The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-26

who Toll IN battle put on the weeds OF mv>i
ing; we saw the MANNED and crippled broushs
back from the front; but beyond this il was but
dream. 1t came and passed away like a
storm in the winter, leaving here snd there
mark indicating that something unusual had
transpired. The people in many sections Of
the South, however saw more Of its solemn re-
alitics Families were broken up and homes
destroyed, oil of which was but the legitimate
penalty Of rebellion and attempts to destroy
the government But even this hardship and
suffering is small in comparison TO that which
will follow the conflict that Congress is forcing
upon us. The fanatics of that body are leading
US, step by step, into bloody contest that will
extend to every section the country. Its evil
results, its hardships and devastation, will not
be confined to one section, but extend over oil
localities, east and west, north and south.
war of races opens wide the door for rapine and
murder. 1t affects the highest and the lowest.
We have but TO refer to the horrible scenes
that transpired in St Domingo at the close Of
the last century and those Of Jamaica but
few months since to realize Its horrors and
dangers During our late war all could
count upon the enjoyment of life. No person
was in danger of the bullet unless he was in
front when the contending armies stood face
to face. But let war Of races be once fully
inaugurated-and at the present rate it will
como sooner than we expect-and the assassin
is at the door of every citizen, at his side
when he walks the street, and he knows not
when be leaves his home IN The morning
whether those whom he holds dear will be
alive Shen he returns at night. The contest
will be the most fierce in the South, for thefe
the races are more evenly balanced: But
it is idle to suppose that we shall escape
its dreadful results here. We write thus ear
nestly, for we see the storm coming. We see
the fires burning and Congress engaged in fan
ming the flames and increasing the danger. 1t
is impossible to look dispassionately upon
their work without seeing the dreadful calamity
that will visit US unless measures are
taken to arrest its progress. We saw enough
in the riots in this city, we have heard enough
of the deeds along the valley of the Mississippi,
to warn us Of the danger ahead. Seeing the
whole country standing as it seems to US on
the verge of precipice, we raise our voice of
warning, in the hope that even Congress may
pause in the storm and see where it is
drifting. The conservative portion of that body
have the strength and power to arrest the evil
if they only have the courage. Will they not
take hold like men and assist the President in
resisting the fanatieal tide, and thus earn for
themselves the plaudits of their countrymen?
Threatened Financial RevuIsion in
England.
By the news from England il will be seen
that heavy financial revulsion is anticipated.
There have been many indications that 1t was
to come at no distant day.
There has been steady, progressive rise in
the rates Of discount at the Bank Of England
for seven months. In August last the rate was
three per cent, since when II has changed
soven times. 1t is now eight per cent, which
is a. high as it has ever before gone, even in
all the great fluctuations Of the rates which
have occurred since the enactment Of the Bank
Charter net in ls44-the act that abolished the
usury lses, which had fixed interest at five per
cent But high as the rate is, the appearances
are that it is to go great deal higher, and
garded as the possibilities of the immediate
future.
1t is quite possible that England is some
what troubled at present by real scarcity of
money. America, since the close OF the war,
has drawn money from continental Europe to
q great extent, with but little other returns
than government securities. Much that ordi-
nariIy goes to England has thus been diverted,
and much also. has been directly drawn
cause that English writer's attribute the
trouble they expect. II is all, they say,
because England has given such heavy
credits TO America. There has been also
great activity in England in almost every
branch Of legitimate business, and conse-
quensly great demand for circulating medium.
According TO certain school OF fnanciers on
this side the water, We have been in danger
Gus condition because the demands Of business
were not quite up 70 the amount of money
afoet, and we have been tremendously urged
TO cut the amount down by the most perilons
OF means: snd, at the same time, England has
been distressed and hcr. as de cramped by TIE
other extreme. This scarcity OF money has
doubtless Influenced the bank rate in its own
degree, and those high rates are burden on
the poor, at least as positive the burden
Of currency not eqnal to specie in value.
But The mere scarcity Of money does not
sufficiently explain the already great rise in
the bank rate, much less would il explain such
a rise as English fnanciers expect. The high
rates mean the apprehension Of coming
storm. They show how imminent the bank
directors believe financial crash 10 be. Speech
la,ion has gone to great extreme. In 1863
1864 and 1866 there were eight hundred and
thrty-two new joint stock companies organized,