The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-16
The Government Loan-COnlitiOn OF the
Nation and the Work ExpecteN.

bankers Of the three leading cities Of the Union
to the call of the government for funds to pro-
scenic the war is without parallel i'm the his
| tory Of the world. The inanciers OF England,
who were astounded at the boldness Of Con
| gress, even when it was intmated that that
/ body would call for its hundreds OF millions,
with the idea that it would be taken at home,
viii now, that the moneyed men of the country
bayc stepped forward and pledged one million
| per day, have good reason to open their eyes
! with wonder and amazcment. The bankers of
the cities OF New York, Philadelphia and Bos-
| ton, in arranging to furnish the government
with one hundred and fifty millions in one hun
dred and fifty days, or at the rate Of one mil
lion per day, until after Congress shall have
been in session long enough to make further
! preparations to raise means, If needed, to sup
! press the rebellion have performed q financial
feat thai eclipses any feat executed by the iinan-
! ciers OF England, or even those of France dur
| ing tho famous French Revolution. What is
better still, in taking this bold and decisive
step they have secured the prosperity of the
banking Institutions of the nation, and pre-
| vented any harm Detailing them.
IL may BIO considered somewhat singular that,
in the present depressed condition OF trade aud
commerce. tho banks of these three cities
have specie in their vaults in abnnaanceto fulfil
their promises. The banks Of Boston, philadel-
phia and New York have at this very moment
between sixty aud seventy millions Of specie
at their command. And since the money does not
leave the country but is expended in those differ
ent branches of trade and manufacture which
are essential to the war, in its changing from
the hands of one to another, the first twenty mil
lions will not pass out Of the hands OF the
banks before at least twothrds Of it finds its
way back into their vaults and can again be
paid ont TO the government. This strong, and
we might say inprcguable, position OF the
banks is owing in part to the Southern con-
tederacy, whose action has caused large
amount 10 be sent here for safe investment;
which, taken together with the enormous falling
of in importatioas and the operations Of the
Morrill, Cor high tariff bids fair to revive and
give an impetus to the wooiicn, iron and other
manufactures OF New England and the Middle
States, aud do more for them and the country
than did the war of 1872, which was noted for
laying the foundation for manufacturing in
America, and will commence new era for
them.
We have now in the States loya, to the 60
vernment a population of at least twenty-five
misunderstanding that of Great Britain at the
commencement of the French rcvolution--a
larger navy, more extensive commerce, greater
wa.l IN and txyicc the mercantile fact of that N
ton at that period, which enabled her to wea-
Their the storm and come out victorious against
the combined efforts Of Europe. Can any one
doubt, therefore, but that we are capable Of
contending with the s0-called Southern con-
federacy, with its eight millions of people, with
out navy except its privatcers, and domes-
tic institution that will in the end weaken rather
than strengthen their hands? With the advan-
tage in our favor Of numbers, wealth and all
that is requisite for successful prosecution of
the war, and the consciousness of right and JUS
tice on our side, who can for a moment doubt
but that this great struggle will end in the main
| tenance Of the government and the restoration
of the constitutional rights to all citizens, from
the lakes to the Gulf, and the suppression Of
the most outrageous and unjustifable rebellion
known to the world9 What is to prevent those
Union men of the Gulf States from again enjoy
ing the peace, quiet and prosperity so long
blessed with under the freest government
known in the history of the world, by putting
down the unholy and Ubiquitous organization
| that now grinds them to the dust, and makes
even their own household a place not safe to
| express their own thoughts?
| Nothing can prevent the accomplishment of
this desired and humane object but the imbe-
cility and dishonesty of those at the head of the
| different departments of our government. What
| is now wanted is the same energy and activity
| ut Washington as has been manifested by the
| financiers of Boston, Philadelphia and New
! York. Now that our moneyed men have decided
to furnish the sinews of war it is their duty, on
behalf Of themselves the people and humanity
the world over, to insist that the funds furnished
by them shall not be wastefully spent on favor
| ties and corrupt contractors around the War
Department, or frittered away by sleepy, slug
| gish and imbecile officials in the Navy Bureau,
but spent, as it is designed in vigorous prose-
cution Of the war by land, and making the block
|
obtain ingrss or egress from any harbor, bay,
creek or inlet from the Chesapeake to the Rio
Grande. They should demand Of the President.
as they have not only the right but the duty to
do, that more honesty and energy should be
infused in the War and Navy Departments, and
men Of talent and craftsmanship placed at their
head. The country has already lost enough
through the imbccility of one WelIes, at the
head of the Navy Department. We have been
long enough dsgraccd in the eyes of the world,
having twenty-five millions sustaining the GO
vernment, contending with less than eight
millions, and at the same time sending out ar
mics onethird of the numbers against us The
Secretary of War, in his message 10 Congress,
stated that he bad accepted three hundred and
ten thousand troops and rejected many
more. Where are those troopse They certainly
We're not at Big Bethel, nor has there been a
large enough force at Fortress Monroe at any