Spirit of the age. [volume] (Raleigh, N.C.) 1849-1865, 1863-09-21

N&-
street. Simultaneously with the appear
ancc of the letter there is a sudden rise
in the price Of gold and a corresponding
fall in the price of railroad stock. This
letter did not produce all the effect but
it was the last feather which broke the
camers back. 1t gave the finishing
blow to q confidence already shaken by
the military and naval mismanagement
OF the war-the present general .inactivi-
ty OF our forces-the political miscon-
duct of Congress and the Cabinet in
adopting a series of absurd measures,
which have united the South and nervei
1t to the most desperate resistance while
Mr.. Chase comes forward and demands
from the bankers and merchants of New
York another loan of fifty millions. To
cap the climax, Mr.. Lincoln's letter,
which now first sees the light, holds out
no hope of any termination to the war.
This letter was in the first instance ad-
blessed to a political body in Springfield,
Illinois but it was intended as an expo
sition to the whole country of Mr. Lin
coins views Of the past, the present and
the future of the war. He is the highest
authority on the subject, and when he
says he can see no end to the conflict, the
announcement becomes one of the most
serious nature. The moneyed interests
take the alarm, and they naturally ex-
e claim: Where is all this to end? Al
= ready we have expended fifteen hundred
m~illions-half as much in two years as
u England lavished upon her great war of
90 years to crush the French republic
and the Napoleon dynasty. At the end
Of another year the expenditure will have
: fully equaled that of the British Gov
eminent during its gigantic struggle
i. with France, extended over two decades
When men who hold railroad stocks, and
United States stocks ponder over these
things, is it to be wondered at if they
y show symptoms of uneasiness and prefer
n gold to paper? "
it From the Richmond Enquirer, 10Th inst
h. We can add nothing to the comments
O. of tie Herald and the World. The,
o must be read by Confederates as the pr
% mofitory SYMPTOMS of an improving con
6ition in the situation, as indication!
given out by the enemy that we are not
regarded as a defunct belligerent, bu
that, on the contrary, they are in grea
lat trepidation lest Lee should again tax
n the war path through Pennsylvania a
ne the road to peace.
n The war barometer, Wall Street, ha
all fallen ; " stocks are tumbiing," and gol
he is rising. In an article on the recen
I'd. stock panic, the Herald remarks:
ey 1.-The market bias been gerry feveris
'ut lately and shrewd observers predicte
Try that the slightest cause would create
we panic. President Lincoln's letter, ar
nouncing that the wal would be inter
zen minable, and runners that Lee.was co
no %lecting an army Of $50, O0Q.men to tal
-Washington, came Just m time TO assi
i'm in upsctting the market"
icy The Herald saws "afEairs at Charlestc
to go on slowly" and " History limps a Ii
OF tie in Tennessee" and asks, "What mu
we expeetg' It replies to its own que
ess ton, that "Lee with 10000 mel
ion drawn from Tennessee and Charleste
will soon advance for the capture /"
IN Washington and Baltimore" That "tl
ma gallant army of the Potomac" is all thu
and have /" to put in the way of this thi
of rebel adyance-that and a farce of Pen
uld sylvania .,ilitia." The tone of the va
the kee papers brought by the last flag
hat truce to date of Saturday, 9th, is anythi
is but encouraging to their "ioyaf' reade
the Time lost, opportunities wasted, armi
and reduced, finances sinking, the public di
couraged, the press despondent-the
II make up the pleasant reading Of t
airy Herald, World, Tribune and Enqair,
We laid on our table by Commissioner Gu