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Lord Lyons.

We very much doubt whether this nobleman will ever return to Washington as Ambassador from the Court of St. James. During his whole residence there, he has shown a most plentiful lack of brains, and a disposition to make himself a partisan of Seward, even before that functionary made any advance. This is not exactly the man to represent a neutral power, at a belligerent Court; but it might have passed off very well, had he not taken the step which the New York Herald says he has taken, and which, contrary to our former opinion we now believe he has taken.

Lord Russell, it will be recollected, said, sometime in March, that this war would end in ninety days. Seward had no doubt persuaded him that within that time he would ‘"crush the rebellion."’ The ninety days have elapsed, and the rebellion is not crushed; neither is the war at an end. In the meantime Lancashire is starving--one hundred thousand papers in that county alone, exist upon public charity. Three hundred thousand more, not being fed by the public, are likely to die for the want of bread. It has been discovered that india cotton will not do and that none but cotton from the Confederate States will. The highwayman's bargain concluded between Seward and Russell cannot be carried into effect. Seward has Beaufort and New Orleans, yet he sends no cotton. Every day the truth becomes plainer. No cotton can be had except with the consent of the planters. Even though Seward subjugate the whole South, he cannot redeem his pledge, because he cannot get the cotton. The only possible way to obtain it is to acknowledge our independence, drive the Yankee thieves from our ports, and throw them back into our hands, breaking up the blockade, and forbidding its re- establishment. Then our planters will send the British ships as much cotton as they can carry. They will never send them a bale as long as the Yankees hold possession of the parts.

It is at such a time that this chuckle-headed nobleman goes to England as a partisan of Seward to prevail on the Cabinet to give Seward more time and to represent that in a little while the rebellion must be crushed. He cannot see that the crushing of the rebellion will not advance the cause of Great Britain in the least; but will be, on the contrary, the means of rendering the purchase of cotton in this country forever impossible. It is probable that Lord Russell is as blind as he is; but Lord Derby and Mr. D'dsracli are not blind. They know the suffering in the manufacturing districts, and to what it is ascribable. They know that whatever pledges Seward has given cannot be redeemed. Unless, then, Lord Russell abandons the league with Seward, he will be pressed by these men until he resigns, and Lord Lyons go with him. If he changes his policy, he will also change his Minister at Washington. So Lyons stands a fair chance of staying at home when he gets there.

Nothing could be more adverse to British interests than the subjugation of the South by the North and the restoration of the cotton culture. By means of high tariffs and export duties on cotton, the North would soon have a monopoly, and a monopoly of manufactures would soon follow. Great Britain would be driven out of every market in the world.

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