The Express.
London, England, 1861-01-07 00:00:00

THE EXPRESS, MONDAY EVENING, JANUARY 7, 1881.

its internal arrangements ire frequently worthy of
being watched with at least equal attention.

The magnitude of the commercial demand for
money at the turn of the year, and the absorption
of the currency occasioned by the great increase
in the her of payments at this season, are well
illustrated in the fact that, during the last week,
when the demand in the discount market was most
pressing and the supply on offer the scantiest, the
amount of Bank of England notes actually in cir-
culation was much larger than in the week pre-
vious. Last Friday night's return states
the amount of the active circulation at
20,511,395/., being 867,095/. more than in
the preceding return. This circumstance also
tends to confirm the vies- that the tightness of the
money market arises rather from the caution of
the dealers and of other houses than from any
absolute deficiency in the supply.
It will be observed with regret that the im-
presaions with regard to the prospects of trade at,
the commencement of the new year are not of a
very hopeful order. The real strength of our
position consists in the fact that trade is
--so far as we can judge—sound. As
to its probable extent and the prospect of profit,
we must wait before we can form any sanguine an-
ticipations, the elements of disturbance, both 611111 n.
dal and political, being unusually numerous. The
cotton interest is looking at present with consi-
derable anxiety to the progress of the crisis in
America, as bearing upon the supply of that
article, which is as indispensable to our people as
corn. For our immense cotton manufacture to be
really prosperous, the raw material must be
cheap, and this means that the supply must
be large. But the fact is, that cotton
is now about I id. to I id. per lb. dearer than it
was in last August, in spite of the check which is
ordinarily given to the speculative holding of any
kind of produce by a decided rise in the value of
money. And, as regards the supply, the statistics
are of rather a striking nature. The stock in
Liverpool has run down to a point only about
100,000 bales in excess of that held at this time
last year ; and it is pointed out that this excess of
100,000 bales is entirely swept away, if we ex-
tend the comparison so as to embrace
the quantity at sea for this country
at the two periods. But, on the other
hand, if the estimates of the American crop are
correct in placing it at something near four millions
of bales, it is evident that the long-promised cot-
ton famine is once more indefinitely adjourned. If
there be not abundance, there will be no scarcity.
It is quite clear that the falling off in the ship-'
ments of cotton from America, which amounts to
about half • million of bales, as compared with
the quantity despatched at this time last year, is
occasioned solely by the crisis there, and
by the dislocation of the exchanges,
first as between the North and South,
and secondly, as between America and Europe.
In America the price of cotton has fallen, whilst
in England it has risen. If commercial calcula-
tions count for anything, this double movement
must infallibly stimulate the transport of the raw
material from the place of production to that of
consumption. It is sufficient for us to be assured
that the supply exists in moderate quantity.
America wants to sell it as soon as possible,
and England is anxious to obtain a good
supply. It may, therefore, be reckoned as oer-
tain, that, although speculators may make a har-
vest out of the fears of the spinners and mannisc-
turas, not many months will elapse before Liver-
pool will once more see her stores well filled. The
question as to how far the civil strife in America
—tor such it now really is—will interfere with the
tutu* production of cotton, is one of less pressing
interest, yet, as involving a new element of specu-
lation, it will probably not be without its effect
upon the market.

_ Notwithstanding the causes of anxiety which
have arisen in various quarters, the complaints
from the seats of our manufactures are not nume-
rous. In the silk and lace manufactures depres-
sion prevails ; and neither the hosiery nor the
iron trade is in a satisfactory condition. But in
the larger branches of industry steadiness conti-
nues to be shown. In the cotton manufacture,
more particularly, great activity is kept up
through the satisfactory extent of the orders in
hand.

. LATEST INTELLIGENCE.

THE UNITED STATES.

SECESSION OF SOUTH CAROLINA.

In the tioutlient Convention at Charleston, on
the 20th ult., the President announced the
appointment of the committee to ilraft a sum-
mary of the cause of the secession of South
Carolina ; also of four standing committees.
A resolution to appoint a committee of
thirteen for the purpose of providing foe the
assemblage of a conventiom of the seceding states,
and to form a constitution, was adopted. Mr. Inglis
made a report front the committee to prepare and
draft an ordinance proper to be adopted by the
convention :

"An ordinance to dissolve the Union between
the state of South Carolina and other stated united
with her under the compact entitled, the Consti-
tution of the United States of America : We, the
prop', of the state of South Carolina, in conven-
tion assembled, do declare and ordain, and it is
hereby declared and ordained, that the ordinance
adopted by us in convention on the 23rd day of
May, in the year of our Lord 1788, whereby the
constitution of the United States of America was
ratified, and alau by all acts and party of acts of
the general assembly of this state ratifying amend-
ments of the said constitution, are hereby repealed,
and that the union now subsisting between South
Carolina and other states under the name of the
United States of America, is hereby disoolved."
The ordinance was taken up and pared by a
unanimous vote of 169 members, at a quarter past
1 o'clock. •

As soon as its passage was known without the
doors of the convention, it rapidly spread on the
street, a crowd collected, and there was immense
cheering.
The subsequent discussion was as follows :

Mr. MAGRATH—I think the special matter of the ordin•
aece should be immediately considered. To my understand-
* there is no collector of the port nor postmaster now
within the limits of South Carolina. What you have done
today baa extinguished the authority of every man in
Carolina deriving authority from the general government.
I am in favour of this body making such provisional arrange.
meats as may be necessary in the interval which may exist
between this moment and the time when the legislature
may act. lam not, however, to be implicated as sanction.
tag the idea that them is no lawful authority within the
Welts of the Mate except the geseral government.
Mr. Ormao—After South Carolina abrogated the oonstitu•
titan of the Coiled States, am its laws still in force? I
think not. All the laws of coupon fall instantly to the
ground on the act of secession.
Mr. Cosirrne—As an immense chasm will be made in the
law, and as it is necessary to avoid inconvenience to the
people, we must make some temporary arrangements to
carry on the government.
Yr. Gnaw —Them is no law on the subject of the tool.
lection of the duties in South Carolina now. We have now
accomplished the work after forty years.
Mr. liaises—The coogrees of the United States is no
longer our government. It will be for our legislature to
say what laws of the United Slates shall be continued sad
what not. The simple act of secession does not abropte
all the laws. We have a great many laws on our statute
books which were pealed by the governor and the privy
emmeiL

Mr. Gintori--The congregational laws for the collection of
revenue are for the support of the federal government at
Washington ; and all our poet-office laws fall on our disso-
lution with that government.
Kr. Mw.—We have to deal with facts and stern mall.
time. We must prevent confusion, anarchy, and the de-
rangement of our government affairs. Thins must for the
present remain in statu quo, or confusam will arise.
Mr. HAvsao—Sudden action is injurious.

Mr. Cworrieur—Two questions are involved—power and
duty. We must preserve our people not only from incon-
veniences, but chaotic condition. We must revivify such
laws as will best preserve us from caLimities. As to duty,
will you turn the ship of Mate adrift—what will become of
the °Moen !

Mr. MAeZYCK—There is no duty for the collector of the
post to do. The post-office bee been swept off. My opinion
is that the prompt system of poetal arrangement is a aui•
sauce. The public can be better served by private parties
between cities like PhiladeJpitia and New York, one cent.
instead of three, and between leas important ten or more
cents.

Mr. Causous--We bare pulled a temple down that has
been built three-quarters of a century. We must clear
the rubbish away to reconstruct another. We are now
homeless and homeless, and we must secure ourselves
against storms.

Mr. DUNICI,I-1/ that ordinance be passed, things will go
on in the custom-hones and pcat4See exactly as now,
until other arrangements can be made by this convention.
There is nothing in the ordinance to affect the dignity,
honour, and welfare of the state of South Carolina. We
must keep the wheels of the government going. The
coestitntion of the United States is not entirely abrogated
by the ordinance. What is legal tender in the payment of
debts? Is it not gold and silver of the United States. In
the ease of clearing and entry of vessels, we are very liable
to have the saws confiscated.

Mr. CARZOLL—The present revenue would Le continued
till an act of the legislature authorised otherwise.
Mr. Baowle—There is no longer communication with the
government from which we are just separated.
Kr. Dumerw—The spirit of the ordinance must be tem-
porarily sustained till we treat with the general govern.
ment.

Br. GREGG—The President of the United States ham
thrown down the gauntlet in his message. He has said
that it was his duty to collect the revenue, and that he
would do it. On one side the federal government claims
the right, and declares its intention to execute the power
of collecting revenue In oar ports ; on the other side we
have declared that we are free. I desire no compromise.
Is it necessary to maintain the 15 to 30 per cent. duties
imposed by Congress of the United States Should these
duties continue to be levied, our people will suffer a terrible
calamity. For carrying Cu mails, let the present contracts
be assumed by South Carolina instead of the United States.
3(r. Rnurr—This great revolution must go on with as
little danger as possible to the country. By making the
fedesal agents ours the machinery will move on. The
federal laws of taxation most not exist over us. I trust
that the present system of taxation has fallen for ever.
Mr. Barsweiz—We have seceded from the United
Simko and establiahed our independence. We can't allow
the United States to exercise authority over us any more.
Let postal convenience be sacrificed, if necessary. There
never was anything purchased worth having unless it cost
asetialee.

MARZIVIC said—ln regard to the mail, all restrictions
must he 'mowed. Let no appoint ear own oaken. Let
the collector of the port battle with the difficulties as they
come.

At 3.40p.m. the convention took a recese to meet at ia•
mitute•hall, at half-past 6 o'clock, for the purpose of sign-
ing the ordinance.

The following are the latest despatches received :
WILIIINGTOR, Dee. 21, 1860.
Ose hundred guns were today fired in honour of the ee•
cession of South Caroline.

RICHMOND, Dec. 21, DitiO.

The *creation of South Carolina mama to give great mini-
faction here. A movement is on foot to hoist the pelmetto
Sag, with fifteen stars, from the custom-house.
I am isfortned upon high authority that a paper contain-
lag a request to Mr. Botte to leave the state is being circu•
toted for signature.. It baa already received the signatetres
of many influential citizens.
NORIFOLI, Va., Dee. 20, MOO.

. _
A large meeting of citizens was held at Ashland Hall
last night. Resolutions were adopted recommending the
holding of national and state conventions, opposing coercion,
favouring the arming of the stata, and declaring against
the opening of the African slave trade.
lioarom Dec. Ti, 1460.
. . . _

no minute men met on the Stone-bridge M 1 o'clock
to-day, and fired a solute of fifteen :luta in humour of
2kN► (...totana. Thy panaetto Sag ono hoisted by B. F.
Thomas.

John Tyler, son of ez•Prtsident Tyler, after the tiring
had ceased, mounted the gun and delivered a strong seta•
'ion speech.

Many a/ the fair ladies of the city eciegrepted near by
to witnera the salute, and joined in by waving ban,iker•
chiefs.

Norfolk is pledged to stand by South Carolina and the
South.

We have just telegraphed t, the President of the Charles-
town Convention as follows :

"The minute men of Norfolk semi greeting to South
Carolina. With the glonous palmetto flag thrown to the
breeze and floating over our beads, we have jnst fired fifteen
guns in honour of the first step taken by that gallant state,
and emblematic, we hope, of coming events. All honour
and glory to the game cock of the South.
"Cu.v 11.1.11R13, Chief of Minute Men of Norfolk."
PORTSMOUTH, Dec. 21, 14sOn.
Fifteen guns were fired to-day. The palmetto ilag was
displayed at Norfolk.

MAcoN, Dec. 21, 1860.

We are jubilant over the secession of South Carolina.
There is a grand procession of minute men, and bonfires,
bells ringing. cannon firing, and Main-street illuminated.
Speeches have been made by J. It. Benham, R. A. Smith,
C. Anderson, P. Tracy, and others,
MONTGOXIST, Ala., Dec. 20, IMO.

Governor Moore has ordered 100 guns to be tired at noon
tomorrow in honour of the seceeeion of South Carolina.
PENSACOLA, Fla., Dec. 20, 1860.

The secession of South Carolina is greeted with immense
enthusiasm here. One hundred gam are being fired in
honour of the event.

Mom.; Dee. 20, IWO.

The seces...ion of South Carolina was celebrated here this
afternoon by the firing of a hundred guns, the cheers of the
people, and a military parade. There I. great rejoicing.
The belle are now ringing merrily, and the people are out
in the streets by hundreds, testifying their joy at the
triumph of secession. Many impromptu speeches are being
made, and the greatest excitement everywhere exists.
Moults, Dec. 21, 1860.

There is an immense secession meeting here to-night. The
wildest enthusiasm is displayed. The oldest men are taking
• prominent part in the proceedings.
Many places are illuminated in honour of South Caudill'
to-night.

Niw OnzAsa, Dee. 21.

A general demonstration of joy on the secession of South
Carolina occurred here to-day. One hundred guns were
fired and the pelican sag unfurled. Impromptu secession
speeches were made by leading citizens, and the Mar-
nubile Hymn and polkas were the only airs played. A
bust of Calhoun was exhibited, decorated with a cockade.

An actor announced the secession of South Carolina last
night from the stage of the Varieties. It was received with
enthusiasm.

At Washington, on the 24th Dec., a letter was
read in the House of Representatives, signed by the
South Carolina members, announcing the secession
of their State from the Union, and their consequent
withdrawal from Congress.
The Speaker did not recognise this act of secession.
The leading seeeesionista were endeavouring to
precipitate all Scott's State into secession. The
senate and house committee had not yet reported
on the subject.
Fort Moultrie has been abandoned bythe troops,
who, expecting an attack, have entrenched them-
selves in Fort Lampher, in Charleston Harbour.
Great excitement prevails at Charleston.

A deputation has arrived from South Carolina at
Washington to treat with the general government.
The Springfield Journal,Mr. Lincoln's organ,of the
20th ult., has a leader on secession, which, from the
particular relations of the paper to the President
Elect, has great significance. It says that South
Carolina cannot dissolve the union by the
simple passage of resolutions or other passive de-
monstrations. Her federal officers may resign,
and she may close her courts and post-offices,
but she cannot get out of this union until she
conquers this government. While this government
endures there can be no disunion. If South Caro-
lina does not obstruct the collection of revenues at
her ports, nor violate any other federal law, there
will be no trouble, and she will not be out of the
union. If she violates the law, then comes the tug
of war. The President of the United States, in such
au emergency, has a plain duty to perform. Mr.
Buchanan may shirk it, or the emergency may not
exist during his administration. If not, then the
union will last through his term of office. If the
overt act on the part of South Carolina takes place
on or after the Ist of March, 1861, then the
duty of executing the laws will devolve upon Mr.
Lincoln. The laws of the United States must he
executed. The President has no discretionary
power on the subject. His duty is emphatically
pronounced in the constitution. Mr. Lincoln wilt
perform that duty. Disunion by armed force is
treason, and treason must and will be put down at
all hazards.

LONDONDERRY, SUIDLY.
The Canadian acre% steamer North Briton, Cap-
tain Borland, from Portland, Maine, on the 22nd
December, has arrived here and landed all mails.
The Persia and the Atlantic had arrived out.
The Fulton had arrived off Cape Race.
The barque Johanna Benjamin, from Newcastle,
had gone ashore on Long Island, and five lives
were lost.
It was stated that two condemned war steamers
sold at Havannah had been bought by South Caro-
lina. The news of the secession had been received
with rejoicing in several Southern cities. The
Pacific Railway Bill had passed Congress.
Advice' from Honduras are to the 15th Decem-
ber. The government bad pardoned Dubler.
Money was depressed. Exchange on London was
quoted 3 per cent. premium.

QUEENSTOWN, SUIMAT.
The Royal Mail steam-ship Europa, Captain
Moodie, from Boston on the 26th Dec. and Halifax
on the night of the 27th, arrived here at 2.40 p.m.
to-day. She brings 38 passengers. The Europa
landed all mails except those for Liverpool, and
proceeded at 3.5 p.m. All well.
Great excitement prevailed consequent on the
discovery of a defalcation of nearly one million of
dollars in the Treasury departments. One of the
Treasury clerks has been committed for trial.
Congress bad appointed an investigation into the
robber•. Several arrests had been made.

LATEST BY TELEGRAPH VIA HALIFAX.
NEW YORK, Dee. 27.
The steamers City of Manchester, Jura, Anglo-
Saxon, and Canada, have arrived out.

LIVERPOOL. &MOAT.

The Cunard screw-steamer Kedar, Captain Cook,
from New York, on the 21st beoember, has
arrived here.
SOUTHAMPTON, Suirosy.
The North German Lloyds' steamer New York,
Captain Von Saute° with dates from New York
to the 22nd ult., hae arrived. She brings 50 pas-
sengers in all, and 2,100 dole. in specie for Bremen.
Her news is anticipated.

QUESNSTOWN, SUNDAT Evestwo.
The Liverpool, New York, and Philadelphia
Company's steamer Vigo, Captain M'Guigan, from
New York on the 22nd ult., has arrived. She
brings 90 passengers, 33 of whom she landed. She
experienced during her passage strong easterly
gales. News anticipated.

COMMERCIAL INTELLIGENCE.
NEW YORK, Dec. 27.
Money very irretular. Stocks are quoted :—Erie, 35;
New York Central, 15 ; Illinois Oeattal, AN.
The cotton market is firm. roar has advanced. Wheat
is tending upwards. Corn rising.• Previsions steady.

LIVIMPOQL. SATU&OAT.
The Royal Mail steamship Asia, Captain Lott,
which sailed to-day for New York, took 330,0001.
in specie.

QUEENSTOWN, SUNDAY.
The Royal Mail steamer Asia arrived here at
2.30 p.m. to-day, einbazked the mails, and pro-
ceeded for New York at 4 p.m. All well.

SOUTHAMPTON, MONDAY'.
The Hamburg American Company's steamer
Teutonia sailed this morning at 10 o'clock for New
York with upwards of 300 passengers, and from
England 70,000!. in specie.

WEST INDIA MAILS.
SOUTHAMPTON, MONDAY.
The West India Mail Company's steamer Trent
is just preparing to leave the docks to meet the
Shannon, which vessel was spoken yesterday at 5
o'clock about thirty miles off Scilly by the New
York.