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. 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." North Carolina Legislature. The Legislature of North 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. Mr. "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, CONDITION OF THE BANKS. 41 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! CHAPTER V. THE FINANCIAL CONDITION OF THE COUNTRY.-STATE OF FEELING AT THE NORTH. 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 monetary crisis was im- not have been "courteous" to question his pending. As a consequence, business was ability to pay. This certainly was the feelrestricted, and capital began to withdraw from ing in the trade, and, as must inevitably have investment. Manufacturers and importers been the result, when the crisis came, it was became eager to close off stocks on hand, and found that the South was an immense debtor crowded the market with goods beyond its to the North for goods bought on long credits. want. The Southern market for goods sud- Many a house which, in the summer of 1860, denly ceased, early in November, except in was considered good for a million, in Novemfirearms and military wares, and the feeling ber found its name in the list of "discredited of insecurity in regard to debts due from the firms." This generous confidence had been 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 mer Good Condition of the Notwithstanding this general dry goods disaster, the condition of the banks was most satisfactory. The crises of 1837 chants who were honorable enough to meet and '57 found them with small assets and their engagements, could only do so at ruin- large circulations: the crisis of 1860 found ous discounts. The result was disastrous in them with heavy assets and narrowed circuthe extreme to the lenient tradesmen and lations. The following table will exhibit the manufacturers of the North, who, in their comparative statements of the several " panic" anxiety to "do a Southern business," would seasons: January, 2000 buy more than the sharp Mercantile Agency | No. of banks 37,900,000 19,000,000 788 197,234,000 255,900,000 248,780,000 745,700,000 685,161,000 59,700,000 26,300,000 1,368 90,153,000 22,456,000 1,580 ton, Phila On the ber the N in order As will be seen by our Summary of Events | forward (page 3), bank suspensions throughout the getting country became very general about the mid- cotton aw dle of November; and, in all circles, the want of money was seriously felt. There was money enough in the country;-never, since the Government was organized were the people so generally in "easy circumstances;" but, the string the distrust which prevailed, the political merchants ruin which stared the nation in the face, the discounts, distressed condition of the United States Treasury and the want of confidence in the Treasurer'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. The 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 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. 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 ment thro lion dollar mise of m of the co house was ure." Not class" pap rates-as h rate. The con commercial dates name I N. York. Nov. 19. 20,7 N. Orl's, Total..$237,6 Previous Week. 237,5 $1 Increase. Decrease The condi vernment Tr culated to Howell Cobb duties, as Se 1857, to find deposits. T it was found notes next d ment, with n sury, found t well filled. compelled to as a solicitor wants of Gov indebtedness. ruinous rates, a few months loan were not paid in, and the financier was compelled to see his department brought to embarrassment. Matters were not changed until, by Mr. Cobb's resignation, (December 10th,) John A. Dix, of New York, was called to the Secretaryship. His integrity and business ability won the confidence of Wall street, and, ere ten days of administration, the threatened bankruptcy was not only averted, but the Treasury began to show signs of accumulation quite gratifying in view of the contingencies likely to arise. North. 43 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 Administration, 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 unequivocal position that the South should be rendered politically equal in the Confederacy, 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 Sectional Equali ty Party. The state of feeling at 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 administration; 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 Southern slaveholders to their slave property, wherever it may be found within the limits of the Union. That point conceded by each of the Northern States, even Massachusetts will be ready for the next proposition, which is that the Southern States, in behalf of their institution of Slavery, are entitled to such additional checks and balances in the General Government as son, he had expressed no determination to enforce nis abrogated authority. On the 15th of November it was announced that Fortress Munroe, in Virginia, was garrisoned by but eight companies of artillery-the valuable arsenal at Fayetteville, North Carolina, by one company-Fort Moultrie, in Charleston harbor, by two companies (eighty men)—Key may be necessary to render them hereafter secure 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 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," Mr. Buchanan's Inac tion. 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 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 law, &c., &c. This class of men were devoted to the Union, and most of them favored a firm defence of the Government property, and the enforcement of the laws. lican Party. an election are not, never can be, never must be, enemies, or even adversaries. We are all fellowcitizens, Americans, brethren. It is a trial of issues by the force only of reason; and the contest is car ried to its conclusion with the use only of suffrage. An appeal lies from the people this year, to the people themselves next year-to be argued and determined in the same way, and so on forever. This is, indeed, a long way to the attainment of rights and the establishment of interests. It is our way, however, now, as it has been heretofore. Let it be our way hereafter. If there be among us, or in the country, those who think that marshaling of armies or pulling down the pillars of the Republic is a better, because a shorter way, let us not doubt that if we commend our way by our, patience, our gentle The Republicans were, Position of the Repub- also, strong in their Union sentiments, and apparently favored the idea of such compromises as were consistent with their ineradicable opposition to the extension of Slavery. They could but deplore the want of firmness in the President, and looked hopefully forward to Congress, which would come together December 3rd. Senator Seward—who, it was well understood, would be Secretary of State under the newness, our affection towards them, they too will, beadministration-in a speech made to the “Wide-Awakes” of Auburn, on the evening of November 20th, advised conciliation in these terms: "What is our present duty? It is simply that of magnanimity. We have learned, heretofore, the fore they shall have gone too far, find out that our way, the old way, their old way as well as our old way, is not only the shortest but the best." This reflected the feelings of the great majority of Republicans. There was no committal, on the part of the leaders of the party, to any definitive line of conduct in the crisis in-they appeared willing to await the issue of events, leaving all responsibility with the President and Congress. practice of patience under political defeat. It now remains to show the greater virtue of moderation triumph. That we may do this, let us remember that it is only as figures of speech that the use of CHAPTER VI. PROGRESS OF THE REBELLION IN SOUTH CAROLINA. countries. The republics of Rome and Greece --still the light and glory of ancient times-were built on domestic slavery. But it is an experiment to maintain Free Government with universal suffrage, and the whole population to control the Government. The forts and fortresses in our bay THE action of the South Carolina Legisla- that Free Governments should exist in slaveholding ture in ordering a Convention, and in providing for the "military defence" of the State, gave almost unanimous satisfaction to the people of the State. If a Union sentiment was existent it did not appear. Although the Convention was not to assemble until December 17th, the feeling prevailed, early in November, that the State was virtually out of the Union. November 12th, Barnwell Rhett, one of the leading men of the State, said, in a public address: should never again be surrendered to any power on * * |