The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-22

pkia on Monday next. After Ullcac's seaSOar-
one month-Muzio will have an opportunity
here. So, If Rome does burn, there will be 10
lack Of fddlsrs.
The Exlsting Psnic-Kts Causes, Coyrss
and Remedies.
The events Of every day evince the ircrcAs.
Ing pressure Of distrust upon the indc0triAi
and commercial interests Of the community.
Manufacturing establishments have been
obliged to discharge thousands Of operatives;
some Of tho weakest Southern banks have a.
ready been obliged to suspend specie pay-
ments, and all are doubted; the movements e
produce arc stopped on every side By tAs
paralyzation Of exchanges; the banks are In.
PEELED By fear To curtau their discounts, ed
every man is forced to contemplate the possible
necessity Of making enormous sacrifices to
meet bis obligations or the probable alterns.
tive Of bankruptcy.
1t is natural amid such state Of affairs that
men sheuld ask, as they are doing on every
side, why should there be panic. What l.
Its cause, and what remedy should be ap.
piled! The cause lie evident. The convictioa
Is beginning to be entertained that the vast
interests, and the mighty ediHce Of con-
merce and credit, which have grown up under
the social guarantees Of the constitution, and
the Interpretation that has been put upon them
for the last seventy years, are about to be
destroyed By new Interpretation which is
about to be putu the compact Of our Unioa-
A purely sectional party, proclaiming deadly
hostility to the principle upon which the society
Of fifteen sovereign States Is organized, and
announcing through Its presses and orators that
the Interpretation Of the constitution hitherts
admitted must be changed has triumphed in
every Eorthen State. and its representative
men are soor to receive into their hands the
reins OF the fedora power. The principle on
which this party is organized has already
divided the churches, the missionary and trsoS
societies, anG the political parties Of the land,
into Northern and Southern antsgonisuc divi-
siors, and now, by Inauguration in our federal
policy, it threatens to divide material interests,
and even society itself, IN the came way.
The South, alarmed at the progress of THE
aggressive ideo, already contemplates the ne
cessity Of self defence, clamors for new
constitutional guarantees, and the very founda
tons Of is society are shaken. it, %.
cial, Industrial and commercial growth has
Of some Of the most powerful nations Of the
werld. In alarm Is first shared by the mer-
chants, who constitute the sensitive links be-
tween societies distant from each other; and
the bond Of mutual confidence being weakened,
the edifce Of commerce and credit crumbles
into ruin. This Is what Is now going on In ear
midst, and II the existing industrial and con-
mercisl relations between the North and tAs
South are to receive the shock Of conflict n
their political aud social relations, with eli is
trai, of retalatory legislation hostile tariGs
between the free and the shave States, and Do
sibly the terrible evils Of a bloody war through
new Interpretation Of our constitutional
guarantees, there Is not an existing interest.
North or south, that can survive the catastro-
phe. The whole order Of things, so far a.
trade and values are concerned, must be swept
away, and new order built up on the bask
that Northern or free society h hostile to the
Southern social organization, with African sla-
very "a part Of It These are the causes q
the panic here. Let Us now contemplate what
lie likely to occsr elsewhere.
To England and France cotton has become Q
great industrial and commercial necessity. Il
gives employment to millions OF their peo-
pie, and Life TO large amount Of their trads.
The wages earned In Its manipulation pay for
the grain and four imported to feed their peo-
PIE. Thus the whole system OF their industry
depends upon continuous and certain supply
OF cotton. This has hitherto been kept up
through the machinery Of bills Of exchange,
which are based cn mutual confidence In tie
existing state Ct things. This machinery Is H.
terrupted By the disturbance Of confidence,
and the drafts against cotton cannot be sold
The cotton Is therefore delayed Until England
and France can send the money Tor IT, Tho No
cessitJ CT conveying the cotton 10 Europe, that
/: may supply the channels Of industry there.
all cause 0 drain upon all the financial 10
sourcee CT Loadoa Id Paris that will deplets
every ether line Of trade CT in usual supply Of
money, and the result there, on the receipt q
the advicee taken out from here yesterday by the
Persis, will be o panic a much more irtenee
han ours o. L England's necessity Of
cotton greater than ours Every banker
knows this, and hence tho anticipation
Of TIE money pressure In England makes the
negctiatlcn OF exchange still more difficult, tho
transrr iaaion Of ootto- Etill more doubtful and