The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-28

The PRooREss OF REVOLUTION AND REvULsIoS.
The political revolution Is progressing, and,
as day after day passes without hope or pros
poet Of amending the condition of the country,
we are drawing nearer to the vortex, on the
verge OF which we stand to-day. South Caro-
lima has already gone out Of the Union and
calls herself foreign nation; other Southern
States are only biding their time to follow her.
The border States of the South are at this
moment taking counsel on the question Of pre-.
venting the Inauguration of Lincoln, and every
thing in the future, 50 far as any one can see.
forebodes civil war The prospect is gloomy,
discoaraging and alarming.
Meantime, apace with the revolution, grows
the commercial revulsion hourly extending its
influence to every branch of industry and COM
merce. Factories are suspending work. bust
ness is declining, and operatives are being dis
charged. Within few days three or four sugar
houses in this city have failed, and perhaps as
many more houses in other trades. Failures to
the amount Of four or five millions Of dollars
have occurred in this great metropolis alone
almost we may say, within one week, and
of employment must have been proportionately
large
There is a peculiarly about, the failure of
the sugar houses, and that is, that it was
brought about by depreciation in the price
of sugar, and that depreciation is the result Of
political causes. &c. too, undoubtedly, houses
in other branches of business have suffered
from depreciation in the value of staple art-
Giles, for depreciation Of property is the order
of the day. In the present doubtful aspect Of
affairs il would be impossible to expect that
the old system Of credit could be maintained.
In time that knows no defined future there can
be no such thing IA credit Unstable at all times,
as il has been employed in this country, it be-
comes worthless in this crisis; and, although
money is plenty, as it rarely was ever before
though we received some six millions Of gold
probably get as much more in the two or three
weeks to come--of what avail is ii? II will
not relieve the pressure.
Thus revolution and revulsion are advancing
hand in hand nor is there anything being done
to stay them. Congress is ineffective for good.
The administration Is paralyzed. The Presi-
dent elect--who, if he had the wisdom of a
statesman and the virtue Of patriot, could res
cue the country from impending RUINS silent,
either through an obstinacy and miserable at
.achment to party interests which mislead him.
or an Indifference which il unworthy Of his po-
sition. People are suggesting various modes to
improve the sad condition of affairs. Some
propose humiliation and prayer but they will
not pay notes when they fall due, nor bring
mama from heaven in these days to ill hungry
mouths. Others are in favor Of reopening the
houses for religious revivals; but rcli-
gious exercises will not meet bills of exchange
nor set factories to work. 1t is true this may
produce some effect upon the abolition fanatics,
who, for the last thirty years, have been work
ing TO bring about the present disaster; but
that is all that can be hoped from them; and If
here is no trade or business to be attended to,
perhaps people might as well 60 to the religious
revivals as occupy their time in any other way.
Meantime, as we say, political revolution and
commercial revulsion are rapidly progressing,
without any immediate prospect OF being
checked. We can see no opening for escape
no certain pathway seems before us--there is
no light anywhere. The ship Of State Is drift
ing hopelessly, it would appear, with dark
clouds above and fogs around and breakers on
every side, without friendly beacon to guide
her course, and no man can tell upon what
rugged coast she may strike. And all this time,
with difficulty besetting us-with which no ma
ton whereof history speaks was surrounded /
10 mike matters worse we find the public OH
cials at Washington plundering the departments
of the government, and everything in apparent
confusion, where We might hope to look for as
sistance, counsel and example in our hour Of
trial.