The two war Debts.
--Mr. J. L. O'Sullivar, of New York, late Minister of the United States to Portugal, has written a lengthy and eloquent letter in favor of "peace at all hazards." His letter is dated at London, 13th April, 1863, and contains this declaration:
As a trustee I would at this moment prefer to place trust funds for permanent investment in the Southern war debt, at par, rather than in the Northern at one-fourth of its face.
The one can be paid and will be paid, the other neither will nor can.
