The Sun.
London, England, 1862-03-11 00:00:00

,he moment when he was speaking, its capita

Nashville, in which the Confederate Congress
had arranged to meet a short time ago, was
either in the hands of the Federals, or
was asking their mercy. It was also pretty plain
that, with the other Western border States, Ten-
nessee had obtained freedom to give her willing
support to the Union. In fact, the most valuable
of the Western border States were all hopelessly
gone ; and in the East the Confederates were in the
hands of Federal naval expeditions. Under all

these discouragements our modern Roman could
take the Presidential chair with the cool remark
that, although the contest was not yet ended, and
though the tide was at present against them, yet
that " the final result in their favour was not
doubtful."

We shall see in a day or two the counter-Pres
dent's address in full ; but in the telegram it seems
as if he spoke, after all, with somewhat of hated
breath. Last time we had an oration from
him, the Trent affair was just begun, and he
felt pretty confident that the North bad
got itself into a troublesome difficulty; he
doubtless thought also that irritated, as well as in-
convenienced, England would interfere with the
blockade. His hopes of foreign intervention mist
have now greatly diminished, yet one of the ele-
ments of his hopes seems to be that " the world at
large is interested in opening the Southern mar-
kets." This may be true, but the world is every
day learning to do without either Southern or
Northern markets. Both the Federations seem to
have an incurable conceit of their indispensableness
to mankind; nowas a model of free government, which
they are, in the sense of making free with Govern-
ment ; now as monopolietsof cotton cultivation, and
great corn-growers, and consumers of European
manufactures. A year of interrupted trade has,
however, passed away, and though our exports to
America have diminished from £21,000,000 to
£9,000,000, we really seem likely to survive the
blow. Indeed, with many of us the worst fear we
have is, that the quarrel may be patched up too soon
to give to India the chance we so much wish for
her.

President DAVIS has, however, other grounds of
hope. Dobt ifs to crush the North. There is no
doubt, according to the laws of bankruptcy, it
ought. The North bas not, more than the South,
wherowittito•pay. It has nothing but paper for
every claimant,. except those who ask for the inte-
rest due on its debt. But Mr. DAVIS may rest
assured that if the North continues to be victorious
it will not fail for want of money. Money is a
question of confidence. If Mr. STANTON succeed in
his department, Mr. CEASE will succeed in his. The
capitalists and hoarders of money will go with the
conquering side ; and all will be ready to supply the
wants of those who are to win. Mr. DAVIS speaks
no doubt feelingly of the effect of governmental
penury. It is as likely as anything to break down
the spirit of his own army ; and he naturally hopes
that Northern troops will soon suffer from the
same cause. All turns, however, on the one ques-
tion of continued and visible success. If the
Northern generals can maintain this, their armies
will not want supplies.
President DAVIS is inaugurated for six years—

and he says, " At the darkest hour of the struggle
a permanent Government takes the place of a pro-
visional Government." It is indeed a curious pro-
blem how " permanent" this Government will
prove. The time is near, he says, on the one
hand, when the North must sink under a load of
debt ; and on the other, though the South has,
after its victories and successes, recently met
with serious disasters, " yet in the heart
of a people resolved to be free, disaster
stimulates to increased exertion." It is in these few
words that the decision of the whole question lies.
Is the South determined to he free ? Is it so deter-
mined that it will be roused, not daunted, by disas-
ter ? On this grand point our information is but