The New York herald., 1860-12-07

The panic is more deeply seated and wide y
spread than any that the country has ever b.
isore suffered. and the winter viii be made
mou.-pfully memorable by the most terrible
sufferip,y amongst the poor Of the North. The
merchants, manufacturers ana master me-
chanics are reducing their expenditures to the
lowest possible point, and, to make matters
still worse, the federal treasury is empty,
and the Cover nment creditors, even down to the
wife of poor Jack, who depends upon her pit
tance Of Eve or six dollars per month, are COM
PEELED to wait for their money until Congress
sees f. to relieve them
We wish that some one could sSow that this
picture has been too highly colo,ed. The truth
10, however, that ii has been toned dowN The
free lsborers of the North who voted for Lin
ooln are now being punished for the acts Of
their blind leaders, who are sxnlting over the
gullibility OF their dupss, who have been made
TO play the part Of the monkey and to draw the
chestouts from the FIRE for the spoismen. And
whatever may be the result of the movements
now going on at the South, there is no doubt
about ons thing, and that is thst the tri.
umph of the republican party has given North
ern interests blow from the effects OF which
they will not recover in many years.
Garibaldis Projected Attack Upon We.
nics--Explanations Demanded By
France.
In the news from Italy received By the Cana
dian there is an announcement OF some i'm
portanoe. The French Emperor had demanded
explanations Of the Turin Cabinet as to hoT
far it was committed to Garlbaldi's project Of
descent upon Venice IN the spring. AT the
came time it is stated that the occupation of
Terraoina by the Piedmontese had been met
by an intimation from General Guyon that
they mus. at once evacuate it. Now this town
Ia nearly sixty miles from Rome, and is be-
yond the small circle Of territory which Louis
Napoleon. in his scheme Of Papai settlement,
had considered 1t proper to reserve for the
Pontf. The fact Of its port being accessible
merely to small coasting vessels precludes the
idea that he deems II Of importance for any
present purposes Of his own. We must there
fore conclude that his interference in this in
stance, as In that of Gaeta, forms part Of the
future plan OF policy which ne has decided
upon ip connection with Italy.
II bas been long evident that the Emperor
would willingly have opposed limis to
the acquisitions Of Piedmont in Southern
Italy if he could deoenuy have done
so The voluntary action OF its people in
favor Of annexation deprived him, however, OF
any pretext for resistance te them. He has
consequently been obliged, in spite Of himself,
to concur in the ACKNOWLEDGEMENT Of the new
Italian kingdom to apoint which promises to
be formidable obstacle to schemes Of older
date than his campaign against Austria. The
principle Of italian unity which Garibaldi Is
bent on realizing by the annexation Of Rome
and Venice viii, If fully accomplished, cir
cumscriLe still further bic projects in the Me.
make O stand against the extension OF the Ital-
ian kingdom beyond its present limits. This
will, of course, bring him into conflict With the
revolution, and expose him again to the dan
gers to escape which he originally set 1t in mo-
ton. His inability TO control II has been de.
monstroted by the recent events 10 the Marches
and Ia Southern Italy, and II l. question whe-
tier, In perslsiicg In tbe effort 20 DO so, be may
not himself succumb to the influence Of the new
principles TO which he has helped Il give the
ascendant Although be owes tie confirmation
Of his usuIped power 10 the ballot box, be
IL in no sense cf the word q constitutional
sovereign ana il remains TO be seen whethes,
after the saordces they have made for the
emancipation Of I,aly, the French people viii
either permit the contraction of its natural
toun daries or consent tba, they themselves
shall continue 70 occupy on inferior political
position to the new constitutional Kingdom
which they have assisted 10 cgeele.
II is stated In recsnt Letters from Vienna thai
there is probability Of the German ConFede
ration guaranteeing Venice to Austria with the
support Of Russia. There may oe some truth
in this announcements; but the German govern
ments should recolect that they stand Ia rela.
ton 10 Italy pretty much In the position Of the
French Emperor They may resolve aud dc,
ternine, but there Is a great doubt whether
they xll be able TO carry out their decisions
The events OF 1915 should have convinoei them
that The ground they occupy l. . .isklish ooe,
ard that Il would require bot slight Causes
TO bring revolution again home to their
doors. The unity Of their race asd the con
solidsticn Of their nationality are az deas 10 he
German as they are to the Italian populations,
and they would gladly seize upon any oPpor
tunity Of realizing them. A league Of their 60
v,rDmen,s against IialJ would afford them this
chance, and therefore the German sovereigns
bad better rtfcc: wen before they commit
themselves TO o awar against the new Power,
which forms the cradle and bulwssk Of repre-
sentative Institutions On the European cont.
nent, and which, consequently, will conusnd
the assistance O. II possesses the sympathies,
Of ell the friends of popular freedom.
TIE GnyAr MsS or THE CrrY.-The Mayor
CT New York mus, be . terrible fellow. Not
orv overt ~ ave Lir6 ocrur~ hut sor1e az our