The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-19

The Financial Excitement.
For four years previous to the LIST Of May
last the public mind was engrossed with the
events of the war, and the excitement produced
by army and navy movements and operations
during that period left little room for the exer-
else Of any other thoughts or ideas. The war
is now at an end, the clash Of arms is no longer
heard in the South and Southwest, literally
"all is quiet on the Potomac" and the ION to
Richmond" cry comes now only from the SOW
ereirns of commerce and our merchant princes.
But the seeds of whirlwind were sown during
the conflict and the storm must be gathered,
and the devastation which will mark its track
be cleared away, before we will be able to set
tie down into the quiet routine of trade which
we enjoyed four and q half years ago. Finan-
cial difficulties and excitements, such as have
marked the current week, are likely, under our
present system, to be of periodical occurrence
for several years to come. We are now ripe
for revusions. We are likely soon to have a
national debt of dimensions greater than we
can carry in its present shape; the policy Of
the government in regard to its obligations is
complcative, and tends to lead its fiscal affairs
from bad to worse; there is wild speculative
spirit rampant In the community and maniac
desire for speedy and easily acquired fortunes
Of no mean proportions has seized the minds Of
thousands Of those who were once considered
quiet and substantial business men, who in their
greed for wealth leave their counting houses
and bank books in the hands OF irresponsible
hot oil I'D hv tho
alurements OF fashion and fast life. From all
these sources we must expect will arise commo-
tions and commissions. panics and excitements,
forgeries aud failures, and defalcations and
bankrupts.
The question naturally arises, what can be
done to avert this catalogue ofills' We answer,
the government and Congress must take the
matter in hand, and inaugurate conservative
policy perfectly regardless OF the opposition of
politicians and the bowls OF spectators. The
internal revenue system which is now at loose
ends and entirely unintelligible, must be
overhauled and moulded into shape that
will bear public inspection; the sinecure
places connected with il must be brushed away,
and its machinery put in sucb order ss 10 be
easily under the control Of the Treasury De-
partment. The national debt must undergo q
remodi6caticn. All the various bonds and
notes, the gold interest and the currency inter-
est. the Eve per cents and the six per cents. the
seven-thirties and the compound interest bear
ing representatives Of money. must be consoli.
dated into one grand fund or stock. bearing a
| uniform and reduced rate Of interest. When
this is done, and not before, will the people
understand the extent of the obligations Of the
government; and unless some changes similar
TO those herein indicated ore produced, we
must not be surprised at sudden fluctuations in
prices, or be astonished il panics arise with
every little disturbance that occurs in monetary
circles.
By reverting to the financial history Of Eng
land during her attempts to restore her finances
war with France. we find her course marked
by just such events. Before her purpose was
accomplished. and her monetary system safely
secured, her agriculturists were driven from
their farms, her landlords were impoverished,
her factories were closed, her commerce was
and nearly one.quarter Of her population were
pauperized.
Our country IS too great in resources to be
devastated 10 the extent that England was dur
ing the time we speak of; but we must never.
theless admit that there is danger approaching,
and that, unless we alter our course as sure as
daylight follows darkness we will encounter
great financial revulsion, that will at least carry
many Of our sanchest business mon beneath
the surface
Tue INVESTIGATION or THE ARROW ExPLO-
sIoN.-Some very important testimony was in.
troduced on Thursday at the investigation
before Coroner Cover into the causes Of the
explosion Of the boilers of the steamer Arrow.
1t was furnished by Mr. Douglas, government
inspector ofboilers who swore that, to the best
Of his opinion, the boiler was carrying fifty
D0unda NJ ataaun IN tho aOu 70 in oh m tho t;,n~