The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-01-30


issue of this Washington Convention will de-
pend the retention in the Union or the with
drawal therefrom OF the border slave States,
this logged obstinacy Of the republicans in
Congress may be overcome, and to save them
selves and their incoming administration 1t Is
possible they may cooperate with the border
States to save the Union. At all events we cor
daily approve this last expedient of Virginia
for compromise. Let 1t be tried; and should
ii fail, the conservative people of the North
will know where to fix the responsibility, and
they will see to it that there shall be no civil
war to restore the Union by party which has
rt fused all offers of reconciliation.
The English Prose- ON the American
Crisis-Their Fears and speculations.
The English are now thoroughly alarmed
at the revolutionary aspect of our affairs.
The articles which we published yesterday
prove tho intensity of their apprehensions.
They have not as yet realized even in prospect
the full extent of the financial embarrassments
which it is about to cause them. Since the
election Of Lincoln SIS 900, 900 of specie have
been exported to this country from England.
But as yet there has been, comparatively speak
ing, but little monetary distress here. Our
merchants, trusting to the chances of peacea-
BILE adjustment Of the difficulties with the
South before the 18th of March, have been able
70 extend or to get extensions of their dis
counts Let the Inauguration of Lincoln take
place without compromise being effected, and
general bankruptcy will ensue. What will be
the condition OF the European money markets
then, with the additional drain caused by
Continental war superadded to their embar-
rassmentsY
But it is not this prospect, gloomy as it is,
which has so much excited the alarm of our
English contemporaries. 1t is the greater and
more permanent danger arising from the sus.
pension of the agricultural staple of the South,
in the event of protracted civil war being
waged between the two great sections OF the con-
federacy. On the cotton supply from this country
depends the support directly or indirectly of
some five millions of the British people, and it
furnishes a full third of their export trade.
of persons who derive livelihood from cotton
manufactures, in one shape or other, until fresh
sources of supply sre created? This is ques-
ton which touches as nearly the statesman as
the economist; for as surely as the apprehended
result is brought about SO surely will Great
Britain become once more the theatre of violent
political disorders.
The republicans continue obstinate in their
resistance to the just demands of the Southern
States, because they imagine that if the latter
should carry out their threats and seoede en-
masse from the confederacy, they would still
possess means of coercing them back again
by blockading the Gulf ports and stopping the
export of cotton. This is foolish and short
sighted calculation. The language used by
the London Morning Post, Lord Palmers
toms organ, is too significant on the point
not to be understood by all who are
not blinded by political infatuation. 1t
states in plain terms that maritime war,
which would destroy the cotton trade and
paralyze our great staple Of British industry,
would be equally unpopular in England and
the United States, and that the British govern
ment would only refrain from treating with the
ambassadors from South Carolina until the
new President had an opportunity of explain
ing and acting on his policy. In other words,
we are given to understand that England will
not permit blockade Of the Southern ports,
in case Southern confederacy is established.
In the articles which we recently copied from
the Pays, Louis Napoleon's organ, similar
conclusion may be arrived at on the part of
France. II is not to be expected, in fact, that
these governments should abandon, in regard
to this country, now well established princi
pie of European policy, tho more particularly
when their interests engage them to pursue an
opposite course.
Thus the republicans, in counting upon their
being able to convert the United States navy
into an instrument of coercion, have left one
important element out of its feasibility, and
that is the consent Of the maritime governments
of Europe The latter will not tolerate the
interruption of their commerce by blockades,
for which no justification can be found in the
public law Of nations. The secession of six or
more sovereign States from the Union is sepa-
ration, and not rebellion; and priori their
right to be considered de .facto government Is
greater than tDat oil reV0lted Italian Duchy
or Roman Legation.
In enlightening us as to the course which it
means to adopt in view of the blockade of the
southern ports by the United States navy, the
British government falls into as great an error
in its calculations as the republicans have
done. 1t states that, in the event Of secession
spreading, the balance Of power will be trans
tered to Canada. On the contrary, Canada
will itself be absorbed by the Northern con-
icde,acy; and this result is being already facili-
tated by the action of the Court of Queens
Bench in claiming, in the case Of the fu-
pitivc slave Anderson, the right Of
reviewing the decisions of the colonial
tribunals If Canadian loyalty, never at
any time very steadfast. stands this, we are