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A Protracted war.

When the Northern press declared for ‘"a short and sharp war,"’ they expressed what their own interests required, and what those of Europe imperiously demand. But what is the prospect now, and what will be the influence of that prospect in England and France? Richmond was to have been occupied by the 20th July, and from that point and Fortress Monroe the line of operations was to be extended in the fall to the other Atlantic Southern States, whilst in the same month Memphis was to have been taken, and thence, with cool weather, the line of march have been taken up down the Mississippi, and the two columns joining in New Orleans on the 22d of February, celebrated their grand achievement on the birth day of the Father of his Country, and on the 4th of March, handed over the Union whole and entire to that worthy successor of George Washington, Abraham Lincoln. That was the programme of the ‘"short and sharp war;"’ but, new, the men who invented the wretched ‘"On to Richmond,"’ cannot be found, and Gen. Scott protests that he always knew it was a most difficult and dangerous undertaking. Memphis has proved as inaccessible as Richmond, and hence, we conclude that the war cannot, by any possibility, be as ‘"short"’ as laid down in the original bills. In the meantime, what is to become of those commercial interests which confessedly could not stand a long war? What are England and France to do without cotton? Are they expected to wait till the North can shorten and sharpen its weapon again?

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