The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-06-27

toCECoRD.arctS 6uO III CWCeb vueyS b no Osuei
resource than to fall back upon the old
fashinned expedients of lamps and candies.
This is an evil which ehouId net be permitted
to continue another twenty four hours and Ge
trust that the proper authorities win ct once
apply to 1t the necessary remedy.
Financial Condition OF tho nOstherm
States.
Considerable real or affected alarm has been
lately manifested, ON account Of the enormcus
expenditure which the efforts Of the govern
meat to suppress rebellion will involve, and
the prodigious national debt that may be ere.
atsd, in case the war should last for any seri-
GUS length of time. Doubts have even been
expressed whether such loans as Congress shall
authorize can be negotiated, unless at ruinous
sacrifices, and the credit of the country has been
represented as at the very lowest ebb. This is
all utterly sbsurd. There is no cause why it
should stand les high now than at previous pc
RODS, and many reasons exist for supposing
that 1t was never, substantially, in better con-
dition. Individual States find no difficulty in
raising money on advantageous terms, although
the security they are able to give for repay
ment, must necessarily be less good than the
United States is able to offer. Upon the sta
bility and perpotuation of the general govern
ment, the solvency and repute of the separate
members Of the confederacy in great measure
depends. If the former falls to pieces the latter
become isolated, impoverished and irresponsi-
BILE; 90 that whatever tends to weaken the
integrity of the republic, and shake its
foundations, reacts detrimentally upon
each of its parts. Yet no symptoms are
vislbls among capitalists of want of confidence
n Northern State securities, and 1t may be
taken for granted that whatever New York,
Penns ylvania, or Ohio stock will bring in the
market federal bonds are also intrinsically
worth.
Several of the Northern and Western States
have negotiated loans in Wall street within the
last few days. Pennsylvania has obtained three
millions of dollars at par; New York six hun
dred thousand dollars at SOL 60; Maine mil
lion at $lO2 so; and it is perfectly understood
that Connecticut, Vermont, and some other
States can borrow at par. Northwestern credit
Is not 60 good, on account of the disturbed
financial condition created by wildcat banks,
and the disposition of some of the States be-
yond the Alleghanies to embarrass themselves
by internal improvements We find that Indiana
was able, therefore, to obtain, last week, but
81, for loan of twelve hundred thousand
dollars. Yet this Is higher than the last quota
tons for United States skies, and strange to say
the inconsistency net perceived of permitting
prices for the latter to range so low, while &C.
curities, perhaps less valuable, bring from
twelve to fourteen per cent more. The fact is
that the INSTRUMENTATION of the Treasury
Department by Secretary Cobb, under Mr.. Blu
chanan's administration, generated an utter
disgust among moneyed men for everything
connected with the pecuniary affairs Of
the government, and caused them to
view all attempts to raise money with
distrust. They acquired the habit, from which
they have not yet recovered, of turning away
with loathing from system of corruption and
Encouragement, with which they desired to
have nothing to do. Irrespectively f the in
trinsic value of government stocks, they pre-
ferred investing their funds elsewhere, and
deprecated their value, until they have sunk
far below their real worth. This state of things
will gradually change, and no apprehension
need be entertained that funds in abundance
will not be forthcoming to carry on the war.
An inevitable consequence of the vast arma-
ments that are heaping together on the banks
of the Potomac and elsewhere, will be such an
outlay of treasure, as has been hitherto I'M
known on the American continent, and for
which there are but one or two parallels in
the history of the world. Close upon three
hundred thousand troops have been enrolled
IN the service of the country, and it is not i'm
possible that this number may be soon greatly
increased. An annual expenditure of between
three and four hundred millions of dollars is
unavoidable in the North alone, and, should
hostilities last several years, public debt will
have been incurred of from twelve to sixteen
hundred millions, sum which would have
bought Cnba, and annexed q large portion of
the continent to the United States. If to;it isl
added the cost of the war to the Confederate
States, some idea may be formed Of the
prodigions burden which the present genera
ton is about to impose npsn posterity, and Of
the immense resources at the command of the
nation. How muck to be regretted it is, that
such sacrifices are in prospect to preserve the
integrity OF Union already glorious, instead
of their being made tsextend its dominion and
add to its power. The people of the United
States would not grudge the hundreds Of mil
lions that may be needed, nor would the grief
for those that may fall in battle be ineonsola-
BILE, in any other than q domestic quarrel. If
war is necessary to restore the republic to its
pristine condition, it must be welcomed. but it
would be far better and wiser, were the gallant
armies on the Potomac to unite their strength,
and, marching southwa.d and northward, I'm
der one common banner, to sweep away from
The continent, from the islands of the Gulf Of
Mexico, and the Caribbean Sea. every vestige
of foreign dominion. At less cost than the