The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-05

worth Of property, the burning OF h..,r houses the
butchering Of their men, sod the rape of their
wives and daughters by infuriated ne
groes. This is the way they look at
the question; and from this point of view,
it is perfectly natural that the nonslsveholding
whites Of the South should be just as vehement in
their hostility to submission a. the slave owners
themselves. Hence the chance that, after some
weeks of excitement, famed by the fiery appeals
Of disunionists and orators the people Of the Gulf
States may, before Lincoln's inauguration solemnly
decide to separate from Union in which they find
no security for their properly their lives and their
homes.
In the event of secession and civil war, the trade
Of this country next year would be totally ruined.
Even If the Southern people, when summoned TO
vote on the question Of secession should decide to
abide by the Union for the present. the injury done
TO commerce during the interval Of suspense would
be scarcely less severe. That interval would be
one Of uncasiness, dstrust and panic no man could
trust his neighbor; no one would buy bills matur-
ing after the period at which disunion might occur;
enterprises of any Kind would be prosecuted for
fear CT the future; every would try to get gold
to heard it, all would be uncertainty and alarm,
and the whole machinery of commerce would be
stepped That this is no exaggerated picture, the
course Of the Southern banks within the past ten days
affords conclusive evidence. This il the season
Of the year at which these banks earn their dvi.
Jends From now till February ! they make so
much money by moving the cotton that they can
afford to leave their funds here all summer at per
cent, and still divide or per annum on their
capital. Ye. within the past fortnight large pro-
nprfin pft bn haaE In tbA Cplf tata hay
fused 10 do business at all. They are the first suf-
ferers by this policy az their means lie idle. They
are damaging the value of their own assets, for
such stoppage to commerce as they are causing
depreciates all kinds of paper. They see clearly
thai If the worst their failure will inaugurate
the crash. Yet such is the intensity of the alarm,
such the heat of the excitement prevailing South,
that with this prospect and at this cost the Southern
banks are actually refusing to buy cotton bills. If
they do this now, what will they do If Lincoln
should be elected,
There are those who say that trouble arising
from political movements would not affect North
ern propeSfy. This is faacy. All kinds of values,
with the exception of specie ITSELF rise and fall
with the fluctuations of confidence. Destroy con.
fdence, and all values decline instantly. For com
mercal and practical purposes intrinsic values are
seldom worth consideration. Now, If the general
commerce Of this country should be disturbed by
an insure ction OF the South against the general
government, or even the prospect of an nsurrec-
tion it needs no demonstration to prove that con-
fdence will disappear and that value will decline
accordingly. Properties may remain as intrins
cally valuable as ever, but people will not give
much for them, and to the owner who wants to use
them they will not be worth as much. In the
crisis of 1857, bank stocks, first class State stocks
and New York Central were as good as they had
ever been; yet they fell to the neighborhood of
fifty cents on the dollar. The fall would be more
severe, more lasting and more sweeping in its
effects, IL the crisis from severance Of the
Union and the beginning OF state of civil war, of
which no one could foresee the end
Some Of the traffic returns from the railways for
the month of October have come to hand, and we
n. -. Al - III r.