The New York herald., 1862-12-22

years; that the gsvernmsn b obliged to kse
Sso,oco,ooo Of notes on hand u pay Tho ''isga
tsnosrs," amounting to $50 ,OOo,& 500, depos!te
IN the Treasury at four per cent interest OF
call after ter days, thus, In effect, takink loai
OF $50 100000 at four per cent, and keeping il
In the federal vaults without use till the Lender
calls for it-in other words, paying four pes
cent interest for the privilege of taking care Of
unused special deposits; that banking corpo-
rations have been allowed to increase their
circulation and food the country with their
bills ever since they Illegally refused specie
payment, according to the example set them by
the Secretary Of the Treasury, by the Chairman
Of the Committee Of Ways and Means. and by
the Congress which adopted their measures,
thus depreciating the general circulation and
increasing the prices Of everything that q poor
pan buys, while the Shyiocks pocket large
interest on their worthless, irrsdeenablc paper
and grow rich on the ruin Of the people -
all these allegations are most true, and only go
to prove how utterly unfit the present Congress
is to devise financial measures 70 meet the
exigencies of the country. But they do not
show that either Stevens or Chase has any more
financial ability than the rest of the faction.
The logical deduction from the whole premises
is that the republican party have demonstrated
that they are as incompetent TO govern the
country in its finances az in its politics, and
that the sooner the President accepts the resig-
nations Of the radicals Of his Cabinet and calls
capable men from the ranks of the conserya-
tives to iii their places, the better for himself
aud the interests of the nation.
The Great C0nscrvati We Reaction.
The counter-revolution at the ballot box has
at last eliminated in the breaking up Of the
radical Cabinet who threatened the destruction
of the constitution. Had not the voice OF The
people in the loyal States been SO decidedly
expressed in the elections of October ard
November, and had not its echoes ccntin-
ued to reverberate' from hill 20 val ey
throughout the land, even the catastrophe
at Fredericksburg would not have had
the desired effect. But the progress Of
tho conservative reaction is irresistible.
The high minded leading republicans in Con-
gress candidly admit ii, and say that the people
are "exasperated" against their party. The
country is dissatisfied with che conduct Of the
war, with the tremendous waste Of vast re-
sources, with the utter m;smmaysment Of the
finances Of the nation. and with the revolution
ary, Unconstitutional and despotc proceedings
of q portion Of tho late Cabinet and the radi
Gals in Congress.
That political charlatan Wilson, says that
the result of the elections must be at
tributed to the fact that the republican
voters have all gone to. the war, and
the democrats have remained at home. Tho
fact Is precisely the reverse, and hree fourths Of
the army tomorrow, if-they had fair chance
Of q free ballot. would vote as the majorities
have vsted in the late elections. But, even II
the preponderaace in the rank and file Of the
army were republican, why should the troops
vote otherwise. Would they vote in favor Of
shoddy and other corrupt contracts which cheat
them of their clothing and their food! Would
they vote in favor Of q Secretary Of War whose
has cost SO many Of the lives
of their comrades in vain, and has caused the
failure of the best planned campaigns. Vote
in favor Of Q minister who left SO many Of
them without winter clothes? Is it credible
that the soldiers would vote In favor Of the
pernicious influences which deprived them Of
their best and most trusted generals In fine.
would freemen, because they are soldiers, vote
for lettres de cachet aud all the appliances Of
European despotism? Is II reasonable that
they would vote in favor of Secretary Of the
Treasury and majority in Congress who have
so bungle the financial affairs Of the country
- 90 Il
diers are left without their pay for "want
of flinds9" Citizens do not change their opin-
ions or lose their intelligence when they enter
the army, though IL is stated great efforts have
been made to keep the news Of the recent
elections from the troops
Now, in the South, the same reaction ia be-
ginning to develop itself against tho swind-
ling government Of JEFF. Davis & Co., ani will
at last sweep secessionism before IL with the
bosom of destruction. The Southern people
see that the war has been mismanage1 at Rich
mond as 1t has been al Washington, and that
corruption has revelled in both cities. Thei,
eyes are being gradually opened, and there IL
good reason TO believe that the day Is no; dis
tant when they will openly revolt against the
tyrpnts who rule them with Q rod Of iron and
force them to continue a hopeless war. AL
ready they are talking Of armistices and con-
yentions. As the war is now managed on either
side it would never have any result-it would
only entail useless sacrifice Of human life,
the waste OF vast resources. aud terrible suffer-
ings and sorrows. Ii would, in fact. become
war OF rautusl exhaustion. How much bet
ter, therefore, for both to make peace and join
hands against the common foe in Europe who
il stealthy preparing 10 crush The liberties Jf
North and South alike. Especially IL il for ihc
Southern people To consider that il il not pro-
bable that the war on the side Of the loyal
States will always be woged with sueh inca
pacity as has characterized 1t during the last
eighteen months. Let them understand that