The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-18

dollars was lost and won, and the stakes were
thirty thousand dollars ON the turn Of q card,
instead of few paltry shinplasters All the
city knew of this grand contest, and probably
some very brilliant and distinguished charac-
tiers witnessed It. Why were the police asleeps
Or do they regard gambling as an offence only
when practised for few paltry dollars by men
with shabby coats on their backs and no
political influence behind thsms
Absurd specuIntions Of the Rebel Press
Revelation at tho North.
We notice that some of the old rebel news
papers of the South, which unfortunately still
maintain an existence, are trying to draw con-
ISOLATION from the expectation that the North is
about TO 60 through terrible financial revul-
sion. With bitter feeling against the North,
and blind to their VWn interests, these imurac-
ticable and incurable rebels seem to have
vague sort of hope that financial crisis may
serve them or their exploded cause. Now, we
take the trouble to inform those silly writer's
that there can be no general or great revulsion,
and that II there were to be il would not help
them. Nor could the persistent resistance OF
the Southern States to reconstruction or their
prolonged exclusion from the government
bring about such state Of things. The South
would be injured, its productive power par
alyzed in q measure, and the North would
suffer TO the extent Of losing so much business
and in the heavier burdens it would have to
bear; but we should go on, Notwithstanding, in
swbt Of nd arif
We want and will have the productions Of
the South and if the imprscticable rebel
Southcrncra oppose restoration, and, therefore,
the development of their country, we will sweep
them out Of the way. But neither our pros
porous existence nor the prevention OF .
revulsion depends upon the South.
There are good many silly people at the
North, too, who sometimes talk OF coming
reyulsion: There can be no reyulsion while
the volume Of currency is abundant and ire
deemable In specie. A few people may fail
through overtrading or ingredient manage
ment Of their business. This occurs at all
periods ana IN al countrics-ia spccie paying
times a. we'll ~ 81 other times bat II n impoe-
sible there should be anything like general
financial trouble. We are issble to such a
disaster at any time WHEN specie alone is the
legnlized currency, because when foreign
exchange is largely against us and other
countries draw the precious metals from US.
we are lef, without sufficient medium for the
purposes Of trade. This, as every business
man knows, tends to create rcvulsion. We
know, however, that foreign countries viii not
draw away our paper currency under any
circumstances 40 "a to make the least pcTcep-
tible impression upon our internal trade and
commerce. Revulsions occur for the want OF
money-never when there Ii q good and
steady supply; and our legal tender currency
rs as good money as any otber--as gold
itself-for all the purposes Of internal trade.
Besides, the country Is in healthy, prosperous
condition; We are developing our resources
more and more every day. and we are APP
preaching, as rapidly il is healthfnl 10 do so,
. specie basis.
We advise our Southern contemporaries TO
give up their silly notions about the North.
They said the grass would grow in the streets
OF New York for the want OF business when
they started the rebellion. They see now how
absurd their views were. Let them learn from
the past to be wiser In the future. II they will
be revengcd upon tho yankees" we can tell
them how to do it, They have richer and more
varied resources than the North, and II they
will follow the example Of the Ysnkees and 20
10 work in cultivating their lands opening
their mines and establishing manufactures
everywhere, they will be able to outsell the
North aud the rest Of the world in almost all
the way to be revenged, and we shall take such
revenge in good part We hope they may have
the good sense to drop their nonsensical and
useless hostility and political bubbles and take
our advice.
THE HUNGARIAN observation-disclosures SERIOUS
AUSTRIAN Du11cUITY.-The Hungarian ques-
ton bids fair to absorb the attention Of Europe
at an early moment II will be seen by
reference to our current European news by
the cable that the Austrian Emperor has
peremptorily refused 10 accede TO the demands
Of the Hungarian Diet touching Hungarian
State rights, and from the present aspect OF
things new trouble is In store for the unfortu-
nats house Of Hapsburs. Tho heavy Losses
which Austria suffered In the late German
campaign force her statesmen to look eastward
for . field in which to repair these disasters
The Hungsri1ns, aware Of this, seem deter
mined 10 take advantage Of the crisis; for they
have been pressing their demands upon the
government at Vienna with vigor and . per-