The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-10

we know tnat very often our soldiers have had
to contend against two enemies the rebels in
front and the military blunderers in the rear;
aud we know, also, that the rebels are the more
easily overcome. There was time when Nc
| Doweli was severely censured for not reinforc.
ing Mcclellan before Richmond but court
of inquiry has developed the fact that Nc
Doweli was eager TO advance, and was only
restrained by orders from Washington. So, also,
the Fredericksburg massacre was traced to the
Vaccinations Of those Washington intriguants
who removed competent general from
command and replaced him by a man
who had repeatedly confessed himself in
competent for the position, who had
refused it several times, and was at last forced
into it only by an imperative military ORDER,
which left him no choice but to comply or leave
the army. The current inquiries now are,
"Where is Bankss" and "Why was Sherman
beaten at Vicksburgs" We can only reply
that Banks is where the administration has or
dered him, and that Sherman failed through
some fault of the administration. No court of
inquiry or military committee proceeds far with
it's investigations without discovering that the
the charges, 10 really on trial and must be con-
demned This was especially the case at Frede-
ricksburg, where the evidence ELECTED was 50
direct an indictment of the administration that
the committee handed it to Congress without
comment, and the administration Congressman
have no more dared to NEEDLE with the report
than they would venture to play at football
with. loaded she'll. We ask the President,
therefore, to make changes which shall prevent
any further general Encouragement Of the war
before he proceeds to change the commander Of
the Army Of the Potomac. 1t is an axiom that
the greater reform includes the lesser. Send
Stanton aud Halleck away from Washington,
and let Chase and Welles follow by the next
train, and an incubus will be lifted from the
country and the army worth dozen victories
over the less dangerous rebels.
A Coon FINANCIAL. SPEE0H.---One of the best
financial speeches yet made in Congress is that
Of Mr.. Sherman, Of Ohio. in the Senate, pub
lished in yesterdays HERALD. AS he we'll
observes, it is difficult amidst the exciting
events Of the day to gain the attention of the
Senate to question purely Of business charac-
ter and that is dry and full Of details and diff
Guilty. Yet the finances Of the country must be
attended to very soon, else they will "go to the
dogs" 1t is necessary for the federal govern.
ment to issue more and more paper money; it
is for the same reason necessary to arrest the
issues of the banks and to tax them to that end.
The federal issues and State issues cannot both
exist together without ruin to the people. AL
ready paper money is fearfully deprecated.
What would il he If the State issues were per-
mitted, in addition to the new federal issues!
The State issues must be abolished or kept
down by high taxation. The country is overrun
with banks-some sixteen hundred Of them
and they are making fortunes from the people
without capital. A hundred dollar bank note
does not cost a cent to make. The interest upon
one hundred dollars is therefore realized with
out any bona .fde capital. Banks of issue are
therefore entitled to no consideration, espe-
cially since they repudiatcd specie payment
They ought, therefore, to be taxed heavily
The issuing department is only incidental, and
to cut it of completely, therefore, could not
affect the legitimate business of banking. But
with the usual Congressional ignorance tho is
! suing department has escaped scot free in the
Tax bill, while the really useful department
that Of discounts heavily taxed. AS Mr..
Sherman Observes
Banks OF circulation more creatures OF law Their
privilege TO issue bills Il in its nature exclusive. All
other incidents OF banking be carried without
chartered privileges. This privilege il not at all
sary for the business OF banking he largest banks in
this ana other countries do ISSUE The Bank OF
Commerce. with capital Of nine millions, has crcula-
ton Of less han two thousand dcllas The famous bank
al fhp apdp a,
bodyissue no notes. Tho Bank OF England has two dis
tnct !mentsthe one attends TO the business Of
banking the other issues notes The weakest banks
have most circulation in proportion TO capital and yet
obvious aud remarkable distinction is made by our laws
favor OF banks Of circulation and against banks OF
change and deposit
The discrimination il thus made on the wrong
side, and the sooner the error is corrected the
better. viii the present rabid ignorant Con.
gress do anything practical or useful, even
when il is demonstrated to them I? We doubt
it, but hope for the best against hope.
MAJ Of KENTUCKY AND TENNEssEE-The
Tribune yesterday published map Of the field
OF operations in Kentucky and Tennessee, which
they stated to be "by far the most accurate and
complete of any yet published" We endorse
this statement. II seems that the Tribune has
lately taken to complimenting the HERALD and
its enterprise Tie map given by our negro.
worslipping contemporary is q reduced copy
OF one we published on the stii Of October,
1861, and rspublished on the ID Of September,
1862 It is really refreshing to find that the
Tribune will give Us credit for whs. we do. That
we did our work well is acknowledged by that
journal in these words:-''Evsry place, railroad
and stream Of consequence is plainly set down."
and We cannot find in the copy any additional
place that was not published in the original
fifteen months ago. But it is exactly as stated
by Gay in his letter 10 their correspondent on
the peninsula:-"The HEFap is always ahead
and We have to copy from It,"
WALL STREET on THE RAMPAGE Never has
there been witnessed anything IN the way of