The New York herald., 1862-02-07
New York, Friday, February z, 1862.
THE SITUATION.

THE SITUATION.
Congress has at length taken an important step
towards placing the financial condition of the coun-
try on sound basis, and providing for the vital
demands upon the Treasury for means to prosecute
the war against rebellion. In the House yesterday
the Treasury Demand Note bill, with the illegal
tender clause included, was passed by vote Of
ninety-three to fftyfour substantially in tie form
in which it came from the hands of the committee.
The bill provides for the issue by the Secretary of
the Treasury Of demand notes to the amount of one
hundred and fifty millions of dollars, which notes
are to be received as legal tender for
all purposes. There can be little doubt
that the bill will also pass the Senate,
and we sincerely trust that that body
will hasten its completion as law When this is
accomplished, the public look for the speedy en-
actment of q Tax bill, as permanent and secure
basis for all our financial operations
Spectators and small bankers all over the North
have combined to defeat the Treasury Note bill,
so that, by buying them up at reduced rate, they
might sell them again at profit and thus realize
considerable fortunes at the expense of the ma
tional credit. But these harpies have been dis
comAtted so far by the success of the bill in the
House. It remains now for the Senate to ratfy the
measure, and we cannot but think that its passage
in that house is certain. Then We shall have safe
currency, which will be received as legal tender
in every part of the country-a currency which will
not depreciate-and sustained by tax bill, the
government will be strengthened for the vigorous
advance of their military designs and the country
will be relieved from anxiety concerning its future
financial career.
We publish the Treasuary Note bill in full to-
day. a. it passed the House. The rejoicings in
Washington yesterday when the result was known
were very great, particularly among the fnsnciers
from the different large cities, who were assembled
at the national capital.
General Mcclellan received an official despatch
from General Halleck on Wednesday night,
stating that our gunboats had commenced the
bombsrdment of Fort Henry, on the Tennessee
river. and that large force of our troops
had landed three miles below the fort.
Later news of the affair however, reaches us from
Chicago. A despatch was received yesterday by the
Journal of that city from the Tennessee river,
dated at noon, which says that Gen. McClernand
had landed eight thousand men, and that Gen. Grant
had returned to Paducah to bring down Owen
Smiths brigade Of seven thousand more. Fort
Henry will thus be beleaguered by force of If
teen thousand men. Seven gunboats, under Com
modore Foote, are in the stream ready for action.
Three Of the gunboats made a reconnaissance to
Panther Island, and were fred upon by five guns
from the fort, only one of which, twenty-four-
pound rife gun, reached the boats. It was report
ed that the rebels strongly reinforced and it
was even rumored that Gen. Beauregard had reach
ed the fort
Reports from Rolla, Mo-, to the 9Th inst, state
that the condition of the roads in that section is
General Sigel's division moved west
ward on Sunday. Colonel Asboths division left
some days before, and only sufficient troops for
the protection of the place remained at Rolla.
General Price, with his rebel army, is said to be
within eight miles of Springfield, where he will
probably show fight.
From Kentucky we learn that the Virginia and
South Carolina regiments attached TO Humphrey
Marshall's command have gone back to Virginia
after his late disaster. Marshall himself proceeded
to Pond Gap with the rest of his forces, where he
disbanded them. He has since vanished out Of
sight, his whereabouts being entirely unknown.
rumor prevailed in Louisville on Wednesday
that party of rebels belonging TO Morgan's force
were surprised the night previous, between Leba.
non and Green river, and forty of them killed.
The capture of Morgan was also reported.
Our news from Fortress Monroe is interesting.
The United States transport Constitution, which
sailed on Tuesday for Ship Island, met the gun
boat Miami in q disabled condition north Of Hat
teras and towed her back TO Fortress Monroe.
The French feet is stl represented in Hampton
Roads. The Pomone now lies there, and another
vessel is daily expected. The Catinet has sailed
for Havana.
The rebel feet on Elizabeth river was rowing
about oil day Wednesday, and during the day
heavy firing was heard near sewsls Point. Dur.
ins the afternoon, q tugbost was observed tow.
Iae semsthipg, supposed 70 be floating bsttery.