The New York herald., 1863-09-05
The Presid . ne's Letter.

Tie comments of the press on the letter oi
hr Lincoln. circulated at the Syracuse Con-
{ vention, ard published in the HHEALp, are
(, very like tie criticisms on Artemus Wards
book-they know not what to make Of it.
Whether It is In earnest or in jest is not deter
mined. If il bc serious, then they are puzzled
and confoundes but if Mr.. lincoln be joking,
then it is all right Some think that he is only
humbugging and mystifying the politicians.
The truth is, that, mixed up with a good deal Of
common sense, there is much fun and some
strange, quaint language in this letter, which
smells of the spiritual circles and of the
atmosphere hreathed by Robert Dale Owen.
But, amidst all the drollery and visionary ideas
1t contains, there Is one grave and important
point which deserves attention, and that is, that
the end Of tie war is pronounced by the Pre-
sident to be in the far distant and uncertain fi-
ture-'in Gods own good time;' and he warns
the country to "be SOBER" and ''not to he over
sanguine OF speedy final triumph" He says
be sees no indication whatever of any intention
on the part OF the Conicderates to submit or
even compromise; that as for the Southern non
coubatants, they have not the power 10 do it
If they had the will, the strength Of the rebel
lion consisting In It's army which is welded by
mon who will never yield or compromise. In
other words, Mr. Lincoln regards the war as
interminable.
This is sad and gloomy picture. and It is
the view that appears to be taken OF il by The
shrewd stockholders of Wall street. Simuta-
neously with the appearance Of the letter there
is q sudden rise in the price Of gold and q cor
responding fall in the price OF railroad stocks.
This letter did not produce all the e1ect but
it was the last feather which broke the camel's
back It gave the finishing blow to conf
dence already shaken by the military and naval
misnanagement Of the war-thc present gene
raj inactivity of our forces--the pcItica, MIS-
conduct Of Congress and the Cabinet in adopt
ing series of absurd measures, which have
united the South and nerved ii to the most
desperate resstance-while Mr.. Chase comes
forward and demands from tho bankers aud
merchants of New York another loan OF Gfiy
millions. To Gap the climax, Mr.. Lincolu's
letter, which now first secs the light, holds ont
no hope of any termination 10 the war. This
letter was in the first instance addressed to n
political body in Springfield, Illinois; but il
was intended as an exposition TO the whole
country Of Mr.. Lncoln's view of the past. tho
present and the future of the war. lie is the
highest authority on the subject, and when be
says he can see no end to the conflict the
becomes one OF the most serious
nature. The moneyed interests take the
alarm, and they naturally cxclaim. "Where is
all this to cad? Already we have expended
fifteen hundred millions half as much il two
years "a England layished upon her great war
of twenty years to crush the Freach republic
and the Napoleon dynasty. AT the end Of
another wear the expenditure will haze fully
euualied that Of the Britisi, government
during its gigantic struggle with France. OK
tending over two decades. When men who
hold railroad stocks and United States stoc<s
ponder over these things, il is rot to nc wonder
cd at if itey show symptoms Of uneasiaess and
prefer gold TO paper
Thus the loss OF confidence spreads on
every side till at last il becomes a,
panic. II is the doubt in which the future
policy Of the administration is involved. and
the uncertainty Us to the end Of the war,
which undermine the financial stability Of the
government Had the war been pushed
forward with vgor and success. and had
not impossible distractions been placed in !ic
way of the return of the Southern States to the
Union. there would be very little danger OF the
public credit being impaired. But let .he
present unsatisfactory stale OF things be con-
tinued for little longer, and it will be very
difficult to prevent a universal financial crash.
The only possible preventive. indeed. is an
other letter from the President, addressed 10
Horace Greeley or somebody, III which. after
consulting the spirits IN circle, including
Robert Dale Owen, Andrew Jackson Davis and
Ariemus Ward. he will positively announce the
end of the war within some definite period
The operations OF commerce and finance nili
then regulate themselves accordingly, and pub
lie confidence will be rcsuscitated.