The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-10

RETAINING from coming North to buy goods,
but the agents Of Northern manufacturers and
merchants, are being sent away empty handed
by the people OF the South. The excitement
against the purchase and use of the products
of Northern industry is being increased
in the South by the persistence Of the
Northern members of Congress in their
determination to elect ME-. Sherman. This
Of itself is already beginning to produce a
financial pressure upon the merchants and
manufacturers of the Middle and Northern
States, which threatens to increase greatly as
the season advances. II Is no very difficult
matter for the South to 60 on without the arti.
Giles it is accustomed to receive from the North.
The people, instigated by deep political feel.
ing and the desire of self preservation, can
easily continue for a year, or perhaps two,
with the old fabrics of wear and articles of
use, as many of them have before done when
their rivers were dry and their facilities for
procuring supplies diminished.
But there is another element of power in
their possession which can be used with terrible
effect upon every Northern interest. Their
present crop Of cotton Is estimated at four NH
staple is necessity for the manufacturers Of
Europe and the Northern States. 1t is shipped
to the consuming markets, and drawn against
through the bankers of New York to the extent
of fifty dollars per bale, or two hundred mil
lions Of dollars annually. The equilibrium of
trade has been supplied by Northern exports to
Southern markets. This Northern trade being
dried up, or even largely diminished, the South
will call upon our bankers for specie in return
for the bills on the manufacturers of Massachu-
sets and Europe. Such call as this would
drain every Northern bank of its specie, and
bring the whole of the immense ediace of North
ern credit crumbling about our ears. This
is no imaginary picture. Every merchant,
every banker, every man of sense, who contem-
plates calmly the changes which the present
excitement in the South is effecting in the chan
nels of trade, diminishing their current and
changing their course, sees it clearly, and
already contemplates how he shall provide
for the exigencies which it must produce be-
fore the coming summer shall have passed
away.
The crisis of 1887 commenced by the failure
of the South to meet its pecuniary obligations
in May of that year. The crisis of 1857 came
from the failure of the Northwest in the same
respect, and our recuperation commenced with
the hearty response and support of the South.
To-day the Northwest is in no position to carry
us through crisis consequent upon with
drawal of the commercial demands of the
South, and such misfortune would surpass
anything that has ever been witnessed in the
commercial world. To the brink of it are
we brought by the miserable intrigues Of
demagogues and spoils politicians, of fanatical
declaimers Of sophistries and absurd abstrac-
tons, and fnrgetfulness on the part of the
people of the true rights Of others and the
holy compacts of our common bond Of union.
When the crisis comes, ifnot before, the central
commercial States will readily supply the
number wanting to convoke national con-
vention to amend the constitution, and to put
down forever such restless demagogues and
destructive revolutiopists as Seward, Helper,
Sherman, Wendell Phillips, and the gloriaers
of John Brown.