The New York herald., 1863-08-24

ton ofthe war, in which event paper money, and
war, and all, would 60 down together in one
tremendous crash. What saves the country
now from financial revulsion il its comm cree
and the natural process of conversions" in Q
great commercial community In which capital
seeks investment.
What has brought the finances of the South
agricultural country, and all its commerce
with foreign countries is cut of by the block
ade. Hence its expanded currency has nc
scope for profitable employment. and is be.
coming as worthless as the assignats of the
old French republic in its war with the
crowned heads of Europe France was then,
like the South an agricultural country, and all
commercial intercourse was shut out by s'the
wooden walls of England" On the other hand.
England, being a commercial nation, and having
command of the sea, was enabled to make i'm
mense issues of paper without excessive de-
probation. 1t was thus owing to the fact OF
the United States being commercial republic,
and its great metropolis, New York, being GEN.
tired in it, the commercial capital of the coun-
try, that the government was enabled prompt
ly to embark in so vast a war. The bank
ers and merchants of New York, in the
critical moment, supplied the administra-
tion with $l50,000,000, which enabled it
to enter upon the conflict at once on
scale commensurate with the magnitude
of the struggle and the stake at issue, though,
unfortunately. it failed till it was too late to
realize the ardu0us nature of the task it had
assumed. Commercial New York gave its
credit to the government; otherwise 1t would
have broken down in the very beginning of the
war. 1t is the same credit that now sustains
the securities issued by the federal Treasury.
Mr.. Chase may imagine that he is the genius
who has done tall. But it is plain he has not
the slightest merit in the business. He simply
drifted into it without design or contrivance on
his part.
Our finances and our commerce will continue
to flourish. Our commercial intercourse is open
with the whole world, and our shipping whitens
every sea. But our OWE internal trade is i'm
mense, borne over immense lines of railroad
and navigable waters. The manufacturers of
New England and Pennsylvania are making
fortunes owing to the monopoly given them by
the tariff, which shuts out foreign competition.
The dry goods merchants are doing vast bust
ness, because money is plenty and everybody
can buy. Spectators In stocks have made
their millions. And all this prosperity Is likely
to continue to the end Of the war, provided tile
war is ended in reasonable time. But
when the war is over, and the time for settie-
ment arrives, then there will be general
smash, both financial and commsscial. The
people are only now beginning to- pay tie
direct taxes; but when they have borne the
burthen for two or three years they will think
1t is time to get rid Of it altogether or to great
ly lessen the load Of interest. In fact they will
refuse to pay it, and then down will 90 the
federal paper, and with it the paper of the
banks, and every kind OF commercial paper,
and the wealthy who hold the government seou-
rites will then be the chief sufferers. This imam
cial and commercial crisis would be brought
about by the natural reaction in every kind Of
business consequent upon the cessation Of the
war, and the rapid depreciation Of the enor.
nous amount of paper currency In circulation,
which would be then without employment.
But It is the tax which will prscipitats the
catastrophe. Let every one therefore now
make hay while the sun shines But when the
war Is ended, and the reckoning comes to be
paid, then let our prudent men stand from under
the falling ruins Even that revulsion,
however, like every other in the United Statcs,
can only be of temporary duration, and the
nation soon, recuperating by its elastic energy
and its boundless resources, will go on its way
rejoicing, as II no calamity had ever befallen it
Napoleon stanton's Campaigns.
The Hon. Henry j. Raymond is entitled to a
patent right for the wonderful discovery Of
those brilliant qualities which constitute Secre-
tary Stanton the real, bona .Jide, Simon Pure,
unadulterated American Napoleon. All the
other aspirants for the title are quacks and
humbugs. Stanton's the man. We confess it,
Where Is the military genius, either in ancient
| or modern days, who has brought to naught 80
many campaigns and ruined 80 many generals
in the same space of time as the director OF
the War Departmental Washington We can
think Of none, and we are pretty confident that
history records none. Let us glance over his
achievements in that line.
The first general who fell victim to the
superior military Strategy Of the War Depart.
ment was, we believe, poor Fremont; but the
credit Of that act does not properly belong to
Napoleon Stanton, but to his predecessor, the
unselfsh patriotic and immaculate .Pennsyl.
vania statesman, Mr.. Simon Cameron. II was
also during the same administration of the War
Department that Scott, the conqueror of Mexi.
co. and Mcdowell, the conquered at Bull run,
lost their commands
But Cameron fell far shortOf Stanton in the
science of organizing victory. The one had
proved too able for Scott, Fremont and Nc
Dowell; but a greater than either had grown
up, and it was for Stanton to dispose of him.
He did 1t effectually BY his grand master
stroke Of preventing the junction of ofMcDowell's