The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-28

doDed and it garrison is Withdrawn to fort so
far of in the water and so strong as not to invite
an attack. But in this proceeding the South
Carolina State Convention will understand the
Interpretation put upon their ordinance of an
Independent nationality by President Buchanan.
This Interpretation is, that said ordinance sig
n.fcs nothing, and that the federal authority
within South Carolina, short Of the interview
ton Of Congress, can only be extnguished by
force Of arms.
The South Carolina Commissioners win re-
turn k.me from Washington unrecognized as
ambassadors representing any legitimate au-
thority. And what then? Perhaps lombard
inent Of Fort Sumpter, or an assault, in order
to "precipitate the cotton States into revolu-
ton" This is the danger to be feared. In the
meantime it will be seen that while maintain
ing the federal authority in South Carolina, Mr.
Buchanan is doing all that he can do to avoid
the responsibility of giving or inviting the first
blow, which may involve US all in the horrors
Of civil war. Let this Congress and the in
coming administration act accordingly, and the
Union may yet be saved.
The Effect Upon New York City of the
Present Crisis.
Real estate in this metropolis is valued at
about five hundred millions of dollars. Range
through the stores, warehouses and manufac-
tories of the city, and an equal amount Of pro-
perry would doubtless be discovered. Count
up the securities that are held by our capital
lists, in which our moncyed men have invest
ments, which form everywhere the basis Of
New York enterprise, on sea and on land,
which enable us to decree bankruptcy or well
being to the central and to State governments,
and another five hundred million might be easily
added. 1t may not be amiss TO put down two
thousand millions of dollars as gross aggre-
gate Of the property held or controlled in this
commercial capital Of the Western Continent.
And this prodigious, unparalleled argosy of
wealth is being tossed to and fro upon the
waves Of sectional strife and discord, which
threaten its engulfment in an abyss from
whence it never can be recovered. The storm,
scarcely begun 10 rage, has inaugurated
panic which has already reduced the prices
Of merchandise, Frustrated the stock market,
alarmed holders of real estate, caused sub
scribers to a government loan to withdraw
their subscriptions, driven thousands of la
borers from employment, introduced retrench-
ment into every household, paralyzed CON-
merce, stagnated trade, closed manufactures,
and thrown gloom over an entire section Of
country. If the evil continues for three
months more, to what extent will disaster
have progressed If the peaceful administra-
ton of Mr.. Buchanan is succeeded by govern
ment of coercion: if Mr.. Lincoln shall
adopt the views and the policy which are sng-
gested to him by the greater number Of the
republican organs Of the North, what will be-
come of the prosperity which has been the
steady growth Of the industry and sagaciiy Of
over eighty years.
It is too evident that an active, mischief
making republican minority are bent upon in
creasing the difficulties between the North and
the South, and that under their auspices the
country Is not only mcnaced with dissolution
of the Union and secession OF the slavchold-
ing States, but also with civil war. Not con-
tented with bclligcrcnt manifestocs the ultra-rc-
publican press l. daily becoming more and more
vtupcrative in its advocacy of the EXTREMIST
measures TO reduce the slave States to
submission to the doctrines laid down
in tho Chicago platform. They appeal
to The incxorablc logic of Sharpe's rifles,
grooycd cannon and the bayonci, and re-
pudatc reflection, argument, truth and facts.
They invent falsehoods to render the admins
traiion Of Mr.. Buchanan unpopular cxag-
,xora,c otuxcs and maon;fv i~ta unduo ;p,nort-
ance every outburst which eaters to their own
diabolcal, bloody fancics They pretend to
fcrcshadow the policy Of the incoming admins
tration as substituting the blood red flag OF
civil war for the stars and stripes that float
over The Capitol, and confidently predict that
The "irrepressible conflict will be carried
out with ruthless barbarily which John
Brown himself would have hesitated tosanction.
They refuse TO yield one jot to the just require
mcnts Of an inccnsed, outraged South, and call
idiots, "insane,r "traitorsr and ssold to
.lavcry' all who would seek to save the coun-
try from the ruin which their incendiary ag-
grcssions have coniurcd over it, dcstinic~.
Yet il stands forward as the inevitable result
Of this long continued; INDUSTRIOUS political mis-
cmeI making, mat the CITY OF view lork IL
guilty Of palpable suicide in permitting II to
continue. II the wealth OF this metropolis IL
two thousand millions of dollars now, it will
incur loss Of over half that amount within
year, II the fires which have already begun to
burn at Fort Moultrie are not Immediately
cxtinguished. The period has passed for critical
examination Of the degree of blame to be cast
upon any particular community, and the time
has come to ask whether we must all go to wreck
in behalf Of a fanaticism which is gradually
tending towards the direst anarchy. A little
longer, and real estate will have decreased
fifty per cent in value. A short indulgence
further in unconciliaiory language, proud
boistcring, and cowardly cackling about coer-
cion, Of those who never would dare TO