The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-04-15


Our Financial Affairs and the Presi-
dency.
| Constrained by General Lee and his Vir-
ginians to risk his " confederacyp in the de-
fence Of Richmond, JEFF. Davis, we may rest
assured is mastering all his available strength
| for the protection of his capital East of the
Mississippi his forces in the field are estimated
| at three hundred thousand men, an estimate
| which we presume, is based upon satisfactory
information. OF this aggregate we shall not
be surprised if one hundred and fifty thousand
men are within month, gathered under The
immediate command of General Lee
Our latest advices Of Longstreet's move
ments in East Tennessee are very significant
lie is slowly falling back towards Virginia,
blockadng the roads, destroying the
bridges and laying waste the country
behind him His late preparations for grand
cavalry raid into Kentucky are report
ed abandoned. and also his purpose
Of another campaign for the recovery Of Knox
vile He relinquishes East Tennessee as
prize that has been lost beyond recovery, ex-
cept through victory between Richmond and
Washington, SO comprehensive in its results as
to push back our forces in the West from Chat
tanooga to Nashville. Longstreet, therefore,
with his forty or fifty thousand men, is moving
to a junction with General Lee. Joe Johnston,
meantime, while maintaining bold front close
to the advanced lines of General Thomas, is
doubtless preparing for repetition Of his old
Shenandoah Valley game Of mysterious dis
appearance, when least expected, but only to
turn up in some other quarter, where his
timely arrival may decide again, as at Bull run,
the fortunes of the day. In a word, we believe
that tie present purpose of Jeff Davis is to leave
Georgia, Alabama and Mississippi compare
lively delenceless for time. in view Of the
momentous consequences, one way OF the
other, OF decisive battle in Virginia.
From all the signs of the times, too, we are
satisfied that General Grant has discovered that
the decisive battle fields of this coming cam
paign will be in Eastern Virginia. He evident.
ly contemplates, from his careful preparations,
terrible struggle with a powerful army for
the possession of Richmond. He evidently real
ICES his great responsibilities-tha the desti-
MES Of the country are in his hands and that
the people and the armies of the loyal States,
with unmeasured confidence in his military
skill, activity and discretion. anticipate the
most glorious results Within a month these
anticipations may be fulfilled or defeated If
realized. all the Presidential party conventions
and movements of the day will be speedily de.
moished in spontaneous and overwhelming
popular movement in the name of the nations
victorious liberator. On the other hand, should
disasters or disappointments again attend our
arms in Virginia, . financial panic and poiti-
cal CONFUSION will be apt to follow which will
render the Baltimore Convention q miserable
mockery and an 'obsolete idea
What, then, ia the policy incumbent upon the
Clearly the policy Of suspend
ing the business of the Presidential campaign,
aud of devoting all its energies in support Of
General Grant and the paramount business Of
the impending military campaign. And what
are the duties devolving upon Congress
Surely not the squanderng Of precious days, at
this crisis, in idle debates upon the question of
expelling silly member seeking = disrsputa-
bic notoriety, but the business of strengthening
the hands of General Grant in every possible
way. and the urgent business of rescuing our
present misguided financial system from the
downward road to destruction.
The next Presidency depends upon the saliva
ton Of the country. the defeat of the rebel ar
mics and the restoration Of our paper money
system to a healthy condition. We rely upon
General Grant to do the military work assigned
him; we call upon Congress to adopt the ways
aud means demanded to save the national
credit and currency; aud we admonish the ad-
ministration that between the issues of the war
and this money question the events Of single
month may precipitate . sweeping political re-
volution.
THE WALL STREET GOLD SPECTATORS There
were some rather startling fluctuations 10 the
prices Of gold at Exchange place yesterday. At
ten minutes to ten in the morning the gold
dollar started at l,SOi. in paper three minutes
later il was Isl; thirteen minutes still later,
l.S5, and twenty minutes after this IL had run
up to l.S9 This was twelve minutes past ten
O'Clock; but sixteen minutes later gold had run
down to 1872. Thus within an hour our paper
money suffered a depreciation Of nearly nine
per cent. and recovered six of it; and at
the close Of the day the price ran down
to la. This is, indeed gold gambling run
mad There is no cause for these violent fiuctua.
tons They are the hap-hazard ventures Of the
faro banks. But the community at large may
we'll cry out to these gold gamblers. a. the
frogs in the fable did to the boys who