The New York herald., 1864-10-29


Mr.. Benjamin, the rebel Secretary Of State,
has issued financial bulletin for European
purposes. which we published 10 our columns
yesterday. The intention is to show the capi-
talists on tho other side Of the Atlantic the des-
perats condition Of the finances and the i'm
menss burden Of the debt Of tho United States
government and thus damage our credit and
help along the falling fortunes Of the rebellion
among lite now few and rather weak-knsed
synpatbizers in Europe. 1t is endeavored to
be shown that our national debt is greater now
than that Of England, which is fallacious; but
even il 1t was, there is more wealth In the
square acres of Pennsylvania alone than all
England possessed when her debt was con-
traoted. The oil, COAL iron and wheat alone
In that one State, would almost pay the interest
on our public debt; while there is still Cali
fornia, which has already produced six hundred
millions in gold, aud tue bouudless acres of
the West, teeming with grain, the necessity of
life all the world over. Even as far as the
growth of cotton aud tobacco is concerned, we
hold now one-third Of the cotton States and
both the principal tobacco States-Kentucky
and Tennessee.
The national wealth Of tho United States is
absolutely incalculable. Gigantic az il already
is that which remains as it were hidden in
the bowels OF the earth, it is fair to estimate,
iseven still more vast Every day we hear Of
some new source OF national wealth. Lot US
glance at 1t in detail. At one time California
opens her gold mountains and placers
and produces enough of the precious
metal to afford basis for the culating
the gates Of the gold and silver mountains of
Nevada, Idaho and Montana-a tew years ago
unknown to the adventurer or geologist--are
opened and fresh sources of mineral wealth
are discovered. We publish letters to-day
from these territories showing their wealth In
precious metals. Then VIC have the discovery
of immense beds Of coal all over the country,
with great deposits of iron, copper, lead, and
last, but not least, the newest, aud destined,
probably, to be the greatest source Of wealth
for a single article the country has yet
produced from mineral lands-petroleum
In addition to all these fountains Of
national wealth we have the wealth Of
Immigration, by whioh the old coun-
tries lose not only money but muscle and
brains, and We gain these important elements
of national greatness.
We shall have this year hundred mil
lions in gold and silver from tho
rocks and placers and gulches Of the Pacific
coast. We shall have from GOAL and iron
and other metals one hundred and forty mil
lions. We shall have from petroleum, fresh
from the virgin earth, seyenty-ive millions.
We shall have from the Old Worid-for the
volume increases monthly perhaps nearly
million souls, and more than thrice that amount
in sinew. All these we shalt have this year, be-
sides corn enough to spare TO feed the starving
people In Europe. We believe thai no debt
can be incurred by the war, giving it reasona
BILE duration, that cannot be redeemed by the
United States within twenty years. The war.
instead Of rstarding our national growth, has
only given it an unusual impetus. The foreign
newspapers have accelerated tae movement Of
immigration by disclosing the unparalleled
resources of the nation; and the liberal bounty
offered to each emigrant who enlists will spur
on the movement until some parts Of Europe
will be literally depopulated. People in
Europe have begun to discover that they can
come to America, and, by the generous bounty
Of tho government, can settle down on snug
farms aud become as Independent as any who
tread the soil. Ir the increase OF imm grafton
continues in the ratio it has for fcw months
there need be no fear Of a draft.
Aud now look at the recuperatve energies
OF this mighty natlon:--By the war we lose our
cotton, and men aud women wear more wool
leu. Tnerc is more fax planted aud more
sheep shearsd. We loss> our naval stores by
the bur1ing Of thousands upon thousands of
the rich pine trees of North Carolina, and
petroleum gushos forth from the earth to sup
ply the places OF tar, pitch and turpaotiue.
Our commerce ia somewhat crippled, but our
tremendous national marine supplies place
for our sailors, and gives them handsome
bounty besides. We lose, we are sad to say,
many good and brave men by the war, aud
immigration helps to supply their loss. And
while all this Is being done in the North what
can be said of the South! The war has caused
tho people there to spring at once, as 1t were,
from the cradle to maahood--from a state Of in
dclence to a state Of nerve aud activity scarce.
ly paralleled in the history Of nations Of any
time. Again united as a nation, the United
States will present power that will stsrtie
the world. The resources Of the land will
enable It TO do this; for they are, indeed meal
culable.
But what Is the financial position OF the
rebel States! Their Secretary of the Treasury,
Mr.. Trenholm, admitted tho other day that
their debt was two thousand millions, and to
meet this there arc only the resources OF six
States, and even portions of thom are held by
the Union army. Their bonds are SO worthless
that according to the same evidence, s3Oo,oOo
In them are only worth s15,o 900 in gold; and a.
for the currency generally, 1t ia regarded as
worthless even by their own people. Desertcrs