The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-04

but objection being made they were laid over. In
the Assembly the resolutions authorizing the State
to endorse the bonds of the United States {, the
amount of tho deposit fund were introduced.
Among the bills passed was one authorizing the
sale or leasing Of real estate belonging to benevO
lent. scientific, orphan asylums and missionary
societies.
Tho cotton market on Saturday without change Of
moment in prices The transactions footed UP about
900 balea least 900 OF which sold In transi
Although the Araba's news showed active market In
Liverpool yet led 10 improvement with us Were
it not for the sringency in the English money market
the article would no doubt rule higher In that market
The future growth and supply of cotton OF tho
most important questions that concerned England
and the commercial world generally. Manchester
Consum weekly about 40 900 bales Of American cotton
OF the value Of about 81 900 OO0 goo per month
Great Britain in round numbers, last year consumed
about 500 900 900 worth Of American cotton France
took between 900 and 600 600 bales OF the value OF
gas, 900 900 TO $50 900 600 Thcss1ported 70 all Ed
rope was 900, OF the value or SIS TOO 600 Anne
rcan manufacturers consumed about 800 900 bales OF the
value Of $40 C0 The total value Of cotton consumed
In Europe and America Of the crop Of 1850 co.
700 900 and the total value Of the CROP of about Oo
600 bales including stock left other ports
900 000 We're possible TO strike this production from
existence would result in greater disaster than the
total humiliation of half California gold regions.
In the CASE millions Of people derive their food and
clothing from production manufacture and transpor
ation while in the other few vessels GOULD carry
all gold dug from the carth while the shipment Of
crop of cotton like that of go, employed
million tons of American shipping, manned by about
81 900 American sailors. Tho destruction Of the cotton
crop Of the South would produce commercial revuson
which would be felt throughout Chrstendom, involving
revolution if not the overthrow Of the government, In
England II anything suspend or subvert its cult
walton at the South it VIII be attempt at coercion,
leading to civil Brcadstuas heavy and dull
throughout Pork in fair demand, with rather
doing Tic sales Of sugars embraced about 200 hhds,
at unchanged prices. Coffee steady Frcighs closed
at better rates, especially for grain to Liverpool.
The Washington and Montgomery Com
yentiOns-What VIII BE Their Re.
suits!
Two Conventions meet to-day, at different
points in the Union, to deliberate upon the
causes which have produced present results in
the country, and upon the remedies most ap-
plicable to the crisis at which it has arrived.
Representatives from the seeding States will
convene at Montgomery, Alabama, for the pur
pose of consolidating the bonds between the
slaveholding members that have already with
drawn from the confederation; while, at Wash
ington State Compromise Union Convention
Will attempt to consult respecting the best
means of compromising difficulties between the
two sections, and restoring peace to our ma
tional councils. The States-saving Convention,
last named, viii accomplish nothing. 1t will
break up in disorder; the elsa0ts that com
pose il are heterogeneous; and no good can ar
rive from it, however resolved it may be to
effect ends that are clearly impracticable,
when the circumstances under which it is
called upon to act arc considered. The Mont
gomery assemblage will possess, on the con-
trary, elements Of life that cannot fail to mark
with definite precision the progress of revolu-
ton at the South, and the requirements of pub
lie opinion in the slaveholding States, in
manner which will astound and should ad-
monish-f they are yet capable of receiving
nstruction-those upon whom the responsible
ties of the future rest, this side of Mason and
Dixon's line
There was period, not many weeks since,
when the difficulties between the North aud the
South could have been easily settled. The
South then asked for no more than was gsa-
ranteed to them by the common law of the couu
try, at the time the constitution was framed
Freedom to carry their property into the Terri
tories; the repeal of certain obnoxious laws;
liberty to sojourn with bondsmeE in any part
of the Union, and that perfect tolerance of
slavery, a. social institution, which is readily
granted by sect towards sect, in the world of
religious freedom were all that was necessary
for the North 10 accord to their brethren south
Of the Potomac, to secure endless tranquility,
and the dissipation Of every cloud that hangs
over the horizon. Had the United States Sc
nate and House OF Representatives bestirred
themselves while there was time; had they not
been utterly lost, Supplied, and corrupted, in
the midst of revolutionary period which they
have had neither the knowledge to comprehend,
the sagacity to control, nor the uprightncss and
to encounter, all might have been
well. The discretion, judgment and patriotism
Of statesmen like Washington, Jefferson and
would have saved the Union in its
hour Of necessity. II Is now too late, and the
confederacy can no longer be held together,
unless the republican party, upon which the
responsibility Of the future rests, is prepared to
grant, unrescrvedly and without demur, every
one of the requirements Of the States against
which its aggressions have been directed for
thirty years past.
Revolutionary bodies ever move boldly, firm
ly, and sternly forward, in their work of recon
struction The representatives. at Montgomery
of the seeding States, will not leave incomplete
the task they have been appointed TO perform.
Our information leads Us to believe that they
will, at once, constitute Southern Senate and
House of Representatives, TO be composed of
such eX.members of the two houses at Washing
ton as have resigned their positions, TO be re-
inforccd by othess who may, hereafter, give up
their places at the call of their respective
States, or may be elected from slaveholding