The Sun.
London, England, 1860-12-04 00:00:00

THE SUN;i LONDON, TUESDAY EVENING, DECEMBER 4, 1869,

- • .
SEXATOI.; DOUGLAS AGAL T SECESSION.

The Xew Orleans Picayune, o f Nov. 14, publishes
the following letter from Mr. 1 )ouglas, written in
reply to an invitation from the e citizens of New
Orleans, irrespective of party. t o address them on
the subject of the present con tlition of national

affairs :
" Gentlemen,—Your request tc, address the eiti•
zens of New Orleans ' on the pn sent condition of
affairs of our country,' has just been placed in
my hands. Au invitation so numerously signed by
the most eminent business Inen of this great com-
mercial city implies a compliment which I duly
appreciate, and am exceedingly reluctant to decline.
" These are not the times for patriotic men to
affect indifference, or to degenerate into despon-
dency, or to rush madly into violent and extreme
measures. Just in proportion as our Llommon coun-
try is environed with peril, it becomes' the impera-
tive duty of every patriot in the land to increase
his efforts and exert his utmost powers a Id energies
to rescue the Republic from the disasters which
threaten its integrity.
" No man in America regrets the election of Mr.
Lincoln more than I do; none made more strenuous
exertions to defeat him ; none differ from him more
radically and irreconcilably upon all the great
issues involved in the contest. No man living is
• more prepared to resist, by all the legitimate means
. sanctioned by the constitution and laws of our
country, the aggressive policy which he and his
party are understood to represent ; but while I
say this, I am bound, as a good citizen and law-
abiding man, to declare my conscientious convic-
tion that the mere election of any man to the Pre-
sidency by the Ametican people, in accordance with
the constitution and laws, does not of itself furnish
any
.just cause or reasonable ground for dissolving
the Federal Union.
" It is not pretended, so far as I am informed,
that any provision of the constitution has been
violated in the recent election. No act has been
done which impairs or destroys the constitutional
rights of any State or citizen. Nothing has yet
occurred to release any citizen from his oath of
, fidelity to the constitution of the United States,
which is the supreme law of every State and of
every citizen. But while it is conceded that no act
has yet been done which impairs the rights or
• endangers the peace and safety of any portion of
our country, it is apprehended that the election of
Mr. Lincoln carries with it the assurance that the
policy and principles of the party by which he
was elected will prevail and be carried into practi-

cal effect in every department of the Feder-al Go-
vernment, and thereby will endanger the peace and
safety of the slaveholding states. Is this apprehen-
sion well founded ? Do the results of the recent

election justify this apprehension ? The President
can do nothing except what the law authorises.
His duty is to see the law faithfully executed. If
he fail to perform this duty he will soon find him-
self a prisoner before the high court of impeach-
ment. Fortunately, that tribunal is so constituted
as to command the confidence of the people of the
entire South as well as of the Conservative men of
the North. We have this security that the existing
laws will be faithfully executed. I have yet to learn
that the people of the South complain of the acts of
Congress now on the statute book upon the subject
of slavery, as applicable to the states or territories,
or to the district of Columbia. These laws were
enacted mainly, if not entirely, by the joint action
of the Conservative members of North and South,
in opposition to the Abolitionists and Freesoilers,
aLd have been acquiesced in by the southern people
as well as by their senators and representatives,
under the present and preceding Administration of
the Federal Government. Consequently, it is fair
to presume that the south, so far from demanding
the repeal of the existing laws on the subject of
slavery, as essential to her safety and equality
in the Union, will insist upon their being retained
upon the statute-book and faithfully executed. Nor
are we permitted to infer that the Southern people
require any additional legislation by Congress on
this subject, for the reason that the Southern
senators and representatives have not introduced
and advocated any changes in the existing legisla-
tion upon the slavery question under the present
Administration, and that of Mr. Pierce, when the
Abolitionists and Freesoilers were in the minority
in both Houses of Congress.
" Assuming, therefore, that the Southern people
and their senators and representatives. deem their
rights and institutions entirely safe under the con-
stitution and laws as they now stand, and only
desire to be let alone, without any interference
by Congress with their domestic concerns, the
question arises whether Mr. Lincoln and his party
will have the power, even if they have the dispo-
sition, to disturb or impair the rights and institu-
tions of the South, either in the States or the ter-
ritories or in the district of Columbia ? They cer-
tainly cannot do it under the existing laws. Will
they have the power to repeal or change those
laws, or to enact others ? It is well known that
they will be in a minority in both Houses of Con-
gress, with the Supreme Court against them. In
the Northern States there have been elected already
a sufficient number of Democratic members of Con-
gress, bold and true national men, pledged to the
Cincinnati platform and the doctrine of non-inter-
vention by Congress with the question of slavery
in the States and territories and the district of
Columbia, who, added to the Southern repre-
sentatives, will give at least 20 majority
against Mr. Lincoln and his party on all these
questions. In the Senate there is also a decided and

reliable majority. Hence no bill can pass either
House of Congress impairing or disturbing the
rights or institutions of the Southern people, in any
manner whatever, unless a portion of the Southern
senators and representatives absent themselves, S 3
as to give an abolition majority in consequence of
their absence.
" In a minority in both Houses of Congress, with
the Supreme Court to expound the laws and restrain
all illegal and unconstitutional acts, the President
will be utterly powerless for evil, if he should have
• the disposition to do wrong. Even in the distribu-
tion of his patronage he would be dependent upon
the Senate for the confirmation of his nominees to
office, so that he cannot appoint a bad man to office
without the consent of those in whom the South
confide. A partisan President, thus tied hand
and foot, powerless for good or evil, without
the consent and support of his political opponents,
should be the object of pity and commiseration
rather than of fear and apprehension to a brave and
chivalrous people. What good or harm can he do
to anybody, except to humble the pride and wound
the sensibilities of a large portion of the American
people by occupying the chair once filled by Wash-
ington, Jefferson, Madison, and Jackson ? Does
this fact furnish sufficient cause for destroying the
best Government of which the history of the world •
gives an example ? Four years will soon pass away,
when the ballot-box will furnish a peaceful, legal,
and constitutional remedy for all the evils and griev-
ances with which the country may be afflicted.
" If in the meantime any act shall be perpetrated
which shall violate or impair the rights of any
citizen or State, or shall endanger the peace and
safety of any portion of our people, for which the
constitution or laws shall fail to provide adequate
and efficient remedies, the time will then have
arrived for those who thick the constitution has
bsen disregarded and the Federal power perverted
to purposes inconsistent with their safety, honour,
and equality, to consult and deliberate upon the
nature, extent, and mode of redress.

" I do Lot anticipate, nor do I deem it possible in
the present condition of the country that under the
administration of Mr. Lincoln any act can be per-
petrated that would destroy or impair the constitu-
tional rights of the citizen, or invade the reserved
rights of the States upon the subject of slavery ;
but, if I should find myself painfully mistaken on
this point, I have no hesitation in expressing my
deliberate conviction• that such an outrage would
not only make the Southern people a unit, but
would arouse and consolidate all the Conservative
elements of the North in firm and determined
resistance by overwhelming majorities. In such an
event the South would occupy an impregnable
position. With her own people united and animated
by one sentiment—the unfaltering resolve to main-
tain and defend their rights and liberties as won by
the blood of their fathers and guaranteed by the
constitution of tlaeir country, they could safely rely
upon the justice of their cause, and confidently
expect the sympathy of the civilised world, and
the choicest blessings of Divine Providence
while struggling for the right. Under these
circumstances, I can perceive no just cause, no
reasonable ground for such rash and precipitate
action as would plunge into the horrors of revolu-
tion, anarchy, atid bankruptcy the happiest people,
the most prosperous country, and the best Govern-
ment the sun of heaven ever shed his genial rays
upon. To those, if any such there may be, who look
upon disunion and a Southern confederacy- as a
,hick desirable in itself, and are only waiting for
an opportunity to accomplish that which had been
previously resolved upon, the election of Mr.
Lincoln may fu7nish a pretext for precipitating the
Southern States into !eVolu tion. But to those who
regard the Union under
constitution as our
fathers made it, the most
pecic7ous legacy ever
bequeathed to a free people by a patriotiC Ancestry;
and are determined to maintain it as long as their
rights and liberties equality and honour, are pro-
tected by it, the election of Mr. Lincoln, in my
humble opinion, presents no just cause, no reason-
ableree and elaborate]
excuse for disunion.
t,
TT
questions having discussed all the at issue,
fly
y,
!during the recent in my addresses to the people
canvass, I do not perceive that

any patriotic object can be advanced by any further
public discussions on my part prior to resuming
my seat in the Senate. That the passions and
animosities engendered by recent contests may soon
give place to reason and patriotism ; that calm and
wise counsels may prevail, and fraternal feeling be
restored ; that the constitution may be preserved
inviolate, and the Union maintained for ever, is the
ardent hope and fervent prayer of your friend and
fellow-citizen, S. A. DOUGLAS.
"New Orleans, Nov. 13."

TdE NEW YORK MONEY MARKET.

__~_

The New York adviees yesterday show that in
the three days from the 17th to the 20th of Novem-
ber the panic had reached its climax, and that a
reaction had apparently commenced just before the
departure of the mail. The favourable turn had
been brought about by a joint measure of 16 of the
principal banks, these institutions having at length
become sufficiently alarmed to consent to act toge-
ther for the common safety. Any further delay
would have resulted in a general suspension in
some of the principal branches of business, and espe-
cially in the grain trade. The New York exporters
were in this position :—They were liable for draughts
made upon them by the Western houses for grain and
other produce transmitted to New York, and their
legitimate means of meeting these draughts con-
sisted in the sale of bills upon the European houses
to whom this produce is consigned. But such bills
had at length become totally unsaleable, and a stop-
page of payment therefore seemed inevitable. In
that case the break-up of the New York export
houses would have been followed by that of the
Western produce dealers, and these in turn would
have brought down all the Western banks to which
they are indebted for advances. In this emergency
the majority of the New York banks agreed to hold
a meeting at the Bank of Commerce. The total
banking capital of the city is £13,800,000, and
about £9,000,000 of that amount was repre-
sented on the occasion. The conference re-
sulted in a resolution to purchase bills of exchange
on England in the open market to an amount
equal to £500,000, each bank contributingpro rata
to the payment. A committee was formed to carry
out the measure, Messrs. Stevens, Tileston, and T.
Taylor, the respective Presidents of the Bank of
Commerce, the Phcenix Bank, and the City Bank,
being the parties selected. On the following day,
Nov. 20, this committee met at one o'clock, but, of
course, it was then found that other buyers had
come into the market. Although the committee
offered to purchase largely at the rates current a
few hours previously, scarcely any applications
were made to them. This was on the aftet noon
preceding the departure of the present mail, and
they were to continue their sittings from day to
day. Meanwhile, the transactions had been large
in the open market at 100 to 102 for merchants' and
103 to 104 for bankers' bills, and it will probably be
found that the public have subsequently continued
to keep up with the bank biddings. At the same
time, there was a general understanding on the part
of the banks, although it was not formally adopted
as a resolution, that they should extend their dis-
counts, and, acting upon this, some of them had
doubled their scale of accommodation. These move-
ments had already caused violent fluctuations in the
stock-market, and an average rebound had been
established of about 3or 4 per cent. Illinois Cen-
tral had gone from 52 to 55 ; Erie from 261 to 28,
and New York Central from 701 to 73. The ques-
tion arises, "How will the proposed purchase of
£500,000 bills of exchange affect this country ?"
Some impression prevailed that it was the inten-
tion of the banks to remit the bills forthwith to
Baring's, with orders to have them discounted, and
for the amount to be sent back in gold. Other
letters, however, affirm positively that they do not
contemplate any summary proceeding of this kind,
but will simply send the bills for collection at
maturity, and meanwhile, from time to time, as the
exchange rises, sell their own draughts against
them. If the latter course be pursued, the result
will be that no gold movement will take place, be-
cause the bank draughts would be sold to persons
having to make payments to this country. If
however, the rate of interest, which had just
ranged between 1 and 2 per cent. per month,
should be maintained at a high point, the banks
possibly will be disposed to order some amounts in
gold to be sent to them forthwith. In any case
the affair is not likely to have a very important
influence on our market, while the effect of the
arrival in New York of £200,000 or £300,000
from this side, coupled with the steady receipts
from California, may be estimated not only by the
experience of 1857, but by the fact that the drain
from the north to the south, which has caused all
the present confusion, is believed not to have
greatly exceeded half a million sterling. With
regard to the political question, there had been no
material change, but the probability is that before
the close of the year the people in both sections of
the country will be looking for new sources of ex-
citement, and eager to get rid of the present diffi-
culty by any dexterous compromise that may be
offered.

The Farmers' Bank of Richmond, Virginia, is
stated to haVe stopped payment, and several of the
other Southern establishments are expected to
follow. In New Orleans, however, the bank usually
hold a good specie reserve, and it is thought they
will ride through the present difficulty. The capital
of the Farmers' Bank of Richmond is £160,000.
Later reports from Mexico, received at New York
by way of Havannah and New Orleans, allege that
Mitamon has resigned and been succeeded by Gen.
Robles. The Reactionists, it is,added, had eva-
cuated Puebla, and the greatest alarm prevailed
at the capital. Mr. Maclane, the American Minis-
ter, had given up his appointment.