their position, they have deter
mined TO "rule or ruin, " the wicked and reckless
legislation of the past three weeks abundantly at
tests. But the war policy they have forced upon
the Administration is destined, henceforth, to
meet with strenuous opposition on the part of
those who have supported it. The moderate Re
publicans have no sympathy with the abolition
wing Of the party, and have lost all expectation
OF bringing the war; by the application ur nJlve,
to an early close. The Democrats have discov-
cred that not only have the issues been changed
upon which the war was inaugurated, but that
its prosecution involves the creation of an enor.
nous public debt and the imposition of heavy
taxes upon real and personal property, and upon
articles of prime necessity. Bankers and capital
lists are beginning TO weigh the cost of the war
against its probable results. The efforts of Secre-
tary CHASE to obtain loan of five millions of
dollars upon Treasury notes, at sixty days, have
only been partially successful. Treasury notes
themselves are already at a discount, with the
prospect of a much heavier decline within brief
period. Where the extraordinary sum which
Congress has voted to meet the expenses
OF the war, Is to be obtained no one
knows and but few venture to conjecture. In
addition to these premonitory symptoms of
trouble at home, every fresh mail from Eu-
rope does but serve to confirm the general i'm
preston of the intention of England and France to
recognize the Southern Confederacy at al early day.
That this intention will be quckened and streng-
thened by the intelligence which has just reached
Them OF the great victory achieved by the South,
no one can for moment doubt, who is conscious
OF the extent to which the industrial interests of
Doth those nations are involved in speedy settle
ment of the question.