The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-05-20

T lSSlIn s sS'f i i lss o. g CO..
Comparing the above quotations with those OF
last week, VIC note, as general rule, but little
change. IN the present condition of tue country,
at the commencement Of a great war, II Is pretty
apparent that money is going to be worth more
than stocks. Still holders bare not begun to real
ize this. as general thing, and the supply Of
stocks in the street is scany while the short sales
OF the bears arc a. usual excessive Hence prices
do not decline, as naturally might be expected.
In specializing on the probable commercial
effects Of the war now begun, we must an
ticipate the collapse Of the domestic de-
insnd for domestic products, which is absolute
iy dependent upon the general activity Of the
community, and must therefore he moasurably
affected by all that affects the existing ma
chinery Of commerce. The unnatural impulse
given to the specific war demand for certain articles
OF consumption cannot ncutraiize the effects OF the
blow struck ut our national activity by the sudden
Withdrawal, al the North and at the South,
OF nearly two hundred and fifty thousand able
bodied men from the productive arts of the cont
munty. On The contrary, this specific demand,
being created for purposes OF destruction. must be
paid for from the labor, not Of tboae who provoke
it. bat ofthosc who supply it. An army holds the
same relation 10 the community, financially,
with hospital or an almshcusc; and the farmer
who puts in another row Of seed because
the army and navy are to be increased
viii BE- called upon to pay for the priv
legc Of selling his grain to the soldier OF
whom lie IL himself the employer. The state OF
things produced by the operation Of these causes
LDs long been painfully familiar 10 the nations OF
Europe. Our own country ms heretofore had no
adequate experience Of the kind, although the
comparatively insignificant wars Of 1872 and 1916,
Notwithstanding the farther fact that their burthen
foll upon the united commercial system which pre-
cedcd the vast Development Of the present day,
sufliced TO weaken and clog the movement OF the
nation for years after the return Of peace.
The forces already summoned into the field by
the national government exceed in numbers the
army OF Great Britain. IA established for the years
1seoGt. The cost Of keeping on foot ana on a
peace establishment the British army OF ii5, 900
men is set down in the estimates at Gl5 900 900
SIS eco 600 independently Of the vast already
invested In preliminary equipment aud material.
Our army has, in fact to he created, and the
sums already subscribed and appropriated
throughout the country, although certainly
considerable are wholly inadequate to the
first cost Of our military organization "a now
begun. We must further consider.
/. That while the English troops are enlisted for
term Of years, = large majority of our oSa are
enlisted Cor but three months, and that the eN-
pensc Of fresh bountics must DC added to the
general account.
9 That our war material. when once crcat ted, is
TO he rapidly consumed and 20 be a. rapidly re-
placed.
3. That the average pay of our forces Is fixed at
a scale considerably above that OF the British
army.
Upon careful analysis Of these clement, of cx.
pense ii will appear that the actual
cost Of putting and keeping on foot the
armameNts now undertaken must exceed
for the first year say from May 1861 to May l,
lsG2-onc hundred ard fifty millions Of dollars,
exclusively, that i, Of tho cost Of naval construc
tons, and also Of the separate State expenses Of
putting the militia Of the several States in rcad
ness 10 meet any farther acquisitions OF the fcdc.
raj authority.
Tho financial estimates Of the federal govern.
ment for the year ending June l., 1850. were a.
follows:-
Estimated receipts. $50 SOC 500
Eatdnaied expenses Go ,TliS2S
Leaving plus Of ..............,. ..sis,sois,o
The falling oa Of our receipts since Jacuary L.
$500, Las already annilliated this surplus ndcpen
IDENTIFY Of the increase in cur expenses. DirecttaSa
tion in the several States for the increased State
expenses, and az extensive draft upon the capital
of the country lnr federal loans. must. therefore
be looked at once IN tho face 10y every patriotic
citizen, and the sooner all classes Of the copiuu
nifty make Mp their minds to a season OF unnara.
leled financial retrcn 'hmcnt md pressure, the
more braycly We shall be able to carry through our
ar1uous tssl>-for no class viii be exempt from
this necessity.
The agricultural West may for momen. be de-
luded with the bore that lis fertile fields and its
vast network Of railway win be benefited hy The
great ordeal which presses lrst upon the CONNER
csl East; bnt lhe Illusion must soon b. lissinalel