The New York herald., 1860-12-08


REACTION ExPEcrED-At the latest dates our
consips on the other side Of the Atlantic had
received the news Of LiDcoln's election, and
were very mnch delighted with It Tns British
journals, without any important exceptions
have looked at American politics through Mr.
Stewards epectacles, and therefore it Is not to
be wondered at that they should regard the
triumph of the republican party a. = pauacsa
for all the ills with which the political System
Of the United States has been afflicted. We sp-
prehend, however, that the Ss by the next
steamer will wear q different complexon.
There are two great causes which will work
together TO produce this reaction. One /. po-
lidcal and tbs other financial and commercial
At no former period since the foundation OF ne
republic has the entente co~diale net se-n Gre At
Britain and the United States neen so dru "a at
present.
The reception Of the Prince Of Wales 10 this
country was the beet proof we could give that
cid prsjuc c.s had died away, aud that we
were ready 20 join bands with Eugiand and 10
forward with our ancient enemy ia the work Of
progress, of civilization and in the extension Of
liberal ioeas The English seem to understand
tits iu,iy. and regarded the history OF the
Prince's Welt a. the very oe-t evidence II
the courtesy. good feeling aud fraternity which
one great Power sbould bear to another. Auo
II must he recol-ered that England Ia maintain
irg single handed the old contest Of Liberals u
against 6espori-m-tn- right of the people to
govern themseives--tbe power OF the pen
sg.iDst the sword. Il is,h-refors ths interest Of
Great Britain that nothing should happen to
weaken the United States, the only Power 10
which Eogland conlo took Tor support in tne
event OF mninstion Of ,hs Europssu
Powers sgsiust Der. II Il aso the interest Of
the other Powers that the Union snould b.
Dissolved, and in the same proportion It Is i'm
disappear from tbe American flag.
The English journalists uDderstand this very
well, but they have been misled by the black
republican leaders. and rave been induced to
believe that no trouble would reeuft from the
triumph OF a sectional party. When they re-
ceivs the news from South Caroiins-w when
they are informed that the cotton S atss sr-
upon the brink Of revolution, aud that aires sdy
the commercial Interests Of the country have
been prottrated BY q panic which has been
oaused altogethsr by political sveuis-whel
trey see that all onr securities have dspreciated
10 most unprecedented extent, and that there
Il for even the sounde~t stocks still q lower
depth-,hsy, as we'll as many misguided peo-
pie on this side Of the water, win see what y
terrible blunder they have made.
The British merchants and bankers really
the ruling powers Of England-were not In the
most comfortable position when the Afia
sailed. Tne Bank OF Eoglsnd and the Bank
Of France hsd made q temporary arrange.
meut with view TO relieve the money market,
ard the London writer's hoped that the Bank
would lower the rate Of interest, which had
bera raissd TO ELK per cent In order to arrest
the ou,go Of specie On the heels Of this ar
rargemsnt the news of the American panic
was received. The depreciation Of our ex-
charge, now standing at 1884 l04 would
compel our English customers 10 ship specie TO
pay for cotton and breadstuifs, which they
must have. Tho country drained Of its
specie, the Bank would be COMPEL.
ed TO raise the rate OF interest, In
steed Of lowering II; great quantity Of Ame
ricsn securities would be sent back: the psnic
would extend all over the United Kingdom
bsnkeps would break, merchants become bank
rupts, and the nnL result may be the smpen