The New York herald., 1860-12-07

Progrsss OF the Rsvuisioa-Waat HIP
from C0nsrsss:
TIE commercial revulsion progresses
steadily. Congress has met but 1t has 80 far
extended no help in the present trouble,
nor is there any sign that II will or can do
co. Meantime things look gloomy in the pre-
sent and presaee ttill more gloomy times for
the future. Commerce everywhere is suffering,
trade Is diminishing, manufacture ceasing, and
people are being thrown out Of employment
every day in numbers. 1t appears to be no
better at the other side of the Atlantic. The
first news has reached them there-the election
Of Lircoln--and the politicians are rejoicing ex
ceediDgly over the event. promising themselves
still further cause for exultation in grand re-
volution and the breaking up Of this confede-
racy. Bnt the news seems to have already pro
dnced an effect upon the financial Affairs, for
we see that the banks of England and France
have been Obliged to come to the relief Of each
other. What will the effect be when still further
intelligence Of Southern secession and its present
consequences to the trade aud commercs Of this
country shall arrive there, which 1t will in
week or so. Possibly the politicians of Eng
land may rejoice more, but they do not SEQ
blind guides as they are-tbat the political dis
ruption OF this country must divert the material
prosperity Of their own.
Meantime, as we said, the revulsion pro-
gresses; the banks OF this city are trying every
NEAR to stem the torrent but with what avail?
Tbe bank directors held meeting even on SUI
day last-aDd it is only In times of revolution
that there is no Suncsy-to consider the pro
position of relieving the banks OF Boston. aud
the consultation ended in the conviction tha,
no aid could be extended to the Boston banks
The New York banks have enough to dc 70
keep Themselves straight SO we suppose the
Boston banks must soon suspend, when the
revolutionary movement ia the South culmi
mates, like those IN other places. This
contederacy Of our city banks, however,
has developed one element, and that Is
pluck pluck to make war upon the
Chemical Bank, which Ia the only specie pay
'pg Institution in the country, or which at leas.
soon will be. The combined banks have been
denouncipg the Chemical, and trying to force 6
panic upon it because it refused TO enter into
their con:ederacy; but they overlook the fact
that the people may carry out the very game
s2sinst themselves which they are playing
against the Cf enical Bank. What is to prevent
the wealthy depositors, who lodge their money
10 these different banks only for safe keeping,
from Withdrawing their deposits and lodging
them in the Chemical Bank And In this event
what becomes of them! The truth is, that this
bank combination is only putting Of the day of
Goal settlement for three months or so; for II
the Union is broken up they must all suspend.
Everywhere one turns for hopeful assurance
Of relief from our present difficulties in these
times he meets with gloomy symptoms. Many
cung to the assembling Congress for helping
hand out Of our perplexities; but from present
Indications there is little assistance to be ex-
pected In that quarter. Things look dark, very
dark, and eeem to foreshadow more serious re-
vulsion than any We have had since the founda-
ton Of tie government, and arising from m ore
serious ard quite different cause. The panics
Of 1sl7, 1920, 1881 and 1857 resulted from
commercial causes, and were, after all, but
IH"rA.ois' Auo PioSon' icsuoion 10 cnsHciy
political in its character, and as far as we eau
see. cannot last for a shorter time than two or
three years at the best, and, In that time every
commercial interest in the country will be
shskeo: for the effect Is not LEGAL, as In former
times. affecting only this special interest or
rbat but is general, universal. Every branch
Of trade aud manufacture must suffer; opera
ives must be deprived OF bread, property Of
every kind must depreciste in value.
Meantims the whole people appear to be pa
ralyzed, as II were, with apathy standing
-,ill-waiting with terrible imuobility for the
thunderbolt 10 fall and crush them.