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to corrupt our slaves and induce them to run off, or incite them to rebellion and insurrection.

It has run off millions of slave property, by a system of what are called "underground railroads," and has made its tenure so precarious in the border Slave States as nearly to have abolitionized two of them-Maryland and Missouri; and it is making similar inroads constantly upon Virginia and Kentucky.

Its candidate elect to the Chief Magistracy has proclaimed that "the Government cannot endure half slave and half free"-that there is an "irrepressible conflict between opposing and enduring forces-that the United States must and will, sooner or later, become a slaveholding nation, or entirely a free-labor nation."

Thus it is seen that their declared policy is a settled and determined hostility to the social fabric of It is incessantly scattering firebrands of incendiary the Southern States, a policy at war with the theoappeals in our midst.

It has extended fanaticism into our own borders. It has invaded a Territory by arms furnished by Emigrant Aid Societies, under State patronage, and by funds furnished by foreign enemies, in Canada and Great Britain.

ry of our Government and the design of its framersregardless of the Compromises of the Federal Constitution, ignoring the rights of property, and destructive of the harmony of our Federal system, and the equality of the States.

The success, therefore, of that party in the late

It has invaded Virginia and shed the blood of her election is an open and official avowal by a popular citizens on her own soil.

It has published its plan for the abolition of Slavery everywhere. To rescue slaves at all hazards, form associations to establish presses, to use the vote and ballot, to raise money and military equipments, to form and discipline armed companies, to appeal to non-slaveholders and detach them from slaveholders in Slave States, to communicate with the slaves, to encourage Anti-Slavery emigrants to the South and West, to seize other property of siaveholders to compensate for the cost of running off their slaves, to force emancipation by all means, especially by limiting, harassing, and frowning upon Slavery in every mode and form, and finally by the Executive, by Congress, by the postal service, and in every way to agitate without ceasing until the Southern States shall be abandoned to their fate, and, worn down, shall be compelled to surrender and emancipate their slaves.

majority of the non-Slaveholding States that there' will be no pause in their aggressive warfare, until the full success of their fell purposes.

The time, therefore, has come for ug "to put our house in order," and, if need be, to stand by our


We will not give the enemy time to collect his strength and wield the powers of Government against us, by waiting for any further "overt act." Therefore, be it

Resolved, 1. That the election of Abraham Lincoln to the Presidency upon the principles avowed by the Black Republican party, is, in our opinion, a virtual overthrow of the Constitution and of the equal right of the States.

2. That the idea of submission by the South to the rule of such a man and such a party should be repudiated from one end of her borders to the other.

3. That in the language of the Constitution of Ala

It has repudiated the decisions of the Supreme bama, under which she was admitted into the Union, Court.

It assails us from the pulpit, the press, the school room. It divides all sects and religions, as well as parties. It denounces slaveholders as degraded by the lowest immoralities, insults them in every form, and holds them up to the scorn of mankind.

It has already a majority of the States under its domination; has infected the Federal as well as the State Judiciary; will, ere long, have a majority of the House of Representatives of the Congress of the United States; will soon have, by the new census, a majority of the Senate; and before it obtains the Senate, certainly will obtain the Chief Executive power

of the United States.

It has announced its purpose of total abolition in the States and everywhere, as well as in the Territories, and districts, and other places ceded.

"All political power is inherent in the people, and all free governments are founded on their authority, and intended for their benefit; and, therefore, they have at all times an inalienable and indefeasible right to alter, reform, or abolish their form of government in such manner as they may think expedient."

4. That, in the present state of things, it is the de liberate opinion of this meeting, assembled without distinction of parties, that the State of Alabama should withdraw from the Federal Union without any further delay than may be necessary to obtain in the speediest manner a consultation with other Slaveholding States, in the hope of securing their coope ration in a movement which we deem essential to our safety.

This document shows some "master hand" in its preparation. The list of specifications It has proclaimed an "irresistible conflict" of was truly formidable enough to answer the higher law with the Federal Constitution itself!


"What are your wrongs?"

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Governor Hicks' Po


Governor Hicks, of Maryland, took strong Union grounds, in a letter dated November 27th, in answer to a memorial from influential citizens for the Governor to convene the Legislature. He said:

Identified, as I am, by birth, and every other tie, with the South, a slaveholder, and feeling as warmly for my native State as any man can do, I am yet compelled by my sense of fair dealing, and my respect for the Constitution of our country, to declare that I see nothing in the bare election of Mr. Lincoln which would justify the South in taking any steps tending toward a separation of these States. Mr. Lincoln being elected, I am willing to await further results. If he will administer the Government in a proper and patriotic manner, we are all bound to submit to his Administration, much as we may have opposed his election.

"The objects of this Association shall be to encourage Southern independence of interest and feeling, and to promote concert of action among the Southern States. And should any State or States, in the exercise of their sovereign right, withdraw from the Union, and the Federal Government attempt coercion, to extend to such State or States our cordial support and sympathy; to use all honorable means to bring about, under the sanction of a State Con-him vention, the withdrawal of the State of Louisiana from the present Union, and the assertion of her independence and sovereignty; and, finally, to promote in every way the establishment of a Confederate Government of the Southern States, or such of them as will unite for that purpose."


The Legislature of North North Carolina Legis. Carolina did not act, during November, definitely on the questions of relations with the Federal Government. Resolutions were introduced on the 22d, by Mr. Ferrebee, strongly Union in their nature, denying the right of secession, &c., &c.

Various substitutes were offered, but all were tabled, and no action taken. On the 24th, Mr. Slade introduced a resolution which was referred to the Committee on Federal Relations, as follows:

"That without intending any menace or threat, it is the opinion of this General Assembly, that in case

any State shall, through the voice of her people, withdraw from the Union, the General Government ought not to attempt coercion, and that the people of this State ought not only to refuse to take part in any such attempt, but to resist the same by all means in their power."

This was the only indication, thus far, of the feeling in the Legislature, while it was remarked that the people of the State were largely in favor of the Union, and of righting their wrongs on the floors of Congress.

"As an individual, I will very cheerfully sustain in well doing, because my suffering country will be benefited by a constitutional administration of the Government. If, on the contrary, he shall abuse the trust confided to him, I shall be found as ready and determined as any other man to arrest him in his wrong courses, and to seek redress of our griev ances by any and all proper means."

Tennessee's Condition.

Tennessee assumed no part in the secession movement. Her people, during November, were represented as calm and conservative"-that they had expected the election of Mr. Lincoln, and were prepared to do their duty under the Constitution. ExGovernor Andrew Johnson, her United States Senator, and Emerson Etheridge, one of her Representatives, were unqualified in their Union principles, and served much to steady public sentiment. It was understood, however, that her Governor, Isham Harris, sympathised with the Secessionists, and fears were entertained by the Unionists that he might commit the State at any moment to "cooperation."

Florida indicated her position as beside South Carolina, in the dispatch sent by her Governor, Perry, to Governor Gist: "Florida is with the gallant Palmetto flag," and by the calling of her Convention to meet Jan. 3d.

The immediate secession movement, so far as the proceeding of November indicated, seemed to be confined to the Gulf States and South Carolina. The Border Slave States,

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sympathising strongly with their fellow Slave' Well would it have been for Virginia, “MoStates, still preferred some arrangement by ther of Presidents," if she had never known which the Union should be preserved, and the baleful influence of such men as Henry directed their influence to that end. Ad- A. Wise, Jas. M. Mason, Roger A. Pryor, joining the Free States on the North, they and John Tyler! Well was it for Kentucky, must become chief sufferers in event of hos- that she had such men as John J. Crittenden, tilities; hence, whatever might have been the Rev. Dr. Breckenridge, and Joseph Holt! secret desires of their people, policy dictated Alas for Tennessee that the counsels of Anthe wise course of laboring for adjustment drew Johnson, Emerson Etheridge, and Judge of difference in the Union, not out of it. Nelson should not have prevailed!






Ir became evident, early | thought proper to report "safe." The SouthThe Monetary Crisis. in the fall of 1860, that a ern man could buy all he wanted-it would not have been "courteous" to question his ability to pay. This certainly was the feeling in the trade, and, as must inevitably have been the result, when the crisis came, it was found that the South was an immense debtor to the North for goods bought on long credits. Many a house which, in the summer of 1860, was considered good for a million, in November found its name in the list of "discredited firms." This generous confidence had been

monetary crisis was impending. As a consequence, business was restricted, and capital began to withdraw from investment. Manufacturers and importers became eager to close off stocks on hand, and crowded the market with goods beyond its want. The Southern market for goods suddenly ceased, early in November, except in firearms and military wares, and the feeling of insecurity in regard to debts due from the South by November 15th, changed to a feeling its ruin. of alarm, since remittances almost totally ceased. Exchange on New York and Philadelphia became so high, and Southern banknotes grew so discredited, that, even those creditors of the Northern factors and merchants who were honorable enough to meet their engagements, could only do so at ruinous discounts. The result was disastrous in the extreme to the lenient tradesmen and manufacturers of the North, who, in their anxiety to "do a Southern business," would credit large amounts on long time. The January, 1837. Western buyer was considered "favored" Capital.....$290,000,000 $368,000,000 $469,600,000

Good Condition of the

Notwithstanding this general dry goods disaster, the condition of the banks was most satisfactory. The crises of 1837 and '57 found them with small assets and

large circulations: the crisis of 1860 found them with heavy assets and narrowed circuThe following table will exhibit the comparative statements of the several “panic"





197,234,000 248,780,000

Circulation. 151,900,000


with a four months' credit; the Southern Deposits.... 144,300,000
buyer was "accommodated" with eighteen Loans. 553,000,000
months' bills. The Western man could not Real Estate..
buy more than the sharp Mercantile Agency | No. of banks





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The New York Banks'

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 wantton, Philadelphia and Baltimore. of money was seriously felt. There was On the 21st of Novemmoney 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 State Legislatures in authorizing not only suspension of specie payment by the banks, but a suspension of payment of debts due to the North-all contributed to that contraction of capital which is the inevitable result of a "panic."

An Overstocked Market.

But, the tide of exchange and trade was so immensely in our favor that, by the latter part of November, coin commenced flowing in such amounts as to astonish even the most sanguine of money prophets. On the 22d of November one of the leading authorities in New York commercial reports declared that the superabundant wealth actually clogged the The avenues of business. reason was, that exports so immensely exceeded imports that foreign exchange could not be used in the purchases, and pending the arrival of specie from Europe, to replace the unsought bills of exchange, much embarrassment ensued. The exports of cotton and grain were particularly heavy. The South, preparing for a stagnation in business, or compelled by its wants, hastened forward its product, while the propitious year for grain-growth swelled the great granaries of the West to such fullness that operators had to push forward wheat, flour, and corn for a market in order to buy again at the West.

mise of more if necessary to the great relief of the community, and many a first-class house was spared the mortification of “a failure." Notwithstanding this relief, "second class" paper was only negotiated at fearful rates—as high as 18 per cent. being a common


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The United States

The condition of the Government Treasury was calculated to excite alarm. Howell Cobb, of Georgia, entered upon his duties, as Secretary of the Treasury, in March, 1857, to find a chest absolutely plethoric with deposits. To prevent further accumulation, it was found necessary to buy in the Treasury notes next due. Two years of his management, with no unusual drafts upon the Treasury, found the National Exchequer none too well filled. In the Fall of 1860, he was compelled to go into the New York market as a solicitor for a loan to provide for the wants of Government and the interest on its indebtedness. That loan was obtained at ruinous rates, and Government paper which, a few months previously, would have commanded a premium, went at 85 and 87 cents

On Monday, November 19th, the pressure on the market of unsalable foreign exchanges became so great, and the wants of commission men became so importunate, that the New York bank presidents met, and, after much discussion, resolved to purchase $2,500,000 of foreign exchange, upon which the gold would be realized in thirty days. This afforded a brief relief only, and until gold could come on the dollar. But even these bids for the

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The state of feeling at

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waited in vain. Though Gen. Scott plead to be permitted to throw a strong defensive force in Fort Moultrie, as in 1832-though he labored earnestly to dissuade Mr. Buchanan from the dangerous apathy which governed his actions-it was in vain: the President not only would authorize no steps looking to the complete protection of Government property, but committed the more heinous mistake of assuring the determined Southern leaders that no reinforcements should be made.

With such want of decision in the Admin

istration, it followed that the people were greatly divided in sentiment. One party, looking at the question of difference between the North and the South, assumed the une

The Sectional Equali

ty Party.

South should be rendered
politically equal in the Con-
federacy, no matter what her minority might
be in population and wealth. The New York
Herald, as organ of this class of thinkers, said,
in its issue of November 28th:-

The Feeling at the the North, during the month, was extremely unsettled. The selection of Mr. Lincoln's cabinet would, in a great degree, determine the line of conduct to be adopted by the admin-quivocal position that the istration; therefore men of all parties canvassed the subject freely and with some feeling. The attitude of the Southern States inspired apprehensions of disaster, which it was very difficult to dissipate by any course consistent with the integrity of the Union. Mr. 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 his 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 one company-Fort Moultrie, in Charleston harbor, by two companies (eighty men)-Key West fortifications by one company-Barrancas barracks, Pensacola, by one companythe richly stored arsenal at Baton Rouge, Louisiana, by one company; while the New Orleans Mint, the valuable Custom Houses in New Orleans, Charleston, Mobile, Savannah, &c., &c., were totally without guard. Norfolk Navy Yard and the Pensacola Navy Yard, both having millions of property in their keeping, were only garrisoned by 120 marines. As soon as the movements for secession became well developed, the South demanded of the President that no reinforcements of Southern fortresses, &c., should be made. The North anxiously awaited the President's action in the matter. It

Mr. Buchanan's loac tion.

checks and balances in the General Government as

may be necessary to render them hereafter secure

against Northern Anti-Slavery parties and Popular

Majorities. This proposition will, of course, comprehend a reconstruction of the organic law of the Union, and a new Constitutional Convention of all the States to do this important work. It is probable, too, that this very proposition may emanate from this approaching Congressional Conference, and it may be suggested in the President's Annual Message,"

This, it was understood, represented the views of the Breckenridge wing of the Democracy, although it was certain that many of the Pro-Slavery men of the party did not favor so undemocratic a measure as a "protection against popular majorities.”

Another class, representing the Douglas wing of the Democratic party, favored liberal concessions to the South in the shape of a

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