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Loan.

As will be seen by our Summary of Events | forward much trouble was experienced in (page 3), bank suspensions throughout the getting rid of the vast stores of grain and country became very general about the mid- cotton awaiting shipment in New York, Bos. dle of November; and, in all circles, the want ton, Philadelphia and Baltimore. of money was seriously felt. There was On the 21st of Novem

The New York Banks! money enough in the country ;-never, since ber the New York banks, the Government was organized were the peo- in order further to relieve ple so generally in "easy circumstances;” but, the stringency prevailing, particularly among the distrust which prevailed, the political merchants, resolved upon a liberal line of ruin which stared the nation in the face, the discounts, by a consolidated fund arrangedistressed condition of the United States Trea- ment through the Clearing House. Ten milsury and the want of confidence in the Trea- lion dollars were thus set loose—with a prosurer's management, the action of Southern mise of more if necessary-to the great relief State Legislatures in authorizing not only of the community, and many a first-class suspension of specie payment by the banks, house was spared the mortification of “a fail. but a suspension of payment of debts due to ure.” Notwithstanding this relief, “second the North-all contributed to that contrac class” paper was only negotiated at fearful tion of capital which is the inevitable result rates—as high as 18 per cent. being a common of a “panic.”

rate. But, the tide of exchange and trade was so The condition of the banks, in the great immensely in our favor that, by the latter commercial centres, was as follows, at the part of November, coin commenced flowing dates named: in such amounts as to astonish even the most

Loans. Specie. Circul'n. Deposits sanguine of money prophets. On the 22d of N York:

T ov. 17 $123,271, 25 $19,464,410 $9,258,317 $76,190,663 November one of the leading authorities in Philad'a,

Nov. 19. 20,775,878 4,115,932 2,791,762 15,833,121 New York commercial reports declared that n. Orl's the superabundant wealth actually clogged the B

Nov 10. 23,443,541 10,219,756 8,005,239 16,304,467

Boston, avenues of business. The

Nov. 20.64.150,600 4,518,400 7,705,708 19,384,400 An Overstocked Marreason was, that exports so Total.. $237,641,043 $38,318 498 $27,831,008 $127,712,651

Previous immensely exceeded im Week , 237,5J1,051 40,003,5 3 28,488,368 131,255,133 ports that foreign exchange could not be used

Increase. $109,992 in the purchases, and pending the arrival of

$1,685,05 i $658.360 $3,542,681 specie from Europe, to replace the unsought The condition of the Go

The United States bills of exchange, much embarrassment ensu-vernment Treasury was cal

Treasury. ed. The exports of cotton and grain were culated to excite alarm. particularly heavy. The South, preparing for Howell Cobb, of Georgia, entered upon his a stagnation in business, or compelled by its duties, as Secretary of the Treasury, in March, wants, hastened forward its product, while 1857, to find a chest absolutely plethoric with the propitious year for grain-growth swelled deposits. To prevent further accumulation, the great granaries of the West to such full- it was found necessary to buy in the Treasury ness that operators had to push forward notes next due. Two years of his managewheat, flour, and corn for a market in order ment, with no unusual drafts upon the Treato buy again at the West.

sury, found the National Exchequer none too On Monday, November 19th, the pressure well filled. In the Fall of 1860, he was on the market of unsalable foreign exchanges compelled to go into the New York market became so great, and the wants of commission as a solicitor for a loan to provide for the men became so importunate, that the New wants of Government and the interest on its York bank presidents met, and, after much indebtedness. That loan was obtained at discussion, resolved to purchase $2,500,000 of ruinous rates, and Government paper which, foreign exchange, upon which the gold would a few months previously, would have combe realized in thirty days. This afforded a manded a premium, went at 85 and 87 cents brief relief only, and until gold could come on the dollar. But even these bids for the

ket.

Decrease

THE

SECTIONAL EQUALITY PARTY.

43

loan were not paid in, and the financier was waited in vain. Though Gen. Scott plead to compelled to see his department brought to be permitted to throw a strong defensive embarrassment. Matters were not changed force in Fort Moultrie, as in 1832—though he until, by Mr. Cobb's resignation, (December labored earnestly to dissuade Mr. Buchanan 10th,) John A. Dix, of New York, was called from the dangerous apathy which governed to the Secretaryship. His integrity and busi- his actions—it was in vain: the President ness ability won the confidence of Wall street, not only would authorize no steps looking to and, ere ten days of administration, the the complete protection of Government prothreatened bankruptcy was not only averted, perty, but committed the more heinous misbut the Treasury began to show signs of ac- take of assuring the determined Southern cumulation quite gratifying in view of the leaders that no reinforcements should be contingencies likely to arise.

made. The state of feeling at With such want of decision in the AdminThe Feeling at the the North, during the istration, it followed that the people were North.

month, was extremely un- greatly divided in sentiment. One party, settled. The selection of Mr. Lincoln's cabi- looking at the question of difference between net would, in a great degree, determine the the North and the South, assumed the uneline of conduct to be adopted by the admin-quivocal position that the istration; therefore men of all parties can- South should be rendered

The Sectional Equall

ty Party. vassed the subject freely and with some feel politically equal in the Coning. The attitude of the Southern States in- federacy, no matter what her minority might spired apprehensions of disaster, which it was be in population and wealth. The New York very difficult to dissipate by any course con- Herald, as organ of this class of thinkers, said, sistent with the integrity of the Union. Mr. in its issue of November 28th : Buchanan's policy, it was feared, would lack

"The first thing demanded is the absolute suspenin firmness and integrity to the Constitution, sion of Mr. Seward's - irrepressible conflict,' and the since, unlike his predecessor, Andrew Jack- recognition by the North of the rights of our Southson, he had expressed no determination to ern slaveholders to their slave property, wherever it enforce nis abrogated authority. On the 15th may be found within the limits of the Union. That point of November it was announced that Fortress conceded by each of the Northern States, even MasMunroe, in Virginia, was garrisoned by but sachusetts will be ready for the next proposition, eight companies of artillery—the valuable which is that the Southern States, in behalf of their arsenal at Fayetteville, North Carolina, by institution of Slavery, are entitled to such additional me company-Fort Moultric, in Charleston checks and balances in the General Government as harbor, by tuo companies (eighty men)—Key may be necessary to render them hereafter secure

against Northern Anti-Slavery parties and Popular West fortifications by one company-Barran

Majorities. This proposition will, of course, comprecas barracks, Pensacola, by one company-hend a reconstruction of the organic law of the the richly stored arsenal at Baton Rouge, Union, and a new Constitutional Convention of all Louisiana, by one company; while the New the States to do this important work. It is probable, Orleans Mint, the valuable Custom Houses in too, that this very proposition may emanate from New Orleans, Charleston, Mobile, Savannah, this approaching Congressional Conference, and it &c., &c., were totally without guard. Nor- may be suggested in the President's Annual Mesfolk Navy Yard and the Pensacola Navy sage," Yard, both having millions of property in This, it was understood, represented the their keeping, were only garrisoned by 120 views of the Breckenridge wing of the Demomarines. As soon as the movements for se- cracy, although it was certain that many of cession became well developed, the South de- the Pro-Slavery men of the party did not famanded of the President that no reinforce- vor so undemocratic a measure as a “protecments of Southern fortresses, &c., should be tion against popular majorities.”

made. The North anxiously Another class, representing tho Douglas Mr. Buchstan's loac

awaited the President's ac- wing of the Democratic party, favored liberal tion in the matter. It concessions to the South in the shape of a

tion.

right in the territories ; of a repeal of the Per- | martial terms, such as defeat and victory obtain sonal Liberty bills in the Northern States; in our system of elections. The parties engaged in of a strict execution of the Fugitive Slave an election are not, never can be, never must be, law, &c., &c. This class of men were devoted enemies, or even adversaries. We are all fellowto the Union, and most of them favored a firm citizens, Americans, brethren. It is a trial of issues defence of the Government property, and the by the force only of reason; and the contest is car

ried to its conclusion with the use only of suffrage. enforcement of the laws.

An appeal lies from the people this year, to the peoThe Republicans were, ple themselves next year—to be argued and deterPosition of the Repub

also, strong in their Union mined in the same way, and so on forever. This is, tican Party

sentiments, and apparently indeed, a long way to the attainment of rights and favored the idea of such compromises as were the establishment of interests. It is our way, howconsistent with their ineradicable opposition over, now, as it has been heretofore. Let it be our to the extension of Slavery. They could but way hereafter. If there be among us, or in the. deplore the want of firmness in the President, country, those who think that marshaling of armies and looked hopefully forward to Congress, or pulling down the pillars of the Republic is a betwhich would come together December 3rd. ter, because a shorter way, let us not doubt that if Senator Seward-who, it was well understood,

we commend our way by our patience, our gentlewould be Secretary of State under the new fore they shall have gone too far, find out that our

ness, our affection towards them, they too will, beadministration—in a speech made to the

way, the old way, their old way as well as our old “ Wide Awakes” of Auburn, on the evening way, is not only the shortest but the best.” of November 20th, advised conciliation in these terms :

This reflected the feelings of the great ma“What is our present daty! It is simply that of

jority of Republicans. There was no commagnanimity. We have learned, heretofore, the mittal

, on the part of the leaders of the party, practice of patience under political defeat. It now to any definitive line of conduct in the crisis remains to show the greater virtue of moderation in they appeared willing to await the issue of triumph. That we may do this, let us remember events, leaving all responsibility with the that it is only as figures of speech that the use of President and Congress.

CHAPTER VI.

PROGRESS OF THE REBELLION IN SOUTH CAROLINA.

THE action of the South Carolina Legisla-' that Free Governments should exist in slaveholding ture in ordering a Convention, and in provid- countries. The republics of Rome and Greece --still ing for the “military defence” of the State, the light and glory of ancient times--were built on gave almost unanimous satisfaction to the domestic slavery. But it is an experiment to mainpeople of the State. If a Union sentiment tain Free Government with universal suffrage, and was existent it did not appear. Although

the whole population to control the Government.

The forts and fortresses in our bay the Convention was not to assemble until should never again be surrendered to any power on December 17th, the feeling prevailed, early in earth. We have seen the cannon, placed in them for November, that the State was virtually out our defence , turned against us for our subjugation. of the Union. November 12th, Barnwell When our flag again floats over them, let it remain Rhett, one of the leading men of the State, there, until our existence is blotted out as a free said, in a public address :

people.

* What shall prevent the people “ The Southern Confederacy of the South from being a great and free people! Mr. Rhett's Senti

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ought to be a Slaveholding Con- Taught by the bitter experience we have had, we federacy. It is no experiment can frame a Constitution the best for securing jus

ments.

RESIGNATION OF

MILITARY

OFFICERS CALLED

FOR.

45

tice and liberty, the world has ever seen. With such started the ball of revolution, and they will carry it a Constitution and our institutions, we can establish forward to the consummation and the end they have a Confederacy which shall endure for ages; and our in view. Solitary and alone, it is my fixed belief Confederacy will be as powerful as it will be great that the State of South Carolina, whatever may be

* The Union is dissolved, and henceforth tide her, whoever refuse to stand by her—that South there is deliverance and peace and liberty for the Carolina, solitary and alone if need be, will launch South. We leave it, not in a time of public danger her gallant little bark of independence upon an unand trouble, but in a time of established security; tried political sea ; abiding in the justice of her not in a time of war, with a foreign enemy thunder-cause, and relying upon the gallant arms and the ing on our coasts, but in a time of profound peace stout hearts of her people, will peril all in the conwith all the world. We leave it victorious in three test with our enemy." wars, led on by Southern generals; and with a vast

Another speaker from the delegation said: domain of territory, stretching from sea to. sea, greater than all civilized Europe contains—the glo

“ The wicked and nefarious plot which forty years rious fruits of Southern statesmanship. We leave it, ago was conceived to seize the reins of this Governas our fathers left their union with Great Britain, ment for the purpose of plundering the South and after a patience of endurance, which they would uprooting her institutions has, day by day, matured, have scorned; and armed like them, with the mighty until the hour of its accomplishment has come. consciousness of right, more powerful than armies | The knell of this Union has been sounded, and it with banners. The long weary night of our humilia- must go down, if it has to go down in a stream of tion, oppression, and danger is passing away, and blood and in a multitude of human suffering. 'Of the glorious dawn of a Southern Confederacy breaks what value, my friends, is this Union to you now? on our view. With the blessing of God, we will soon

Three thousand millions of property is involved in be a great people-happy, prosperous and free."

this question, and if you say at the ballot-box that

South Carolina shall not secede, you put into the This speech was significent not only of the sacrifice three thousand millions of your property. state of sentiment in the State, but demon- Aye, my friends, that Union of which so many speak, strated, incontestably, that the work of rebel- in terms of laudation—its virtues, its spirit, its splenlion had been progressing long enough before dor has forever fled. It is now a dead carcass, stinkthe Presidential election to render secession ing in the nostrils of the South. * * . Aye, my a fixed fact in event of Lincoln's success. friends, a few weeks more and you will see floating On Thursday evening a great meeting was from the fortifications the ensign that now bears the

Palmetto, the emblem of a Southern Confederacy. held in Charleston, to welcome the returning a thousand hearts will rally to its support, and a delegates to the Legislature, to secure the pas- thousand swords will leap from their scabbards, resage of the Convention bill. Mayor Macbeth solved to make it their winding-sheet ere it shall presided. From the speeches made we see trail in dishonor in the dust.”

that the mere act of calling Reception of Dele

Upon the adjournment of the Court of a Convention was regard-Chancery, on the afternoon of Friday, Nogates.

ed as equivalent to seces-vember 16th, the Chancellor, in his parting xion, although the Convention would not as

address, “expressed the earnest hope that semble until December 17th. One speaker, when they again met, it would be as the Mr. Porter, responding for the delegates, Court of an independent State, and that said:

State a member of a Southern Confederacy.” ** This great Government, the wonder of the world About this time a de-, -this mighty Federal Union, the centre of so many mand was made by the

Navy and Army offi

cers to resign. hopes and aspirations—is now sliding from under Mercury, of "all the Army nur feet, and those great sovereign communities that and Navy officers of the State of South Carobreathed into it the breath of life; that called it into being, but which has been most perfidiously lina, now in the service of the General Govabned and betrayed, are about to recall the powers

ernment,” to throw up their commissions with which they clothed it, and to assume their orig- and join in the revolutionary movement. inal positions among the people of the earth as a so. The call read :

1 Fereign and independent nation. But, fellow-citi “In behalf of the people of the State of South zens, what is most remarkable of all is, that it is not Carolina, we would this day call upon each and all a legislative, but a popular revolution. The people of her sons who are now engaged in ‘he military ser

vice of the Government of the United States, to re- blessed our fathers belng imperiled, we ask Thy fanounce at once the sword and the rations of the vul- vor and aid. Inspire us with courage, with a spirit gar oppressor, and to hasten at once to the homes of self-sacrifice, with a love of law and order, and that gave them birth, for the protection of their na- with dependence upon Thee. Bless our State, and tive soil, the preservation of the institutions of their her sister States, in this great crisis. May they act State, and the maintenance of the liberty of freemen, as becometh a moral and religious people. Consebequeathed them by their fathers.

crate with Thy favor the banner of liberty this day “ South Carolina wants her soldier citizens around hung in the heavens. May the city over which it her now. The mother looks to her sons to protect floats be in Thy gracious keeping. Shield our comher from outrage. Shall she look in vain ? She merce on the seas, and protect our homes and fire. wants, now, military skill and science, to direct the sides. May agriculture bring her stores to our mart, courage and energies of her people. She looks to and order and quiet abide in our streets, if it be Thy her Army and Navy officers to supply that want. will. Avert from our land the horrors of war; but Let them return home at once, withont any hesita- whatever we may be called upon to endure, be Thou tion whatever. They need have no more doubt of our fortress and defence. O God! our fathers have South Carolina's going out of the Union, than of the declared unto us the noble works which Thon didst world's turning round. Every man that goes to the in their days. Continue Thy goodness to us their Convention will be a pledged man-pledged for im- children, and make us that happy people whose good mediate separate State secession, in any event what is the Lord, through Jesus Christ, our Redeemer. ever. Once out of the Union, nothing but conquest Amen." will bring her back. She is resolved, sick of the This was succeeded by speeches, chiefly Union, disgusted with it upon any terms that are from business men, since it was a business within the range of the widest possibility.

men's, or people's celebration. The crowd “Her sons, however, will be taken care of, what

was addressed as “ Citizens of the Southern ever the result of her secession--for that is a fixed fact. Let them not hesitate ; but rather let their Republic." Processions came pouring into promptitude bespeak the amount of their devotion the public square from all sections of the city, to their native State."

bearing banners and mottoes expressive of Saturday morning, Nov.

the sentiments of the hour, viz. :---"Now or Greit Popular Demonstration.

17th, the people of Charles- Never,” “ Stand to your Arms,” « South Caroton inaugurated a gala-day

lina Goes it Alone,” “God, Liberty, and the by erecting a pine pole, ninety feet in height, State,” “ No Stripes for South Carolina," from which was flung the Palmetto flag. It us bury the Union's Dead Carcass,” &c., &c. consisted of a white ground with a palmetto Secession badges were worn by men, women tree in the centre, under which was inscribed and children. · A reporter present said: —“Animas assibusque parati.” The State flag “ All classes are arming for the contingency also flew from all the public buildings and of coercion. Revolvers and patent fire-arms leading houses in the city. It is estimated are selling like hot cakes.” The same authothat twenty thousand persons took part in rity said:the festivities of the day “to inaugurate the

Not a ship in the harbor has the Federal flag flying, revolution.” As the flag ran up the “liberty but

, far down in the Bay, it can still be discerned flying pole,” the Washington artillery fired a salute over Fort Moultrie.' of one hundred guns, while a band discoursed In the evening of the same day another the “Marseilles Hymn"-adding the “Mise- vast concourse of people assembled in the rere” from Il Trovatore, as a requiem for the square to hear speeches, all of the most radideparted Union.

cal disunion character. One thought, feeling The Rev. C. P. Gadsden then invoked the and devotion to the secession sentiment preblessing of God in the following prayer :

vailed. Merchants from Northern cities, it is “0, God! our refuge and said, took part in the proceedings-giving the Prayer for Secession. strength, the shield of our help people strong assurances that New York,

and the sword of our excellen- Philadelphia and Baltimore, would sustain cy, we come before Thee to express our dependence South Carolina in her course. upon Thy succor, and our need of Thy guidance and From the speech of Mr. Theodore G. Bardefence. The liberties with which Thy protection ker we must re-produce a paragraph to show

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