The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-06-17

mama ........ 90 102 1903 los 100
s assa s,ssr. :: s g g" &c e. 81
There is very little movement in stocks to re-
I'd. The commission brokers report that they
we little or DO business; the market is, in fact,
the hands of the speculative brokers. For the
ut few days the bulls have been rather more
ccessful than the bears. The ease of money
Is enabled the former to carry all the stock
bich came into the market for SALE and
creating q scarcity to compel the bears
cover their contricts AZ small advance. This
,eration has worked extremely well in Illinois
sntral and in some of the State stocks it il now
ing tried in New York Central-with what sue
.ss time will show. The general condition of the
'un'ry and the crippled state of trade Of all kinds
annet but operate prejudicially on railroad card
gs while the large public loans which are COM
e on the market would seem to render an ad-
ance in the price of money and fall in the price
stocks matters of comparative certainty. But
lese are events which may be deferred for some
me yet. It is evident that the public
o not yet realize the inevitable CONNER
ial consequences Of our civil war; until they
the operators for rise may, so long as money
ontinues abundant, manage to corner their op.
snebts every now and then. The operation is,
owever, becoming daily more hazardous. Each
ay enlarges the circle of those who understand
he present and foresee the future; and, in con-
equence, each day increases the burthen of stock
ghich must be carried to insure the success of q
orner, and aggravates the danger of a sudden
,ollapse.
ahe war continues to develope the real char
cter of the Southern politicians and most of
he Southern traders. Many, many years
aust elapse, however the war ends,
,efore Southern credit will again obtain the
east consideration in New York. One of the
nost important acts Of the recent Congress of
ebels at Montgomery was an act repudiating all
Indebtedness by Southern men to Northern credi.
ors To enforce this act, especial proclamations of
liquidation have been issued by several rebel au-
horities-among others by the Governors of
Georgia, South Carolina and Louisiana, and by
he Chancellor Of Alabama. Public az well as
private debts are being repudisted. Virginia is
said 10 be paying interest on those of her bonds
which are held in England; she, like Tennessee,
Louisiana aud other rebel States, fatty refuses to
pay interest on bonds held at the North. The
civil war which is breaking out in Missouri will
undoubtedly lead to reputation in that State
gard to the future of the State bonds issued by
these Southern States. Parties here are buying
them for investment on the theory that, after the
war is ended, the interest will be paid again as
usual. Others, again, argue that this civil war
before long may assume a shape which may rem
der it impossible for the States to pay any interest
for years to come. 1t is useless to disguise
the fact that wherever our armies march
slavery practically disappears before them;
if, as we all expect our army traverses
the length and breadth of the rebel
States before New Year, people are inquiring
what will remain of the g. 900 of slave pro-
perty reported in the United States census of 1860
by the time the work is finished? Sober, reliable
authority states that already slavery is good as
abolished in Virginia. If this is so, how can that
State hope, for ten years to come to earn tho in
terest on over forty millions of debt? What will
be the condition of the cotton States if they are
suddenly deprived of the only labor they have?
People talk of the debts of Georgia, Carolina and
Louisiana being small If the war takes the shape
which seems most likely at present, those States
will require aid from us, when it is over, to sup
port State government and an internal police
system.
financial condition of the rebels. The scheme of
jeff. Davis government is to rob the planters of
onehaf their cotton, and to pay for it in Coincide
rate bonds. We cannot see what advantage this
operation will be to either party. To the planter
it will simply prove robbery Of one-half his crop,
for Of course the Confederate bonds secured by an
export duty on cotton, are not worth as much as
old Continental money. Nor will the cotton be of
any more use to the rebel government. They cam
not eat cotton or turn it into money. They can
not send it abroad except under the United States
flag, in United States ships, under United States
clearance. They cannot turn it into shoes, or
powder, or leather or lead, or paper, or food, or
any of the articles they most need. They cannot
even manufao ture it into clothing, for thev have
not the mills. In their hands it Wi! be rs use
less as so much gold would be in the possession
of starving sailor on Q desert island. 1t would
seem that some more practical scheme than this
cotton operation must be devised, if the rebels do
not intend their cause to fail from sheer want of
means.