The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-20

1hs Great Sfists OF the Age-Its K6cct
Abroad md Remedy ~ Home.
We have reprinted to-day, from the London
Times Of December s, an elaborate leading ar
tcle upon the present aspect of our political
ard commercial affairs. We also reproduce ar
.iclcs from other London journals, because
they all 20 to show, not only that the crisis
through which these States are passing has al
ready taken the place of the great topic of the
day in England, but likewise prove that the
british journalists are SO far misled by the re
publican press that they are utterly incapable
of understanding themselves. much less of ex
planning to their readers the causes which have
brought about the present state of things in
America. The English capitalist agrees with
he English journalist in the opinion that the
American crisis is only furry, that it will
blow over in short time, and that it is sort
of special dspensation in favor of foreign specu
lators. Therefore, the merchants and bankers
Of London and Liverpool take advantage of
The depreciation in the prices of our great
staples cotton, corn, wheat and tobacco
and the low figures which appear
in our stock list, and British gold
flows in our direction. Cotton is still king, and
Great Britain must pay tribute. Our securities
are so far deprecated that the English capital
IT cannot resist the temptation to dabble in
hem. This speculative mania springs in part
from cupidity, but is mainly brought about
by the profound ignorance of the English
people as regards American politics. The
London Times itself is little better informed
upon the real state of things here than the
cockney shorman who never travels beyond
the shores of the Thames. The Times takes
its arguments from our republican cotem-
poraries. The former errs innocently, while
the latter Intentionally, and to promote party
purposes, suppress facts, distort the truth.
and exert all possible means, fair or foul, to
misrepresent the position of the South.
Let us look for moment at the theory of
the London Times. Not because it Is
new. The fact is. that the Times has
taken up the position which the progress
Of events has compelled the more temperate of
the republican leaders to abandon long ago.
The Times begins by ridculing the secession
movement and declares that ii has been caused
by the disappointment of the South at the result
of the election, and that the cotton States are
going out because "they do not like Mr.. Lin
coin This statement is utterly absurd. The
South was not disappointed, because the South
had no hope that the election would result in
any other way than it did. The South had no
special candidate for the Presidency. Mr.. Bell,
Mr. Breckenridge and Mr.. Douglas were sup
ported by certain rival political factions in the
slave States, but the Southern people proper
were not united upon either Of them. Now
they feel that the advent of Northern sectional
party to power is the browning point in a series
of attacksupon an institution in the preservation
Of which the interests, not only of the South,
but Of all the States, and even Great Britain
herself. are bound up. And it is very natural
that the descendants Of the men who founded
the great empire over which Victoria holds
such gentle sway, as well as those who perilled
their lives and fortunes in our War of Indepen-
dence should think seriously Of resumng the
powers which they delegated to the federal
government in consideration of certain consti-
utional guarantees which the dominant power
at the North declines or neglects TO recognise.
The Times is much more sensible when it
declares that the feelings which now divide us
are far more bitter than those Of diverse
nations and races" that they are " facts which
cannot be reasoned away and that it i in
vain to dispute the danger" The Tines also
takes the correct view Of the matter when il
states that London, Liverpool, Manchester
To- int q, an
perpetuation Of slavery. and the Herald goes so
far a to call upon the government to open the
ewes of the manufacturers to sense Of their in
security and assist them to obtain cotton else
where. The article in the Telegraph from
which we have made an extract, Is sufficiently
absurd to have emanated from the philosophers
of the New York Tribune. II goes with the Others
10 show, however, that the depth and import
ance cf the secession movement is not under
stood by the people who do the thinking for the
British public. In the face Of the large~spccie
shipments two millions already made
it i apparent that this profound ignorance of
the directors Of public opinion has had the
effect of s,ultifyng the popular mind. and the
natural inference is that when the reaction
does come " Will be more terrible than II the
people had been gradually prepared for
il. The British Journalists should make their
readers understand that the South does not
complain 90 much Of the mere fact of the cleo
ton Of Mr. Lincoln as of the events which
preceded it. such the growing insecurity Of
slave property. owing to the open attacks Of
John Brown and the sneaking larcenies of
bascr thieves than he; the un'ricndly legisla-
ton Of the New England States, and. finally.
the endorsement which the success of the re-
publican party gives to all these things. and to
the dogma that the South has no right to take
it, slaves into the Territories which have been
gained by the blood and treasure Of all the
States combined. For our own part, we do
not expect that our institutions and the prin-
ciplcs Of our government will ever be under
.tood in Europc They certainly will not ub.r