is respect were admitted, they went into the late
Presidential contest with a claim for extraordinary protection to a
certain kind of property already the only one endowed with special
privileges and immunities. Defeated overwhelmingly before the people,
they now question the right of the majority to govern, except on their
terms, and threaten violence in the hope of extorting from the fears of
the Free States what they failed to obtain from their conscience and
settled convictions of duty. Their quarrel is not with the Republican
party, but with the theory of Democracy.

The South Carolina politicians have hitherto shown themselves adroit
managers, shrewd in detecting and profiting by the weaknesses of men;
but their experience has not been of a kind to give them practical
wisdom in that vastly more important part of government which depends
for success on common sense and business habits. The members of the
South Carolina Convention have probably less knowledge of political
economy than any single average Northern merchant whose success depends
on an intimate knowledge of the laws of trade and the world-wide
contingencies of profit and loss. Such a man would tell them, as the
result of invariable experience, that the prosperity of no community
was so precarious as that of one whose very existence was dependent on
a single agricultural product. What divinity hedges cotton, that
competition may not touch it,--that some disease, like that of the
potato and the vine, may not bring it to beggary in a single year, and
cure the overweening conceit of prosperity with the sharp medicine of
Ireland and Madeira? But these South Carolina economists are better at
vaporing than at calculation. They will find to their cost that the
figures of statistics have little mercy for the figures of speech,
which are so powerful in raising enthusiasm and so helpless in raising
money. The eating of one's own words, as they must do, sooner or later,
is neither agreeable nor nutritious; but it is better to do it before
there is nothing else left to eat. The secessionists are strong in
declamation, but they are weak in the multiplication-table and the
ledger. They have no notion of any sort of logical connection between
treason and taxes. It is all very fine signing Declarations of
Independence, and one may thus become a kind of panic-price hero for a
week or two, even rising to the effigial martyrdom of the illustrated
press; but these gentlemen