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Letters of Marque.

--The Boston Evening Transcript, of May 18, says:

‘ The foreign papers received this morning, by the steamer Parana, give a more complete report than that sent by telegraph of the debate in Parliament on American affairs. Lord J. Russell is reported to have said: ‘"As to Letters of Marque, there was a precedent in the case of Greece when it separated from Turkey. The right of that country to issue Letters of Marque was allowed, and the law officers of the Crown who had been consulted, had declared that such a right would belong to the Southern Confederacy."’

This is a very important statement, but it may only mean that Great Britain will not, like the United States, regard the Southern privateers as pirates Pirates being the enemies of all civilized Powers, every nation is bound actively to assist in their destruction. Great Britain declines to take this ground; yet she may none the less refuse to allow her ports to be used by Southern privateers, and her courts to adjudicate on prizes. Meanwhile the London Times says that there are Letters of Marque in London.

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