The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-29
The Crisis o5 uhs Unt0s-iss Effects ON
Commerce AND lDduSlry.

Commerce and Industry.
The question has often been asked during
the present monetary panic, What has CAUSED
it," At period when the country is pros
perous almost beyond precedent, and with no
commercial disruption, and the banks In a
state Of complete soupdness, the surprise Is
natural and intense. Let us review briefly
both its causes and effects.
When the devastating crisis Of 1857 swept
over this land the country was not in
the prosperous state it now is. The hsr-
vest was but an inferior one, and our I'M
ports were in excess OF our exports, and
bank expansion and speculation were unguard-
ed and almost reckless In such state Of
things the then panic seized us and swept on
ward With relentless force, and with power
b-y ond control. This year, thanks to kind
Providence, the harvest has been very abun
dant- unusually so-and we have TODD not
only fer cur own Inhabitants, az cheap rate
out an enormous excess TO export, which com
mands fair prices in tho Europsan marks,s
The prudence Of our banking Institutions and
he operations of our merchants, induced by
not yet had time to be uprooted By successive
years Of great prosperity and speculation
have since then been tempered by caution,
Our imports since the lat Of January have
been less than during the corresponding term
last year by about twelve millions, while
twenty eight millions In excess OF those Of 1859
The present, therefore, lie not commercial
crisis-tbat Is, it Is not induced by commercial
causes. II Is o arrangement, panic, q con-
sternation whose source Is strictly political
one, inducing want Of confidence and its At
tendant evils It's low murmur,ngs, like those
heard frem the bowels Of the earth on the eve
of mighty earthquake, we're hrst heard soon
after the October elections, and IL burst forth
In its fury 50 soon as the Electoral College
was chosen, and when no longer any doubt
could exist as to the triumph OF the repuoli-
| can party.
Nor was II merely because Mr.. Lin.
coin was chosen TO the highest Office 10
the nation, or that republicans instead OF demo.
crate would henceforth fit Offices Of power and
| trust, and emolument; not for these reasons
| alone. hat from deep and well founded dread
Eel, by that part of The Union known AZ t1e slave
holding States--warranted and forced upon
them by the antecedents Of the past-that they,
these Southern States, found Themselves now
more powerless than ever to achieve tina, honest
recognition Of their Just righb-menaced and
,rampled upon by the rabd republicans and
aboitionists Of the Nortb-which they bad ever
been willing 10 concede 10 them. The South
recognise the obedience due to the
supreme authority OF the federal laws,
and reasonably ak tina. the North
yield to the enactmens Of Congress
tie same obedience; but now they despair Of
accomplishing Il, and in their despair they have,
with ssuddenness, compactness and uaapini.
~ most striking, rallied under the secession
banner, and have since been daily marching
onward in the majesty Of their strength. Can
order and justice loving citizens Of the North
look on and not feel TIA, this state OF things Ia
The natural consequence Of past eventss Not
isss .hap eight d the non slav eholding States
have virtually placed on record on their
statute bocks local laws which virtually annul
tie Fugitive slave law passed By the federal
governmsr. They have made the act OF OH
eiai obedience 10 Ibis law restoring afagitive
siave 10 bis lawful owner q penal at. aud sub
jected even federal officers In the execution OF
that Law 70 both fine and Imprisonment the
former varying from one to Eve thousand dol
lars, and the latter from three months TO nf,een
years
Who. then, frs' -. on foot disloyal,y to the
Union but those 5's'es which, by ensctments,
rendered rugatory IL laws o. the Uuion' The
same high suthor.sy requires citizens Of the
Southern states 10 pay duties on certain I'm
rcrts TO- the general treasury OF the Union
What would these Northern brethren think ot
them--vsa. would be the di.y Of The genera,
government in such caFs--if they eGs,ts'
'ecd law rendering !. PEAL for a. ofr'er ot
as government 70 enforce he payucn. CT such