The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1861-09-06

THE BATTLE OF BULL RUM AND ITS EFFECT
UPON EUROPEAN NATIONS-THE QUESTION
OF THE BLOCKADE--THE EFFORT 70 BREAK
DOWN AMERICAN CREDIT IN ENGLAND
DANGER FROM FRANCE f@} "n


New York Times Correspondent.
LONDON. Saturday, August 10.
The news of the battle of Bull Run came
down on us like a thunder. clap last Sunday.
Extras were hawked about the streets that
morning, containing telegram of the
blacklist description-much worse than the
newspaper accounts of the next morning
justified the CONSERVATION among the
loyalists was very great. Subsequent ad-
vices somewhat relieved our alarm, but only
increased the sense of shame and mortifca.
| ton and Mr.. Bussell's letter in the Times
so brilliant, so life-like, and yet so humilia-
| ting, gave the last blow to our wounded ma.
tional pride. Of course the ability of Mr..
Russell's description increased the bitter
! ness OF the punishment, and caused great in
dignation. Yet l confess that cannot see
the justice of the anger that would punish
him for telling merely what he saw. He
did not Seed. If it was so, we ought
rather to own up fairly, and to see that
| such disgrace never occurs again.
Of course, the first thought after the real
izatiOn of the strength of the blow, was
what would be its effect on European ma.
tiOns, and particularly on England. That
it could not but be very bad, every one
knew, and we were not slow to feel. The
times at once came out in tone so need
lessly insulting, and so wantonly malignant,
that no one could doubt any longer, even if
there had been any doubt, on which side it's
symyathes lie. One can bear with Mr..
Russell somewhat, for whatever hot-headed
people may say, his letters have been active
agents in our favor here, and his influence
has been thrown generally on our side. But
it has uniformly been in spite of the con-
trolling influence of the journal itself, and
its editors, it is said, do not hesitate to call
him an Aboitionist of the deepest dye. This
time their bitterly, unfair attack was so
fragrant as to call out the protest of at
least two of the liberal papers, which COM
mented in the warmest style on the lan~
guage which the Times used.
Its course is more likely ultimately to re-
act in our favor here, than to hurt US and
in throwing of its mask, it has partly de-
stroyed its own power for evil. The Eng
fish Government does not often act precip-
lately, and it is not likely to do so now.
Of recognition of the insurgents there seems
no present danger, but it is not so certain
that this check will not encourage the cot
ton interest to make an effort to set aside
our blockade. After all, the action of Eng
| land will depend on events. You on the
| other side OF the water will be able to pre-
dict it before we can, according as the war
| progresses we'll or otherwise. AS yet, how
ever, no one knows of any intention of this
Government to interfere with the blockade.
| 1t is certain or so near certain as anything
| can be, that the British fleets are ordered to
respect it faithfully and without cavil or
bubble. any statement to the contrary not
Ythstanding, and if the time shall come
when the rule will be broken through, the
British Government will do it with its eyes
| open as to the consequences, and will hard-
| Iy venture on the step without the assistance
of France.
Another piece of engineering against US
| is also evident in the columns of the Times
and elsewhere. 1t has been very plain bere
for some time past, that a systematic effort
was being made to beat down our credit in
the money market. The daily papers are
beginning to TEEN with money articles, lead
ers, chance paragraphs, all tending to rep.
resent our credit as good for nothing, and
thus to drive US out of the market, and leave
us at the mercy of few rich and powerful
Jews. As usual, the Times is conspicuous
in this attack also, and of late its money
articles have contained systematic and trans
parently Intentional misrepresentation and
talsiications of our whole past financial
history and present condition. The hand
of Mr.. Yancey and his friends is also evil
dent in this work. Their energy has been
stimulated by their late success to fresh
efforts here, but in general the move seems
to be merely financial one, aud those are
principally at the bottom OF it who expect
themselves to get the loan into their own
hands. The defeat at Bull Run, if anything,
rather overdone the thing, even from their
| point of view. For the moment our credit
is nowhere, and it would be useless to at
tempt to raise money here now, until our
armies have recovered the ground which has
| been lost.
Nor have we anything better to expect
from France. Accident and more eau.
tious mode of action has placed France in
a better position before the Americans than
England has occupied; but have strong
reason to believe that we have fewer friends
there than here. Here at least we have a
party, and an active and respectable one,
who comprehend our position, and will do
all they can to sustain US. 1t is not so on
the other side OF the channel. Their SYM
pathies-so far as they are really engaged
in our af1airs--lie on the side of their rela-
tives in Louisiana. In England the recog-
milton of our insurgents would create a
struggle that would inevitably overthrow
the Ministry. In France the Emperor has
but to say the word, and the whole nation
would acquiesce, as it always does. That
be will say that word as soon as England
does, have as yet heard nothing to make
me doubt.
1t is stated by Washington correspon.
dents to the New York papers that the