The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-07

London Money Changers ON America.
Monetary Alairs-Their Sad MiscaIcu
latiOns.
; When the government of this country asked
Of the people an army of four hundred thou
sand men, and loan Of four hundred millions
of dollars, the London Times, the organ of the
English money changers, emphatcally asserted
that it would beimpossible to raise either the men
or TIN money. The American people read the
Times very little and regard it less and so they
set to work to respond to the demands of the
governn, mt, heartily, cordially and without de-
lay. We had plenty Of specie in our banks,
and plenty more in our bureau drawers
and old sso ckings, and we cared very little
for what thu English might do or say.
/ Presto We had an army in the field more
than equal to- the requirements of the govern
rnent. We RAISED more than the four hundred
millions Of dollsus asked for, and are ready to
double that amornf. if necessary. What do the
British capitalists, n oney changers and gam
bers shy now VIM that this thing cannot
last, ys,l know, and shat in three rnonths, or SIX
monthsS or at some osbcf time, when we shall be-
obliged to expert specie to Englss1d we shall
certainly have great panic hare.
The Rsthschilds and Barings snd other
money Dealers wlas have made fortunes out Of
this country, seem so, understand our affairs as
little rs theydo their own. When theypredct
panic in this cosntry they ren,indjcs of q
man who hes q vineyard upon Ahe soscanic
Mount Vesuvius, and who writes to sLong
Island farmer, telling him to look out fcrhm-
self, and that his great crops can aiauunt
to nothing, for there is going to, be
an eruption. If an export Of spusie
will cause a monetary panic, during t'Sse
times, we can retItrn the British capitalists
compliment, and assure them that when Ire
panic comes England and France will feel u,
first. On this side the waterwc understand OF, 4
situation very we'll, and our Wall street opera
tors are quite as shrcwd as those Of the London
Change or the Paris Boarse. The European
rcckoners have to GO through an immense
amount Of figuring, and play strange pranks
with the four ground rules, before they can
cipher out for us panic. We can show them
the probability Of European panic, without
half their trouble and with double their accu-
racy. Let them study the export and import
statistics for the past six months little.
During all that time they have been export
ing specie to this country. During that time
their exports of goods to this country have
fallen off one-half, or about one hundred mil
lions of dollars During that time their i'm
ports from this country have nearly quadrupled,
and are constantly and steadily upon the in
crease. Throughout this ensiYe country there
is an evident and growing disposition to buy
no more foreign goods during the war than are
absolutely necessary. In the South this dis
position is made obligatory by our blockade,
which is becoming every day more stringent
and eficctual. In the North the people are
voluntarily denying themselves luxuries, the
most Of which are of foreign importation, and
have pretty generally resolved to wear their
old clothes for another year, and initiate COM
Portable economy. These proceedings show,
we think, that the people hers know very well
what they are about and that, from this source
at least, there is very little danger of panic.
Meanwhile, the specie which we have, and
which we are constantly receiving, remains in
the country, and circulates among all classes Of
the people. 1t has given on impetus to trade,
and already it has started our manufactures,
xnd is keeping them in successful operation
The money loaned by the people to the govern
nsent is paid out by the government to the
soldiers and contractors; rs sent on to the
manufactures, the merchants and the soldiers
Families, and finds its way back from the people
40 the government again. Very little of it
Leaves the country nowadays, and even that
little is becoming beautifully less as we are
getting supplied with cannon, rifles and blank
OTIS, and as our own manufacturers are getting
fairly at work. In all tais it is very hard to
find the material upon which the British money
gamblers base their predictions of an American
panic.
But when we considsq that our rctrenchment
is Europes loss, and shat simply by wearing,
our old clothes, and denying ourselves useless
Injuries we shall cut of another hundred mil.
lions Of dollars fnoiEs the pockets Of European
manufacturers and vorkingmen the probabili-
ties Of a Europcaa panic become more appa-
rent; for Europe must have breadstuis, aud
The United States is now the granary from
which the supply must come IF we refuse to,
take foreign goods, silks, laces and kninh-
knacks for chr grain, we must be paid iE, gold
as we have. been for some time past. What,
hen, will, be the result Why, clearly, tl,ss
there will be-as there has been-a lsggaaMpe
OF gold flam Europe; aud that, according TO- the
reasoning of these British philosophers, will
cause apenic. With us. then, the case, might
stand; q; panic or less importations; and we
haze. chosen the latter alternative decidedly.
With then according to their own figures, the
ease. stands panic or starvation. Which horn
of the dilemma will tley choose?
As 10 the great national debt which we are
piling up, and which troubles the 1agiish capt.
taliss dreadfully, only C, very few words need
be said. This virgin ccantry is better able to
support national dab. than any European
country ever was ali will sut!as from il as lit
ths. Besides, our debt Will not probably
amount to more til a eight hantsred millions Of
dollars, and We csd.pay this sum readily within
twenty years, an'G without any Inconvenience.
We do not need he eyans,ie OF England herself
10 assurc liz Nh u n nati.s,:l Jait VOL MANAGED