The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-12-07

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NEW ORLEANS, Dec. 5.-It is now fully ascer-
tanned that the planters have resolved to hold On
10 their cotton, and the sudden falling off in the
heJJegPts at the Ports (amOunting to nearly one
na!l Is ample cohnrmaton of the fact The reason
assigned by the planters for their course s tbn CO.
we're depression that exists in the Atlantic and GnIf
~ ana the suspension by the banks of Geor.
60; o1u!h % Carona and other States, through
"nicn their exchanges are done
1t is thought that this action Of tho ,Io,,tor ;r
have tendency to arrest auv fnrtbear dod " -
movement OF the staple. The decline ALREADY snb.
mitted to on the balance Of the crop vet to he re-
celved, estimating the whole crop at 1000 900
bales amounts in round figures to about fifteen
millions of dollars.
MOBILE COMMERCIAL AFFAIRS.
MOBILE Dec. 4.-The cotton market has firmer
appearance, owing to the falling off in the re.
ceipts. Mddling Of even lists is held at 9sl cts.
dull market ' " VIZ"
Exchange on London par to per cent. discount.
me receipts OF cotton at this port during the
past three days have been only 600 bales
Money remains stringent, but the banks If Is
thought, will be able to hold out
NEW JERSEY STATE CONVENTION or ALL UNION MEN
TRENTON, Dec. 5.-Whe State Convention of all
Union men, led oil by Commodore Stockton. VIM
=: Alexander eX Governor Price, Col. Peter j.
Ciark, Senator Thompson, and a large number of
the leading men Of the State has been called at
Trenton, on the llth December 70 concert such
measures may be deemed advisable under the
COERCION.
In an article on the crisis in the Philadelphia
American, of yesterday, the following language
was used
1t is duty to arrest this easy sliding into
trouble, even at the risk of being falsely repre.
sented. 1t is our duty to say that the Union must
mot be broken up by violent hands, that hundreds
OF thousands WILL il necessary devote their lives t
ITS protection and maintenance. The mouth of the
MISSISSIPPI must remain to the Union The coasts
OF the Gulf and of the Atlantic must never harhnr
hostile fleets, however small. The whole continent
belongs to the people of the North well as to any
immediate residents in any part. We have boupht
the soil, have paid for and defended it, have main
tanned large expenditure it in the interests of
CIVILIZATION, as well as in the limited sense of
Propretorshlp. We cannot give it up to the slave
trade, to the unbridled scheming Of fibusters
and treebooters against every assaabe part of the
earth. VI '"e
SECRETARY FLOYD ON SECESSION.
letter from the Hon. John b. FlorG, Secretary
of War, is published in the Richmond ENQUIRER. Of
yesterday. from which we make the extracts pre-
sented below. The Enquirer introduces it as fol-
lows:
To-day we publish the letter of the Hon. John
Is. Floyd, IN response to one addressed to him nv
us. Mr.. Floyd's letter derives additional interest
from the fact that he is a member of the Cabinet
from whose head has just emanated the most re-
markable and mischevOus message ever sent bv a
President to Congress.
The letter is one of great force and discusses the
questions at issue from the stand point of an ardent
affection for the Union of these States Mr. FIovd
holds the right of secession, though he would not
exercise it before making further efforts at concili
alton and harmony
have written to us, on the necessity for a speedy
call OF Convention of the State by the Legisla-
ture.
We have not heard of any man of influence and
in Stnf vbp
speedy call of a State Convention.
We now quote from the Secretary's letter:
The great danger of the present crisis consists
IN the fact that in our country all political action
Is by popular movement; and all popular move
ments, during periods OF angry excitement, are
from the nature of things ultra and extreme The
difficulty OF accommodating the differences of the
two sections while the present animosties continue
is, therefore, almost insurmOuntable. The election
OF Mr. Lincoln is the result Of the ultra and violent
popular feeling of the North against the South He
was nominated on account of the supposed ranco-
OF his hostility to slavery. He was the choice of
men who denounce that Institution as stbe sum of
all Villainies.' His most active and efficient sup
porters were the men who signed their approval of
the vulgar calumnies and truculent appeals of the
Helper book. Among his most Jealous supporters
were the fanatics who apotheosize John Brown.
Ninety per cent. of the Northern voters in the
recent election, denied to the South the ripht Of
constitutional protection to slave property in the
public territories; but Mr.. Lincoln obtained vastly
more votes than all other candidates. from the fact
that be went to the extreme point of decIarnp for
the complete exclusion of the South from all the
territories of the Union 1t is vain to protest nov
that he himself is 4 conservative man. Elected by
powerful, tanatical, unreasOning, reckless party
he is not the master of his actions; their will
must be his; his policy theirs. Whatever Mr. Lin
coin may be in reality, may BE- asserted to be- he
was elected by the Northern masses as an ultra ey.
treine anti-slavery man, 4 bitter opponent of the
South. Their language to the Southern people
IIf4rf, .1g he
and bitterly hates you; he hates as we hate; there
fore we elect him to be your President and mean
to see that YOU submit to his rule" Such is the
extreme temper OF the Northern anti slavery party
The South is now, in turn about to assume her
position. Her action must be taken, as matter OF
course, by popular movement; and, as such move
mentS, IN times OF excitement, are never conserva-
i've, her position will, Of course when taken be as
extreme as that of the North. The North has sci
the example Of doing without the South in the
election ola common President. The South i
about answering this by allowing them to do also
without her in the Union. The people acting in
mass will not stop in a crisis to draw distinctions
and split hairs but rush headong to extreme con-
clusinns. The Southern peoples answer 70 the
North will be as demonstrative and defiant in one
direction, as the election Of Mr. Lincoln, on the
part OF the North, was in the other If all the
Southern States shall put it to popular vote ia
say what shall be done in the present crisis the
position of probably every one of them will be ex
treme. If a few seccdc, and all efforts at recon
ciliation fail, all must sooner later secede Vir-
glnla would not, other border States could not
stand neutral between North and South
For one, | am not for secession as long as anv
honorable effort can be made to preserve the
Union on Constitutional basis, guaranteeing
equality, justice and protection to the negro prop.
erty of the South. Is
believe that the great material interests of
the country demand reconciliation of the sections
and the preservation of the Union; and RELY much
upon the slow, but certain, the SILENT but potential
influence Of this great agency to bring about set
tlement OF our present troubles The main study of
all should be to prevent 8nv collision between the
sections, and most especially the shedding of the
hrst drop 0t blood. If we can but succeed in
averting these calamites, the great, practical
business interests of the country may, perchance,
sooner or later bring about reconstruction of the
Union and restoration Of harmony between the
sections. -
The South should remember, that in dissolving
the Union she annihiates a mighty army of true.
unselhsh and devoted friends at the North who bat
tie forever for the constitutional rights of the slave
States. Without this great and efficient aid the
power of abolition tanaticism would be unbro-
ken and unchecked-woud indeed surround the
South with wall of fire" 1t would do more
New England would cOnsOrt with Old England in
devising means by which the cruel and inhuman
philanthropy practised by the latter in the West
lndla islands should be repeated here. That reli-
glous zeal which turned away from all rational
hope of progress in Christian faith half million of
Africans to the savageism of fetish worship. and
converted the fairest islands of the sea into desert
ana Waste-that English Justice which seized
upon thousand millions of her subjects property.
and vaunted herself before the world for having
paid One-tenth OF its value-wOuld find surely and
speedily ample room, in conjunction with New
England abolitOnism, for the practise of her phari-
saical virtues amidst the fields of Virginia and
Louisiana. If the hate of New England abolition
lists to the South is sleepless and magnant-if they
hope by fraud and indirection, by agitation and
theft, to harass the South and to impair the Sc
curity and value of her slave property-all com
Dlnp1 wOud m lief hn iuCfin 1
fair dealing compared with the inexorable hate and
majestic fanaticism of Enga directed against the
slavery of dismembered Union aud a feared and
hated commercial rival.
Twenty-Five years more Of Union and harmony
Will concentrate the controlling commercial power
OF the world in the waters OF New York Then.
the decline of England becomes as certain as was
that OF Alexandria and Venice and for the same
cause. Instead of the first, she becomes third
rate European power. But let disunon take place.
let civil and discord distract this country and
England well knows that the ships of the North
must rot at their wharves, and the busy hum of
their manufactures must cease for ever Then.
indeed, would Eng land feel again that she was mis-
tress OF the seas without rival secure in a com
merce that no power could eyer shake
1t Is fatal error to suppose that the interest of
England would prompt her to foster the PLANTING
interests of the South. From the Prince Consort
who sat silently by and witnessed the deliberate
insult of an American minister by British peer
before the congregated intelligence of all Christen-
States, down to the wretched Cockney himself
forty times the slave to suffering and circumstances
beyond what any negro is to law-there is mot
T. IL n nncC mot ,,,