country. But it must be obvious that a serious check, if not an entire stop, will be put to this arrangement if the specie thus freely paid out shall be sent to Europe, as it must be if this measure of importing goods should be pursued instead of circulating among our own people and returning in the natural course of business to the source whence it emanated; and not only so, but should a panic arise from the fear that the country is to be drained of specie (and that will be the inevitable consequence of this movement, if continued) the people will stop investing in Government securitiess will follow.

The banks have taken a grave responsibility, and acted in the most patriotic manner, based upon their entire confidence both in the ability of the Government and its disposition to do all that can be done to make the burden of this dreadful war for the maintenance of our glorious Union bear as lightly as it is possible, in the nature of the case, upon the industrial classes as well as upon all the nature of the case, upon the industrial classes as well as upon all the great interests of the country. But if the enormous amounts which they place at the disposal of the Government are to be used in drawing their lifeblood from them, they would be obliged to abandon the system which has thus far worked so admirably. This would throw distrust upon the Government securities, stop individual subscriptions, and spread confusion and panic where now are only confidence and prosperity.

In the second place they would urge the rescinding of this measure on the ground of justice-justice to the people who are so nobly pouring out their blood and treasure for the maintenance of the Government and the institutions of the country. The Government has made no appeal to the people in vain either for men or money; hardships, privations, and sacrifices have been cheerfully borne, but should it not be entirely reciprocal? And where it is possible should not the interests of the people be protected? The first question, therefore, to be asked in this connection is, is it absolutely necessary to go abroad to procure these supplies? We answer most confidently that, in our judgment, it is by no means necessary. The large order sent to Europe some time ago by the Department for blankets seemed to be a proper and necessary precaution to insure the soldiers an ample supply, as the sudden call for so many blankets and clothing of various kinds found the woolen machinery in part otherwise occupied, and it could not be changed at once and put upon coarse blankets and heavy cloths, hence there might be more uncertainty as to an ample supply of the heavy blankets for soldiers and horses. To that measure there was no objection; necessity required it, wisdom justified it, and patriotism applauded it. But the present case is very different. Our woolen mills have incurred great expense in altering their machinery so as to execute the orders of the Government. Many of them are running night and day, and now that the difficulties caused by the dry summer and the delay occasioned by change in machinery are over they are undoubtedly producing at a rate which will be sufficient by the 1st of December to give complete suits to all the men now in the field, supposing the number to be 400,000, and to repeat this every six weeks thereafter. The amount of woolen machinery, as may be seen by a statement* carefully prepared by the Board of Trade of this city, and published by them some years since [1859], and which is hereto annexed, shows that cloths enough can be made in this country to clothe 400,000 to 500 made in England or Germany and sent to this country. This

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*Omitted.

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