The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-09

line that its political oonoct in the former revolution
<snd perhaps, We shall sse the thing the pre-
scn chiefly determined by the consciousness stter
heplessness against attack by AS for the rivers
Mississippi and the chain OF lakes SO that cut o from
New Orleans they would have abundant waterway Tor
sneir commerce But they cannot be deprived o. me
Aississpp because the slave states produce neither
food clothing and they cannot exist without supplies
from the agricultural districts Of the northwest and the
The strangest notion Of all Of the wealth the South is
assumed 70 possess and 10 nave Inc prospect
for he pavunf Of d Local testimony is best; and we
win make room for = few words OF It. Alabama is re-
as .Tl harhor virgin SOIL
are the respective sections peoped? In the slave
States there ten years since six millions Of whites
slaves have increased to four millions and in South Caro-
na the whites have diminished in proportion the
groos, II not In positive amount Where Ia the force
that and foreign territories after hav
ing put down the Northp The available military force OF
the entire south Is declared to be under 80 600 men,
while Massachusetts alone has militia, ready for work,
OF 1s6 900 The difference is that in North the
working men are the sodiery who undertake the defence
Of the country, while In the South they the chief
peril Of the country, requiring force TO
them than be sent out TO make conquest The pros
poets Of conquest not very brilliant, surely.
Again the population on square mile averages TWEEN
ytwo IN the free States and fraction moro than eleven
" the slave States and as might be expected from this
The produce In the populous section eight
dollars, to three and half In the South. With fewer
cultivators the North raises S27 900 more Of agr
sve Of slaves four times great that OF tbs South
Including slave property at its highest rate Of value the
wealth Of the slave States is less than two thirds that Of
the free States What is significant still, the
increase Of Northern property within five greater
tnan the whole amount Of mat pf the south This IS
senHwealth and future prospects Of the slave States
But 1t will be asked, why has the Nor.h allowed mat
ters to come to this passf And how the South be 80
mad to have challenged ruin in this wayS We only
say that the South is maamad in the that is caused
by passion acting on ignorance and morbid will
people
who declare their prospects 70 DO brilliant and the North
but hey are they e
away to the free States. They furnish the TO
why the North has waited thus long. Six times many
from the slave States To live in the Nor til the
REVERSE but there enough Of Southern wives clergy
men and educators who are natives Of the North TO
make II o serious thing-a most mourpful aud dreaded
procedure-to resent 10 At present the alarmed
shareholders from the North Fastening their native
States at any sacrice while the immigrant Southerners
in the States show no desire to move They desert
ed the sinking vessel long ago. and not going back 10
1t is bad enough to witness the madness or rebellion
and treason from afar. We cannot have 1t here and the
proposition that bartdric slareholdg commuaiy has
prospect Of sendor and ,ceahh, IN virtue of its bartarisn
cAe free and hrrig people ,cN become mere runp Of
e relic because Is free Is treason 10 political principle
:" any civilized country in the ,corld.
The American Crisis and the French Mo-
ney Market.
The Paris Journal des Dbas Of the 22d ult in it's
ney article Of that date, says
The week which has just closed appear TO have
sensibly modified the condition OF things but veries
that could not be Otherwise from the Instability which
increase In exchange rates always produces The ship
ments Of gold TO America have already produced sensi
bic effect, and believed that In short time the Eu.
ropean balance Of debt will be completely paid off, The
immediate result win be return Of specie, for learn
that heavy orders given at Lyons to the account Of Ame
rcan houses within two three months have been
couptermanded.
Must it be believed then that the crisis has termi-
of ga he r0nl
has not yet up The monetary crisis has
fof them What they regard with attention Is the
facts which have led to the crss-acs which have not
yet been developed Viewed in political light the
question Of the secession Of the Southern States resolves
into two considerations-that OF and that of
peace In Of opinion must not be disguised.
War would effect suspension of American orders and
e Unsa States ess r Woud in make
less purchases In the event Of peace would secession
continue not2 not business relations, for short
time only interrupted, would soon be renewed. If SO,
there relations to be created together with
change of markets and credit.
The relations between the Northern and Southern
States not hoee of two countries who exchange their
products The Northern States, who constitute the
Yankee population possess wheat and credit articles Of
prime necessity, TO pay for their purchases Of manufac
tured products, and which also constitute them the in
termedate securities between Europe and the Southern
States The latter have cotton rice tobacco and debt.
By their products they able to for the greater part
Of their orders for manufactured products II In obtaining
credit with the Yankees they have not beforehand
gagged those products Here is the stumbling block.
Will the Northern States continue their credit with the
their security Is completely modified nosmnch az south
States will evidently seek free themselves from that
restraint They speak already Of choosing as an
emporium either Norfolk Savannah Mobile, and
Of holding direct intercourse with Europe; bat moth
ing indicates that they have found the means Of
doing away with their ordinary business agents Will
this be the origin of debt in tho separated states
Will the bankers OF the North transfer credit to the
is evident that before this point Is decided period
OF transition win from which cotton industry win
have TO suffer There will be decrease in the harvest
ha ipllpn angip uT
credit, without which the planters cannot act Whence
win follow increase in prices, difficulty in exchanges,
whose rates will be changed from which again win fol
low Increase prices, necessated by the settling of
accounts advance, and In consequence of dear
manufactured products, whence will follow decrease
Of orders Europe The conclusion Is them that cotton
TO become dearer, and that more considerable por-
ton Of purchases must be settled for with specie.
On the other hand where the gold Of California TO
go2 Evidently not to the Southern states All the ship
result Of this win be- il the Southern States demand
specie in payment the Northern States will send
more specie. But what an embarrassm ent will ensue in
these rpecie which have hitherto been
red on with much facility through the agency OF the
commission houses Of New York:
tention Of English and French merchants The first
effect Of the interior disagreement of the United States
would be o sudden and rapid rise In the rates OF dis
count cannot disposition in this increased value Of
specie be TO raise capital when will have
changed with ohe political constitution Opinions differ
rally agreed on although that is not precisely
favorable TO the activity Of the exchange.
IN view Of everything, let us add that French COM
has less 10 fear under any result, than that Of
England. Perhaps, from all the unfavorable oircum-
stances, this good will resultant merchants will
free themselves OF the INTERPRETATION Of English mer-
chants. and open direct trade for themselves All
oeesn the credit balance with America will begained
with England having also the benefit OF the brokerage
A,French View Of the Fugitive Slave Law
and the Right OF Secession.
The Paris Constitutional Of the oath ult. devotes a
lengthy article TO the consideration Of our present
tonal difficulties After dwelling upon the constitutional
right of the South TO reclaim its fugitive slaves says
But the minds Of the authors Of the federal compact
this clause rather its practical utility 10 be transit
tory exits not the less In the constitution, aud the
States which still possess slaves have ncontestaby the
right Of invoking t. Whence 1t follows that South Caro-
lima reasonable when she reproaches the fourteen