The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-27

on credit, and the Anglo American bankers who
coL in American securities on the London mar
ke', must suffer severely, and must, in many iu
etancee, go down within brief period Of time
1t is lilely that there will be vigorous effort on
the part of the strong banks and capitalists to
sustain the most widely known banking firms on
whom this crisis may press; but, unless the signs
CT the times are very far from the truth, 1t will
soon he beyond the power Of even the richest
firm CT the strongest bank in England to do more
thsn sustain itself, and not even the Bank of
England can undertake to carry weak banking
house through the crisis, without endangering its
own safety. and the whele financial fabric Of the
realm.
Politics In che so~th speech or Jefferson
Dmvis- Ces.teat for the Virginia Senator
ahip.
We publish to day condensed report Of
speech recently delivered by Jefferson Davis to
bis constituents at Mississippi City, in relation to
the political questions of the day, and also let
ter from one of our Washington correspondents,
ns,1ating the course of the contest between
Governor Wise and Senator Hunter for the Vir-
GINA Senatorship. The speech and the letter
come together very appropriately. They COM
bine to give pretty clear picture of the state of
political affairs at the South and of the contest
now waging between the conservative and the
ultra State rights portion of the democracy in
that section.
Jefferson Davis, in addressing Mississippi
audience, had no need, even if such were his
habit, to mince matters or to be very cautious in
the expression Of bis views. In this speech he
was as frank and outspoken as could possibly
be desired No one who heard it could co.
terrain any doubt as to his views of the poll
teal subjects which he undertook to discuss.
The attempts to get possession Of Cuba, either as
the result Of purchase or Of armed expeditions,
were to him most praiseworthy efforts; and the
more recent flbustering attempt to seize Mica
ragua was equally laudable. In his opinion, the
failure to acquire Cuba at the tune Of the Black
Warrior affair was owing to the cowardice or
stupidity CT Congress. The administration, of
which he was a member, had done lis part well !;
but Congress was not equal to the occasion.
Az to Walker aud his Glibusters be defended
them from the charge of having violated the
neutrality laws, ard held that this government
had no right to interfere or to prevent their ex-
paniatiDg Themselves. Slavery he eulogizei as
moral, social aid political blessing and squat
ter sovereignty be ridiculed as fallacy
As TO the Kansas question, he was no less ex-
pict. AZ his views thereon may be regarded
az the sen timents Of that ULTRA State
rights, fire eating bern faction to which he
belongs they are Of great interest just now
lie holds that Gov. Walkers inaugural and bis
Topeka speech we're altogether unjustidable on
his part, and should have moLlved his removal;
but he is willing to admit that the President
may have seen difficulties in the way of supersed-
Ing Walker, and that Mr.. Buchanan should not
lie held responsible Tor the Governors sins. IA
10 the Convention to frame constitution for
Kansas. Mr.. Jefferson Davis thinks it would be
justified in refusing 10 submit the constitution to
the people, and that Congress would, under such
circumstances, admit the new State and he
threatens Mr.. Buchanan in the event OF his TAX
ing a course opposed to this view, with tue
abandonment and desertion OF the South
This il an indication Of the policy TO be pur-
The President doe not aid In the scheme OF IL
fr,.udirg and DISTINGUISHING the people Of that
T,rritoiy, he must be prepared for the wrath
ard detection Of JET Davis and the fire eaters
OF the South
Sniar indications are taking place in the
in reference to the United States Sanatorshlp
There, too, the Kansas question has assumed in.
portant bearings One 81 the candidates, Senator
Hunter, disapproyes OF Governor Walker course
and entertairs 20 scruples about cheating the
people Of Kansas out Of their right 10 approve
or dilapprove the constitution to be formed for
them. Governor Wise, the rival aspirant, takes
exactly the opposite ground on both these points,
Tic contest there will be bitter and animated
one. and although the result will depend more OF
the relative popularity and claims of the candi-
dates than on their sentiments In regard TO Kan
ga and the administration, still The latter con
sideration Will not be without its strong bearing
on the result
twill be tdus seen that The ultra fanatic OF the
South--in Virginia a. well a. In Mississippi-are
prepared to carry on a malignant war against
the impartial administration Of Mr. Buchanan.
Tb good sense and moderate views Of the whole
American peep, viii, however, prove too strong
for the pro slavery traitors OF the South, as well
a. f,r the abolitonist traitors Of the North
SENATOR SEWARD AND TIE REyuisIoS.-SOme
time in the year 1855 Senator Seward predicted,
in one Of his speeches in the Senate, that scri-
ous monetary revulsion would occur in The year
1861. This tbows that the Senator bad been
carefully noting the spcculations and predictions
Of Tic HERALD Of those days, for he would have
arrived OF directly the opposite conclusion II he
had been guided by the opinions Of his own or
game Of that period Mr.. Seward, however, nd
too much saguclty to place any faith In his own
organs on commerce and finance. Ills speeches
Ia. Ca.n.n ,xxn-o L;,, Ia ct a. - -.