The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-10-26

-
II arose chiefly from general though vague APP
prehcnsion that the South would not submit to the
election Of Lincoln, and that grave troubles might
be the result There were other causes AZ work,
among which were the manGuvres OF politicians;
but the chief source of the trouble was the general
uneasness in the public mind, growing out of the
political prospect. Norwas that uneasiness wholly
III founded. While there are in the South, as in
the North, vast body of conservative, Union
loving men, 1t is well known that the conduct of
political Affairs in that section is often entrusted to
the most reckless members of the community; and
there Is no saying 10 what lengths these violent
men may not rush when they find that Lincoln is
really elected Unfortunately for the country they
have 1t in their power 10 do great deal OF mis-
chief Commercial confidence ever sensitive TO
political disturbance, is peculiarly so in this coun
try; and notwithstanding the great wealth of the
South, notwithstanding the enormous cotton crop, ii
is in the power Of the politicians to create this win
ter reyulson which shall sweep over the country
with even more destructive violence than the
reyulsion Of 1857. Al this of the year espe
ciay such catastrophe mi yht be readily precip
tated. The Southern banks are expanding on all
sides to move the cotton crop. Within a month
after the Presidential election they wolld, under
ordinary circumstances, reach the extreme limit
of their expansion for the season. Now, if any
overt act be committed by South Carolina or even
anything tending to an overt act, the first conse.
quence would probably be run upon the South.
banks for specie, which they could not possibly
meet, and which, in their expanded condition,
would break them without question. Any overt
act, moreover, or anything like one, would a. once
Al. 80
could not be sold at the South, and the Northern
banking houses which deal in them would, at least
be placed in an embarrassing position. If matters
took such shape as to threaten any interference
with the movement of the cotton crop, no one can
say what the results might be. Without cotton to
send forward, we at the North would have to send
abroad specie; exchange would rise instantly one
TO two per cent; the South would be unable to
buy goods, and our importers weuld have
their stocks thrown back on their hands;
while in Europe manufacturing industry
would be parayzed by the threatened
stoppage Of the supply of the staple OF
course this is stare of things which would orrect
itself in time. The South has very little food this
winter, and without cotton it could not buy any.
The financial disasters which would follow the first
overt act tending to disunion would of themselves
spread so much misery as to compel the substan.
tal men of the South to seek a speedy remedy.
But in the meantime mischief might be done
which it would take years to repar-a mischief so
great that one can well understand how the bare
contemplation of il should have affected our SEN
sitiye stock market, and caused decline of to
10 per cent in the speculative stocks of the day.
The business of the sub.Treasury to-day was:-