The New York herald., 1862-09-26


Article |, section ., declares that Ma
state shah, without tile consent of Consress
enter into any agreement or compact with
another State" But tbis asselnblsge was worse
than the Hartford Convention OF Lalfa century
ago; and had tie President cent u division OF
gal gathering at the point Of the bayonet
and seat the whole batch to the nearest
fort be would not have transcendcd his
duty. But tie President clechmated them
IN another way. lie took tie wind out
OF their sails by issuing bis proclamation one
day in advance Of their meeting iiad he not
dons SO they would have demanded immediate
and unconditional emancipation. just as they
demanded the dismissal of McClc ian. and the
appointment Of foolish Fremont in his stead
But under the Presidents proclamation pub
lished yesterday these radical Governors are
all liable TO be seized and sent 70 some fortress
as discouraring volunteer enlistments, and re-
sistng militia drafts, thus afording aid and COM
fort to the rebels" The volunteer troops have
been te'd back by their interposition and the
militia drafts have been delayed by their au-
thority. We trust, therefore, that Mr.. Lincoln
will direct that these disloyal persons" lmen
whose loyalty by their own showing is only
conditona) will be arrested by the United
States marshsls, particularly Gov. Andrew, OF
Massachusetts, and Gov. Sprague, OF Rhode
Island. who manifested the most reasonable
spirit under the pretencs of negro philanthro-
py. Let signal example be made. There i
still room in Forts Lafayette and Warren.
Erightfui Flus,elsngs Among the Lame
Ducks o. Walt sSreef.
There ia pause in tie excite ment in regard
to our army in Marya The excitement in re-
gard to Washington has entireiy subsidized. The
operate and theatrical excitement though undl-
mnished, has not now the first place IN publ C
attention. The excitement in regard 10 the
Presidents emancipation proclamation has
quieted down, and even Massa Greeley shouts
God bless Old Abe no more. The excite
ment about the Republican Convention at SYRIA
cuse has fizzled out. The mysterious excitement
about the meeting Of Governors at Altoona is
lessening into settled Indignation as the facts
become developed. The excitement of the day
is the terrible futtering and frlghtful squabbling
and quacking among the lame and broken
winged ducks that frequent the dirty cutters
of Wall street.
Gold rose to 119 on Wednesday, and to l2l
yesterday morning. Stocks, demand notes and
all sorts Of bonds bounced up accordingly.
Wall street went frantic. Such initiation
Of prices, such . reckless scramble for
money, such immense transactions in gold,
many of which are unreported; such gene
raj activity in every department Of financial
affairs, Wall street has not seen in many a long
day. The transactions were larger than any
since last May. and the excitement was much
greater than at that period. The whole secret
of this auttering, however, Is to be found in
the rise in gold. That caused the depression in
real estate. That caused the advance in stocks,
which was In fact only apparent, and which il
not an increase in the value Of the stocks but
only mode Of balancing the new difference be-
tween paper and specie incident to the rise in
the price of gold. But what caused the rise in
gold? A dozen different causes, all working
together and assisting each other. In the first
place, there was the Presidents emancipation
proclamation. Then the secret revolutionary
meetings Of the New England Governors,
eliminating in the conclavs at Altoona,
which we reported yesterday, had some.
thing to do with IL. The pause of Nc
Clellans army on the Potomac helped 1t along.
The nomination Of Wadsworth--a radical dis
unioni.t-had its weight The knowledge
that there are at least two members of the
Cabinet who are practically in favor of dis
union, and zealously working for that object,
did not lack Ito influence. All these and other
similar facts, supporting and coroborating
each other, led the lame ducks Of Wall street
10 fear that We could find no escape from our
present dilemma except in an unexpected pro-
longation of the war for years instead Of
months, or in speedy and permanent dissolu-
ton Of this Union. In the midst Of this gloomy
distrust, Mr. Cisco's offer to receive gold on de-
posit for the government, at four per cent
interest, frightened our bankers. and the Hut-
tering began.
We do not see why this excitement will not
continue and gold--and consequently stocks
rise sill higher The causes remain the same,
aud what should alter the result, Mr.. Cisco
must obtain gold in order TO pay the specie in
terest upon government paper; and, whether be
receives gold on deposit or goes into the
market and buys II outright, the rise In gold will
ensue all the same. Neither will II be possible
for him to refuse any deposits over six millions;
for upon such refusal the gold already depo-
sited with him would be Immediately with
drawn. Thus the occasion Of The excitement
must remain, and behind the occasion lie the
causss Evidently Wall street does not believe
the assertions Of the radicals that the war
will be over in thirty days, that Greeley
nine hundred thousand reserve Of abolition
lists will enlist, and that the highways
OF Massachusetts, will swarm With Governor
Andrews promised recruits, in consequences Of