The New York herald., 1861-12-17
Decr'se. s2il625f 2,ss3, ,iaa a5,966 4,23a "a

Zee 4 siSo 1913 o53 42sIs0 $40 ss26 7so 1s3 tis 1877
Dec. II. l57 6l7 02 80 ,47S S5a0,1G4 l2a3.9545
Decrse. s2il6.25i 2,sssia oa5 900 a,23a 2l2
The decline in specie is heavier than was expect
ed. In other respects the statement was antci-
pated. Its merit, as financial statement, depends
much on the events of the future.
The stock market gave way to panic at the
opening this morning in consequence Of the war
like news from Europe. Later in the day de-
spatches were received from a government official
ut Washington stating that the administration had
foreseen that the British government might take
the ground which il seems it has taken, and that
Mr.. Adams had received instructions 70 to act in
that event to insure peaceful adjustment Of
the difficulty. The despatch from Washington
p further stated that the next mail would probably
bring news Of more cheerful tcuor. Before this
news was generally known however a heavy de-
cline had taken place. Government skies fell per
cent, and State stocks about much. Pacific
Mail fell per cent and Panama Z. All the rail
way shares were similarly affected. New
York Central fell 3, Erie 4, Erie preferred
8, Reading 3, Hudson 3Ss, Michigan Central
6, Toledo "a, Illinois Central 2, Burlington and
Quincy 6%. After the first board rally took
place, and everything was better in the afternoon,
the leading stocks reaching about ~ per cent.
The following were the closing prices Of the day
United States 6's, registered, 1884, So q ss1A' do
6s, coupon, 1884, 81 "a; do. 5s, 1874, 80 el In
diana SIS II 10; Virginia 6's, 40 "A; Tennessee
6is, 40L q; North Carolina 6's 55 80; Mis-
souri, 6's, SO a 80; Pacific Mail Steamship, slHs
"a; New York Ccntrpl, II Il; Erie, n ~;
do. preferred, 40 u so; Hudson River "a a IS;
Harlem, 10 a a; do. preferred, 25a4 26, Read
ing, 30 a 3lal; Michigan Central, A. a; Michigan
Southern and Northern Indiana, II II; do qua
ranteed, 80 a u; Panama. 10S- los; Illinois Cen
tral, 57s4 So; Galena and Chicago 6sH 60; Clevc
land aud Toledo, 291a a sss; Chicago and Rock Is
land, 46a4 A; Chicago, Burlington and Quincy,
52lI SO; Milwaukee and Prairie du Chen, Is a
"a; Illinois Central bonds, rs, IS; Delaware and
Hudson Canal, 81 S2A; Pennsylvania Coal, 7s
q so.
The intelligence that Great Britain has deter
mined to make war upon this country because
Captain Wilkes forebore to make n prize of the
British steamer Trent has been received in
mercial circles with astonisbment and regret, but
with no dismay. There probably never was a time
at which we were better prepared to engage in
foreign war; and though our interest ard our de
sire at all times, and more especially at the pre-
sent moment, are to live at peace with Great
Britain and all other foreign nations, it is plain that
il England is bent forcing a war upon us we
cannot avoid it, and concession just now, would
only disgrace u.s. and cmbolden the enemy 10
further and still more outrageous prctensions
hereafter. Assuming, therefore, that the some
what extravagant articles in the London Journals
are not mere bluff and bluster but reflect correct
ly the temper of the British people and the
purposes of the British government, it becomes
the duty of the United States to prepare without
delay, for hostilities with England, and also with
as many other European nations may Judge this
to be good opportunity for oyerthrowing the only
democratic government in the world. Not day
should be lost in preparing to cover the with
a feet of well armed priratcela, atined with riGed
cannon. In the coarse Of two three months
several hundred first class pryatcerS may be equip
ped and sent to sea- long before any foreign feet
could blockade our ports. To accomplish this
end the whole manufacturing resources Of the
country should be devoted exclusively to the pro-
luction of rifcd cannon and other materials Of
war. Meanwhile every shipyard in the country
should be required to double its force of workmen,
and set to work to build steamers of war
for the general government With proper energy
we can add one hundred we'll built steam mel,-of
war, including twenty iron-clad vessels, to onr
present navy by the spring: and il will be spring
at least before England can make any dcmonstra-
ton of any magnitude. With this feet we may
perhaps be able not only to ta]:c care Of our own
coast from Maine to the Rio Grande, but likewise
to operate an occasional diversion among the West
India islands, and perhaps in Ireland. Our army
is already large enough TO accomplish the work set
before it and defend coasts: il would, however,
probably be well for the government to organize
at once reserve of three to four hundred
thousand men, SO as to be able to count upon q
million of bayonets in case of need. With regard
the hostile policy of England, it will Of course be-
come the duty of our government to make the
enemy nay the cost Of the war as far as possible
Ii is estimated that there is not less than
5000 900 900 worth Of property of various kinds
stocks bonds, real estate, merchandise, &C., &c.-
in these Northern States belonging 10 British and
French subjects If France and England wantonly
make war upon US because Captain Wilkes spared
the Trent the whole of ihis property would natu-
rally be appropriated by the government and
used in the national defence before loyal people
were asked for a dollar One point may call for
immediate action by government. Accord
ing to the views in this mornings HERALD,
the Queen has issued her proclamation forbid
ding the export Of saltpetre and other ma
teriats Of war to the United States. This act OF
hostility would justify the passage of act Of Con-
gross prohibiting the export Of breadstufrs, pro
visions and gold to Great Britain. We need salt
why should we let them have the other? An en-