Cincinnati daily press. [volume] (Cincinnati [Ohio]) 1860-1862, 1861-10-22
Suicidal poIIov

A report has reached this city, and has
caused much excitement among our mer-
chants and financiers, that the Government
at Washington has sent by Colonel Charles
Thomas, of the regular army, who left for
Europe in the steamer of Wednesday, letter
of credit on the Barings for 8l2, ,000,000 for
the purchase of army cloths and other sup
plies in England. We can scarcely credit
the report though it seems to be authentic.
There can be no demand for army cloths
which can not be met at home as speedily as
the material can be imported. Carefully pre-
pared statistics sndAstinates demonstrate
conclusively that the machinery now in oper-
alton in the manufacturing States can supply
within thirty days every possible demand
for the clothing of an army of half q million
of men, to say nothing of what has already
been done. There is a temporary scarcity OF
blankets, but Government has already given
orders for two hundred thousand pair, which
are probably now on the way.
The impolicy of sending abroad millions
of dollars for war material which can readily
be manufactured at home, is seemingly too
obvious to require comment. Government
could not adopt a more suicidal policy-one
which would do more TO shake the confidence
of capitalists and check the subscriptions to
the Government loan. The understood fact
that the greater part of this loan was TO be
disbursed in this country, has heretofore
given confidence to capitalists and stimulated
subscriptions, while the employment fur
nished by the Government to our own man
ufacturers, traders and operatives, has in
creased their ability to subscribe, as it has
Varded off much of the destitution and misery
which would have resulted from the general
stsgnation of business not directly connected
with the supply Of the army. 81"
The people of the manufacturing States
have already been called upon to make heavy
sacrifices to sustain the war, and more will
yet be required of them. These sacrifices
have been cheerfully rendered, because they
were demanded by the spirit of patriotism,
and in the nature of things were unavoidable.
But if the Government, by an ill-sdvised
movement of this kind, unnecessarily in.
creases these burdens it will have the most
disheartening effect. If any considerable
portion of the immense sums necessary to
sustain this war are sent abroad for the pur-
chase of war material, our lsboring popula-
ton will be thrown out of employment.
Financiers will speedily lose confidence in
the ability of the Government to sustain this
struggle. Our banks will at once be crippled
in their resources by the efflux of specie, and
will no longer be able to aid the Government
by advances, while capitalists abroad, to
whose Golfers we are contributing will turn
to us the cold shoulder when we apply for
financial assistance. Accommodating Govern
ment expenditures, and the prospect of
heavy Indebtedness with a still more severe
depression in business would be attended
with more disastrous effects to the cause of
the Government than half dozen Bull Run
defeats There is limit, not to the patriotic
desire of the people to sustain the war, but
to their financial ability to do it and Gov.
ernment should therefore carefully husband
its resources and those of the people.
We hope that it is not yet too late to
countermand this order, and arrest the mis-
chief which would follow its consummation.