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The future.

--The Baltimore Exchange holds that the strength of the South is amply sufficient to repel the attack of the North, especially since increased by the adherence of those large border States which have already manifested their intention to share the destinies of the new Confederacy, is not to be gainsaid. That the first decided victory, causing a retreat to the invading army, will at once rally to the aid of the South the remaining slave States, which now hold an apparently neutral position, is almost equally certain. This accomplished, the independence of the Confederate States will be considered achieved, and will be immediately recognized by the Powers of Europe. It peace be not then concluded, it will be speedily conquered.

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