The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-28

P".iIoSic young men, anDlHOuS OF military uiS-
tInchons, promotions and glory, who have not
yet got off to the scene of war, would share in
the approaching victories Of our armies in the
held, lot them hurry up the work of enlistment
in some one Of our various incomplete regi-
ments, or they may lose the golden opportuni-
ty of an immortal public admiration.
Meantime, if the people of our revolted
Southern States can stand the despotsm Of JEFF.
Davis, which has given notice to every. Union
loving citizen within the limits of secessiondom
to clear out before the expiration of forty days,
surely our Northern newspapers and other al
lies of secession cannot complain if they in their
turn are subjected somewhat to the necessities
of this war. Let them be thankful that they
are not driven offinto "Dixie," where the chances
are as ten to one that, if able bodied men like
the Hon. Ben. Wood, they would be compelled
to shoulder musket and pack off to Manassas.
Nor have those distinguished secession fashion
able ladies at Washington who have been put
under the restraints of martial law any right
to complain IF the penalty inflicted for their
reasonable folly. They have already done
mischief enough, and in putting stop to all
further communications ON their part with
Beauregard the government has acted wisely
1t is in these precautions, us much as in any
thing else, including the seizure of all the small
river craft on the Potomac, that we see the signs
of some stirring events. Let our patriotic
young men still on hand, who are anxious TO
distinguish themselves, Gil up our regiments
that are awaiting only few more recruits, and
they will soon have an opportunity to share in
the work Of redeeming our late disasters
EXTRAORDINARY SUCCESS OF THE New LOAN
The success which has attended the new loan is
the most extraordinary in the history of finan-
cial affairs. Already, even before the notes are
ready, thirty-seven hundred applications have
been made for it. From the millionaire down
to the servant girl and the old woman with her
stocking of gold" the applicants are thronging
by hundreds to the Sub-Treasury.
Those who have deposits in savings banks
are withdrawing them to invest in the new loan,
and so scared are the managers Of those
institutions that they are now raising the inte-
rest to seven per cent. Bait the interest given
by the government {7.30) is higher and the
security better; for if government stocks are
not safe, savings banks are still more insecure.
The effect, therefore, upon the savings banks
will be very serious. 1t will be to gradually
gut them of their contents, for no one will leave
deposits with them while he can get higher in
terest and better security elsewhere. The loan
will also work revolution in the State banks.
The banks in this State are secured by State
stocks and United States stocks. Having Oh
tanned large quantity of the new stock they
will pay it over the counter as gold to balance
their own circulation, and thus 'hey strengthen
their hands and enlarge their operations They
will be enabled to expand with safety, having
the secure basis of the government stock to rest
upon.
The loan will be tie most popular ever issued
Exactly like Napoleon loan. it will be taken by
everybody. 1t will be taken, not by the mere
fnanciers, but by the people. What practical
contradiction is thus given to the financial
speculations of tho London Times, which has
been laboring so hard to depreciate the stock
and induce John Bull to believe that it is a
very dangerous investment!
MORE OF LII. D. RUssELL's FLIGHTS OF
FANCY.-We publish to-day another letter of
Mr.. Russells to the London Times, dated July
20, from Washington, in which he makes some
remarkable statements with reference to the ex-
tent to which treason has permeated through
the public departments of the government. He
relates an anecdote of a scene which he witness
ed l.. the private Office of Postmaster General
Blair, involving that official in completely with
an agent Of the rebel government, which, if
true, would reflect most discreditably upon the
character and the loyalty of Mr.. Blair.
If this statement came from man whose We
racity was unimpcached it would be most start
ling, and, indeed, alarming; but after the revc-
lations which have just been made touching
Ii. D. Russells account of the Bull run affair,
this late story ought4not perhaps to be regarded
as of much Importance. 1t was very we'll for
the Times correspondent to indulge in flights of
fancy during the Crimean war and the Indian
mutiny, because there was no one to gainsay
him or contradict his statements-his written
word being the lea scrpta of the British nation at
that time; but when he comes face to face with
the free press of America it is very different
affair, as appears by the emphatic contradiction
given to the whole of his Bull run story by the
correspondent of the Chicago Tribune who, we
are credibly informed, is DR.. c. II. Ray, one OF
the editors of that journal. How far Mr.. Rus
sscll's reputation as a reliable correspondent
will stand the test of the exposure he has met
with in this country we cannot say, but we un-
derstand that the British residents of New York
are considerably disguised with the unfair man.
ner in which he has used his position here to
falsify and malign everything and everybody
connected with the Union cause.
The CONFEDERATE L0AN-KNG CoTToN DE-
rupO Nv no loci &c 10 ol>o al