Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1864-04-28
The Financial FIurry in New
lYork--The Situation Now and
Thirteen Nj enths Ago.

! About thirteen months ago we had nur-
ry in tho mcney market not unlike that
which now exists, and in March, lS63-one
year ago-gold stood just about where 1t
does now. Let us compare the situation
| then and now.
We we're chen Just feeling the full effect
Of the success of the spurious "Democracy"
in several State elections, especially in the
great State Of New York; the North seem
| ed, to superficial observers, on the point of
dividing; our military situation was oritcal
/ the paralyzing influence of our disastrous
peninsular campaign had been followed by
! the victory of Antietan, from which Nc
/ Celan could draw no greater fruit than
/ that announced by his celebrated dispatch
| of Friday, 10th of September: The rebels
had retreated and Pennsylvania was safe.
| Next came our reverses in the political cam
paign, and Burnside's defeat at FIedcricks-
burg Thus in March, 1868, our army un-
der Hooker was preparing for contest
with Lee, whose compact army under Stone
wall Jackson and other leaders had certain
| acknowledged advantages over our larger
army, commanded by Generals whose in
! ternal dissensions were notorious.
With our political and military prospects
| thus Swallowed at home, our prospects
abroad were still more gloomy The Brit
! ish rebels we're fitting out pflvateers 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 block ckades.
! What wa. our financial position them
! With gold as high as now or higher, we
were Just beginning to place the five-hun-
! dred millions OF five twenty nonds, which
were counted upon to fund the currency and
carry on the war The people were begin
ming to take them but the capitalists were
/ standing aloof. Now mark the result from
| tha. time forward, and draw from it that
courage which is so necessary.
| We lost the battle of Charlottesville,
and saw the Mississippi still closed aud an
apparently 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 hoth were well
/ followed. Gold iel gradually from % to
! 125 We have placed III the hands OF all
classes five hundred millions of our bonds
with a steadiness which gives assurance of
an equal success with our future loans
We have developed resources which sur,
prise the most sanguine OF our friends and
alarm our enemies on both sides OF The At
! lantic
been entirely successful both in a military
and industrial point of view, and justiiies the
striking calculations one of our most expe-
rienced financiers. Robert j. Walker, that
the additional profit of fee labor would in
one year equal the whole national debit
The cotton famine has passed by, ana this
fruitful source of foreign Intervention has
disappeared from our catalogue OF dangers
Europe will this year get nearly 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 in
surreciion coming into our ranks, and negro
soldiers. to prove their capacity, have at
Port Hudson and Wagner and Oustee
fought their way not only through the lines
of our barbarian enemy, hut through the
prciudices of our Northern traitors.
We have beaten the enemy last July at
Vickshurg and Gettysburg, and in the
streets of New York, where they made their
most desperate rally, more lately still in
Ohio and Pennsylvania, and New Hamp-
: shire and Connecticut; and we now stand a
united people, with veteran army led by
the hero of Vicksburg and of Chattanooga
and larger in effective men than ever before.
We see the.whole valley of the Mississippi
! in our possession, the Southern line OF Tex.
as held by our armies against foreign and
domestic foes, and need it be said, with a
position SO improved in every sense ofyiew
military, political and financial--how
f senseless ia the late panic, if panic it may
: be called!
f The only want to day for the restoration
; of confidence is the prompt and energetic
action of Congress. They have wasted pre-
; cious time, and this financial quiver Is the
t inevitable response to their neglect Let
7 them pass strong tax BILL Let them eth
or tax out of existence the State bank paper
s which has caused this present imitation, OF
g effect the same object by so amending the
n National Bank bill as to induce all the STATE
e banks. big as we'll as little, to become 1t,
r friends, and get to work promptly as we'll al
!, efficiently under its provisions. Let then
r crush once for all the pretensions OF .spu
rious states-rights party to tax our nationa
s banks upon their national bonds; let then
t pass all the bills of practical Importance to-
p recruiting our armies; for protecting thu
4 rights and industry of our four millions o
. freedmen; for extending our navy; 10
4 strengthening the hands of the government
o and then let them adjourn. 7u
e ID When Congress has begun to do its dut.
y in grim and faithful earnest, We shall se'
It confidence restored, aud, even under tn
t same dreadful vicissitudes OF war which oc
Il cured last year, be compslled to record tn
I, same return towards sound currency an'
e a state of tranquility. In all ther respect
IS than the action OF the national Legislature
IS we are infinitely better off than last .year
and as the responsibility for the existin
i state of things lies upon its members, lie
lie public opinion, acting through the pres
1t and other proper channels, make them fec
m not only what is expected of them, but II II
ID necessity Of doing their duty at once W
o. have had enough idling, enough silly pei
y sonal squabbling enough no less silly part
K san crimioaton and recrimination, enoug
1t speech-makng for constituents and poster
Of ity, and we want active, solid, practtieei
e. work. The whole nation is disgusted II
,g elfabiy with tho petty exhibitions OF part
n. tactics aud jealousies at Washington, an
IN demands united thorough-going labor tc
p the common good. .u7 .las .e- rn