The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-02


strike an effective blow. Already the opposition
have seized the occasion to revive the exploded
fallacy of protective tariffs, and the more
monstrous heresy Of national bank as the sove-
reign panacea for our financial ills. We must recur
to national bank the only means of maintaining
a sound and stable currency; we must have pro-
tective system as the only barrier against the eux
of specie from the country. Such is the cry at rst
raised by few feeble voices here and there; then
gradually extending from mouth to mouth, until,
from one end of the land to the other, the pealing
anthem swells the note of praise to bank and Tariff
Meantime the democratic press remains compare
lively silent. reluctant to gappie with their an
Gent foe. What is the of this apparent defec-
ton? Is there any diminution of confidence in the
efficacy Of free trade princplesg Has time Effected
revolution Of sentiment among US in favor OF
United States Bank? Are we less prepared now
than years ago to meet an adversary in the
open field of discussion and vanquish him
with the weapons OF reason and argument
We cannot assign any such unworthy reason to
explain the seeming apathy of the democratic
press throughout the country in meeting the present
emergency We rather incline to mpute this default
to disposition to underrate the influence OF the OPP
position and to treat their camors with contemptu
GUS indifference. If such be the case, it is grevous
error against which we vehemently, yet respectfully
protest In the midst Of general CONSERVATION and
dismay, when mems minds are violently excited and
temporary insanity usurps the empire OF reason they
are ready to hearken to any counsel and follow any
advice which bears the sembance of plausblity, to
rush bndly into the sea Of speculation and expert
ment to escape the inevitable evils OF the hour.
Better to bear the ills have than to fly to others
prudent and the weary, whose irmness and presence
of mind never stagger and reel in the most perlous
situations. But the mass OF mankind are quick
to take alarm and lose their sefpossessloIn,
Spon them They e are for the most part
indeed eager to act and willing to receive
instruction; but they needed the beacons OF truth
and surefooted guidance OF wedlsciplined faculties
10 atVNIn m
safely through the trials and difficulties which beset
their path And in the absence Of the bright beams
Of truth they will be easily persuaded to follow the
phosphorescent ray Of some malignant w!o' the
wisp, which will lead their bewildered steps into the
jaws of nextrcabe ruin.
II requires but little acquaintance with human ma
ture to see the force of these suggestions Our OPP
ponents understand them, and they have com.
menced to operate upon the sensitive springs OF
popular action. The distracted condition OF the
country, seeming to threaten a general bOuiecerse
,aent of parties has relumed the expiring flame of
their energies; already they discern upon the distant
horizon the faint glimmering OF a doubtful hope and
have gone bravely to work to retrieve their political
fortunes out of the wreck which impends over
our financial system Why, then, is the democratic
press idle and impassiye? Why are we not prepared
to meet the enemy in the gate!
THE EFFECT OF THE FINANCIAL REvULsION UPON
PoLiTiCs-THE LAW OF REACTIoN-REvIyAL OF
OLD QUESTIONS.
From the New Orleans Delta, Jefferson Davis organ
One marked effect, more or less temporary or pro-
onged of the financial tornado which has just burst
with general and somewhat ndiscriminate fury over
the country will be to divert the public mind wholly
or measuraby from the political topics of cOntrover-
sy which have lately occupied it, and direct it into
new channels and to the discussion OF measures
designed to meet new emergencies and satisfy new
wants.
Politics form no exception to the law Of reaction.
The reaction which is now taking place in trade
will not fail to engender reactionary movements In
public affairs State and federal Already in the POI
litical horizon the elements may be seen gathering
for conflicts of very different nature from those
with which the country has for some time past
been so violently shaken and so nearly shattered.
Already the spell Of black republicanism in the
North, deriving its power from the vexed mig
ger question: Is beginning to wane before mightier
SPELL deriving its power from the pocket interest.
Already the syllabes are being formed for new po-
itica nomenclatures and the outlines are becoming
visible of new political formations. The time may
not be far of when the old protective tarin theory,
under some modern name and guise, will be re-as-
serted and readvocated the time may be near when
the stone will be removed from the grave of the
national bank question, so long thought to be beyond
resurrection and its ghost its skeleton will be in
troduced to play part, dismal or fantastic in the
political DRAMA as q white pilgrim destined to lead
The faithful to Mecca of financial hope, redemp-
tion and safety; in word, the time seems surely
coming when the country will again be divided, agi-
tated and harassed by questions OF federal and State
policy with reference to finance and commerce
when the powers and limitations OF the constitution
with respect TO currency and trade viii again be vigor
ously discussed and the great contest Of bank and
anti-bank-of monopoly and antimonopoly-of
corporation and antfcorporation-of the specie or
credit basis OF banking and currency-of the idea of
centralzing not only political but monetary power in
the hands Of those who control the federal legs
lation and the opposite idea, which used 10 be the
old.fashioned democratic idea of jackson, Calhoun
and other giants in the days which are no more when
there were such.
The fact is, IL may be seriously doubted whether
the old National Bank was ever really buried. Its
bones may be even now scattered through the yari-
Gus States, and il is not impossible that they may
have been heard to rattle in the storm that has lately
been raging, II were wonder, in that case, II,
like the ghost Of the romance which refused TO go to
rest until its bones We're buried, but kept wandering
about haunting people at frghtfu hours, the unlaid
spirit Of the old National Bank, roaming over the
country because II couldn't sleep without it, skeleton
in the place repose should make itself visible
in snch night Of storm and wreck "a this. What
shall be done with the bonesl We may zee further
along, perhaps.
If the bank and tariff questions be again substan.
TALLY revived. a. leading issues, under whatever
name OF for whatever assigned object, requires no
prophet 10 foresce the effect they will have In chang
ing the present composition of parties both North
and South. II the democratic party. in that event,
stand stify upon its old antifedera bank and anti
protective tariff and strict construction platform,
we can scarcely conceive how the Benjamins, the
Toombses, the Stephenses and Chngmans, still ad.
81 40, al and AZ can longer cooperate with the
democratic party in the South; or how the Chases,
the Trumbus. the Wilmots and Van Burens, and
other democrats Of the old regime, can cooperate
with any party In the North whose doctrines may
come in direct antagonism TO their old and unreiin-
pushed antifederal bank and free trade ideas.
There would he confusion enough In the democratic
and black republican ranks, but II would be an .
be joyful " time for the fosserous old line wings,
rest assured.
That the project IL seriouslypntertained Of making
a vigorous and concerted move for converting the
federal government into great central regulator OF
commerce, finance and currency there IL no room TO
doubt when we observe the late tenor OF elaborate
editorials in some Of the leading Northern journals
the Tribune arguing heavily TO prove that II the
reduced tariff which caused the financial Revision.
and the HERALD, with it, usual sudacity but sub
tlety Of approach, day after day squirting at the
policy OF burying deeper than did ever pnmmet
sound certain inconvenent ideas about constitu.
tiona limitation. 40 ~ TO enable Congress 10 lers-
late the country out OF it, momentary difficulties
and erect national defences against their recurrence
In future.