The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-04-10


Now that Mr. Lincoln's administration have
actually commenced civil war, it seems an
unfortunate time for Mr. Chase to throw
SIS 100000 in treasury notes on the market, AND
capitalists will be afraid to touch them at par,
especially as. owing to the operation Of the
Morrill, tariff, there is no prospect of revenue
to pay those notes when they become QUE and
there is no other security to back them The
first murmurings OF the thunder at Charleston
and Pensacola have already affected all secur-
ties; when real hostlities commence public
credit will be more seriously damaged.
That the Morrill, tariff will have the effect OF
diverting the great bulk OF the imports to the
Southern ports there cannot be the shadow OF
doubt The English and the French press and
the New York papers, with one exception, agree
about it. The only journalist in this city who
advocates the rev tariff is philosopher OF the
ultra revolutionary type 1t was said OF the
Bourbons that they never learned to forget
anything; and the same may be said of tLis
radical editor illustrating the maxim that ex-
tremes meet. Even the Courier and Enquirer,
though an advocate of protective tariff, says
'Never in our judgment, was there such an
i'll timed measure enacted as our tariff law
which went into operation on the lst OF April
Another republican journal OF this city says
at is quite likely to deprive the federal govern
ment almost entirely of its revenues"
We have already reproduced the opinions OF
the French and English press on the subject.
We have quoted tbe metropolitan organs
of British commerce to show that the con
mercial interests of New YORK will be
ruined, and that the Southern ports will
become enriched at our expense. To these
! testimonies we may add that OF we'll
known Liverpool commercial paper, Cores
General Advertiser In recent issue 1t
saws "the Northern tariff must enlist the
s--..ath..s of the whole commercial world ON
.he slae q. I've ....s., This suicidal tariff, I"
it adds, "will effectually isolate the North, and
seal it against the commerce of the world; an0
the very attempt to introduce such measure
demonstrates the necessity of separation be
tween the Southern and Northern States"
What Eng land will do in the premises it thus
unfolds-"lf protecton-rampant protection
be held to be the true interest of the Northern
States, then there can be no community or IL
terests between them and country like Great
Britain on whose banners are inscribed Free
trade with all the world But with the South
ern confederacy, whose interest it is to sell us
the raw material of our industry and to buy
our manufactured goods, there must spring up
spontaneously such a close alliance with Great
Britain as will render the grasping selfshness
Of the protectionist States hurtful to no one but
themselves" 1t will be observed from this that
the whole North is regarded with detestation
on account of this tariff; and New York, whose
interests have been sacrificed for the Eastern
States and for Pennsylvania, is doomed to suf-
fer, though she is known to be utterly opposed
to the new retrograde commercial policy. 1t
goes on to say that England ''will turn the cold
shoulder to the North, y while it evil extend
the right hand of fellowship to the South" and
the British commercial organ thus concludes
We cannot find language sufficiently streug to express
our delestaon OF ascae of duties which intended to
exclude from the markets Of America the pr or
England, OF Germany and Of France aud God
eed 10 the neo reDtlic Of TIE So.h which triumph
in its contest with the North bee its might
| right IL 10 lamentable TO thnk-~s write more in
row than In anger-tbat great people like the Amer
cans shoud 50 far lag behind the age msupderstsud
the epoch in which they live, aud biindly rush
their own destruction as 70 ADOPT policy 40 suicidal to
themselves, uncommercs indicative of a narrow
selfish and unenghened spirit that which nbodiei
| In the 80 called Morrill, tariff
Here is a warning with a vengeance that the
trade of the North is to be destroyed, and all
European goods with the duties, are to go to the
South Who, under snch circumsta nces, will
buy the notes Of our bankrupt government, with
no prospect of repayment, but with the di-mal
prospect of having soon to borrow more money
and to continue borrowing till its paper is
drug in the market, which nobody wants to
buy at any price? Now the only way in which
the imports can be prevented going to the
South is by the employment of an immense
navy. Where is the money to build and equip
it to come from? But suppose that the govern
ment makes the attempt with the ships and
troops it now possesses, and suppose
that it could be. even partially sue
cessful, and that England and France
| would not intervene to protect their own
commerce on its way to the best market, the
attempt to coerce the South in this
form would be met by reprisals both
on land and sea; and, low rs federal
securities have fallen, they would instantly 90
down still further, as George Peabody, in his
letter which we published recently, gave
notice to all concerned. This distinguished
American banker in England knows every
pulse Of the British heart and he warns the
people OF his native land against the suicide
on which they seem bent. He says ." the an
ticipation Of conflict between the North and
the South has already destroyed confidence in
the United States government stoc,o and many
OF the States securities. and millions have with
in few months been sent home for madket
in consequence. 1t is only by concession on
the part of the Northern States, and COM
nromiaa which would aecura tha heat fealinns