The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-13
NEW YoKk HERALD WEDNESDAY, FEBRUARY 49, 1851

TERRIBLE COMMERCIAL CONFUSION THREArEN-
Ed IN THK NoRrH.-That the Northern States al
the present moment are on the eve OF a ca
lamitOus commercial crisis, which threatens to
plunge us into disorder, and perhaps ruin, no
one with any foresight can fail to sec. Apart
culties now shaking the country from its centre
TO its borders, which have already eliminated
in thu ACKNOWLEDGMENT Of the Union, and radi-
cal change in the positions Of the North aud
the South, we are threatened here at the North
with terrible financial and social csnvulsion,
completely breaking up all our commercial in
terests destroying our profitable inter-trade with
the Southern States aud the consequent inter-
rup,ion Of the manufacturing industry of this
section Of the country, with all the trials and
distresses which such state Of things is GER
tain to entail upon US.
IL few weeks from now the new President
will take possession of the purse and the sword
at Washington; and we have no intimation
from him with regard to his future policy, cx-
cepting il be in the dimly Swallowed idea of
National Convention, which, at best will take
years TO settle the question ut issue, and will
leave us nothing in the future. 1t seems to be
his intention to take hold Of the rump of Con-
gross and the rump Of the republic which is
left TO govern, and convert them into military
despotism; to make war upon the seeding
Southern States with the naval and military
arm at the disposal Of the new administration:
in other words, to inaugurate a sanguinary and
unnatural civil war, on the mistaken idea that
the Southern people are rebels and traitors.
They are no more rebels and traitors than
were the patriots of the thirteen colonies
in '76, who were dissatisfied with the
British government because they be-
lieved that its laws infringed upon their per-
sonal rights and privileges, and they deter
mined to form a government for themselves.
Ii the Southern States believe that their rights
and privileges have been invaded by the GO
vernment Of the united coniederacy, and that
there is no longer safety for them within its
limits, the right Of revolution remains to them
just as much as it was vested in the thirteen
British colonies in the middle Of the last cen
fury. The seeding States have SO decided,
and have availed themselves Of that right.
They have formed government of their own,
adopted constitution, and elected President
and Vice President They will open negotia,
tions with foreign Powers, and they will soon
have an army OF a hundred thousand men to
maintain the integrity of their new govern
mcnt. And in this juncture what is il til at is
proposed to do? To make war upon hem-a
war of subjugation and conquest? Such are
the unmistakeable indications. All our militia
ry leaders breathe nothing but war, and our
civil and political leaders seem to have taken
this infection: even the heads of departments
in the quiescent and nerveless administration of
Mr. Buchanan have no milder terms TO use than
''Shoot them down on the spot-shoot them
down on the spotw To carry on such war it
will require loans upon loans, and if capitalists
can be found to lend money for such purpose
the national debt may be swellcd to hun
drcd millions in a few months.
Meantime, the commercial convulsion ripens
! apacc; trade is stagnating; mercantile firms
| are suspcnding; the operative masses are ap-
preaching a starvation point; commerce be-
tween the North and South is at an end. In
this terrible emergency what do we re-
guire to stave off the impending financial dis
astcr and ultimate ruin Of all our commercial
interests? 1t is not coercion; it Is not
subjugation or conquest; il is not the violent
enforcement Of the laws Of confedcracy
already broken up. No; there is but one
mode of averting the most destructive CONNER
cial rovulsion that ever befcll the country, and
that is to recognise promptly the new Southern
confederacy, to re-establish commercial rcla-
tons between the North and South, and so re.
construct the government that the original
condition Of things in regard to interchange Of
commerce may be restored. If we do not do
this, France and England will step in and open
negotiations with the government of the South
ern United States upon terms SO favorable to all
the contracting parties that the South will soon
find itself in position to be independent of us
altogether, and we may see its profitable trade
diverted into foreign channel. Something
should be done to prevent such a result as this
before il Is too late, and we see no better
method than by recognizing the existence of
an Independent sovereignty in the Southern
confejcracy.
That such q necessity should have arisen is
greatly TO be deplorcd That eighty years OF
| unexampled prosperity as a united nation
should leave no better fruits than separation
and sectional hostility is pitiable but in these
results We see only the consequence Of thirty
years attempt to enforce the Puritan dogma
that Southern slavery is "the sum Of all ini-
putty"
MCcn ADO ABoUT NoTHlSG.-The republican
majority in the House Of Representatives has
distinguished itself by voting for resolution
which declares that Congress has no power 10
interfere with slavery in the States where it
now exists. The vote in favor of this rcsolu-