Reaction.
--Says the Baltimore Exchange, of Friday last--
Everybody who is conversant with the tone of the
Northern papers during the past ten days, can scarcely have failed to notice that it has gradually become less declamatory and warlike.
The reason is obvious; the popular excitement, which burned so fiercely for a while, is exhausting its fuel.
Men who, a few weeks ago, dared not open their lips in deprecation of the war, are now beginning to inquire what good result can possibly be accomplished by an appeal to arms.
Letters written by various merchants and capitalists of New York, to their correspondents in this city, state that every third man may now be said to be opposed to entering upon a war which could only be prosecuted at the expense of a vast amount of blood and treasure, and which must end, after all, in a separation between the
North and the
South.