The New York herald., 1860-12-09
THE CRISIS In ENGLAND.
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The Effect Of LincOIn'S Election on
the English Money Market.
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4 merican Securities Gone Down in
England.
THE FUTURE EFFECT UPON ENGLISH MANUfA ACTuR4S,
&e., &C., &C.,


that noble and wise act Of craftsmanship which raised
eight hundred thousand slaves to the condition Of free
men. Had the noble lord continued Colonial Secretary
lie would doubtless have entered still fully the
spirit Of the Emancipation act, and worked il out in
such would long ere this have led to the
adoption Of similar in the United States, the
Hrazs and Cuba We dependent sldphoiding
countries for chief supplies u cotton to1doco and s9ay
a matter of no small Importance, when we find
that annual in the last two OF these articles
exceeds twelve millions sterling, and that on The first
d7snds The prosperity Of all our cotton manufactures
q parties in An,erica consequent the election Of Mr. Lin
oo cannot Lit lead to much uncertainty in this country
and cur coacn interest finds aseH in the position Of
hdrlng lat onering 10 his b0D, and that string danger
q t,eoliag There but t0 solutions Of the Goridn kM
= tram atlantic difficulties eher ne Southern States Of the
tnoa uU resolre immodate secession they oH adapt
udaiag policy until orert acts the part Of the ad-
minindoa 9ire them color for rebellion. SO far Greu
B,itain concerned TIE former alternative uoud be
less damaging in its results, for a contest be-
tween the Northern and Southern sections of
the republic could be Of comparatively short dura
ton, backed Gs Mr. Lincoln viii be by the federal forces
the overwhelming militia of the free States and the con
servatve feeling OF the whole country. There is meal
cuaby greater danger from the which the South
il most likely-we might, perhaps, say most certain
10 follow The Stare States t scarcely dare the contempt Of
ncs,ote, elected according to The conution and who
has yet given no cause whatever for offence They
went into the late election with their eyes open, and
the very fact OF participating in that election in
wolves the necessity Of recognizing the candidate Of
the majority, and rendering obedience TO him the
properly appointed President Should the proposed
convention deciding upon the time and manner Of
secession ever meet, there numbers Of sufficiently
calm and long sighted southern statesmen who viii show
that safety for the present and hope for the future lie in
waiting policy alone This policy will resemble armed
neutrality in which the minority will be the qui
rate against their opponents and ready TO seize the first
opportunity for disunon 1t is easy to orcsee what
be the effect Of such action upon the commercial relations
Of the country t"ctdiy ~ mercantile affairs Is posi-
re danger cad he adoption Of this policy by the South aciH
infriab degtyoy The confidence Of every capitdlia IN
Larqe: in other words, Southern planters will
be Unable 10 find the wherewith to carry
will hang a dead weight their hands The
cor ial nested slares drac from other sources than
he SGhan States, and the vast majority Of those slaves
tagged Is reasonable TO suppose that any fur
thor advances win be made by foreign capitalists when
60 asnssf oaass az ZEN % ns feeling throughout
the North is the tyrannica Fugitive Slave law, by which
the federal government is bound TO seize all runaway
gross and them their Mr. Lincoln has
been elected to abolish this act and his administration
will scarey allow itself to be the sheriff Of the South
erncrs who will bitterly resent his refusal TO enforce
law which is the safeguard Of their property and lives.
confederation win be fruitful source of dscord between
the two sections and the Shareholders viii scarcely keep
quiet when they those territories rapidly peopled
from the North, and entering the Union as States
10 outvote them al the federal capital Worse remains
behind Every year tells against the South and in favor
their opponents The local elections 1861 will re
turn overwhelming republican msjores TO the lower
House o Congress, and the Senate itself Is likely to be-
cone republican during the administration Of Mr. Lin.
coin II Is this fact which, as much as any other,
must tend TO ombitter public feeling amongst
the pro slavery democracy, and finally drive them,
is the Gciex 0f fhe sans hessrs. De late tssuveiSs
eniy looai Ja ,he, anti sowy President rules at
W0SAian is gBtte poLdyie They may Jerome mt merely
tcqu,sf tW urdely e1sendod The knowledge that the
federal government sympathzes with their lot and that
colored men are now enjoying ela rights with the white
in The Northern States, likely to be productive Of
rniser refults amongst the negroes OF the South THIS
sssd ruin heir masters, hrc,o thousands cfor moaac-
fUtJs oa # employment, and cref such panic IA the
mCny morks II he uorid as 'cas tere experienced
From the London Globe, Nov. %.
Further symptoms of reaction have been perceptble
IN tie market for public securities to-day, few specu
latye saes having led T. temporary decline of u per
cent II might have been expected, however that the
operators would have taken advantage OF the late ad
20 realize profits and thus diminish the buoya yancy
Of the market particularly as u yet remains 70 be seen
whether the bullion arrangements made by the Banks Of
England and France will have the desired influence upon
monetary affairs. Consos at period Of the morning
consequently touched o3s e3s for money and account
but rather a. more nsw prevails and & ae quota &
proxmo respectively The variations IN other English
toE have been unmporant, and the Indian securities
aleo continue quiet The foreign and colonial shares,
Nth ~ esciop n /saoicoa dsscr t,o,is, chih de-
f,esed, are ID stcady request, without any material
alteration M pfiCes.
The antcpatcd sccss of The measures adopted by the
Banks OF g'ind and France has led 10 exp citation
that the Official rat q discount viii speedily decline,
and the demand for odaton has been curailed Ia
consequence. Capitalist being Of the opinion,
already Offering Increased facilities rst class short dated
hls ing NJ gotiated 81 pr cent while
ties having more than three mouths 10 run which few
days could only be discounted very onerous cond
tions, are now sought for In banking crclcs.
| Owing 10 unfavorabe advices brought by the Fuor
from New York the market for American shares, cspc
cally New York and Erie and the Illinois Central, ha
been very pressed to-day The following information
| n specially supplied from Mcssrs r. ,. satterthwat
Co The market for American securities, which has
q,e rsayss on H. recsJs n imssoce ss rro,,no -
Mc fauen not NE 1cessiea ro,fy ,n ne S@he,n srnts,
market in New York had again seriousIy given way.
The stock most affected here Erie shares and Illinois
hs latter when csS G nh 20 snd Is discount
opened ths morning 20 and 2s after touching 81 close
rather steader ~ 70 discount buyers.
From tho London Telegraph Nov. 24.l
The changes exhibited In the Bank Of England weekly
return, dated The 21s inst, more satsfactory than
might have been anticipated the circulation having been
contracted 10 the extent a f21C T55 which has led 10
Increase n the OF notes and gold These results
together with the strong reacioncry tendency which "
apparent h the discount market, win, no doubt,
strengthen the impression which has already gained
ground that the author ites VIII soon be in position 10
relax the stringent policy which has been lately forced
upon them through the exceptional fow II gold T. the
pank Of France. The only other feature ~ Importance
IN the present balance sheet addition OF foe $40 ~
the gsverrmcnt deposits.
Increased easincf has been experienced the money
market to-day ing to the impression that The Bank
rate win be- speedily reduced which has Id con
traction Of the q, maud and greater desire the part
of capitalists 20 employ the means ~ their dpoeal
further decline has consequently taken place In the
terms charged Ia the opn maj koi trarsactobs having
been entered into az and even "a pr cent and, al
tlotgh this uuoaion only nrplisF 20 the hssi deserr
ons Of short dated paper, h4 having more than three
months freely negotiated much lower terms
than those recently required by H. banks and discount
houfee.
III. late advance IN the Turlish funds having led 10
speculative salcs partly IN realization OF profits and
partly IN consequence M an impression among the tmc
dealers that the adopted by the Bank Of England
90 relieve the Bank OF France may not prove successful
rather lees bGoyancy has been apparent In the market
for public securities to-day, but the quotations bsvo
nevertheless exhibited considerable strength, additional
support having been derived from purchases 10 the
Of Gao 10 Gao 600 by the Cbancery broker The
downward tendency ~ the rates Of discount also. pro
duced favorable effect and the latest prices the
ihose current on tie previous afternoon. For
eign securities underwent no change OF importance bat
railway shares we're rather aatc, and Anefcrn dc~gp
hcr particularly deprsscd, In Consequence Of the
uniayorsbe advces received BY the Fulton from New
York.
American railway securities the stock Evchanse
depressed. The shares Of the Illinois CentrM W
laid, were largely dealt In, prices varying IRON ~ 70 2,
discount The por cent bonds we're nat 20. sa
New York and Fre nssented sharcs declined " 81 %
a %, the adyiceyffomrSew York being uhIsso'so~'
FromSih4i dhdon Herald, Nov 24l
There sudd5 5hndx decided ial ~ tne quo.a.ons
of american securities IN torcguen.e ~ w
ton and ,be>nuctuations were rather Of an important
ebarast.r nrols 800 sharevbowcd rotrogression of
rer con, having been dealt IN as low as 81 and ~ ds