Wall Street was a shade less disconsolate this morning. Stocks rallied at the First Board but began to waver and fall again at the Second. The banks cannot bring about a decisive reaction; the disease is too deep-seated.
The revolutionary movement in South Carolina and the Gulf States seems, on the whole, to be gaining strength and consistency. No signs yet of any “sober second thought.” Conservatism and common-sense (if any be left in the Cotton States), are still intimidated and silent. Probably the Border States, led by Virginia, will try to mediate and pacify. Dissolution of the Union and re-opening of the slave trade would be disastrous to them, so they naturally desire to make peace. But their mediation will probably be upon the basis of recognition by the North of the extremest Southern exactions (slave trade excepted). The North must consent that slavery be introduced into the territories; Massachusetts, Vermont, Wisconsin, and other states must repeal their “personal liberty” laws that interfere with the Fugitive Slave Law. That plan will not work. Those state laws ought to be repealed, but the South has no right to demand their repeal and make their enactment an excuse for treason, because they are utterly unconstitutional and mere nullities, and no one doubts the United States Supreme Court would so adjudge them.
If these traitors succeed in dismembering the country, they will have a front place in the Historical Gallery of Celebrated Criminals. No political crime was ever committed as disastrous to mankind and with so little to provoke or excuse the wrong as that which these infamous disunionists are conspiring to perpetrate. . . .
SOURCE: Allan Nevins and Milton Halset Thomas, Editors, Diary of George Templeton Strong, Vol. 3, pp. 64
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