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The Duration of the War. --Wilmer & Smith's European Times, of March 1st, a very influential commercial journal published at Liverpool, concludes an editorial on the American war with the following significant paragraph: The struggle is about to begin in earnest, and must terminate between March and May. We enter this day on the first of three months, and the next few weeks will be the most important in the history of the United States that have occurred since the States wrested their independence from the grasp of George the Third. Washington a great experiment, which has worked such extraordinary results during the last three quarters of a century, will have to pass, in the next ninety days, through the severest ordeal to which it has ever been subjected. If the North cannot subjugate the South in this brief time, which is very unlikely, it is almost certain that the European. Powers will step in and propose terms, and in mercy to all parties — to the famishing operat