The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-01
Ths RsyalAi0n, Past and 60 Come.


Ths Rsvulsion. Past and co Come.
Some months before the election, when the
commercial pressure began first to be felt in
the city, the republican journals were systema-
tically and maliciously circulating reports
about the instability of this house and THAI en-
gagged in the Southern trade, and throwing out
dark reports of their solvency and SO forth.
This system was adopted for the purpose OF
counterbalancipg the general revision which
was cure to come after the election in the even.
of the success of the republican abolition party
At that time We predicted that this result could
not fail TO bring on some trouble sooner OF
later: but the republican papers insisted that
there was no danger, and they attempted 70
show that the revulsion was all over. But now
the men and the journals who could not or would
not then see the danger ahead Of US are COM
PEELED to admit that it has come, and many OF
them shrink back appalled, at the position in
which the country stands.
The object of sims stigmatizing some Of the
Southern houses who were opposed to the re-
publicans in politics was TO create the idea
that months before the election was decided.
we were actually going through a rsyulsion.
and by inference argue that the election had
little or nothing to do with it. Thus false and
malicious reports were put in circulation, ana
one Of our most respectable firms in the gro
Gerry trade, the head Of which took somewhat
active part in public affairs, was attacked seve-
raj times in this way, although il is we'll known
that this house has surplus of over 4 million
of dsllars, and that for twenty years of its
existence it has never asked for an exter sion
or indulgence for a single day even in time of
panics.
And what course are the republican journals
pursuing now in the face of the alarming cir.
eEmstances surrounding us: They are talking
fippantly of the serious movement In the
Southern States, and they say, Let the South go
il it wants to; we can get along without It,"
It is all very fine for a set of politicians, after
obtaining victory and getting all they
wanted-the spoils Of the federal Offices which
they suppose will amount to some eighty mil
lions Of dollaIs-it IS very fine for them TO say
let the South CO. but when this secession revo-
luton begins to move, as 1t will in March
next, and the terrible denouement comes,
every commercial interest in the whole coun-
try will tumble down, and lie effects will be
felt nowhere 80 much as in this great city of
New York. Real estate will be deprecated
fifty per cent in less than a month; house on
Fifth avenue will not bring third Of its pre-
sent value; 1t will be impossible to collect
rents; operatives will be thrown out of en-
~ hv nd al a..
will receive q shock from which il cannot re-
cover for years to come church establishments
will be shaken to their centre, ard even the
daily newspapers will suffer. for probably one
third of them will be driven into bankruptcy,
and will vanish out Of sight altogether.
Such are the events before rs when the seces
sion movement reaches climax. and II is fast
approaching it Already lie effects are felt
here, as we have demonstrated, in the alarming
diminution OF trade and manufactures within
lew weeks PAST, the countermanding OF orders
from the South, and the discharge OF some
fifteen or eighteen thousand working people
from the factories and stores in and around
the city. In view OF these facts, how idle II
lie 10 Fay. Let the South 60; we can get along
by our own industry "the North Is not to be
bullied, and such like bravgadocio. We can
not afford to let the South 60, and it L. madness
TO contend that an empire, broken up into
Fragments can maintain the prosperity which
has characterized this united republic for the
last eighty years A terrible commercial dis
aster IL imminent II the Southern States secede.
We are at this moment enveloped in the dark
ness that too surely precedes tempest yet
these republican Journalists and politicians do
mot seem to know anything more about the po
sition in which we are placed now than
they did six months before the election, whsu
they scored 4, the idea oi ! coming 1evalsioa
and told us that 1t was OIL ovss Moreover. the
city OF New York IL going to oe tine greatest
sufferer when the crash comes. and The confsde-
racy of the banks, upon which 90 much reliance
is placed. will prove Of but very email account
in the hour Of trial. They will have r. suspend
eventually like the banks OF Charleston. aud
Baltimore. and ST. Louis. and the rect. This
may be gloomy and dsarreeable picture; but
who can look upon the outlines and not zee the
terrible colors with which Il !. abou, to be
6iiaa un4