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

Tor at New York alone already exceeds &5 900 900.
The past week has been the most active one on
the Stock Exchange that we have had since the
middle OF July, and the whole market has expe-
rienced decided advance, though at the close
prices show slight reaction. The improvement
has been greatest in Rock Island Illinois Central
Galena, Pacific Mail, government stocks and Mis-
souris. The last named bonds were favorably af-
fected by General Fremont's proclamation, and
some considerable amounts have been taken out
Of the market for European account. The supply
from the Wisconsin banks checks the upward ten
dency however. The transactions in the stocks
of the other border States have been compare
lively small. The advance in governments since
last Monday is TX per cent both in the 6's and SIS,
while the 6 per cent two years have risen from
971s to 9sI Notwithstanding the sharp compe-
tition going on between the New York Central and
Erie roads, the stock of the former has risen and
that of the latter N per cent. Bank shares and
railroad bonds are also lrmer, under an increased
demand for investment.
The condition of affairs in the United States pre-
sents remarkable contrast TO the condition Of
affairs in the rebel States Before the rebellion,
told that the secession of the slave States
would reduce the North to general beggary; that
] Northern men would be unable to find employ
| ment; that our factories would be idle; that our
commerce would stagnate, and that general ruin
would prevail throughout the Nosth; while, on the
other hand, we were assured that in the seeding
States the revolution would cause no material in
convenience; that agriculture would 60 on as
usual, and that no general suffering worth men
! tionng would BIO felt. Events do not confirm this
prediction. So far as the North is concerned, the
anticipation of trouble seems to have been worse
than the reality. Trade is reviving in every quar-
ter. Our exports from this port are largely in ex-
cess of any previous export; and at Chicago mer-
chants report that they were never so busy they
arc Industry which was for q time injured by
the withdrawal of the Southern markets, is revving
rapidly. Several cloth factories in Rhode Island
and Massachusetts,, which ceased working some
months since, have reopened their doors and are
giving employment TO their usual quota Of hands.
| The demand for army shoes has necessitated the
reopenng of the shoe factories in Massachusetts,
and they have fair prospect of constant work for
| some time to come. In like manner the demand
for artillery and arms Of various kinds affords a
lively market for the products of the leading work
| shops of Pennsylvania and Connecticut In a
word the leading branches of Northern industry,
are, on the contrary, more active than they were
! before the war commenced. As to labor, it is in
! lively demand. The government offers SIS
a month. with clothing and board, to
! all able bodied men who choose to en-
! list, and yet we are told that recruiting
| is not as active as it was. The inference
| is irresistible that the war, so far from
ruining the North is merely changing the dreo-
ton of its activity and business enterprise. AT
| the South on the contrary, all accounts concur in
stating that trade and agriculture Industry there
! is none at the South) completely parayzed
| The leading factors at Charleston, Savannah, Mo
| bile and New Orleans have united in card, in
which they urgently request the planters not to
| send their cotton to market. If the request be
granted, the planters might well, for all pre-
| seat purposes, have grown no cotton at all this
! year. They cannot raise dollar upon it while it
| lies on their plantations, and hence they cannot
I use it to purchase any Of the groceries or dry
| goods which they require for winter consumption
| on their plantations.
| If they have grown 100000 bales, as is
| stated in the cotton circulars, they have
! amount of property which, at present
prices is worth $3.50 900 000 and at ordinary prices
900 900, lying absolutely worthless on their
! plantations. What suffering and want must ensue
| from the failure to render this enormous amount OF
property available, people can readily Judge for
| themselves. Their judgment will be assisted by a
| knowledge Of the fact that the Southern planters
have never kept o surplus fund on hand in reserve
| for emergencies, but have always consumed their
crop in advance of its ripening. What we have
said of the cotton growers applies with equal force
to the growers Of rice, tobacco, turpentine, &c
| All are in the same condition For all practical
purposes they might just as well have let their
land lie idle this year; they as hopelessy bank
rupt as if they had owned no land. Passing from
them to the merchants, we find the latter just as
| clearly ruined as the former. The merchants oil
New Orleans, Mobile, Savannah, Charleston and
Norfolk live by aiding the transmission of Gotten
RICE turpentine, sugar, tobacco and -four from the
interior to the seaboard and thence to 1t is on
| this business Southern merchants live, Southern
railways earn profits, and Southern banks declare
| dividends.
Southern commerce in every branch is annihilated
at blow the moment this business ceases. It has
! ceased. No vessd sails from Southern ports at
present, except by running the blockade. Need
anything further be said to prove that Southern
trade must be, at the present time, in the cond
ton which Southern politicians foadly predicted
| for our Northern comnaerce--that merchants, fac
tors, banks, railways. insurance companies, ship
| owners, wharf owners, house owners, must at the
present time be involved in general ruin? The
dsgraceful reputation of debts due to the North
has relieved the South Of large amount of press
| ing Indebtedness; but it has not supplied the com
| mercial classes Of the South with the means OIL
living or the means of converting their products
into money or its representative. Shut out from
the world, confined within the limits Of their own
desolatc region, the Southern people-agricultu.
| rists as we'll as traders-n,ust be at the present
time in the very state which they promised each
| other would DO that Of the North when secession
had taken place, with the obvious prospect before
them that no relief come until the authority OF
The government is fairly established throughout
| the Union.
Again, the financial success of the government
of the United States presents striking contrast
to that of the rebel government. The rebels, on
commencing the war against the government,