The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-10-29

South ....... 25i ll3,9oG,7so ls3 7O0eO,
Specie. Circulation. Deposits.
North .s47 ,670 ,759 l5s06S $50 los ST. $50
South. S5,s2S,d's 5lo33,si7 51,24l7s
In this classification we see at glance how
much greater is the dependence Of industry
and trade at the North upon the security aud
stability Of the vast edifce OF credit than II is At
the South. In the South industry produces. and
in the North ii manipulstes the raw staples Of
commerce In the North the liabilities Of the
banks In circulation and deposits alone exceed
the aggregate of banking capital ana
specie; in the South the capital and specie
exceed the liabilities by forty per cent The
Northern banks have more than three dollars
H. ,.,.ut.t,on to ono in specie in their vaults
while the proportion Of these in the Southern
banks il only about one aud half TO one. In
the North the banks owe four times the amount
of their specie TO deposiiors while those of the
South owe only one and half time Of theirs
The loans Of the Northern banks exceed their
capital by seventy per cent, while those of the
Southern banks exceed theirs By only fifty per
cent. Thus, in whatever way we look at the
relative positions Of the banking interests to
the community, we shall fnd that those OF the
North are far more Intimate Ia their relations
TO individual interests than are those OF the
South, and that consequently the effect of any
evils that may come upon the banking interests
will be far more widely felt among US than they
will in the slave States
But il Is not alone In the banking interests
that the structure OF credit is more permea.ing
In the North than Ia the South. The amour, Of
capital invested In manufactures in the North
amounts probably at this time to the enormous
sum Of two thousand millions Of dollars, and
In railroad stocks and securities there are nearly
a thousand millions Of dollars more. The ex.
isienee n all this capital depends upon
the safety Of tie edihee OF credit and
Of trade. which rests entirely upon the mate
rial welfare Of the people II the politicians
and demagogues who are now urging on a con.
dict between these two great masses Of mate.
rial interests on . purely abstract idea, which,
If permitted to rule, can do no possible good
succeed In their insane design, the whole system
Of credit, manufactures and commerce, North
and South, must Inevitably fall as Il fell from
similar causes In 1887, and with tsnfold more
ruin Men will coptinue 70 cultivate the earth
and produce food ard staples: bu. the distribu-
ton Of their surplus products will be para
lyzsd, and In such al event II requires no great
foresight 10 perceive that the ruin Of the manu-.
featuring North viii be far more intense tbal
that Of the agricultural south.
Herein lies the logical developemea, OF he
war which black republican SIN has proclaimed
against The social y stem az the South. II L IL
much . war against our Northern interests and
society az II l. against tie Southern. and L
Linsoln L elected nothing can avert The terri
bic consequences. The sensitive fbres Of CAPT
tai are already beginning to feel the rising
danger TIE weaker stocks, which are merely
the growth Of our credit system, are already
falling beneath Tie storm AID the stronger ones
will soon feel its fury II this contest goes on
New York will be the hrs, a1d greatest sufferer,
and ca her to DAY lee TIE determination q this
battle. II the Empire State permits the black
republican party to triumph tbe SoU'h must aud
will take a hostile attitude at once and then
we shall have financial patio ard storm Of
ruin among our merchants, manufacturers, and
every mater ! interest that will exceed Il their
horrors everything Tia world ha eve W.T..
aessed