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Lord Palmerston's speech.

--The London Times contains in full the recent speech of Lord Palmerston upon the neutrality of England in the American war. We copy that portion referring to American and Russian affairs:

There have been occasions when it was the lot of those who had to explain the state of affairs to congratulate you on the tranquil condition of the civilized world. I am afraid I cannot do that in the present instance; for, although I trust there is nothing in our horizon which can grow into a cloud of war, yet we see on all sides — in the far West and in the distant East.--struggles going on of the most lamentable character, and scenes enacted which make us shudder for humanity, and excite our deep compassion for the countries in which they are occurring. [Hear, hear.] In the far West we see a nation of the same race, the same language, the same religion, the same manners and literature as ourselves split into two, slaughtering each other by hundreds of thousands, and carrying on a contest the result of which it is impossible to foresee, and the end of which now, after more than two years duration, he would be a bold man indeed who ventured to predict. [Hear. hear.] Dementing that state of things the Government of this country have felt it their duty not to yield either to the entreaties or the objurgations of the one party or the other. [Cheers.] Blandishments on the one side and threats on the other have equally been fruitless to affect our course. -- [Renewed cheers.] We have felt it our duty to abstain from taking any part in that deplorable conflict. If, indeed, we had thought it had been in our power to put an end to it by friendly intervention, no efforts would have been wanting to accomplish so holy an object. [Cheers.] But we felt that our interference would have been vain, and we deemed it our duty — and in that I am sure we but followed the wishes of the country — to maintain a strict and impartial neutrality. [Loud cheers.]

In the East also scenes of a lamentable character are taking place. We there see on the one side a barbarous system of deliberate extermination carried out and on the other side revenge venting itself in acts of murder and assassination. [Hear.] We endeavored to enlist the feelings and opinions of civilized Europe in a joint remonstrance against that which we thought was unjust. These remonstrances have failed. We have done our duty, and we can only hope that those who have the conduct of affairs in the Russian empire may at length cease to pursue that course which has drawn upon them the condemnation or Europe, and that peace may be restored upon terms of equity and justice in that unfortunate country.-- [Hear.]

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