The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-02-26

tbe new samisisEati0. We are none the less,
however, apprshensive Of the gathering elements
Of a political, financial and commercial csnvpl-
sion in 1860, which win put our whole republi-
can system, national and State institutions to the
severest ordeal. We are not, indeed, without
some misgivings that the broken remnants Of our
glorious Union, like the scsttesed fragments of a
goodly ship among the breakers, nay be all that
will remain after the terrible tempest which is
towering over the Southern and Northern horizon
We have shown from time to time of late that
this present golden epoch of fnanciering, specula
ton, lobby corruptions stock jobbing, merchan-
dizing, railroad projects, loans, credits and ex-
travagance among ell classes cannot lastforever-
that pay day must come, and that in this view
there is every reason to fear a more disastrous
financial revulsion in 1860, ,en times over than
the grand crash in 1887. We have shown that
while Mr. Buchanan's peace policy will encourage
speculation the inevitable dicords of parties, and
sections and factions, which will mark the polit-
cal campaign for the succession, will as inevitably
precipitate this financial revision, and that al
together the disastrous effects of this wide spread
state of ruin and confusion, political and fnan-
cial may involve the disruption of the Union, and
the creation of twOsOr three confederacies CHASED
upon the military principles" of the South Amer-
can republics.
The policy, openly proclaimed, Of the South
ern secession party, is great Independent South
ern confederacy, of filibustering character,
comprehending the conquest and absorption of
Cuba and all the West India islands, aud of
Mexico and the Central American States, and all
to be devoted to the expansion and perpetuation
Of Southern slavery. But there are also power
full disupion combinations at work in the North
in behalf of a great overshadowipg Northern
cOnfederacy, eomprchending the Canadas and the
adjoining British provinces, bays and islands;
and the mission Of this confederacy is to be per-
petual war upon the South until Southern
slavery shall cease to exist. Foremost in the
open proclamation of this policy OF the North
are the abolition disunicnis:s of the Garrison
tribe; but the programme Of Seward and his par
tisans, with all its specious DISCUSSES, poin's to
the same solution Of dsunion.
Such ere the signs evidences and elements of
war against the new administration within the
camp ard without such are the political materials
of that general spirit Of turbulence, de-
moralization and disuniOn which will mark
the campaign Of 1860; and such, too, are the 10
dications Of universal financial collapse, to
gether with general political groundswell in
that campaign. With these warnings before us,
Mr.. Buchanan is right in strengthening himself
in the confidence Of the conservative Union sen
iment Of the country; and that financier also is
right who is adjusting his business operations in
view Of the coming day OF accounts The most
We can ask Of Mr.. Buchanan, meantime and the
best that he can do, is to give us an administra-
ton consistent with the conservative views of the
great body VI the American people. Vain will
be all his efforts to reconsolidate the shattered
democracy. They are beyond remedy. Let Mr.
Buchanan, then, confne himself to his duty to
the Union, and leave it to the people to call uo
from the general chaos Of 1850 new party COM
petent to save the country, and he may pass into
retirement with good name and clear con-
science. Let him attempt the miserable party
game Of poor Pierce and he is lost.