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The European Press on American affairs.

--The London papers of the 12th are discussing the latest political news from the United States, and thus speculate on the chances of the Yankee candidates. The London Times says:

‘ Never, since the war began, has there been such a display of vigor and enemy on both sides. Battle succeeds battle with frightful rapidity. The conflicts are long and bloody — the victories trifling and indecisive. The most important part of the news relates to the Chicago Convention; Lincoln and his pulley have received a heavy check — that convention chose McClellan — the man whom Lincoln endeavored to keep down — the man most able to repair his errors and arrest the ruin plainly impending over the great republic. It will be observed that the convention speaks of the reservation of the Union as the principal object. But this declaration would have had more weight if the convention had stated what course it would recommend in case conciliation and compromise, which it advises, should fail in effecting, as assured they will, the reconstruction of the Union.

’ The London Post says General McClellan has of ways been distinguished by extreme moderation.-- If installed, unfettered by pledges, there is no reason to believe be would not assent to any arrangement which might bring in a termination a war which no one knows better than himself is equally wicked and profitless.

The London Star thinks the Yankee success Atlanta and Mobile will powerfully stimulate the war feeling in the North; and inasmuch as they bear very hardly upon the South, it is possible that the Southern leaders may be much inclined to listen to compromise before their military strength is entirely broken. In this view, they would be more inclined to treat with McClellan than Lincoln. But the Northern people will see less cause for change when Lincoln's administration brings success.

The London News says:

‘ In presence of the great movements in the field, the proceedings of the Chicago Convention are of much less importance than otherwise might be. McClellan's platform is friendly to the Union, with efforts for its pacific re-establishment. In point of fidelity, the Democrats cannot compare with the Republicans while nothing could be weaker than vague aspirations after peace on no basis at all, or on a basis which the South has repeatedly declared it will never, under any circumstances, recognize.

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