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pects of the quarrel. There may, too, for aught we know, be abolitionists and philanthropists in this country who will buy American notes in a falling market, and prefer to give a good price for them rather than a bad one, because they care more for the credit of the Federal cause than they do for the amount of their own fortune. We cannot think, however, there are so many such people as largely to affect the quotation of American securities in our market.--London Times, August 14. General M'Clellan's appointment. The appointment of General McClellan to the command of the Federal army is a circumstance which not unnaturally has excited considerable discussion in the New York papers. By one lie is described as a military dictator, who is to act entirely free from the control of General Scott and the War Department; and by another a loud complaint is raised because the gallant general, in compliance with the intrigues of certain selfish politicians at Washington, is to be hamper