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French mediation recommended.
opinion of the French and English press.

[from the Paris Constitutionnel (leading article,) June 10.]

Battles great battles, are about to be fought in America, and perhaps have been fought already at the very moment we are writing. It is impossible, in fact, for the armies of the North and the armies of the South, in presence of each other at Corinth and at Richmond, not to come to blows. Deluges of blood will be shed, and what is more and to contemplate, whatever the issue may be, these terrible encounters do not promise a solution of the actual crisis either for America or for Europe. The victory, no matter on which side, will not be attended with any final result.

Violence, hatred, passions of every description, of which the first war of Independence has given us the recital, are nothing compared with the hatred which now animates the South against the North; but they may give an idea of the resistance and of the obstacles which the Federal armies will have to meet from the Confederates. Let history, whose lessons are so rarely listened to, serve at least in some measure to give a material eloquence under such circumstances. We are willing to grant to those who do not share our opinion anything they wish; we will grant to the Federals superiority by land and by sea; we will accept proximate triumphs for the North. The question which the positive spirit of modern civilization is so fond of putting still remains: ‘"And what then?"’ Will the triumph of the Federal arms produce miracles?--Will it change the seasons? Will it dissipate the hot weather and the sickness which must ensue?--Can it manage that the extent of territory conquered, and consequently to be occupied, shall not be equal to the whole extent of France, England and Austria put together? Where are the armies to occupy such an extent, and where is the moral strength which could dispense with occupying them and hold the place of soldiers?

We simply wish to touch upon facts — nothing but facts. What do we see on the side of the Confederates? They burn their produce; they burn their provisions; they destroy their railways; they blow up their dockyards, their arsenals, and their ships; they leave their wives and children to fight in battle. When in a proclamation of savage energy, General Beauregard recommends the planters to destroy their crops which are within reach of the enemy, and to apply the torch to them without delay or hesitation, it is not simply a captain excited by the drunkenness of war who speaks — it is the general sentiment loudly expressed. Had not numerous meetings already expressed their opinion? Once, again, let us observe, we do not wish to express our own ideas on such acts; we simply wish to give facts.

On the other hand, what are the Federals doing? What at once strikes us is, that the country of freedom par excellence has commenced by suppressing freedom. Military directors have seized upon all the telegraph lines which traverse America in every direction. The same censorship compels their newspapers to publish only what is favorable to the North and unfavorable to the South. And what is the reason for this? The North speaks to the whole world by the electric wires, while information from the South, when it does come, comes tardily. In fact, the journals and correspondence from the South, which reach us by way of Havana and St Thomas, are sometimes five weeks behind hand, and thus lose all interest.

The North proclaims martial law with all its severities; it suppresses every independent voice; it threatens the suspected with death. In presence of such despotism the English press has not been able to remain silent.

In the midst of such a struggle, between such desperate opponents, who dare say that a spontaneous or likely pacification is possible? Peace can only come from without, and the word (‘"Mediation"’) which we have placed at the head of this article can alone put an end to a war which has desolated, steeped in blood, and decimated America already too long, and, what is more, earthed Europe to suffer too long. The word we allude to is ‘"Mediation."’

But whence is this mediation to come, and on what basis can it be founded? Whence it will come we have already stated. As regards the basis, it may easily be found.

First of all, it is evident that as ‘"mediation,"’ in principle, must be accepted by both belligerents, it can only represent ideas of justice and of moderation, and that consequently it cannot be addressed to those who would like to engraft a slave war on a civil war, or to those who consider the institution of slavery as an institution of Divine right.

This mediation, a point most singularly overlooked, corresponds not only to the most vital interest to commercial Europe, but also to the most sensible minds that represent the interests of America. Let us remember that President Lincoln had pronounced himself in the same sense as, before him, Generals Burnside and Butler did, against an excitement to a slave war, and that in his last proclamation he called to mind his special message, quoting the following resolution, adopted by large majorities by both Houses of Congress:

‘"The United States must co-operate with that State which might adopt the gradual abolition of slavery, by giving to such State, in its judgment, such a compensation as is required for public or private inconveniences resulting from such a change of system."’

Let us bring to bear upon this passage another solemn declaration made by President Lincoln in his inauguration address of the 4th of March, 1861:--

‘"I have no intention to interfere, directly or indirectly, in the question of slavery where it exists; I do not think that I have the right to do so legally, and I am by no means inclined to do so."’

It is thus that the North speaks in the spirit of moderation and of justice. Will the South be less accessible to this spirit of conciliation and of wisdom? We do not think so, and we have a proof at hand. A man of consideration in the South, (Mr. Yancey,) a Commissioner of the Southern States, at a banquet given at Fishmonger's Hall on the 9th of November last, in London, spoke as follows:

‘ When our adversary shall have become sufficiently calm to treat us as belligerents, the aurora of peace will appear in the horizon. When that hour has struck, I think I may say that the Confederate Government will not show itself inflexible, except upon one point — the care of our honor and of our independence. As regards the great interest of peace and humanity, our, Government will know how to make concessions in everything simply material or of secondary importance."

’ Those words were hailed with immense applause; and here, evidently, is to be found the basis of a possible arrangement — of an arrangement such as may be proposed in the name of Europe by a great and free nation.

Beyond this — beyond this most opportune mediation--is the point of view of European interests.--So legitimate is the point of view of humanity and civilization, there remain only catastrophes the extent of which no human eye can penetrate. The capture of Richmond would not advance the affairs of America one whit more than the capture of New Orleans. The South bathed in blood, the North plunged into bankruptcy and anarchy, commercial Europe seeing its sufferings increase — suck are the consequences of the continuance of this war.

Mediation, on the contrary, by putting an end to a fratricidal struggle, and by consecrating a separation already accomplished, without allowing one of the belligerents to crush the other, and cause desolation instead of peace, would render the most eminent service to America as well as to Europe.

One year ago, when the was broke out, France offered her mediation to America. That offer was not accepted. What an immense amount of bloodshed, what sad catastrophes, what desolation across the Atlantic, what suffering in our own homes, might have been spared if the voice of France had then been listened to.

The Paris Patrie, of June 12, gives a rumor of approaching negotiations for a joint offer of mediation by France and England.

[from the London Shipping Gazette, June 11.]

We transferred to our columns yesterday an article on the American struggle from the Constitutionnel, which is worthy of attentive perusal, not alone for the clearness of the views and the force of the arguments advanced, but because of the very probable inspiration of the article itself. Our Paris contemporary writes in view of the preparations, at Corinth and Richmond, for two great battles. Nothing, he believes — and no doubt truly — can prevent the occurrence of these terrible on counters with their accompaniments of bloodshed and carnage; but he does not see that these sad results will bring matters one whit nearer the desired solution, and he asks, naturally enough, to what purpose is this waste of human life, this insane expenditure of the results of human industry?

We, like the Constitutionnel, recognize in the terms proposed by Mr. Yancey the ‘"basis of a possible arrangement,"’ and we rejoice at the prospect of mediation founded upon that basis; but we cannot conceal from ourselves that such a mediation, to be successful, pre-supposes the surrender, on the part of the North, of that which it has contended for from the first, and for which the Federals are apparently prepared to accept national bankruptcy, and even national extinction. But if there be indications — which we confess are not apparent — of a disposition on the part of the North to reconsider matters, and concede that which their opponents demand, by all means let the opportunity be seized to bring the pressure of a friendly Government to hear in the direction where alone it can produce the desired effect. If the article in the Constitutionnel

reflects, as it most probably does, the views of the imperial Government, and even foreshadows as policy, let the attempt at mediation be made or renewed, at Washington. The state of affairs in America will be shortly brought before the attention of the British Parliament. We are not sure that the mediation of England would, under existing circumstances, be efficient, or even polite. But any interference, with the object of bringing the war to a conclusion, will have the best wishes of the people of this country, at least, for its success.

The Paris correspondent of the London News, writing on the rumors of mediation, says:

‘ You will observe that, according to the wording of the Patric's note, nothing more is affirmed than that France has determined to ask England to join in mediation — a proposal which, in the present state of public information as to the views of the British Government, it might be thought would be certainly refused. ’ Other Paris correspondence speak as if France was already assured of the co- operation of England in her schemes for intervention. It says that after two discussions in the French Ministerial Councils, one of which was held the 13th of June, within a few hours of the Emperor's departure for Fontaine-bloan, mediation was resolved upon; that simultaneous propositions should be made by England and France at Richmond and Washington, and that in case of their refusal, either by the North or the South, the two Powers will impose peace upon the belligerents by force of arms. I believe the French Government is capable of proposing this project; but I cannot for a moment suppose it will be accepted in England.

Paris papers state that the approaching visit of Count Persigny to London is exclusively political, and, according to the Esprit Public, he will submit to the English Cabinet the private views of the Emperor relative to arrangements for joint mediation in America. The Paris Pays says the Patric has gone too far in its statements relative to mediation. It gives to a more wish formed by public opinion the character of a diplomatic fact. Up to the present time all is confined to manifestations of the European press in favor of pacification.

The London Times, in an editorial on the ministers, says:

‘ There will be no disposition to quarrel with the decision of the Cabinet, and the country will gladly leave the question in the hands of the Government to choose such an opportunity and mode of action as they may deem proper. ’ The London Times, admits that advice from England would not be acceptable; but it would rejoice to see the Emperor of France or the Char of Russia press on the Americans the counsels which would be indignantly rejected if offered by England.

The London Times then speculates on the disastrous effects of either a Northern conquest or the reverse, and argues that, if the Southerners continue to protract the struggle, the time must come when the intervention of Europe will be demanded by the interests of humanity, and perhaps accepted willingly by the exhausted combatants England may then with prudence hold itself in readiness to support any proposition urged by its more favored neighbors.

In another editorial the London Times seeks to encourage the development of new cotton fields.

The Times editorially approves of mediation, and says that Europe ought not to look calmly on and do nothing in the present aspect of affairs. If the offer of mediation is delayed, the more important question — that of the recognition of the Confederate States--may have to be considered.

The London News argues strongly against interference in America, and contends that England has good reasons for not wishing to see carried out the intervention policy of Napoleon, which seeks to establish an empire, with slavery for its corner-stone.

The London News says that from the moment European soldiers shall set foot in the States, the Government of that Republic will enter upon a new era of its existence. Its political isolation will be at an end, and it will be compelled to become and remain a great military and naval Power, which is not for the interest of England nor for the peace of the world. The article also contends that England should not assist in any movements calculated to restore to the South that monopoly in cotton which has now proved so disastrous.

The London Post has an article on the insurmountable difficulties in the re-construction of the American Union, and cannot believe, even if the Federal arms are successful, that the seceded States can be restored to the Union.

The London Post says that Lord Palmerston's announcement that no mediation was intended will be received with satisfaction, as well as an indication of the good sense of the Governments of France and England, and of their respect for international law. After expatiating, however, on the uselessness of any present offer of mediation, the London Post says the time may come, and that shortly, when it will become the paramount duty of the neutral States to interfere in the American troubles; but now, as at the commencement of the war, they are undoubtedly to stand aloof.

The London Herald, in strong terms, asks, "how long is America to be indulged and Europe to en on the insurmountable difficulties of the North, it contends that separation is the only basis for peace. It denounces Gen. Butler and his proclamation in the strongest terms, and says it is enough to enlist universal sympathy for the South.

The Manchester Guardian contends that the time for England to interfere has not yet come, if indeed it ever will, and attaches little importance to the French reports of negotiations. It thinks France can go further in the matter than England, and would rejoice to see the struggle ended without the interference of England.

Mr. Beresford Hope writes to the London Times in favor of mediation. He claims to have felt the popular pulse in England during the course of lectures which he has been giving on America, and asserts that a great majority of the people would fain see the strife terminated by the establishment of the Southern Confederacy.

Miscellaneous foreign items

The Prince of Wales reached Windsor June 14, from the East.

The Japanese Ambassadors were to embark at Woolwich for Holland on the day that the Etna left Liverpool.

The number of visitors at the Great Exhibition on Monday, the 9th, was 58,682--the largest attendance yet.

The English Court had been ordered into mourning for a week on account of the death of the Grand Duchess of Hesse.

The Pacha of Egypt continued in London, and had been visited by the Lord Chamberlain on the part of Her Majesty.

Paris letters say that a telegram dated Brussels, the night of the 14th of June, holds out little hope of the King of Belgium's recovery.

The Turks, after having taken the entrenchments at Ostrog, had advanced on Abai. The entrenchments were taken by assault after five hours fighting.

All the Montenegro residing in Turkey had been recalled by their Prince.

The Paris evening journals, of June 11, publish the following: Dervish Pacha has encamped at Nicksich; being short of provisions. The Prince of Montenegro and Mirko had retreated in the direction of Maratz.

Commercial intelligence.

The London Money Market.--In the London money market the funds were dull, but without mate rial variation in rates. There was considerable demand for money, and the best short paper sold at 3 per cent.

Consols closed on Friday, June 13th, at 91 ⅝ @ 91¾ for money.

The bullion in the Bank of England had decreased £450,000.

Baring says the disposition to sell American stocks continues, and tends to depress prices.

The Paris Bourse.

Paris, June 14, 1862.
The Bourse is firmer. The Rentes closed yesterday (June 13) at 68f. 65

The Liverpool cotton market.

Liverpool. June 14, 1862.
The Brokers' Circular reports the sales of the week at 84,000 bales. The market has been buoyant and prices are one-quarter to three-eighths of a penny higher. The sales to speculators have been 22,000 bales, and to exporters 23,000. The sales on Friday were 7,000 bales, including 3,500 to speculators and exporters, the market closing firm at the annexed quotations:

Uplands13½12 ⅞

The stock in port is estimated at 289,000 bales, of which 92,000 are American.

State of trade.

There have been no sales in the Manchester market, owing to the Whitsun holidays.

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