The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-04-22


property, the loss Of income resulting from the
disappearance of slave labor the impossibility Of
cuItiyating the soil for want Of labor, the exis-
tence of an enormous body of negro paupers, and
the destruction of the credit of States which have
$3.50 1000 900 OF bonds in circulation-it must be
admitted that the probable consequences of war
between the North and the border States are,
In q commercial point Of view, more grave than
anything that can grow out of the contest be-
tween the United States and Mr.. JEFF. Davis Gulf
rebels.
At the same time il cannot be denied that the
Gulf rebels are pursuing course which Is caicu-
lated to interfere very seriously with American
commerce. II is idle to doubt that Mr. Davis can
obtain men both at the South and at the North to
man piratical expeditions under the guise OF let
tiers of marque. The Matagorda, well armed
steamer, has already sailed from Texas to inter-
cept the California treasure ships The Star Of the
West has been taken into New Orleans prize
to the South. Other ships and steamers are being
fitted cut as priyateers at other Southern ports.
Of course these privateers will, in due course of
time be seized by our cruisers and their officers
and crews hanged at the yard arm. But, in the
meantime, many peaceful merchant ships will pro-
baby have been seized by them and their cargces
sold at some West Iudian or South American port.
The administration has proclaimed blockade of
the Southern ports. But no steps have yet been
taken to render the blockade effectual at Calves
ton New Orleans, Mobile, Apalachcola, Sayan-
nah or Charleston. While we write privateers
are doubtless putting to from all these ports.
Very grave apprehensions are entertained by our
merchants that the administration is not alive to
the Importance of the interests involved, and is
not pursuing sufficiently vigorous policy to crush
out piracy at once and forever.
The events Of the past day or two present other
considerations of no less Importance TO the mer-
camille community. There is no room now for
doubt TO the political affnties of the people OF
Maryland-or at all events of Baltimore. That
city, which the Western States have built up so
that it now stands third among American seaports,
has pursued course which will probably involve
fatal injury to its future prospects. So long as
this war lasts, Baltimore must be classed among
the doubtful ports. Goods can no longer be safely
sent to Baltimore, either from abroad or from the
interior. Property sent to Baltimore may any day
be seized by rebels, or destroyed in conflict be-
tween the government troops and the insurgents.
The city itself may be sacked. At any rate, what
ever may be thought Of the loyalty of the people
Of Baltimore there can be but little doubt of the
completely Of the Baltimore and Ohio Railroad and
its officers with the secessionsts. As long ago as
February last, when the great Railroad Conven-
tion was held at Washington our Northern railway
managers returned with the firm conviction that
John W. Garrett, President Of the Baltimore and
Ohio Railroad, and his officers, were heart and soul
with the disunionists. The events of the past few
days-the refusal of the officers of the road to trans
port United States troops, the alacrity with which
Virginia secessionists were moved from point
to point the tame submission of Mr.. Gar
rett to the demands of the Baltimore mob,
his meek acquiescence in the destruction of his
bridges-all point clearly to a conclusion which
ought to render the officers of this road the sub
ject of an inquiry by the United States courts.
Whether the law can be so interpreted as to for
felt the road to the government an instrument
of treason-as privateer would be forfeited in
the like case--is question for the United States
Attorney to decide. At any rate common pru-
dence would seem to require that for the present,
at all events, it should be seized and operated ex-
cusiyely for the benefit of the government.
AT the recent meeting Of merchants in this city,
a committee was appointed to provide for the ne
gotiation Of whatever loans might be required by
the government. 1t is understood that they are
50, 900 900 at once at Mr.. Chase's disposal. We
hope there will be no hurry in the matter. Our
stock market just now is under the influence of
panic, which viii subsde as soon as the fate Of
Washington is determined. In all human proba
blity, money will be worth three per cent here in
June, and government stock will be worth par.
If Mr.. Chase can possibly defer any calls on our
mercantile community till then, he should do
Nh -.
millions month"; in New York: but it will injure
the government credit to attempt negotiation in
the midst of the present panic. As as the furry
subsidies Mr.. Chase may come into the market for
fifteen or twenty millions, and, by giving, say
twenty days notice, and offering certificates from
$50 upwards, may get the whole on at least as
favorable terms the last loan. But nothing
should be done at present. In the meantime
about 81 800, 900 are due to the government from
successful bidders for the loan Of 1860 awarded
on 22d October last The public, and especially
the honorable firms which lived up to their con-
tracts for that loan, at heavy loss, are puzzled
10 understand the negligence which Mr. Chase has
exhibited with regard to the defaulters. Why
have they not been sued, and compelled to pay
up? Must il be understood that, under the ad.
mnistration of Mr.. Chase, contract with the
government is mere empty formality which need
not be fulfilled unless IL is quite convenient If So
such houses as Whitehouse, Son Morrison; Ward,
Campbell & Co., and others which kept their faith
honorably with the government al heavy sacri-
fee to themselves or their customers, have been
duped. Some of the defaulters are members of
the Board of Brokers. 1t j. a little remarkable
that no motion has ever been made in the Board
70 vacate the seats of the members who defauted
on their contracts with the government. Does
the Board OF Brokers consider contract with the
government not bindings If not how can it over.
look notorious breach Of such a contract,
The following are the trade tables for the
week.
IMPORTS.