The New York herald., 1862-01-01


rible panic throughout the South that Fernan-
dina, Brunswick, Savannah, and other places ON
the Southern seacoast, are in great danger OF
sharing the fate of Cape hat.eras, Port Royal
and Ship Island; and that, in short 'the pros
pect" of an independent Southern Utopia
within any reasonable period Of time is exceed
ingly gloomy.
But the third article that on Government
Speculation" from our doleful New Orleans
contemporary, we are gratiied to say, reveals
the fact that all the swindling jobs of govern
ment officials, contractors, hucksters, sharpers
and rogues are not confined to the public SER
vice of the United States. Judah p. Benjamin,
the head Of the rebel Department of Justice
at Richmond, has at least one subordinate who
deals out 'justice" by first extorting silver from
the people, and then selling 1t at fourteen per
cent premium; and this, we are told is in 'per-
feet keeping with the extraordinary conduct
still pursued by the Post Office Department"
"Indeed," says our indignant New Orleans edi-
| tor, still harping on the Richmond rebel junta,
s'it is no exaggeration to say that Buchananism
is in full and magnificent developement, the
machinery to conduct it is perfect, complete
espionage over the telegraph, the exercise of
unregulated and unrestrained power over the
export trade of tho country, the unlimited and
arbitrary control of legal machinery, by which
the property of one citizen il illegally and des-
politically taken from him without adequate
compensation, while that of another is paid for
| at enormous prices, and the most profigate
abuse of authority generally in every depart
ment is the rude"
This testimony is from New Orleans editor,
and we take it directly from his own columns.
| There can be no doubt that he is telling the
truth; and, though we are sure that he does not
tell the whole truth, he tells enough to show
that jeff. Davis, with his Southern confederate
despotism is fast becoming public nuisance
in the estimation of his victims. But, it may
he asked, if there is such an intolerable despot-
ism existing in the revolted States, how
! is it that this New Orleans editor is per-
mitted to speak so freely? The answer
| is given in our preceding Information
that there is large and formidable Union
league existing in New Orleans, ''ripe for insur-
rection,' and that it is only awaiting the appear
ance of federal invading force to break out into
open revolt. Our New Orleans editor has the
league at bis back, and Davis and his tools are
aware of it.
| New Orleans, it will also be borne in mind,
is the financial centre and commercial metropo-
| lis of our rebellous Confederate States so that
with its restoration TO the Union, through the as
sistance Of its formidable Union organization"
we may expect grand succession of such esca-
| pades, from New Orleans around to Richmond,
and thence through the interior to Nashville, ut
terly breaking up the Davis despotism, root and
branch. Let England aud France exercise their
patience and philosophy month longer, and two
things Will be made manifest to them-first
that the Southern cotton nationality Of Davis
and his confederates is an exploded bubble ;
second, that the government of the United
States is fixed and enauHng reality among
! the great Powers of the earth.
The Failures OF the Year-How the south
Has Carried ORA War at the Expense OF
the North.
We publish on another page the important
statistical statement of the Mercantile Agency
Of Dun & Co., Of this city, giving the aggregates
of the failures in the different States of the
North during the last year, and Of the States Of
the South up to the lst Of May, together with
the liabilities, in the chief cities of the Union
These tables are highly interesting and instruc
tive. One of the most remarkable and curious
features which they exhibit is the comparison
between the facts and figures Of the failures of
1857 and 1861. In 1857, in the Northern States,
there were 4,257 failures, amounting to
q = H., <l,or ro:l,
$685. in the Northern States, being an excess of
1,67S over those Of the year 1857 while tho
liabilities are only sl7s,632, ,i7O, being a dimi-
mutton of $s7 lS5 $50 on those of 1857. The
reason why the aggregate liabilities in money! is
less. though the number of failures is so much
greater, is that the amount OF business done
was much smaller in the past year. the importa
tious being greatly diminished on account Of
the war, the disposition Of every seller and
every buyer being to take in sail in view of the
storm: while, on the other hand, the number Of
failures is increased on account Of the terrible
political CONFUSION through which the country
is passing, destroying or impairing great
many branches Of business. In 1857 the larger
private banking importing and commission
the contrary, the jobbing houses have been the
chief losers.
The commercial crisis of 1857 was
caused by overtrading, and was artificial
in its nature. There was no necessity for it
had prudence prevailed. The commercial crisis
Of 1861 arose from political events. but for
tunately came upon the country at a time when
it was well prepared for it. Never was the
trade of the United States in so healthy con-
dition. We're it not for that the commercial
disasters would have been far more extensive.
If the demon of discord had not divided the
country and produced - civil war, there never