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An important letter.

--It will be recollected that in 1837, a distinguished merchant or banker, in London, was sent out here to act for the Bank of England, in which capacity he was ‘"as one in authority, "’ in an apartment of the then United States Bank. This gentleman was John W. Cowell, and the letter we speak of and print elsewhere, from the London Examiner. Mr. Cowell advises separation of the Northern and Southern States, and teaches the South that separation is its interest, and that cotton-manufacturing, slave-hating England is the natural friend of cotton-producing, slave-holding South, His arguments, however, will go for what they are worth — admitted abolitionist as he is — but they teach us a lesson, especially us of the North, not to trifle more with this abstract issue of slavery, but to live with the South in peace.--N. Y. Express.

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