The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-07

! SHEET.
for the circulation of the Canadian banks in
the United States, particularly N the towns all
along the Lakes, is immense, and ne greater
part Of these banks are just as rotten as the
two which have exploded during the past year.
There is no security whatever for the notehold
ers, and 1t is unsafe to have much of such
paper on hand.
In Canada banks are Of two kinds-one the
The former are not secured, the latter are.
The total circulation Of the close charter banks
in Canada is 1921, 900-close upon ten mil
lions of dollars-which is far beyond the wants
Of the Province, and is Of course intended in
great part for the United States and here un-
doubtedly it finds its way. To redeem this
vast circu alton there is little q nothing but
"fog" paper. The circulation of the free
Canada banks, amounting to $751; is Sc
cured by debentures deposited with the Re-
ceiver General to the amount Of $770,50S, and
the notes are therefore perfectly safe; but how
small proportion do they bear to the others
This is information which we think Governor
Morgan ought to have given the people of this
State in order to caution them against being
victimized by paper money SO utterly inse-
cure, and he ought to have advised the Legis-
lature to apply remedy as far as the rotten
have been far more becoming course than
precipitatiDg the danger of panic and the
bursting of all the banks, by observations calcu-
lated to exasperate the South and to drive
away from New York what now remains of the
fast failing Southern trade.
The Critical Condition OF the Country-
The Duty OF the National Members OF
Congress.
The course which the republican members in
Congress have chosen to pursue with regard to
the election of Speaker at this exciting politi
cal and commercial crisis calls for an express
sion of public indignation.
While the democratic members, anxious to
organize the House, and let public business
proceed, have abandoned their nominees from
time to time, in the hope of facilitating the cleo
ton of Speaker, the republicans, with impu-
dent obstinacy, persist in forcing upon Con-
gress for the third most important Office in the
country-md, in case of the death of the Presi-
dent and Vice President, President of the
United States-Mr. Sherman, who endorsed
Helpers book, the aim and object of which are
to create a negro instruction in the South.
They persist in this course, too, in spite of the
imminent danger which threatens the CONNER
cial interests of the whole country, and of the
North more particularly, with the most serious
disasters, if not with total dsorganization.
There is no Disgusting the fact that the pre-
sent political agitation between the North and
South is even now disorganizing and destroy
ing the commerce of both sections. Witness the
Punishment of Northern business agents from
the Southern cities; the withdrawal of North.
ern manufactures from Southern markets; the
Union movement of the Connecticut manufac-
turers to save their Southern trade from ruin,
and the discharge Of hundreds of clerks and
statesmen by firms in this city whose principal
business is done with Southern merchants.
And if such alarming results herald the very
outset of this agitation, what will the conse-
quence be when Sherman is elected Speaker,
an event which must be looked upon as equiva-
lent to declaration Of war against the South,
the endorsement Of Helpers infamous plan for
servile insurrection, and the continuation Of
Stewards irrepressible conflict upon the rights
and interests Of the Southern States. >
The republican members have repeatedly at
tempted to assure their Southern colleagues
that they do not sympathize with Browns
raid; yet they insist upon electing Mr..
Sherman, who is the very embodiment of the
idea Of war upon the South, the endorser Of
Helper, and the irrepressible conflict leader of
the republican party in the House. There are
other men in the republican ranks whom they
might support besides this most obnoxious one
There are one hundred and thirteen republican
members in the present Congress; of these
forty endorsed Helpers incendiary book. The
other endorsers of this Infamous pamphlet were
members Of the last Congress. Out of the re-
naming seventy-three members of this Con-
gress cannot the republicans select candi-
date whose election may be acceptable to
the country? A democratic member proposed,
the other day, to accept Mr.. Corwin, of Ohio, a
republican, and formerly Secretary of the
Treasury under wing administration; but the
republicans refused, and insisted upon still
forcing Sherman upon the majority. Sherman
is clearly minority candidate, for out Of the
237 votes in the House he can only get 100 or
ll2; yet In the very face Of impending COM
mercial ruin and disunion, these few obstinate
politicians continue to press his election upon
the majority, not alone of Congress, but of the
country.
In this emergency it becomes the positive
duty Of the opposition members-An -Lecomp-
tonists and South Americans-wh have refused
to vote for Sherman, not to allow themselves
to be tired out or driven into supporting the
plurality rule. This course, we think, they are
bound in duty to the country to pursue, and
uro tr,,st that fhev will cnntnua in ~ ond ros;s%