The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-20

| ton presses to be squelched, and their editors
sent to some fortress, but the conventicles of
the abolition demagOgues bearing the title OF
reverend" ought to be closed, and the in
cendiaries themselves handed over to the ten
der mercies of the Southern rebels, in exchange
for some of the valuable prisoners Of war now
incarcerated in Castle Pinckney, in the harbor
| of Charleston.
Great Disturbance i'm Wall strect-Dread
or the Export OF Bullion.
! For the past few days there has been great
deal Of excitement and disturbance in Wall
street, consequent upon the seizure by the
agents Of the Secretary of State of moneys de-
posted by Southerners with our city banks
and bankers. These seizures are professedly
made under the ConAscation act passed by the
last Congress, and have resulted in gain to
the government of from fifty to sixty thousand
dollars. There has been deposited in this city
by Southerners between fifteen and twenty
millions of dollars, and these paltry thousands
only have been secured by Stewards agents.
The balance has been sent off to Europe as
fast as possible by the honest bankers, and
|
Secretary of State has produced have been a
great disturbance in Wall street, rise in the
rate Of exchange, q convulsion in the money
market, and check in the subscriptions to
the popular loan. There is very little for Mr..
Seward to congratulate himself upon in this
| Before the commencement of actual HOSTILE
ties between the two sections, but after the
secession ofSouth Carolina and the seizure of our
forts and arsenals, many of the moneyed men
down South sent on all the funds they could
spare or gather for investment and deposit here.
These men were merchants cotton brokers,
| manufacturers, cotton and tobacco planters;
and, knowing the North well, through their
commercial dealings with us, and fearing that
the attempted secession of the Southern States
would result in bogus confederacy and in
actual warfare, they transmitted their funds here
for security and safe keeping. They were mostly
Union men as long as it was possible for them
to be Union men, and still reside at their homes
in the South. They are undoubtedly Union
, men still, but are depressed by the military
despotism Of JEFF. Davis. Every dollar they
have sent here is pledge, not only of their con-
fdence in the perpetuity of the federal govern
ment and the honesty and good faith Of the
North, but also Of their supreme distrust and
dislike of the piratical sham Of government
under which they are compelled to i've These
funds, sent here by Southerners for safe keeping.
are the best evidence we have of strong but
| suppressed Union feeling at the South, and the
best security we have for its continuance "Where
mans treasure is there will his heart be also,''
says book whose authority cannot be doubted.
These Southerners evidently Thought to plaoo
| their treasure, with their hearts, in the right
place, and they sent it to the North, thus
strengthening our hands and weakening those
of JEFF Davis clique. We are afraid that this
action of Secretary Seward will change all this;
will sever this golden link between the Union
men North and South; will cause them to fail to
| See the difference in result between our Confis-
cation act and JEFF. Davis levies, and will do
our cause injury, not only among the Union men
South, but also among the financiers here.
The deposit of this twenty millions in our
banks here was one of the causes of the gene
raj abundance of specie during the past nine
months, and its effect was Immediately shown
] in the fall in the rate of exchange, which has
ever since continued in our favor. With so
much specie in their vaults our banks
were enabled safely to guarantee the
first instalment of fifty millions of the
Treasury loan; and thus these Southern
depositors not only deprived JEFF. Davis
Of the use of their money, but actually con.
tributed it, Indirectly, to the support of the
government in its efforts to crush out rebellion
If they could not serve the Union cause in per.
son they at least deposited their money where
it could do good service, and money has always
been accounted the very sinews of war. This
| YVES one of the great causes of the success OF
Secretary Chase's loan, and now that Secretary
Seward, without, seemingly, any consultation
with the Secretary Of the Treasury, has ordered
these Southern deposits to be seized, the ma
tional loan Immediately shows the evil effect of
this measure by falling off in its subscriptions
of fifty per cent. Not only this, but the bank
ers are hurrying off this specie to Europe for
safe keeping; the rate Of exchange is rising, and
will soon be against us; the drain Of specie
from this country which must ensue will stop
subscriptions to our loan almost entirely. Our
fnanciers have no sympathy whatever with an
interference with their deposits, which they can
not but regard as breach of honesty and
good faith, and the consequence will be a
convulsion in finance here, and loss of conf
dence in our government, both among the
Union men South and the tinanciers North,
equally disastrous in the present and in the
| future.
About the legality of these seizures there is