The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-12-06
The Impending Industrial and Commer-
cial CRISIS Throughout the Union.

ciai Crisis Throughout the Union.
Our Washington dispatches reveal the ex-
istencc of a state Of feeling among the South
ern representative men who have gathered in
Washington for the annual opening of Con-
gress that is little dreamed of by the mer-
chants, manufacturers and other industrial
producers in the North, and the danger which
it discovers is the mole imminent from the fact
that il is not the movement of the fre-eating
section Of Southern politicians, but the calm,
silent aud deliberate preparation of the con-
servatiye men of the South, in view of the ne
cessity of preparing for self-protection and
self-preservation.
The preliminary struggle will be made upon
the organization of the House. This the South
ern members ioresee will be lost to the demo-
Gratis, which is the only party that now occu-
pies conservative national ground. In view
of such result, the Southern representative
men propose to bring forward, as test ques-
ton, measure for the protection of the in
stitution of slavery in the States where it now
exists from the aggressive war which the
abolitionized republican party of the North
has declared against it, and continuance
of such raids as that Of John Brown
by Northern fanatics whose policy is to rule or
ruin the Union. Such measure may pass the
Senate but it cannot possibly pass the House
of Representatives which is about to meet; and
knowing this, the Southern members are pre-
pared to secede in body from Congress, and,
congregatiDg at Richmond or some other South
ern city, to take measures to prepare the South
for permanent secession from the Union, and
the establishment of tariff or non. inter-
course act, as protection against Northern IA
naticism. Following this will come negotia-
ton with the commercial Powers Of Europe,
andthe regular organization of the Southern
Confederacy.
We are not going to discuss the political
bearing of these plans on the part of the re-
solved South; but it behooves us, deeply inte-
rested as we are in the Industrial and CONNER
cial prosperity of this city, and of all the North
ern States, to contemplate for moment the
feasibility Of the proposed movement, and its
practical bearing on ourselves. Such seces-
sion Of the Southern members from Congress, if
confined exclusively to themselves, would leave
| each House with bare constitutional quorum
if all the Northern members remained together,
without distinction of party. There can be
little doubt, however, that sufficient mum.
Der of Northern members would refuse to
attend the sittings of purely sectional Con-
gress, to deprive it Of the majority of members
necessary for the transaction of business. In
such an event Congress would be at once dis
solved, and the administration left to carry on
the government without the assistance of the
legislative branch. This would effectually de-
prive the President of all power to coerce the
| Southern States, for he would have neither the
authority nor the means to use the army and
navy for that purpose. But conceding that the
| requisite majority of members should hold
| together as a Congress, and pass the acts ne
cessary to empower the President, under the
present circumstances Mr.. Buchanan would not
act upon them, and every sentiment of patriot.
ism and policy would sustain him in such
refusal.
Thus, in any and every event, if the Southern
members pursue the course which our cores
pondent informs us they contemplate pursuing,
then they would be left at liberty to initiate
and carry out the plan of Southern confede-
racy. The first step towards such result
would produce commercial and financial cri-
sis in this country, and in the manufacturing
and commercial countries of Europe, that
would surpass everything in the shape OF
revulsion of values that the world
has ever known. Money crises have
hitherto been produced by temporary
panic resulting from excessive speeula-
ton and overtrading. In the contem-
plated event it would be complete destruc-
ton of the edifice Of credit and values. The
perspective that would stand at the point Of
every view that could be taken of our proba-
| BILE future would be q civil war, in which one
million of Americans, fighting in self defence,
| would be ranged against million and half
| OF other Americans aRprpssiyely dictatinc TIM