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the laws of war regarding trade. The spirit of these laws is so essentially opposed to the spirit of commerce that we need not be surprised at this, nor at the various attempts which have been made of recent years by different commercial bodies, both in Europe and in America, to overturn the ancient doctrines upon this subject, and to introduce an entirely new maritime code. Whether or not the contemplated cotton traffic through Mexico is likely to succeed, we are not prepared to say. Tampico, we believe, is the nearest port to the American frontier, and the route from thence through Texas to the mouth of the Mississippi is long and difficult. But we know that in India, cotton is still brought from the interior of the country by the most primitive modes of conveyance; and in the event of a protracted struggle in America we have no doubt that a portion of the produce of the Southern States will find its way to Mexican ports, and from thence in neutral bottoms to Europe. It is a