The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-16
NEW YORK HERALD, FRIDAY, JANUARY 'Is 1868

Of the telegraph to the merchant, the journallAt
the statesman, the general OF armies, and the
private citizen of every class and condition, we
wish to see this Atlantic telegraphic line laid
down and brought into use in less than year.
There is scarcely doubt that 1t will be
good Investment; for experience in telegraphic
enterprises has always shown that, when pro-
perly managed, they rarely ever fail to pay.
Singular Commercial Effects or tho Re-
beliiOn-Cotton Is Not King.
The revenue returns of England for 1862
show an increase Of twelve millions OF
dollars over the previous year, in spite
of our blockade and the consequent
scarcity Of cotton. This single fact is an
argument against Intervention stronger than
thousand speeches in Parliament or harangues
from the hustings. The god of England is pro-
fit. While figures thus plainly demonstrate
that our war is putting more money into the
British purse than Intervention could possibly
do, there is no danger Of England's Interference.
As the London Times justly remarks, England
can better afford to support oil her operatives
Of losing everything by involving herself In our
quarrel. Just so long, therefore, as our war,
in spite of the cotton famine, is a source Of
profit to England, just so long may we expect
her to stand quietly by watching the sanguinary
contest between North and South, aud arguing.
like Iago-
Now whether Roderigo kill Cassie.
Or Cassie him, or each do Kill the other,
Every way makes my gain.
The English are nation of shopkeepers, and
regard all questions from shopkeeper's stand
point Their profit and loss account gives us
credit for an increase in the revenue Of twelve
millions of dollars, and a debit Of only few
thousand starving operatives, whom . million
or two per annum will comfortably feed, clothe
and lodge. Our custom, therefore, is valua-
BILE and must not be sacrificed. In fact,
it must be remembered that the cotton
operatives are the only persons In England
who are the sufferers from our war; 1t is sig
nifcant and suggestive truth, also, that these
suffering operatives are the most sincere, hearty
and stsadfast supporters of the North. The
manufacturers, on the other hand, have gained
largely from our troubles. The stoppage Of
cotton stopped their mills, it is true, but it also
enabled them to sell of at enormously advanced
prices all Of their old stocks, which had accu.
mulated for years, and thus secured them against
that commercial crisis which was very near at
hand in Europe when our war broke out. In
stead of precipitating this crisis, as many people
predicted, our war, in fact prevented it, and
has made the manufacturers immensely rich, by
relieving them of their old burdensome stocks
Of goods. This old stock has thus supplied
them with capital sufficient to keep them in
luxurious ideness during the war and to enable
them to resume operations when the war is
over. Even the cotton manufacturers, there
fore, have been benefited, rather than embar-
raised, by the cotton famine. As for the other
English manufacturers, the profits they have
made out of our civil war are incalculable.
The same apparently paradoxical state Of
affairs exists in this country. In spite of the
war, almost all branches Of trade and manufac-
ture are in fourishing and prosperous con-
dition. Had our finances been properly man
aged the country would now have been in
condition of unparalleled prosperity; and even
as it Is there Is much less poverty throughout
the North, and fewer beggars infest our streets
this winter than during any previous year. A
large proportion Of our population is in the army.
and, were the wages Of our soldiers promptly
paid, distress and privation would be I'm
known. The requirements Of our immense
ornaments by land and sea have Infused
wonderful vigor into almost all our manu-
features, and labor is in great demand aud is
we'll recompensed This state of affairs is also
directly contrary to that peculiarly predicted
at the commencement of the war, when every
one seemed to anticipate that the grass would
be growing in our streets before a year year 81 the
war was over II, therefore, England should
be unable Or unwilling to support the opera
tives out Of employment, 1t her transport them
to this country, where we will 6nd tham plenty
to do, and will pay them we'll for their work.
Our recent contributions for their support have
shown that there is no scarcity Of food and
money on this side the Atlantic. Before long.
we hope, we shall have more capable admin
istration Of our financial and military affairs,
and then. with our currency redeemed from its
present depths of depreciation, and victory
upon victory browning our arms, we shall be
even better able, not only to conquer the rebel
lion and restore the Union, but also to provide
for all Europeans who seek upon our shores
refuge from poverty and want Of employment
at homo. Events demonstrated that cotton
is not king, and in both hemispheres no one
now respects the dethroned monarch.
The BANKS EXPEDITION INVESTIGATING COMMIT
TEE.-Since the commencement of the war Con-
gress has several times felt called upon to in
quire into cases of gross negligence, OF positive
fraud, the part of persons having contracted to
furnish stores, munitions or ships to the govern
ment Our readers are familiar with the disas-
tiers which menaced the Banks expedition,
through the incompetency, carelessness or bad
faith Of the parties whose duty it was to charter