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The probable course of England.

Much interest is naturally felt as to the course of Great Britain in the present war We have never entertained a doubt as to what that course would ultimately be. To suppose that she cares a baubee for the North or South, as such; to fancy that Governments indulge personal loves and hates like individuals, is simply nonsense; to imagine that nations have consciences, and are governed by convictions of right or wrong, is contradictory to all history. We see what the whole North is doing at this moment purely from interest, or what it considers such, and its interests are the only principles which any nation recognizes. We mean no disparagement to England, therefore, when we say that, show us what her interests are, and we will tell you what her course will be in the present controversy.

Certainly, thus far, the tone of her press has wonderfully altered from any it has ever held before. Most of the leading journals have discovered that there is a South as well as a North, and speak of ‘"Mr. President Davis"’ with as much respect as ‘"Mr. President Lincoln."’ The great Thunderer, the London Times, leads the column upon the Southern side. Lord John Russell and the Law Courts recognize the South as ‘ "a belligerent power,"’ and entitled to issue letters of marque and reprisal. The proposition of the Northern press to agree to the Treaty of Paris which before they had refused, comes too late, because England has already acknowledged the right of the South to issue letters of marque, and moreover, having that right, the South refuses to relinquish it, and, therefore, is no more bound by the surrender of that right by the North, than the United States was bound by the surrender of that right by the various Europern Governments.

The necessity of England for the peculiar kind of cotton raised in the Southern States is the great fact which will control her policy upon American affairs. We observe that the only mode of obviating the difficulty suggested in England, and confidently maintained in the Northern States, is, that cotton will be shipped up the Mississippi, and thence by railroad to the seaboard — an onerous and expensive process at best, but one which the North hugs to its bosom with frantic assurance. Thus, a Northern paper remarks:

‘"This year's cotton crop, which will be ready for exportation about the beginning of winter, will be shipped up the Mississippi, and thence by railroad to the seaboard, thus transferring to the North the principal branch of Southern commerce, and benefitting our great lines of transportation. The articles of necessary consumption which the South must purchase with the proceeds of the cotton crop, must come to them during the blockade of their ports through the Northern cities.--True, the war will diminish their ability as buyers, but the North will be benefitted by their trade as far as it goes, whether it be little or much. Business will readily adapt itself to the new condition of the country, confidence will begin to revive with the termination of suspense and uncertainty, and the industry and trade of the country will be suffcient to give us resources for conducting the war to a successful termination."’

If the South permits one bale of cotton to go Northward, it will deserve subjugation. --But it has not the most remote idea of surrendering an advantage which is more important to it than an army of a half million of men, and, which in fact, may compel the most powerful empire of modern times to vindicate its independence. The Northern dreamers are reckoning without their host when they suppose the South capable of such folly.--They know nothing of the temper of the Southern people, who have made up their minds to sacrifice everything on the face of the earth,--cotton, labor and life,--before these scoundrels shall subjugate their country. The Memphis Appeal declares that this whole Northern project of getting cotton by railroad--

‘"Is just what we have determined at every hazard to circumvent. Cotton will be raised as usual for foreign markets, but we believe that we only scho the voice of a fixed and irreversible public opinion when we assert that not one solitary bale will be allowed to pass North of the Confederate States line, until the Abe Lincoln raid, like that of his worthy predecessor, John Brown, shall meet with some other than a 'successful termination.' --The cotton crop for the present year may fall short of the usual amount owing to the extraordinary quantity of provisions, breadstuffs and other army supplies that are being raised throughout the South; but those whose conduct brought on the circumstances necessitating this deficit, must endure the privations which it may occasion."’

The Savannah Republican says every bale of cotton, and every cotton- field in bloom, will be burnt before Southern cotton shall leave the South except through Southern ports. This is the true spirit of men who deserve to have a country, and who, we hope in Heaven will make the whole land a desert before it shall pass into the hands of those mercenary cities of the North who are seeking our destruction.

With such a determination on the part of the South made manifest to England, that country will soon throw the weight of her sword in the balance. Whilst she has everything to gain, she has nothing to lose by such a course. She is not dependent in any way upon the North; the North is her commercial and manufacturing rival, whose wings would be clipped forever by an alliance of England with the South. Moreover, such an alliance would relieve England from her galling dependence upon a powerful rival for the supply of an article essential to her own power and prosperity, and which has compelled her, and, as long as the United States remained one people, would continue to compel her, to endure insuits and indignities, simply because she could not afford to resent them. Never was there such an opportunity as England now has, to preserve, promote and perpetuate her manufacturing, commercial and political greatness.

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