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The French tobacco supply.

It will be remembered that late accounts from Europe state that the EmperorNapoleon, on hearing of the defeat of the Lincolnites at Manassas, declared that he would be compelled to acknowledge the independence of the Confederate States. This determination of the Emperor reached us only as the unauthorized report of a Paris letter-writer to the London Herald, but there are circumstances which authorize us to put more than ordinary confidence in the report.

It was remarked some time since by the Southern papers, as a significant fact, that agents of the French Government were making their usual supplies of tobacco in Virginia, regardless of the closure of the Southern ports by the Lincoln blockade. Large purchases of tobacco have also been made in New Orleans on account of the French Government. It was thought by many that these purchases were significant of a determination on the part of the French Emperor to disregard the partial blockade of American ports, but the following article from the New Orleans Propagateur Catholique, of the 17th inst., (for a translation of which we are indebted to a friend,) affords a different solution of the matter, and shows that the overconfidence of Old Abe in his power to subjugate the South by a given time to likely to involve him in a serious difficulty. The following is the article from the Propagateur:

‘ "The Reason Why McDowell was in such Haste to Give Battle at Manassas. -- McDowell acknowledges, in that he hastened to give battle at Manassas before all his plans were well matured. He gives the reasons to justify his precipitancy, but there is another reason which he has neglected to give, and which, nevertheless, deserves to be made public.

’ If we are well informed — and we believe that we are — Lincoln had pledged himself to deliver the tobacco of Virginia to the French Government by the 1st of August on this condition, the French Government had authorized its agents to purchase. The rates were concluded, but with the express understanding that the Government at Washington would be prepared to deliver the tobacco on the 1st of August.

21st of July.--time passes, But by exterminating the Confederate army, Scott hoped to enter Richmond in triumph on the 22d; and the tobacco could then have been delivered at the date agreed upon. But Lincoln, who has probably not read Lafontaine, had sold the bear skin before killing the bear. The question now is to know how the French Government will take the hazardous joke.

It is with the same arrogance that Lincoln has promised the European powers to deliver to them the cotton of the South in the middle of October. We shall now see if these gentlemen of the North will come for it."

When it is remembered that tobacco is an important Government monopoly in France, from which the Emperor derives millions of revenue, and that immense purchases of tobacco have been made, which are now locked up by the blockade, it is not difficult to believe that Napoleon, having become convinced that Old Abe is a humbug, and that he has not the power to subjugate and plunder the South is inclined to recognize the independence of the Confederate States. The truth is, he has it to do or go without his tobacco.--Savannah News.

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