The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-01-22

whose policy is the reorganHatica OF the fede-
raj government upon new constitutional guaran-
tees OF protection to slavery-it is probable
that all the border slave States, and those ad-
joining them. may decide upon going out of
the Union and into the councils of Southern
confederacy. in order TO guide It's policy and
proceedings in favoc Of reconstruction of the
Union.
In Other words, If the States Of Delaware,
Maryland, Virginia. Kentucky, Missouri, North
Carolina, Tennessee and Arkansas secede and
Join in Southern confederacy, it will be, we
understand, for the double object of exacting
satisfactory terms of reunion with the North.
on the one hand, and Of leading back the cotton
States into the Union, should satisfactory con-
cessions to hepeculisr institution ofthe South be
obtained from the antislavery North. We be-
lieve that the Southern party Of uncompromis-
ing and final separation from the North would,
upon fair test, be found representing a de-
cided minority of the popular vote in every
Southern State excepting South Carolina. We
believe, too, that submission to the people of
the North Of the Crittenden compromise, as
measure for Union and peace, would result in
the approval of said compromise by every
Northern State, excepting. perhaps, Massachu-
setts Within the brief limits of single day
the whole Of this sectional revolutionary i'm
broglio could and would be settled peaceably
and for the Union by the American people, if
only some such adjustment as that Of Mr.. Crit
tenden were submitted to the popular judgment
of every State.
But while the great body Of the people, North
and South, are sound and patriotic, devoted to
the Union, and proud OF its strength, glory and
prosperity, our reckless sectional politicians,
who have brought all these revolutionary trou-
bles upon US, are still resolved to push forward
their schemes, even If it must be 50, to the ex-
tremity Of civil war Thus the Southern seces-
sion radicals of the school of Rhett, Yancey
and Senators Iverson and Wigfall tell US
that the day Of compromises is past,
that the South has cut the bonds of
this Union forever, and that a Southern
independent and homogeneous confederacy
will soon arise (which will be the most sue
cessful government on earth" On the other
side, such republican radicals as Senators Hale,
Wade and Trumbull tell us they have no COM
promises to make, while our republican news
paper organs almost unanimously declare that
the slavery question has been settled in the
late Presidential election, and that the first du-
ty Of the party and Of Mr.. Lincoln's administra-
ton will be the maintenance of the Union
through the enforcement of the constitutional
powers and rights of the federal government
utterly regardless Of all Southern ordinances
and other acts of State sovereignty and indie
pendence.
IT. is as clear as the MONDAY sun that, IN de-
fault Of any conciliatory measures on the part
of Congress, the duty Of President Lincoln will
be limited to the execution Of the federal laws
as they now stand, embracing the collection of
the federal revenues and the recovery of the
federal property, such as forts arsenals, &C.,
seized by the local authorities of several South
ern States. Exercising the sagacious and gene.
rous forbearance of Mr.. Buchanan, war may still
be avoided by Mr. Lincoln; but we have only
one voice from the republican oracles at Spring
field and at Washington on this subject which
that at all hazards the laws will be enforced
1t is possible, therefore, unless some entering
wedge Of a compromise shall be secured
during the brief remnant Of vitality remaining
to this Congress, that its last day, and the last
day of the outgoing administration, will be the
last day Of all our hopes of restoration of the
Union, and the first day of calamtous civil
war. What, them Two confederacies? Gene
raj Scott says four, with his methodical mill
tary view of the subject; but why not ten or
twenty, each with its petty military despot
elected annually by the bayonet?
The power and the responsibility belong to
the republican party. They can make peace.
They can restore the Union. Both houses of
Congress are practically now under %heir con-
troll. They have only to abandon a paltry
party abstraction or two, and the good work is
done. The Crittenden compromise win open
the way to peace and reunion, if submitted at
once TO the people. In default Of some such
measure Of encouragement to Southern Union
men, they will be borne down by the disunion
pressure, which is upon them even in the bor-
der slave States, and the only choice to the in
coming administration may thus be a disastrous
civil war to all concerned or an extra session
Of Congress to provide for the recognition Of
an Independent Southern confederacy. Il
EXTRAORDINARY COMMERCIAL EFFECTS OF THE
REVOLUTION UPON New YoRx.-The political
revolution now going forward at the South is
resulting in a commercial revolution different
in its effects from any that has ever preceded
it. BY the action Of the secession States the
usual channels Of trade have been choked up
in the Southern seaboard, and the result is that
the commerce is diverted to the city of New
York from the interior by the railroads, which
are now doing thriving business.
The harvest never was so abund and the