The New York herald., 1862-02-03

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The market was steady one throughout the
week until yesterday, when the fears of British
Intervention caused somewhat of panic and a
general decline. Some of the old operators were
rather surprised that stocks should fall on
prospects Of peace; but the fact is, we presume
that some heavy holders took the opportunity Of
selling out with view partly to q bear demon
stration. The belief in foreign Intervention ap-
pears to rest entirely upon the articles of London
journals, which were certainly not in the secrets
of either the British or the French government
during the Trent negotiation; and both France
and England would have so much to lose and SO
little to gain by interfering in our quarrel that
the more long headed among the old operators
seem to apprehend very little on this score. There
has been q change Of sides during the past Week
or two; some of the old bulls seem to have turned
bears, and many of the bears have taken line on
the bull side. The chief reliance of the bears s
the inaction of Congress, and the success Of the
hard money party ia throwing obstacles in the
way Of the legislation required for the crisis; the
bulls rest their hopes the prompt passage Of the
currency measures, and on vigorous military de-
monstrations. The Trent affair was less fruitful of
profit to stock spectators on this side than it
seems to have been to their conJreres in London
and Paris. There was no bear interest here to
speak of when the British demand was received the
false news in the Scotsnsan having frightened the
bears into covering their contracts few days
before the true intelligence arrived and, with one
or two conspicuous exceptions. opera tors made
but little on the subsequent advance. The British
and French spectators did better. The British
government kept the receipt of Mr.. Stewards first
despatch to Mr.. Adams State secret, imparting
its tenor to only few privileged persons and the
Rothschilds and one or two others are thus under
stood to have cleared something like q million
sterling by operations, first for the fall and then
for the rise. A careful study of the movements on
the London and Paris stock exchanges during the
past month, and q comparison Of the tenor and
dates Of the dispatches with the articles in the
British ministerial organs, would seem to justify
suspicion that stockjobbing had good deal to do
with the Trent furor.
The House Committee of Ways and Means will
tomorrow report to Congress Mr.. Spaulding's bill
for the issue of 500 600 900 Treasury notes, made
the conviction that it will pass without much diff
Guilty, though the Ohio delegation and some other
members in the interest of banks are expected to
oppose it. We have had frequent occasion to dis
cuss the subject, and the readers Of the HERALD
are familiar with our conclusions. Nothing is
easier than to frame set argument against paper
money, and to adduce examples of the misciefs
which have flowed from its use or abuse in times
past. But the question which the assailants of Mr.
Spaulding's bill generally omit to discuss is-by
" hat other method can money be obtained for the
prosecution Of the war? Some Of the opponents of
the measure advise government to raise money by
selling its Treasury notes and bonds in open
market for what they will command. These people
are of two casses bankers and spectators who
have formed deliberate plans for enriching them
selves by the depreciation Of government securi-
ties, and honest but ignorant theorists, who have
no practical acquaintance with business. very
brief experience in Wall street would satisfy the
latter that it is out Of the power Of this or any
other financial centre to lend to the government,
at any rate Of interest whatever, the enormous
sums required for the prosecution of the war as
fast as they are needed. There is not capita,
enough in this or any other country TO do II
Mr. Chase attempted to raise two millions day
which he necds--by the sale of bonds time
would soon come when he would not be able to
find purchasers for his securities at fifty cents on
the dollar. Not that people would doubt their
value but that there would be no money seek
ing investment. During the great railroad era
in this country-that is to say, between
1850 and ls57-it is roughly estimated that
O thousand millions Of dollars were spent in this
country in railway building, nearly one-half Of
which was native capital. Every one who knows
the history of this period will recall the energetic
endeavors which were made to draw out capital by
| the railway men--what large profits OF
investments were predicted and expected
! what heavy discounts were granted il
| selling bonds-what O remarkable combina
tion of circumstances encouraged capitalist
| TO subscribe for bonds and stock, and how com
! pletely the money market was monopolized by tn,
| railways. Yet it took over seven years to draw
| out less than five hundred millions when the coun
| try was prosperous and wealthy TO an unexampe,
| degree. What reasonable person can expect, il
4 view Of these facts that in = state of civil wa
| the people of the United States viii
| now raise and lend TO the government il
single year, more money than all tn
| railways were able TO scrape togethe
in sevens Both theory and experience concur il
indicating the course recommended by Mr.. Spaud
ing az the only one that is feasible in our presen
circumstances. The arguments Of the hard none
party are generally sound, and their maxims whole
some. But neither are any more TO the purpos
Just now than homilics on the beauty Of peac
would be in the Army Of the Potomac. The govern
ment must have money, and there Is only one wa
of getting (which is the way proposed by tn
Committee OF Ways and Means. Members Of Cor
gress and State Legislatures may do and say wha
they please; but IL the war Is TO be carried on Nj
spauldng's scheme must be adopted.