The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-01
The Capture or Now rlcans-Its Erect
Upon the Present War.

The Capture or Now Orleans-Its Erect
Upon the Present War.
The earlier accounts Of the capture Of the
city Of New Orleans were subject to grave
doubt and speculation in Wall street, and stock
operations were consequently very carefully
carried on. The subsequent dispatches have,
however, so fully confirmed the fact that all
the doubts of the Wall street men have vanished
into thin air and now they are among the
staunchest believers in the return of the Ores
cent City to its old allegiance. The financisrs
have given the most practical proof Of their
belief by the rapid upward movement Of
stocks-the unfailing indicator of public con-
fidence-whch have assembled from ninety
three some days ago to ninety eight, at which
point they now stand. This is the most deci.
sive evidence that can be given of the satisfac-
ton with which the cheering news is now re-
ceiycd Public confidence was never stronger
in the final success of our arms, and the
loss of New Orleans to the rebels is re-
garded as one of fatal and concluding blow.
We are now only awaiting the full details of
this most important victory, which will doubt
less reach us in very short time. As yet we
have had no tidings of General Butler, who,
nevertheless, must be somewhere in the neigh
borhood. AT the proper time the people will
hear from him. The great feat Of the capture
of the city seems to have been accomplished
by Commodore Farragut, one Of the most distin-
gllished and accomplished naval officers Of the
United States. 1t is seldom that the annals ofna-
val warfare record so brilliant and successful an
exploit, cuutiuvtea vrs,ivr cirv,..s~tsneos Of M,
greatest disadvantage, but resulting in honor
and glory to the brave men who participated
in it.
In the meantime the rebel General Lowell
bafIled and driven from his defensive position
has left the fallen city behind and SGT his face
towards Corinth, the intrenched camp of his
superior. General Beauregard. AT all events,
his lest despatch has come to us dated at Camp
Moore, Tangapahoa, seventy-nine miles from
New Orleans, on the Jackson Railroad. Bat
this refuge will even be denied him. for it is
highly probable that the military forces under
General Butler and our naval forces will 60
up to Memphis, since there are no obstacles to
prevent them so long as the city Of New Or
leans is rendered safe and secure. In all these
operations we have demonstrated our superb
ority over the rebellious enemy, Destroying his
pigmy fleets with our superior ships-ofwar
and hurting swift destruction upon him, despite
his great amount Of artillery and the sub
stantial strength of his granite fortresses
This feat OF arms will have a marvellous effect
upon the public mind in Europe; for every re-
fecting man must now see that we are masters
of the situation. II will also show to the ma
tons Of the Old World that all The naval power
on this continent is in our hands. The isolated
of the rebels, in the case Of the
Merrimac and The wondrous Hollins ram. are
about the only naval achievements they have
made during the war; and il is easy to see that
the opportunity to distinguish themselves any
further in this direction will not be given them.
The European public must therefore see how
hope less this struggle is becoming on the part
OF the South, aud will earnestly begin TO wish
for the cessation Of hostilities and the complete
paciEeaiion of the indivisible republic.
The next question to be considered IT, what
10 escape somewhere irIo the interior with
seventeen millions Of specie distracted from
the banks? Our opinion is that Commodore
Farragut will shortly intercept and capture
them--that is, If he has already begun TO move
after them. Otherwise they may have time
enough to sscspe-tbrough Arkansas and Tex
M-into Mexico. where they will be safe
enough until the guerillas fud out what rich
booty they possess. But the activity and pru-
depce Of our commanders will, no doubt, pre-
vent such contingency; and We would not be
surprised if Lowell Beauregard and the seven
teen millions Of specie be comfortably bageed
all together on the confines Of the border line
between Mississippi and Tennessee. Aud
thus is this huge rebellion melting away
before the energy and the determined courage
og the North. We now only wait TO hear OF
Usleck's assault upon Corinth, and the expul
sion OF the rebel army from them strong in
trenchments al Yorktown by the sagacious
officer commanding at that point. This done.
the whole fabric or secession will have fallen
20 pieces aud the rebels will have no source
lawful authority Of the republic
But, while our army and navy are so bril-
llantly conducting the glorious work for the
reconstruction Of the government, We are sor
~ 10 see that set Of injudicious politicians
are neg dieting TO perform that portion Of th'
duty that devolves upon them, which is to pas
the Tax bill, the Bankrupt law and the Tariff
These are absolutely required for the weliar,
Of tie government and the Interior sucoesse
OF our arms; aud, us our forces are now en-
clrcling the rebellion on oil sides to give ID III
final blow, we trust that Congress will follow
their example, and provide the means. withou
which the government will find great difficult
to s1stsin itself.
TaE BonBARDxESr or New ORLEASs.-It
49, Tnhc Rail and Johrny EranQa