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The Southern Press.

The Charleston Mercury, alluding to the telegraphic rumors that President Buchanan will oppose secession, says:

‘ We certainly deprecate war with the Northern people through the General Government; but Mr. Buchanan may be assured that the first attempt, in any form, to coerce South Carolina into submission to a Government she has thrown off, will be considered war — He may call it by what name he pleases, but the sword will then be the final and only arbiter between us. All hopes (if he has any) of a readjustment of the relations between the two sections of the Union under one government, will have ended, and ended forever.-- He is totally mistaken in supposing ‘"that South Carolina wishes to enter into a conflict with him."’ Not a State in the Union, we believe, has had more confidence in his administration than South Carolina. Our people will reluctantly realize the fact, that he will place his administration in the fan of the Abolition party of the North, to compel, by force of arms, a submission by the South to their authority. But when they do realize it, they will also realize how utterly hopeless, how desperately fatal, must be the continuance of any further union with the people of the North. Nor do the people of South Carolina desire, by the shedding of Mood, to drag the other States into the movement of dissolution. ‘"If such was our purpose, we could enforce it any morning of the week. The forts in our bay are within sight of Charleston. But if he chooses to begin the game of blood-shedding, we shall not decline it, for we know as well as he does, that it will drag the other States into the movement of dissolution."’ Whilst the Banks of the North are crashing around him, and bankruptcy sits of the Capitol, the sword will be a fitting accompaniment to the villainies and tyrannies which have produced the present calamitous state of things. We are ready.

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