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Tenor of the foreign news.

The dilution of the French Emperor's speech which we receive through the Northern newspapers, must not be taken as affording a faithful rendering of the text. The Emperor doubtless dealt in those Vague generalities which crowned heads so invariably employ. If the Western Powers were ever so determined to interfere in the American quarrel, they would cloak that, intention in words just such as felt from the Emperor at his meeting with the Chambers. The eagerness of the Northern journals to lay hold of the text of the Emperor's speech as signifying his true intentions, betrays the strength of the apprehension which other features of the foreign news has engendered. If the French Emperor's speech were really as pacific as it is declared to be, and if the interpretation which the Northern press desires to put upon it were warranted by the tenor of other foreign advices, stocks would immediately have jumped up several per cent., and the language of the press would be jubilant and ecstatic. But, strange to say, stocks fell off heavily at the arrival of the news; and the Herald proclaims, after digesting its foreign files, the only means of frustrating interference from France and England is by an immediate overthrow of the rebellion.

We allude to these things with no purpose of inspiring too much confidence among our own people. It would be for better for us to assume the worst, to put behind us all thought of France England, and the outside word, and to buckle ourselves in earnest to the stern work of the war. If we whip the enemy out, and owe our independence to our own energies and valor, we shall be infinitely more respected, than if we lean upon foreign support. We can with the enemy, and shall achieve our independence, but it will be more effectually and explicitness done, if we rely upon ourselves alone to do the work.

There is but one aspect of the question in which interference is desirable, so far as independence by ourselves achieved is concerned. The removal will give us a full supply of arms, and put us on an equality in this important particular with the invader. If we had enjoyed the same tactilities with him in procuring arms from the beginning, he could never have gained advantages over us. It is honorable to hope for such interference as will remove the blockade and give us an even chance for arms: further than that. interference would be prejudiced to our ultimate interests rather than beneficial.

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