The national Republican., 1861-02-28
THE END OF THE PANIC.

THE END OF THE PANIC.
The indications from New York are decisive,
that the financial panic growing out of political
causes, is over. The bddngs for the pubic
loan, opened on Saturday, we're unexpectedly
large, and unexpectedly favorable in terms,
and this was followed by general rise in Wall
street, on Monday, of all securities, public and
private. 1t seems to be settled in the minds Of
men, that the Government is not be over
thrown, that if secession becomes anywhere
finally fixed fact, it will be confined to a com.
paratively unimportant section Of the country,
but that the probabilities are, that the Union
will be restored before long to its old entirety.
When the present Congress assembled, it
was the belief of the people Of the free States,
Of both parties, that the border slave States
could not resist the attraction Of the States on
the Gulf, identified with them by leading do.
mestic institution. This belief was so obstinate,
that it has only yielded to the decisive and re.
peated manifestations to the contrary, which
have been given in the popular elections in the
border slave States. But it has yielded at last,
and the now established confidence in the 10y.
atty Of the entire region above the cotton line,
inspires the expectation that the Gulf region
must yield to circumstances, and give up an
attempt to establish separate nationality,
which has not received a support without which
it is hopeless.
During all the dreary period Of depression
since the termination Of the Presidential cam
paign, the elements of financial recuperation
have been steadily at work. The exports have
been large beyond all precedent, while the en-.
tries of foreign goods for consumption have
been light. This course Of trade has been fol.
lowed by the import of food Of the precious
metals, which still continues, and which has
already run up the amount in the vaults Of the
New York banks to thirty eight millions Of dol.
lars There have been enormous losses by
bankruptcies at the South, but the current
business Of the country, with the exception OF
the revolutionized region, has been moving in
manner, to justify the best hopes for the
future. Debts have been liqudated, resources
have been concentrated, and the basis is laid
for safe activity for the coming year.
Disunion was new and untried thing; and
as its possible consequences were determine
bic by no experience, there was ample room
for vague and underlined terrors. For many
of these terrors it is proved by the event tina
there was no good foundation. The banking
commercial, and industrial systems of the
country, have withstood the shock bravely
and it is seen, that if the Gulf States were even
submerged by the ocean in some convulsion o
nature, the world would move on very much
as before. The people of all the rest of the
country live by their own industry, and moi
upon the cotton of this Gulf region. Cotton
is useful article; but if it is not raised in
one place, it will be in another, and wherever
it is raised, it is only attainable by paying fol
it. The free States have never had bale
upon any other principle and they will con
time to get all they want, if the Mississippian'
and Alabamians cease to grow it. The dis
cussions of the past four months have dispel
led oil illusions upon that subject, and cotton
which reigned only by imposing upon the ere
dulity of mankind, is dethroned.
The worst that can happen, is the extinction
Of the industry Of half dozen States, viii
the loss of trade which that involves; but ever
this is not to be anticipated. The Gulf Ststei
will continue to produce, to sell, and to buy
and although interruptions aud restrictions viii
exist for period, commerce will still go on in
considerable volume.
Men begin to see these things, and the pani'
is over.