The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-06-20
NEW YORK HERALD, THURSDAY JUNE 20, 1851.

rsees rrgpose OF aiding ana aaestirg the 5orsh-
ecn iosursec.:c2, ty Withholding from the I'D
riSistgsucn the means Of carrying on the war.
We distinctly charge, that mcnayed gentlemen,
whcSe nance ars In our possession, which we
eaall disclose whenever the interests OF the
public demand it, have arrived at 81 under
| standing with each other to subscribe 70 no
more leans, and eadeavor to injure the national
credit, for their own selfish purposes, to the
extent CT their power. They ere principally in
the cotton and foreign exchange interest, and
are of English, French and German, as well as
CT American origin. They affect horror 81 the
enormous expenditure which will be involved
IN the suppression of rebellion and declare
that the banks Of this city, over most of which
they exercise paramount control, shall not
yield another dollar, If further loans are put
into the market. They are principally sustain
ed and urged on, in the course they have re-
soived on, by London and Manchester houses,
who desire that the independence of the Con-
feGerats States should be acknowledged as
speedily as possible, in order that the English
market may be supplied with cotton, without
the risks that would attend the violation oftae
blockade, snd consequent war with this
country. We believe that the alliance thus
formed is SO powerful, that Mr.. Chase would
find it impossible to combat with it, and that
he Will f1d he is leaning upon broken reed,
# be places any future dependence upon Wall
street.
TIE banks Of this city never were stronger
and yet never were honeycombed with more
elements Of weakness and decay than they are
st the present moment They have in their
| vaults an unprecedented amount Of specie
close upon forty millions of dollars; but COM
| merce is rapidly being annihilated, trade il
diminishing, securities are depreciating in
value, and the assets in their banks upon
which their very existence depends, will soon
| be little better than so much waste paper
Under such circumstances the government
| would do wisely TO pass Wall street over, and
treat its pocket arrogance with the contempt It
| merits, There is not single loyal State which
does not possess more means Of subscribing,
either directly or Indirectly, to the wants Of the
country than Wall street twice over. The
| money to be found there is never anything
| more than reservoir surplus. not needed else.
| where, and it will be withdrawn, the moment
the real propIietors Of it are dissatisfied with
| the channels 1t is poured INTO. Let the Presi-
dent and Congress, then, emulate the course
| pursued, in a similar emergency By Louis
Napoleon, who boldly escaewed the old beaten
path of negotiating with the money bags Of
Jews anu yud1zing Geatiles. and threw himself
| without affectation or disguise upon the gene
rosity and patriotism of the people. LIE. Con-
gress pass such measure, as Is referred to by
our Washir gton correspondence, and authorize
| the issuing Of Treasury notes Of small denomi-
nations to the extent, if necessary, Of FIVE hun
dred millions of dollars. They cen be put
forth az occasion requires and will answer
tie double purpose of loan and Of
creating a currency. They will be at
once absorbed into daily use, and the
public will rejoice in holding such excellent
| security, Gle sted for 80 excellent purpose.
Jefferson Davis and his associates aimed
their stabs at the life of the United States,
through the constitution. His Wall street
friends. with 40 higher motive than to swell
their money bags, and cater to English int
resta, by supplying them, at the expense of our
| nationality, With cotton, think to accomplish
tie same end By Withholding from govern.
| meat the means of existence. Their efforts will
recol upon themselves. The country does not
need them, and the object of preserving the
Union will be attained without their assistance,
and in spite of their opposition. Mr.. Chase
must, however, adopt his plans wisely, and not
fall into the snare which embarrassed 80 many
of his predecessors of misunderstanding public
feeling, and not studying the elements of
strength in the land upon which he must depend.
WAR AS A SCIENCE-IMPORTANT COMBGNATIoN
OF THE BALLOON AND THE TELEGRAPH.-When
breech loading and revolving firearms and can
non were first introduced fears were very gene
rally expressed that the effect of these improve
men.s would be to render war more sanguinMy
and destructive. Factshsve since demonstrated
the tallacy Of this notion. Ithas been found that
the more perfect artillery has become, the fewer
are the number of lives sacrificed. This ap-
parent paradox is to be accounted for by the
fact that when success in battle depended more
on the courage and daring of those engaged in
IL 'uon VI tue quaAty VI tneAi B'u1s, toeIe were
greater temptations for them to expose them.
selves to danger. Now that everything rests
on the superiority of range and precision of the
artillery employed, but few unnecessary risks
are run. The charge of the light horse at
Balaklava would formerly have been considered
heroic exploit; but it only obtained for those
engaged in it the char acter of fools and mad
men. Such rash feats will not be repeated, for
the simple reason that they can neither influence
the fate of battle nor reflect glory upon the ac-
tors in them. The world has come to understand
that war is science, and not mere conflict of