The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-19


our commercial operations of last year, to
which is to be added the further sum of forty
millions decline in the export of specie-the |
whole gain footing up the enormous sum Of one
hundred and seventy millions of dollars, or for
the year say TWO hundred millions.
This is something with which we may feel
Justly elated, and which must astonish the
weak minds of Southern political economists.
What becomes now, in face of these figures,
OF all their wild rhapsodies respecting the
disastrous effect on US Of the stoppage Of their
cotton supplies and the humiliation of our
trade with the South? That which was to be
our financial ruin has proved to be entirely
harmless, and has even developed itself into an
element of prosperity to US.
But it would seem from an article recently
published in one of the Richmond papers, and
which appeared in our columns yesterday, that
the people of the South have even yet no con-
cepton OF the financial effect in the North of
their insane rebellion, and are still hugging to
their breasts the delusion that if we are not yet
completely smashed up and bankrupted, they
have only to hold on little while longer to
see that condition of things consummated. The /
article to which we allude takes that view, and
sustains it with that wonderful clearness of
reasoning and remarkable adherence to veracity
which on all occasions distinguish the chvalry.
The people of the South are informed by the
Richmond Examiner that the ability of the
associated banks to advance hundred millions
to the federal government was only an evidence
that our merchants did not want to have their
paper discounted. We'll, that might show that
our merchants were unusually flush Of cash.
Further, they are informed that our European
trade still rests upon the cotton basis, and that
when that basis fails we are bound to 60 by the
board, because our crops are very short This
last astounding piece Of intelligence must have
proved, we should suppose, even too much for
the ravenous gullibility Of the people of the
South; but it is just of piece with all the other
falsehoods that they have been accustomed to
have dnned into them by ranting demagogues
The fact is that the grain produce of the free
States exceeded this year all precedent, to
which fact, coupled with that Of short crops
in Europe, we are indebted, we confess, to
large extent, for the healthy financial position
we now occupy. Finally, the article winds up
with the usual Southern rant about our .sbroken,
bankrupt government, upheld by set of broken
and most rotten banks" and with the predc-
ton that "the government itself will soon feel
another earthquake under its feet"
Well, we think we have given pretty good
evidence that we can afford to do without the
cotton crop, at all events until the operations Of
our feet have opened Southern ports to regular
commerce. We have done without ii SO far
and have not experienced any of those ter
rible financial disasters with which we were
menaced as result of the stoppage Of the
cotton supply. A few months hence Southern
planters will doubtless be forwarding the sta
pie, to be shipped under the protection Of the
national flag, from Beaufort, Savannah and New
Orleans and if they do not, it will probably
be shipped for the benefit of the federal govern
ment. They will therefore, be likely to make
virtue Of necessity. In the meantime the ma.
tional loan answers all the purposes, practical
ly, Of the usual cotton crop. Our debt for this
year will probably foot up three hundred
millions of dollars, and if the rebellion should
last another year it will add another couple of
hundred millions to that sum. This immense
expenditure Of money is made, however, among
our own citizens, but an insignificant portion of
it going abroad. For instance, no less than
three millions is to be paid this week in this
city alone, for quartermasters' and naval stores.
The flow Of gold, therefore, only serves to en-.
rich the community; and as the repayment of
the capital sum will be distributed over the
next generation, we are really benefited to that
amount, which stands in lieu of two or three
crops of cotton. Let secessionists take these
facts into their consideration, and then see how
far the North has been, or is likely to be, ruin
ed by the game of rebellion.
The people of the loyal States will continue
to uphold the federal government as they have
done; all the means required for the suppression
Of the rebellion will be literally and cheerfully
supplied, and the administration will occupy
the position which it has hitherto proudly occu-
pied, of complete independence of European
capitalists. All the money that may be needed
will be supplied at home, without any necessity
to resort to sterling bills of exchange or other
modes Of raising money abroad; and if we
cannot draw against Southern cotton in Europe,
we can draw against fifty or hundred millions
of our own six per cent bonds, placed in the
hands of European capitalists. The financial
success of the government has thus been most
remarkable, and there is every reason to hope
that coming events will show an equal success
in graphing with and crushing the great rebel
lion.
Important News from Cuba-Extensive
Priva seering Expeditions on Hand.
In another column will be found highly in
teresting intelligence from Havana, to the effect
that the Confederate war steamer Nashville,
which ran the blockade of Charleston, had
on board seventy rebel naval officers The
e L.