The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1864-05-06
From the N. Y. Evening Post, April lS.J
The Financial Furry.

About thirteen months ago We had furry
in the money market not unlike that which
now exists, and in March, ls63-one year
ago-gold stood just about where it does
now. Let Us compare the situation then and
now.
We were then just feeling the success Of
the spurious democracy in several state
elections, especially in the great state Of New
York the North seemed, 10 superficial OBJ
servers, on the point of dividing; our mill
tary situation was critical the paralysing in
Auence of our disastrous peninsula cam
paign had been followed by the victory of
Aniietam, from which Mcclellan could draw
no greater fruit than that announced by his
celebrated dispatch of Friday, 10Th Septem-
Der: " The rebels had retreated and Pennsyl-
vania was SAFE" Next came our reverses IN
the political campaign. and Burnside's defeat
at Fredericksburg. Thus in March, 1868,
our army under Hooker was preparing for a
contest with Lee, whose compact army under
Stonewall Jackson and other leaders had GER
tain acknowledged advantages over our larger
army, commanded by generals whose inter-
nal dissensions were notorious.
With our political and military prospects
thus Swallowed at home, our prospects abroad
were still more gloomy. The British rebels
were fitting out privateers almost unchecked
by their government, and there was every
reason to fear that their iron-clads would
soon be at sea, ready to burn our cities or
break our blockade.
What was our financial condition then ?
With gold as high as now or higher, We were
just beginning to place the FIVE hundred mil
lions Of fve-twenty bonds. which were count
ed upon to fund the currency and carry on
the war. The people were beginning to take
them, but capitalists were standing aloof.-
Now. mark the result from that time forward,
and draw from that courage which is 30 nee
es.ary.
We lost the battle Of Charlottesville, and
saw the Mississippi still closed and an apPa-
rently doubtful struggle going on in the
Southwest Yet the people rallied to the
rescue, the soldiers set an example to their
officers, the industrious classes set one to the
capitalists, and both we're we'll followed. Gold
fell gradually from lis TO 1925. We have
placed in the hands of all classes FIVE hun
dred millions of our bonds with steadiness
which gives assurance Of an equal success
with our future loans. We have developed
resources which surprise the most sangulne
of our friends and alarm our enemies on both
sides of the Atlantic.
Our experiment with the negro race has
been entirely successful both in military and
industrial point of view, and justi6es the
striking calculations Of one Of our most e1-
perienced financiers, Robert J. Walker, that
the additional profit Of free labor would in
one year equal the whole national debt. The
cotton famine has passed by, and this fruit
/ FIJI source of foreign intervention has disap-
pea.ed from our catalogue Of dangers. Eu-
rope will this year get near y three million
bales of cotton, and her manufacturers and
ours are again prosperous; the British iron
clads are stopped the British people are
with US; the negro reserve Of eight hundred
thousand men are without disorder or insur
rection coming into our ranks, and negro
soldiers, to prove their capacity. have al Port
Hudson and Wagner and Oiustes fought
their way not only through the lines of oul
barbarian enemy, but through the prejudice!
of our northern traitors.
We have beaten the enemy last July a
of New York, where they made their mos
desperate rally, more lately still in Ohio anC
PENNSYLVANIA, and New Hampshire and Con
nec,icut; and we now stand united people
with veteran army led by the hero Of cks
burg and of Chattanooga. and larger in ef
fectiye men than ever before. We see tn,
whole valley of the Mississippi in our pos
session, the southern line Of Te1a. held by
our armies against foreign and domestic foes
and need it be said, with position so I'M
proved in every sense Of view-milltary, pc
liticsl and financial-how sen.eless is the lat,
panic, if panic 1t may be called
The only want to-day for the restoration
of confidence is the prompt and energetic
action of Congress. They have wasted prec
ious time, and this financial culver is the in
evitable response TO their neglect. Let then
now 90 to work like men of sense. LIE
them pass strong tax bill. Let them either
tax out Of existence the state bank paper
which has caused thi, present imitation, or ef
feet the same object by SO amending the Ma
tional Bank bill as to induce all the state
banks, big as well as little, to become it
friends, and get TO work promptly as well a
tluCieItliS uE'ieE us pIONisiouh- Lei tIcH
crush once for all the pretensons OF .pu
rious states-rights party to tax our nationa
banks upon their national bonds let then
pa.s al! the bills of practical importance fo
recruiting our armies; for protecting III,
rights and industry of our four millions O
freedmen; for extending our navy; fol
Strengthening the hands of the government
and then let them adjourn.
When once Congress has begun to do it
duty in grim and faithful earnest, We shal
see confidence restored, and, even under tn,
same dreadful vicissitudes of war which oc
cured last year, be compelled to record tn
same return towards a sound currency ant
a state of tranquility. In all other respect.
than the action of the national legislature "
are infinitely better off than last year,
and as the responsibility for the existin,
state of things lies upon il. members, lie
public opinion. acting through the press ant
other proper channels, make them feel no
only what is expected Of them, but the ne
ces.ity of doing their duty at once w
have had enough idling, enough silly person
alsquabbling, enough no less silly partisan
elimination and recrimination, enough speech
making for constituents and posterity, an
we want active, solid, practical work. Tn
whole nation is Disguised in.fably with tn
petty exhibitions of party tactics and jeal
ousies at Washington. and demands unite