Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1865-01-25
LEADER.
WHpKEspaY. IAhuARY es.
Ehe Financiai Panie ana tae chanc


Of Peace.
The unusually psnicEy condition Of the
markets during the past week is an indica.
tioD, compTehensible to the most obtusg
mind, thst there are powerful influences al
work, which have very important bearing
on the question Of peace. Money is the most
sensitive barometer of human hopes and
fears, and whateTer msy be said of gam
bling in gold, there ia no doubt but that
the rise and fall in its value and the COZ
sequent rise and fall of all other products,
isthe best barometer of the prospects of
the nation and tho chances for pescs. The
demand for foreign Exchange, the volume
Of the paper currency, and the military
situstion Of the nation, are the three chief
influences at work regulating the value of
gold. In time of civil war, however, the
lstter is by far the most potent 1t must
be due, therefore, to tie present military
situation to which the rebellion has been
brought, that the excited andpanicky con-
dition of the markets during the past week,
must be referred The decisive victory of
Shermsnst Savannah; the probable seizure
of Charleston, and possibly of Branchville
and Augusta; ths consequent cutting of
the railroad communication of Richmond
with Georgia and Alabama; the capture
of Fort Fisher and Wilmington as con-
sequence; the opportunity for making
Wilmington new base of operations
against Lees Scuthern lines of communica-
ton; the almost entire snnihilation of the
rebel forcas under Hood; the movement
against Mobile; the withdrawal Of Kirby
Smith to Texas the prospective and ineY-
liable evacuation Of Richmond; the des-
pgqdsncy of the people Of the South, to
eosassal which no effort is made by the
rebel press; the evident quarreling between
Davis and the Governors Of several of the
rebel States; the wholesale denuncistions
of Davis, and the voluntary admissions by
the rebel press thst his rule is "whirling
the Oonfsderscy TO thedeviI;n the insction
Of the rebel Congress in regard to prepsr-
ing for the spring campaign, thus confess
ing to an exhaustion of their resources
the mysterious passage TO and fro from
Washington to Richmond of Mr.. Blair,
and the weH-kspt silence in regard to its
objects and resultsg-an these causes, opera
ting concuTently, hsve produced pro-
found impression on the public mind that
tho days Of the rebellion a1e numbered,
and that peace is near at hand. JEFF. Davis
may show bold front, as of coure he will
until peace comes, but yet the indications
of speedy close of the war have their in
huenee. Greenbscks are looked upon as
the most valuable property to hold. Gold,
railway and mining stocks, all of which
have been inordinately inflated, are tum-
bling until their holders, grown crazy, are
very ready to sell, but hare no anxiety to
buy. Everybody is seller. The demand
for everything but greenbscksi is greatly
inferior to the supply.
To say theFeis no logic or reason in ell
his, is to denOunce the operation of laws
IS fixed as The laws Of nature. No one
an deny that the present military status
If the rebellion is exceedingly low, and that
,oming events threAten to make it more ,
o. Though we do not cherish any very
trong belief that peace will come sudden
=, and that there will be no more start
ing fluctuations in the hopes snd fears of
he nation, it Is certainly not unreasonable i
o look for the Inauguration of informal :
egOtiations at lesst, that msy soon result, !
practically, IL q termination of the war.
4 the meantime, those who are carrying :,
roduce and merchandise with view to 8
Of high prices, had better be on :
heir guard. The crash that may come,
lay bury them il financial ruin. .