The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-12-23
Tho following table shows the course Of tho stock
market during the past week and month.

decline in stocks has varied from 3 to per cent.
Yesterday and day before there was partial rally.
and some of the decline was recovered, mainly in
consequence Of the belief that the demands Of
the British government will not be found as OK.
cessive as was at first supposed and that, In any
event, 1t is not in the power Of this country,
engaged as we are in life struggle at homo, TO
embark in foreign war. 1t seems admitted on all
hands, at present, that our government must con.
cede whatever England demands, in order to crush
out the rebellion, and that our accounts with Great
Britain will be settled hereafter. The prospect Of
the stock market has thus been sensiby improved.
Should Secretary Chase's predictions be fulfilled.
and decisive successes await our arms, it may DO
expected that stocks will respond in a marked de-
gree. The price of Erie Galena and several of the
Western shares is less than is justified by the earn.
ings Of the roads; while the price of United States
skies, Mssours, &C., is far lower than is warranted
by the real condition Of affairs. The market, how.
ever, will not move in all probability until some
at least Of the uncertainties Of the future are def
ntely determined.
The policy pursued by Great Britain towards
this country cannot fail to have its effect in shap-
ing our national legislation. II is abundanty evi.
dent now that England has only been waiting for
prctext TO attack ever since the rebellion
broke out For nearly half century we have
lived at peace with England the causes If quarrel
which have arisen though quite as irritating as
the Trent affair, have always been adjusted by the
diplomats. Great Britain never dared to provoke
war when we were free to develope our whols
strength against her. But now, when we are en-
gagged in struggle for national existence, and
every dollar and every man are enlisted in the sa-
Grad 1uty IF daft In fl,o INT NJ
upon the rumpery informality involved in the cap.
ture of the rebel emissaries on board the Trent.
and threatens us as she might threaten Peru
or Nicaragua. We are told, in bully.
ing strain, that the Warrior is to demand
an ultmatum at Annapolis, and that
twelve royal men-ofwar are to sail up the Poto-
mac to insist on the surrender Of Mason and SlideI
in view of the White House. Necessity relieves
cur government from the duty of deciding what
course to pursue. 1t is plain that to embark in
war with Great Britain at the present time would
be to risk the success Of our campaign against the
rebels. 1t is possible that we might succeed in
maintaining our indivisble nationality against
England and the rebels combined; but the chance
Of failure in so grave an enterprise is 80 great that
the country would unhesitatingly sustain Mr.. Lin
coin in any policy-howcver humiliating to our ma.
tonal pride--which left free to employ our
whole resources in the great task for which the
loyal people have taken arms. After the rebellion
is put down the Unit ID States will then be free to
settle outstanding accounts with England. And
when that time comes it will not be forgotten
that there is a commercial as well as
political question involved in the contest. Great
Britain has always claimed to be mistress of tho
seas. Whenever any other Power has pretended
to establish navy England has interfered and
destroyed it. While at perfect peace with Den
mark, in 1907, the British destroyed the Danish
heet in the harbor Of Copenhagen, from fear lest
i might prove rival. Before Louis Napoleon no
French sovereign ever dared place the French
navy ona par with that of England, as the first
steps towards such u contamination led TO angry
remonstrances from England; and at the present
time, finding that the French Emperor cannot be
deferred from his purposes by threats or remon-
strances, England is actually spending $50 ,OCO 900
a year in building slps-oi-war. The Crimean war
was undertaken mainly in order to cripple
the growing maritime power Of Russia, and
the chief result of that war was the
destruction Of the Russian navy Faithful
to her traditions, the desire of England in seeking
war with 10 is TO destroy national and mercan.
tile marine. For many years our shipping has
competed successfully with hers for the carrying
trade of the world, and our growing political
power has given q prestige to our small national
navy which has stood instead of guns. The next
war with England will decide whether England
shall continue, as heretofore, to be supreme sover.
eign Of the oceaa, giving to the whims of her poll.
ticans the force of maritime law, and compelling
all other nations to submit to them or whether the
United States and other nations shall have an equal
voice with Great Britain in adjusting the maritime
| code. The prospect should teach our govern.
| ment to lose no day in strengthening our steam
| navy. feet of iron-clad ships should be con.
| tracted for without delay, and such encourage
ments should be offered by Congress for the con-
strncton OF ocean steamers as will Insure us, in
the course of next year, feet Of first class trans.
| ports. Success in war in tie present day depends
upon the rapidity with which large bodies of men
| can be moved from place to place. The failure Of
| the Collins line and the refusal Of Congress to
grant subsidies to European steam lines have given
England great advantage over rs in regard to
| ocean steamships. II should be the business of
Congress to correct the errors Of the past without
| delay, and to Offer such encouragement to steam.
| ship builders as viii place US on a par with
| Great Britain in this respect. IL we had the
means to effect landing of troops in Ireland
at any moment, or to lombard Liverpool or South
| ampton successfully, England would not swacrer
as shc does about sweeping our navy from the seaa
| and closing up our Northern ports.