Diary of George Templeton Strong, October 23, 1860

Fine day. Tonight’s anti-Lincoln or Fusion Torchlight procession was “a big thing.’’ It was more numerous than any political demonstration I have ever witnessed. It began to pass No. 24 Union Square (where I joined Ellie) a little before ten. We got tired of lanterns, Roman candles, red shirts, and the like by a little after eleven, and came home. The rear-guard had not then reached Union Square. We could see the distant line of lights still flowing down Fourteenth Street. It's now a quarter past twelve, and band after band is still audible as the procession goes down Fourth Avenue. Its route was up Broadway, through Fourteenth Street to Fifth Avenue, through Fifth Avenue to Twenty-sixth Street, and then down Fourth Avenue and the Bowery. The Fusionists have certainly turned out in great force. (There goes “Dixie’s Land”; another band is passing the corner.) There were delegations from Brooklyn, Newark, Paterson, and other cities, but this city furnished the great majority, and this certainly looks as if the Fusionists’ boast of 40,000 majority in the city and county of New York might be justified. Here come more drums.

Talked with Mr. Ruggles about this crisis. He is constitutionally timid when people are angry and excited and Southern bluster has somewhat impressed him. Perhaps his anxiety is well grounded, for blusterers may be mischievous. Both North and South seem to him deeply diseased with sectional animosity, and he thinks the Cotton States may probably commit some overt act of treason and secession when Lincoln’s election is announced. Stocks have fallen heavily today.

SOURCE: Allan Nevins and Milton Halset Thomas, Editors, Diary of George Templeton Strong, Vol. 3, p. 52

Diary of George Templeton Strong, Wednesday, October 24, 1860

The Board of Brokers is in decided panic. Stocks are going down. Cause, the anticipation of trouble growing out of Lincoln’s election. The government loan, just taken at a premium, is a strong indication the other way, especially as Southern bankers bid for it; but a few timid capitalists here are unquestionably converting their securities, and Kearny tells me the deposits in the Trust Company are unusually heavy. There is heavy money-pressure at the South. But that is one of the ordinary fluctuations of trade, due to causes outside of politics, and has not yet reacted on us here.

Walter Cutting was very atrabilious—his prophesyings were full of woe. Joseph Lawrence of the United States Trust Company says that they have been refusing Southern stocks as collaterals for several days. He and other leading financiers say that, though secession would produce a general fall in values here of twenty-five per cent, at least, it is better for us to test the question at once and submit to that fall, if so it must be, than continue exposed to these panics and fluctuations, which must occur at short intervals while the question remains open.

People begin to look grave and talk anxiously about our prospects. Will this have any serious effect on the vote of New York and Pennsylvania? Panic and pressure in New York and Philadelphia will not have made themselves felt throughout the country in time to influence the elections. Had they occurred earlier, they might have determined the result, for comparatively few Republicans love niggers enough to sacrifice investments for their sweet sake.

SOURCE: Allan Nevins and Milton Halset Thomas, Editors, Diary of George Templeton Strong, Vol. 3, pp. 52-4