The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-12

F hssss' n s4Ss':. s sss 6 6 & ~ g
al kinds OF securities, it win be noticed, have
fallen considerably, in consequence of the prevail
ing uneas;uess in the political world. The traffic
On the railways continues to satisfy their friends,
and the general commercial prospect would seem
bright enough were il no: for the black ccud which
overhsDgs the South.
Both branches OF the Legislature Of South Caro-.
Ina hare now agreed upon the 9th Of December as
The day which delegates are 10 be ee ted to the
Disanion Convention and on 18th December as the
dag on which that Convention is TO meet. SINH
lsT convention is to meet in Alabama; but whether
the Proclamation sammoning the people 70 elect
delegates will be issued before or after the assem-
bling Of the electoral college remains a matter Of
doubt II Is telegraphed from Georgia that q con-
yention viii be called in that State also; bat as we
hear simultaneously that the Legislature has acted
1pon Gov. Browns recommendation % fax the
products Of States which have nn.lifed the
Fngitive Slave law, the announcement must
be received with caution, the two remedies
being 70 some extent inconsistent with each
other. In contrast with this Intelligence,
We learn from Washington hat the President is In
receipt Of letters from leading men in all The South
| ern States, expressing adherence Of disunicn;
while, on another side, Mr.. Lincoln Is said 70 be
overwhelmed with applications FOR off,e from
Southern men. Whether these conservatives and
Office seekers will be able 10 control their respec-
tive States, in opposition 10 the disanionists when
the question of disunion ID fairly submitted 70 the
people, remains TO be seen. The interest Of Geor-
gia and Alabama is so obviously on the side of
Union that one would suppose that in those States
the task Of the Union party would be easy bat II is
very difficult to be sure of anything when popular
passion and popular prejudice are fairly aroused
One point may be considered as settled: the
United States win not oppose by force
Of arms the secession Of any Southern
State. II South Carolina solemnly decides,
by popular vote that in her opinion, her interests
would be safer out of the Union than in il, the
people OF the United States will part company with
her cheernly. The day has passed for the coercion
Of independent communities by force of arms. If
she win 60, no one here will try TO hinder her
There has been an attempt 10 cast censure on the
President for not Strengthening the garrisons OF
forts Moultrie and Sumter; but Why should ne do
anything Of the kinds If South Carolina goes out
Of the Union the forts win be Of no use 70 -; II she
stays in, why disturb them, If she thinks it would
do her any good to occupy the forts, what harm
could IL do TO us,
We have seen nothing thus far in the reports Of
the proceedings OF the Legislature Of South Caro-
lima on the subject q The financial arrangements
Of the nation which i is proposed TO create.
motion has passed The State Senate TO appropri.
ate 900 600 for arms, and the suggestion has been
made-informally, we presul,e-tkat Northern
debts should be repudiated Neither of these
measures, however, viii provide the new nation
with the means that will be required for Us start
in life We showed the other DAY that At least ten
millions Of dollars viii be needed immedia: ely 20
purchase The radiments OF navy, arms and ma.
terial OF var, . pay for United States forts and
other buildings which South Carolina viii have to
purchase, and to equip and pay the military, na-
val and revenue service which she will require
Where Is this money 70 come from, II Is
not likely that South Carolina, a. an in.
dependent State, could sell any bonds here
or in London. The experience Of tie
Texas bondholders wouli operate as an
insupersble bar 10 any such negotiation. South
Carolina enjoys good credit at present. her five
per cents at par or nearly so; bu, her sta.es-
men must remember that secession involves a
variety Of possible contingencies such as war
with the United States, servle instructions, &c,
&C., which would be pretty certain 70 defeat tie
sale Of any new bonds she nigh, issue. II may be
within the knowledge Of the South Carolina lead.
ers that Europeans, who have lent and lost 80
many millions Of dollars IN Northern ana Western
railways, have always been shy Of Southern raj.
way bonds; the reason is obvious and would ope
rate with new force In the event OF disunion. The
taxable property in the State Of ssth Carolina
was valued. at the time the las, census was taken.
ota Z 80
in slaves. What part Of this property would be
taxed 10 raise the ten millions Of dollars that would
be required during tie irst year Of independence!
Obviously the most available scheme for raising
the money would be to pledge the annual cotton
crop, which may this year be worth s25 900 900, as
much o. / Is Sea Island cotton. An arrangement
might be made here or In London by which bills
drawn b. South Carolina against future shipments
q cotton would be accepted and paid. OF course
he parties accepting these bills would expect TO
be paid for their risk the cotton would have 70 be
shipped 70 them At ten or twenty per cent below is
market value, and the planter would have his re.
medy for indemnity against he state There are
parties here already who are on the lookout for
some such operation as this. Meanwhile We arc
glad . learn that he repor. Of the resignation OF
the Collector Of Charleston i untrue and that the
designations OF he United states Judge and other
officials are not 70 take effect tf they have been
accepted by The President-an event which may
probably be deferred til lth March or there abouts.
In the meantime i Is vain % Disguise the fact
that the commerce Of be South, and OF all parties
connected in trade with the South stands 10 a DO.
siton Of great danger. panic Is in foil blast in
he Southern cdcs--a panic without substantial
basis but none the less formidable On tha ,count:
apanis which, Il i be not allayed, win destroy
one half the mer san'e houses aud more than half
the banks In the Southern states before the winter
i out, and create great deal Of trouble in the
North also. AT Charleston business Of all kinds
Is suspended; and while Ito mercantile men an. |
pear 70 I've engrossel with considerations Of fars |