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The Yankee back down.--Messrs. Mason and Slidell released.

--As will be seen by a telegraphic dispatch, the Yankee Government which has been threatening at the most furious rate to ‘"humble John Bull,"’ has dropped down on its knees at the first roar of the British Lion, and released Messrs. Mason and Slidell. They have swallowed the leek without a murmur, and made themselves the scorn, contempt and laughing stock of all Christendom. Never did a nation before, with arms in its hands, make so pitiful, contemptible, and ignominious a surrender. It has signed and sealed the death warrant of its eternal disgrace and degradation.--If John Bull had bombarded all its towns and overrun its whole territory, he could not have inflicted such incurable damage on its national honor as it has visited upon itself with its own unclear and pusillanimous hands. What military prestige it may have had in the old Union is lost forever, and its own people must now despise their government, and the government its people. Nor need they expect exemption from the hostility of England by this tame and cowardly truckling to its power. Henceforth she will despise as well as execrate them, and feel not hesitation in breaking the blockade as soon as it suits her convenience.

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