The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-01
A Financial Crtsis APpronching-Prs'
monitory Symptoms.

Tor that sort OF thlDg
Financial Crisis APproaching-Prs-
monitory Symptoms.
A storm never poun its desolatDg fury with
out some premonitory symptoms whereby the
wise may be forewsrned to resist or bow before
il. Such symptoms there are now on the po-
litioal horizon of an approaching financial
tempest, go patent that the dullest observer can
not fail to note them. Wall street gave evil
dence last week Of gathering trouble in the
sudden depreciation Of stocks, and the tempo
rary panic which ensued. Affairs in that quar-
ter rallied for while, it is true; the alarm was
abated; but now things begin to look dark there
sgain. The political condition Of the country,
whether it tends TO dsunion or not, no man can
deny, is even at this moment seriously affecting
our monetary and commercial interests. Since
the Pennsylvania election stocks and securities
of almost all kinds have declined from two to
ten per cent-Virginia skies fell three per cent
yesterday and in that period-but few brief
weeks-the depreciation has not been less
than fifteen or twenty millions Of dollars.
Professional men and others who have retired
from business and who hold stocks and securi
ties, are selling out and investing their money
in something else SO much incertitude is there
about the future interests of the country.
In addition to these manifestations of a
coming storm, we have now intelligence of the
failure of the old, respectable banking house of
Lee 4 Co, in Baltimore, and rumors OF the sus
pension Of another banker, besides limitations
of the breaking up Of more which are to follow.
But We would say to the merchants and store
keepers, not alone Of this city, but of every
town and village in the State and in New Eng
land New Jersey and Pennsylvania, that there
is no immediate cause Of alarm in all this There
is no necessity why panic should take posses
sion of their households or sleep cease to visit
their eyes. The failure of Lee d Co. in Balti-
more, or the depreciation Of stocks in Wall
street, may not affect them very seriously; but
we would say to them, furthermore, that, as
surely as Lincoln is elected by the vote Of the
Northern States alone, so surely will the most
terrible financial revulsion come upon us that
fall suddenly like thunder clap, but will grow
from faint mutterings to overwhelming fury
steadily and slowly working out its way like
the laws Of nature-but all the more sure and
disastrous that IL is so slow and progressive.
Not that we predict an immediate dissolution Of
the anti-slsvery dogma and the war upon the
institutions Of the South which it boldly heralds
II will take years to accomplish that fatality;
but, In the meantime, two or three years to
come we shall witness financial struggle, q
series Of disasters to every commercial interest
in the land, that must eventuate in wholesale
ruin to them all. The ligatures that bind this
country together will stand great deal Of wear
and tear before they snap but in the approach
ing condition Of things, foreshadowed by the
present political prospect the country will
inevitably have IN raas through some terrible
throes that may not leave q single interest
throughout the length and breadth Of the land,
unshakeD.
We speak gravely, but not without founda-
ton or precedent. The signs with which the
times are portentous now preceded the dnan-
cial revulsion Of 1887. For years before
that disaster befell US the omens were
present, in continual failures and temporary
settlements, contactions and expansions, until
The tension upon our commercial system be-
came too much for II, and the whole fabric
broke up; and so II was In the revulson Of 1919
and 20, and even In that extraordinary panic
Of 1857.
The shock which threatens now promises to
be more severe than any which preceded 1t.
The panic Of 1857, after all, affected only GER
tain local interests, Western railroads princi.
pally. The panic Of 1887, liks the one nov
| threatening, was political one In i,s origin,
| con mencipg In contest between the United
States Bank and the State banks; but II culmi-
raied Ia commercial disaster, after nearly
seven years OF financial calanitiee; ana inas-
much as the country is twice IA populous and
four times as rich now as 1t was then, and has
vastly larger interests to sacrifice. the conse
quences will be proportionably greater.
II the anti slavery party Of Mr.. Lincoln shoald
attain power, with Its avowed sentiments Of
hostility to the South and destruction to all its
institutions and interests, l, must either 90 to
perditon or II must 20 ahead in tbe path II has
marked ont. II cannot stand still and live. If
it goes to perditon It will drag down with II all
the commercial interests Of the North, and arrest
the prosperity Of the whole country; II II goes
ahead according TO ie programme, 1t will break
up the confederacy. This IL the alternative,
and II is fearful one-sll the more grave, too,
when we remember that the issue is to be de-
cided for good or evil within week from now.
GOVERNOR BANKS AND THE PRINCE OF
wnKs.-We have already alluded with some
particularly to the attempt Of the Boston com
mistee 70 slight the Governor Of Massachusetts,