The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-22

lcohInV tO INC htVtN i"t CHpi0y'
ment for their means. Speculation has been pretty
evenly divided between Southern State stocks and
Western railway shares, the former having ad-
vanced as much as, and in some instances more
than, the latter The public cannot, however, yet
be recommended to yield to the temptation of buy
ing vrginas Tennessees at their present prices.
People must remember that the war is only begin
ming, and that we have no means Of Judging how
long or how desperate the resistance Of the reb,
may prove. We only know that if beaten il
hanging matter for the leaders. Whether 81
prospect will induce them to yield easily - one
can judge. prolonged contest must prove
fatal TO the industry, commerce and agrcul-
ture of the State in which it Is waged;
must lead to Wholesale stamptdes Of slaves,
and must involve the issue by the State gov
eminent of enormous amounts Of war bonds and
other certificates of debt. For these reasons, pru-
dent men will avoid for the present the purchase Of
border slave State stocks. Hereafter, under u
changed regime and after the damage done by the
war shall have been assessed and distributed some
of these stocks may be safe investments. At pre-
sent they dangerous in the highest degree.
With regard to railway stocks, there can be no
reason shown for buying them for Investment at
~
cess Of our armies, and the imitation which an issue
Of $3.50 900 600 government securities is expected
to create, may cause them to sell hereafter At
higher prices than theJ command al present. But
there cannot be at present any Improvement in
their intrinsic value. Very few OF the roads are
earning any profit for their stockholders.
The recent seizures Of American vessels by p-
rates sailing under pretended letters Of marque
issued by the rebel JEFF. DaAs have increased The
unessiness OF shipping merchants, and have in
duced most Of our insurance companies to decline
taking risks on voyages to the West Indies and
Mexico Congress has acted with characteristic
promptitude by directing the government to take
the proper steps to put an end TO such outrages at
once. IL now rests with the Navy Department to
say how long piracy shall thrive ON the coast Of the
United States II it is to continue until II can lie
put down by vessels detached from the tar too
slender force nov engaged in blockadng the South
ern ports, it may last long while. The very es-
cane of the Sumter from the mouth OF the Missis-
sippi, under the guns Of the Brooklyn, shows
how feeble and insufficient our naval force
Ia In that quarter. We have not vessels
enough in the service to maintain al effect
i've blockade at every Southern port and certainly
watering is to be put down, more vessels must be
added to the navy. There is no time to build them.
They must be bought. The public are anxious to
know what the government is about in this matter.
Within the past ten days score ofjobbers and po-
litical schemers have been busily engaged in look
ing up old ships and steamers i'll this port, ard
supposed to have been making alraDe oments of a
private nature with their owners with view 10
their sale to government. Are these people going
to saddle the Navy Department with mere worth
less craft and is the Catalina job the fist OF series?
The most obviously suitable vessels Tor The work
to be done are the ships which Commodore Wander
bilt lately offered to the government on their own
TERMS viz the Vanderbilt the Champion, the
Ariel and the North Star. There are the ships to
chase and run down plivateers. Why have they
not been secured? Is it because there would be no
bonuses, if they bought, for the lobby OF the
Navy Department. We believe it il well estab-
lished that negotiations on foot for the sale to
government of inferior steamers, owned for the
most part by citizens and residents OF Charleston
Savannah and New York, and who, in their pccu.
liar circumstances, can afford TO pay handsome
commission for getting rid of property which, dur
ing the war, will be proftless so far as they are
. concerned. Congress should look to this before i,
adjourns.