The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-09

work on the African coast was left entirely 10
their squadron, are compelled TO admit that
under the present administration the American
cruisers have done Invaluable service
The Erect In Engla nd OF Lincoln's Elcc-
tiOn.
On reference TO our European news columns
il will BIO seen how decided was the effect Of
Lincoln's election on the money market in Eng
land bringing down American stocks from one
to four per cent american railway shares
were particularly depressed, in consequence Of
the unfavorable advices received by the Full
ton" "There Ia a sudden and decided fall in
American securities, in consequence of the dis
turbed feeling excited by the late Presidential
election" "The market for American securi-
ties has suffered quite relapse on the receipt
of intelligence this morning by the Fulton that
he secession parties in the Southern States
were actively prosecuting their views"
Such are the announcements in the money
articles Of the London papers after ascertaining
the effect Of the news brought from here by the
Fulton up to the 10th of November, only three
days after the result of the Presidential election
was known. What will be the effect when
they receive fortnight or months later
dates, each arrival bringing worse news than the
previous one. First, United States securities,
which in the London market once stood the
highest in the world, falling even here three or
four per cent, then to par, next below par, till
now at last they have gone down thirteen per
cent. The new ten million loan of 1860, at five
per cent. redeemable in ten years, sold on the
22d of October at 1907; now it could not be
sold above IS per cent. The old fives of '74sold
On the 2?d Of October at 1903; yesterday they
sold nj 90 per cent. To what figure will they
fell in England when the present news reaches
there? What will be the effect when it is found
that, owing to the disturbed state of this
country, importation Of English goods has
ceased and that breadstuffs and cotton must be
paid for in cash. This year, owing to short crops,
England has purchased ninety-two millions
worth of breadstuffs, against sixty-one millions
last year, being an increase of thirty-one mil
lions. How will her money market feel, and
how will her commercial interests become en-
barrassed, when she must pay gold for these
breadstuffs, and for the cotton, equally essen
tial to her existence Five millions Of her peo-
pie are depending for sustenance upon the cot
ton plant. A stoppage of the supply, either
from her inability to pay cash for it, or from
failure of the South to produce it in conse-
ouence Of the civil CONFUSION which now
shakes the country, would result In q revolu-
ton in England. by throwing the factory po-
pnlation ont Of employment while, in the
language of Lord Derby's organ, III would
effect such panic in the money markets Of the
world as was never before experienced" "Our
cotton interest,"" says the London Herald,
finds itself in the position Of a man having
but one string to his bow, and that string in
danger of breaking"
Such is the effect Of the abolitionism of Exc
ter Hall, imported into the United States by
British emissaries and sustained by British gold.
1t is now reacting against Old England rs II is
against New England-an even-handed justice
commends the ingredients of their own poi
soned chalice to the lips Of both
The English journals, blinded by their hatred
and jealousy Of this country, are rejoicing in
the revolution by which it il convulsed, be-
cause they think It will result in the
overthrow Of slavery, and the speedy cx-
tinction Of the secession party by the forces
of the federal government and the militia
Of the North. But when they discover that
they have reckoned without their host, their
laughter will be turned into weeping and
wailing and crashing of teeth. When they
learn that even the most rabid organs of the re-
publican party abandon all idea of coercion As
impracticable, they viii then begin TO find out
that for England this is no laughing matter but
one of the deepest and most vital concern.
The ignorance of the British journals Of the
condition Of the country, Of the nature Of our
government and Institutions, of the relative
strength Of parties, and Of the questions Of the
day, would afford abundant matter for ridicule,
were not the occasion too serious for merriment
II the President had standing army Of one
hundred thousand men at his back, aud we're
disposed to use II against the Southern States;
If be had Congress to sustain him, if the milf
tia Of the North were called out Of their own
States to invade sister States. and If the whole
North were in favor of the policy Of coercion,
the contest would not be decided so cash
ly, perhaps never, in favor of the invaders.
A people in their own country, fighting for
their fresides and their freedom, and with
their resources on the spot are equal 10 an in
vading nation Of three times their number.
England tried her hand in two wars in this
country, and failed in both The fate of her
troops at New Orleans wouid be the fate Of
oil Northern armies of invasion. The same
deadly rifles are to be found in the Southern
States which sircwed the battle Geld with the
veteran disciplined hosts of Britain, flushed
with their victories in Spain. Bu. when It is
taken into account that the present Chief Nagis-
iraie holds that coercion is unconstitutional.
that there is no standing army in the country
for the next President TO use, AMI thatir there
were the President has no power to employ Il