King cotton.
--Spain already begins to give unmistakable signs of uneasiness in consequence of the limited stock of cotton in her warehouses. As well as we understand a rather obscure telegram in the French newspapers, this uneasiness is betraying itself in something like rioting dispositions. A number of the Moniteur, published several days before the dispatch referred to, says, ‘ "Barcelona, which is a manufacturing city, begins to feel some of the effects of the crisis in America. Cotton, which is the raw material of its manufactories, is becoming rare and costly. A deputation of manufacturers has gone to Madrid to pray, among other things, for a reduction of the duty on cotton." ’ The Havre Chamber of Commerce recently wrote a letter to the Minister of Commerce to express hopes that measures would be taken to protect French interests in the present state of American polities. He replied: Paris, May 23, 1861.
Gentlemen:
You did me the honor on the 4th inst. to treat of the hostilities which have commenced between the two sections (fractions) of the old (ancients) American Union, and the first measures which have been their consequences.
You next express the hope that efficacious measures may be taken by the Imperial Government to guarantee the important interests of French commerce in those waters.
These interests have, as you expected, been the object of all my solicitude.
I have been in communication with my two colleagues, the Ministers of Foreign.
Affairs and of the Navy, and measures have been taken that French commerce, in its operations with the United States, sustain no injury. Gentlemen:
I am &c, E. Rouher.
We call particular attention to the interval between the date of the letter of the Havre Chamber of Commerce and the Minister's reply. In this interval he saw our Commissioners. We likewise invite our readers' attention to the significant phrase ‘"old American Union; "’ evidently the French Government regards it as a thing that was. Recognition of us will soon follow. Our private letters inform us the French Government sent the last week in May a steam frigate, or steam corvette, and a steam brig, to reinforce their squadron in our Gulf, and three additional steam frigates were to sail early in June. --N. C. Picayune.
