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Mr. Gladstone's speech.

That portion of this speech which refers to American affairs, and was published by us on Saturday, forms one of the most important documents that has yet been presented in the great cause of Yankee Doodle versus the Confederate States. The speaker is a member of the British Cabinet, and a very influential one. Had it not been perfectly agreeable to his colleagues, we hold it to be certain that he never would have made it, and we are therefore induced to regard it in the same light that we regard one of Napoleon's brochures, to feel the pulse of the nation before he takes a step of peculiar importance.

Mr. Gladstone tells us that he has never thought it for the interest of Great Britain that the American Union should be destroyed. At the same time he does not think it for the interest of the slave that it should be restored. While the Union exists, the Constitution requires that Union to enforce the laws made by slave owners with respect to slaves. Nevertheless, he cannot see any interest which England can have in the disruption of the Union, and he feels sure that the natural policy of the Ministry will be approved of by the nation. That the Yankee Government and people have been exasperated by it is, he thinks, natural enough, as he thinks it quite as natural that they should say hard things of England about it. But the fact is, that the neutral policy has borne much harder on the Confederates than it has on the Yankees. Both parties had a right to buy and carry away as many arms as they wished; but the Yankees enjoy the freedom of the seas, while the Confederate ports are all blockaded. Still, great allowances are to be made for the Yankees. They are now drinking the bitter cup which was formerly administered to Great Britain. Their empire is about to be dismembered, and it cannot be expected that they should anticipate it with any very pleasant feelings. Englishmen should there fore bear with any little ebullition of spleen in consideration of kinship and the kindnesss with which the Prince of Wales was treated — It is the more necessary to do this, because it is very plain what is about to happen. Whatever may be English opinion with regard to slavery, and whether they be for the South or against the South, one thing at least is very certain, and that is, that Jefferson Davis and the other Southern leaders have made an army are making a navy, and ‘"have made what is more than either of these --they have made a nation,"’ The success of the South in separating from the North, may be regarded as certain--Mr. Gladstone thinks it as certain ‘"as any event yet future and contingent can be."’ From that very certainty, and from the mortification which the Yankee; must suffer on account of it, he hopes England will do nothing to inflict additional shame and mortification upon them. ‘"It may be that a time may arrive that it will be a duty to Europe to offer a word of expostulation, or of friendly aid towards ending the quarrel."’ When that time shall arrive, it will be important that nothing should have been said to irritate and embitter the Northern mind, especially by England, &c.

From this speech, we should certainly think the inference fair that England, backed by Europe, considers it at least possible that she may be called on to inter pose in some shape. What that shape may be, or at what time the interposition may take place, does not of course appear. But it is now plain that the British Cabinet sees — as all the rest of the world sees — as the Yankees themselves see — that the attempt to subjugate the Confederate States is utterly hopeless. It is plain, likewise, that they at the very idea that this tremendous struggle most tremendous of modern times — is the resent of a mere insurrection on our side, and an attempt to put it down on the other. They see it in as aspect, of a gigantic was between two power States--the one fighting for conquest the other one existence. Perceiving that conquest in utterly impossible, and that the war is now waged for on the one part, and defence on the other nothing is more natural than that neutral nations should step in, part the combatants, and restores the peace of the world. All this we say, in natural, and we should repaid it as inevitable, had not the policy of Great Britain heretofore been so singular, so opposed to her own interest, and so beyond all rational calculation. Even now, we are far from giving entire scope to the hope which may yet prove delusive, as it has so often done before.

That the correspondent of the New York Express whose letter, published by as on Saturday, produced such a sensation lest week, had heard of this speech when he wrote his letter is evident to us Coupled with the recall of Lord Lyons to London and with the semi officer rumors to which the correspondent alluded, It certainly makes out a very striking case. It is certain that if the English people do not very generally believe that interposition is near at hand, they at least see very clearly that the Confederate States will conquer their independence. As a proof of it, it is only necessary to observe the general tone of their newspapers, all of which, with the exception of a few rabid abolition sheets, such as the News, regard the issue as certain. In further confirmation we may and that English capitalists already begin to look to Confederate bonds for investment, and that a single great English house last week invested more than one million of dollars in them. Indeed, we feel compelled to admit that the chances of interposition in some shape appear to us granter now than they ever have been. But let us not, therefore neglect our preparations. It will but incite the enemy to greater exercises. He will make one gigantic effort to overwhelm us, and that effort must be met and repelled. He will accept of no basis of negotiation short of our absolute submission. We must admit the Yankees to be our masters, and ourselves to be their vassals, who have rebelled against them. Rebel against the Yankees I can there be any degradation equal to such an admission!

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