The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-26

AOANA hLhA1A1J, SAl "
government and "a very decided disposition to
intermeddle in the affairs OF st. Domingo" on
its part, that journal is entirely in the wrong.
1t has ever been the policy of the American
government to wait until the negro communities
of America and Africa have developed aud de.
monstrated their possession Of the ability of self
government before it recognized them as mem
beers OF the family o! nations. The wisdom of
this course has been abundantly demonstrated
by the difficulties encountered in their relations
with them by the European governments which
have recognized their national existence The
continued relapse of those communities towards
the native barbarism of the African race is every
year rendering the continuance Of European
diplomatic representatives there more ridiculous;
and the only result that will come of it u.s. that
Europe will eventually gladly yield the super
vision of the external relations Of those islands
to u.s. who hold them in their proper position.
What the Gazette apparently alludes to was no
thing more than the mistake of General Pierce
in sending an openly authorized agent to look
into affairs there, Instead of sending an unsc-
knowledged one. We want none of those
islands, but we foresee the necessity of some day
imposing upon them proper respect for the citi-
zens of civilized nations
The Commercial Revelation and Its Progress
The revulsion in commercial aud financial af-
fairs which commenced about a month ago is
6aily acquiring greater intensity, and is rapidly
spreading and widening in its operations. 1t be-
gan in this city by sudden curtailment on the
part of the banks, which sought by this move
ment to put themselves in position of strength;
it next extended to the other Atlantic cities and
will soon reach the Western States The num-
Der Of failures reported within the last month
throughout the country is little short of four
hundred, and they involve liabilities to the
amount of between fifteen and sixteen millions of
dollars. The contraction effected by the banks of
New York and of the other Atlantic cities
amounts as nearly as can be calculated to about
thirty millions of dollars; but of course the first
effects Of this contraction are now felt in the i'm
mediate neighborhood of those cities In few
weeks the rebound will be still more distressing
ly evident in the East and West. Many of the
New England banks have in serious contempla-
ton suspension of specie payments, and
The failure of the old Bank of Pennsyl-
vania is most ominous feature of the cri-
sis. There is no danger of the suspension
of specie payments by the New York banks, SO
far as the currency is copcerned-thanks to the
system on which they are conducted. We have
not the same confidence, however, in regard to
the banks in the surrounding country, which are
without any security to the billholders.
The expansion in commercial and financial af-
fairs which is producing these disastrous re-
suits commenced about seven or eight
years ago, when gold was first disco
vered in California, and when remittances be-
gan to be made in large amounts from that re.
gion. Up to the present time, probably not less
than s5OOOOO,OOO of gold have been received,
chiefly in New York, from the shores of the Pa
cifc. This large amount Of treasure has natural
ly formed the basis of vast and magnificent
financial and commercial system, increasing most
of our productive values, and multiplying rail-
roads, buildings ships and property of every des-
cripton beyond even the wants of our popula-
ton. Speculation Of all kinds has run riot during
the last six OF seven years, aud although we have
grown rich faster than any other country, we
have kept ahead of our wealth and of our actua
progress by reckless course of expansion, wild
enterprise and social extravaganza, which,
not contented with native resources, has
sought 10 gather to itself all the
Injuries and exotic epjoyments that other coun-
tries eau supply Our disease has been, in fact
plethora OF business and social foilies unsurpassed
by the excuses of ally other nation Of any other
epoch. Prices, values and rents have advanced
to u point never before known. The reaction has
al length overtaken rs; AID although we have
bad an immense basis in the specie dug from the
California mines, we have reared upon IL vaster
aud more magnificent superstructure Of credit
which is rapidly breaking down. from its too
great extension and superabundance
We must return to our old habits OF economy,
curtail our expenditures cell off our extra horses
and carriages, cut down the magnitude of our do.
nestle establishments, and introduce rigid cash
system into all operations, before we can hope
to recover from the shock Of the present disasters
and enter upon q career Of stable and permanent
prosperity. ~
NORTHERN DIsuNIoNIsrs AT WoRK.-We pub
lsh elsewhere In our columns to day the call
issued by the Garrisonisn abolitionists for Con-
vention to be held at Cleveland Ohio, on the
2sth and goth ofnext month, which Convention is
to take into its serious consideration "the pract-
cability, probability and expedency Of a separa-
ton between the free and slave States, and to
take such other measures as the condition OF the
times may require" This call is said to be
signed by 6.O33 persons, residing in fifteen of the
free States Of whom over onefourth are residcntsof
Ohio and over one-fifth residents Of Massachu-
setts. Among the names selected for publication
ten from each State-we do not find single