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The naval victory. --The moral effect of the late brilliant naval victory near New Orleans will be prodigious. If there is one field of action in which, more than any other, the North thought itself the master of the world, it is old Ocean. The splendid enterprises of Paul Jones, Hinman, (the one a Scotchman, the other a Cavalier,) and others in the Revolution; of Perry, Chauncey, McDonough, Decatur, and others in the late war, were enough to make the North consider itself unconquerable upon the sea. Nor have we any disposition to deny that they have shown more aptitude for maritime affairs than any people of modern times. But the sceptre is passing from Judah! The very waves refuse to recognize their ancient rider. Upon the eve of those naval expeditions which were expected to strike terror to the heart of the South, a little Southern fleet defeats a Yankee squadron of three times its force, without the loss of a single man! A noble beginning for our little navy! The n