Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-04-20
The Financial FURRY in New York
The Situation Now and Thirteen
MOnGhR Arm

The Financial FURRY in New York
The Situation Now and Thirteen
From the N. Y. Post.
About thirteen months ago we had q
furry 10 the money market not unlike that
which now exists, aud in March, 1863.
one year ago-gold stood inst about where
II does now. Let US compare the situation
then and now.
We were then just feeling tue 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 oriti-
cal; the paralysing Influence of our disss
trOps peninsular campaign had been fol-
lowed by the victory of Antietam, from
which Mcclellan could draw DO greater
fruit than that announced by his celebrated
Dispatch of Friday, 18th September: "The
rebels had retreated and Pennsylvania wGs
lsRte" Next came our reVerses in the pc
littcal campaign, and Burnside's defeat at
fredericksburg. Thus in March, 1868, our
army under Hooker was preparing for
contest with Lee, whose compact army
under StoDewall Jackson aud other lead.
ers had Gerlain acknowledged advantages
over our larger army, commanded by Gen
erals whose internal dissentiOns were no.
| torious.
With our political and military prospects
thus endowed at home, our prospects
I 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 position then
with gold as high as now or higher, Va,
! were just beginning to place the Eve hun
dred millions of i've twenty bonds, which
were counted upon to fund the currency
and carry on the war. The people we're
beginning to take them, but the capitalists
! were standing aloot. Now, mark the re-.
suit from that time forward, aud draw
from 1T that courage which is so necessary
We lost the battle OF Charlottesville,
and saw the Mississippi still closud and au
apparently doubtful struggle going ON iu
the Southwest Yet the people rallied to
the rescue, the soldiers cot sn example to
their officers, the industrious classes set
one TO the capitalists, and both were we'll
followed. Gold fell gradually from l75 to
l25. We have placed in tho hands of all
classes Eve hundred millions of our bonds
| with Fteadiuess which gives assurance of
an equal success with our future loans
We have developed resources which sur.
prise the most sanguine ofonr friends and
alarm our enemies on both sides of The
Atlantic.
Our experiment With the negro race has
been entirely successful both 10 military
and Industrial point of view, and iusti6cs
the striking calculations of one of our
most experienced fnancierp, 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 fruitful source of for
eign intervention has disappeared from
our catalogue of=dangers. Europe will this
year get nearly three million bales of cot
tou, and her manufacturers and ours are
again prosperous: the British iron clads
are stoppedi the British peUple are with
Us; the negro reserve of eight hundred
thousand men are without disorder or in
surrection coming iato cur ranks, aud me-
gro soldiers, to prove their capacity. have
effort Hudson and Wagner and OimstSe
fought their way not ouly through the
llaes oil our baIbarian enemy, but through
the preJ1dicea OF our northern traitors,
- " have beaten the enemy last JnIv nj
oaEs aud Gettysburg, and in the
So yesst ~ az eNs York, where tbeY maize
most Desperate rally, tncfs aIfFeIy-
sill in Ohio aud Pennsylvania, and New
HAnpHhire and Connecticut aud we now
AkkSSAb veteran
army led by the hero of Yickeburg and of
Chattauooga, and larger in effective men
thae ever before. We see tue whole val.
ley OF the Mississippi in our possession,
the southern line OF Texas held By our
armies against foreign and domestic foes.
ana need it be said, with position SO i'm
proved in every sense of vieW-military.
political aud fuqncial-how senseless is
the late panic, panic it may be calledI
The only want to-day for the restoration
or confidence Is the prompt and energetic
action of Congress. They have wasted
precious time, and this financial culver is
the inevitable response 10 their neglect =
Let them now 60 To work like men of
sense. Let them pass a strong tax bill
| Let them either tax out of existence the
oSate oank paPsr which hns caused this
present Imitation, or feet the same obiect
| by SO amending the National Bank hill ne
70 induce all the State banks, big as wen
as little, to become its friends, and gel "a
work promptly as well as efficiently under
lts provisions. Let them crush once far
MI the pretensions of a spurious states
| rights party to tax our national h.Di-, 4
upon their national bonds; let them F,,s;,.s
all the bills of practical Importance for re-.
cruitlng our armies; for PROTECTING the
rights and industry of our four millions IF
treedmeui for extending our navy: far
strengthening the hands of the government IG
and then let them adjourn.
When Congress has begun. to do its 1ntv
In grim and faithful earnest, we shah ss,
confidence restored. aud, even under t6s
same dreadful Vtcissitudes of warwbich
occurred last year, be compelled to record
the same return towards sound currency
aud state OF tranquility In all otber
respects than the action Of the natioosi
Legislature We are infinitely better Il than
last year, and as the responsibility for the
existing state Of things lies upon its mem.
oers. let public opinion. aching through !
the press aud other proper c6anSels, mako |