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Reward's Threat.

--The Montreal (Canada) Advertiser, in speaking of Mr. Seward's threats in case the foreign nations recognized the South, and the good effect recognition will have, remarks thus:

Mr. Secretary Seward, eighteen months ago, threatened the Powers of the word with war if they dared to recognize the South, or treat them other than as rebels to the just authority of the Federal Government; he has since moderated his tone and the Federal press is instructed to declare that recognition amounts to nothing, making the position of the Confederate States no better, and Federal no worse, and that therefore it is not to be made a cases betti against the nations that may recognize the Confederacy. Recognition, however, will not only inspirit the South, but it will depress the North; it will give an entirely new character to the war by removing from it the stigma of revolt and by raising the Confederate States to an equality on all respects with their adversaries, and will entitle them to the good offices of the recognizing Powers to put an end to a strife which, so far as the North is concerned, will have no longer an excuse. Recognition will not long precede intervention a people who have won the right to a place among the nations of the world and had their position admitted, will not long be suffered to be the victim of a contest directed against them as rebels. Recognition will secure the practical independence of the Confederate States as certainly as is did that of the United States.

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