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What the London times Thinks.

--The London Times concludes an editorial on American affairs as follows:

‘ A hand will sooner or later be held out to the South, and when it is refused — Is it undoubtedly will be — there will be no resource for such belligerents but to part in peace. That, as far as the features can be distinguished, is the present aspect of American politics. A strong and increasing party, which is tired of the war, consents to let an Administration committed to the war carry out its policy by acts of revolutionary extravagance, satisfied in the meantime that such revolutions will have little effect, and that its own principles will have a powerful influence in determining events. That influence must necessarily tend to a settlement of the quarrel, and it is not likely to be impaired by a few weeks more of such disheartening spectacles as the war now presents.

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