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[121] security of Arlington Heights. Actual warfare in the United States has now been waged for several months. Every advantage, with the exception of General McClellan's successes in Western Virginia, has been on the side of the South. What has the North gained in exchange? A disgraceful defeat, an amount of taxation which is unparalleled in the history of European nations, the utter subversion of constitutional liberty, and, by means of prohibitory tariffs, the alienation of the sympathies of their best customers and friends. It appears, further, that slavery is not the cause of this lamentable contest. It arises from commercial jealousy, and thus we see that in America the great battle of free trade as opposed to protection is fought out, not by hustings and platform speeches, but by the ultimo ratio regum.

--London Post, (Government Organ,)Aug. 13.

British interest in the war.

Never was there a war in which the people of this country took a greater interest. We watch with the utmost solicitude all the proceedings of the belligerents, and observe not only the operations of their armies, but the manifestation of popular feeling, with sentiments which no other struggle could excite. We can say more. Though it is impossible to avoid reflecting that the division of the Union into two great States may relieve us from many of the troubles with which we were menaced by the overbearing policy of the old Federal Government, we can safely assert that Englishmen desire nothing more than to see the quarrel terminated and the strife appeased. We wish no harm to either party, and would far rather see America strong, united and prosperous, than speculate on the advantages which its premature disruption might possibly bring to its neighbors. But when we have said this, we have said all that the Americans are likely to hear with much satisfaction. For the rest, our conclusions are certainly not favorable to those institutions under which this great catastrophe has been matured. What the Americans call freedom, but what we call democracy, does not show to advantage at this critical time. The theories attributing immeasurable superiority to republican forms of Government have all been falsified in the plainest and most striking manner, and the last six months have proved beyond all question that the preponderance of popular will without check or limit is at least as likely to hurry a nation into war and debt, as the caprice of the most absolute despot or the intrigues of the most selfish of aristocracies.

We are not finding fault with the Northern States for going to war. We have repeatedly admitted that the Federal party could not be expected to view the dismemberment of the Union without an effort to avert the loss. But, though civil war is the most frightful of all wars, the Americans plunged into it with less concern than would have been shown by any European State in adopting a diplomatic quarrel.

If the reader will refer to any speech of any Manchester orator he will find the Government of the United States extravagantly eulogized for the very qualities of which it is now proved to be utterly destitute, and the Americans exalted beyond all other people on account of gifts which it is plain they never possessed. It is this. if the Americans wish to know the truth, which points the remarks of Englishmen on their civil war and its incidents :--It is not that they are any worse, or more foolish, or more intemperate than was to be expected under the trials to which they have been exposed, but that they have been held up to our admiration by a certain party among us as a people in whose counsels no intemperance or folly would ever be likely to prevail. When we see that unlimited democracy conveys not the slightest security against the worst of wars and the most reckless extravagance, we may apply the moral at home, and congratulate ourselves that the old British constitution has not been precipitately remodelled after a Manchester design.--London Times, August 14.

The Financial aspects of the war.

The mercantile letters from New York by the present packet describe great despondency, owing to the impression produced by the bad management and inefficiency shown at Bull Run. People, it is said, are losing confidence in the Government, and another defeat would bring a large number over to the policy of allowing secession to take place peaceably. Some persons now express a belief that the North will have to acknowledge the South before the end of the year, but the real tendency of events seems to be more and more in the direction of the state of affairs that will render both parties glad of a compromise. The Federal troops are stated to have evacuated both Harper's Ferry and Hampton, and much anxiety was evidently felt as to the safety of Washington. The opinion was, however, that it would be a great mistake on the part of the Confederates to attack that city. If defeated, they would lose all the prestige gained at Bull Run; and, if successful, they would again unite the North against them as one man; while, if they abstain from needlessly arousing animosity and remain on the defensive, the North, it is asserted, will soon divide into two parties, an event which would greatly interfere, not only with enlistment, but with the raising of money.

The expenses of the Federal Government are enormous, being estimated by a good authority at considerably more than £ 200,000 per diem. The six per cent. Treasury notes are already at four discount, and as they have only twelve months to run, this is equal to the rate of ten per cent. interest. As they were being issued as fast as possible a further depreciation seemed imminent. The abundance of money at New York was much in their favor, and it is clear that if, owing to the scale of expenditure, this abundance should not continue, a rate far above

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