The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-05-18
EERTHER FROM EuROPE

|
| The European files by the Slxoniau, extracts
| from which published yesterday, are one day la
ter than those by the Europa. 1t is evident from
the tone of the leading journals that is consid
cred inevitable, and that England will shortly side
with either the North or the South. The london
Post, Lord Palmerston's organ. comments freely
upon President Davis declaration of his intention
to issue letters of marque, and hints the Federal
Government has course left but to initiate and
enforce similar policy. 1t then adds:
With regard to the employment of privateers.
the American Governmen has ALWAYS maintained
position OF isolation. 1t has refused to surrender
the privilege of granting letters of maruue except
the concession were accom- led by the assertion
of the rule that in time of war all commerce not
contraband of war should enjoy equal immunity
upon land and sea.
Evidently laboring under the impression that
this will be the position maintained by both parties
it says:
"The Federal Government is engaged in war with
the Southern insurgents, whose independent and
separate existence, either de jare de focto, has
never yet been recognized by anv Power in the
world. In contemplation of plbic la theg q p
simply rebels and, against them, the policy
which Mr.. Lincoln has announced is not only valid
in ITSELF but is which foreign nations are bound
to admit and respect Believing that the present
movement only be effectuallv repressed by
maritime war which, by depriving the South of its
resources, would in all probability speedily reduce
the Confederation to national bankr uptcy, we
think that Mr.. Lincoln has acted wisely and in con-
f~rmity with strict law, in having availed himself
of the means which, it mnst be admitted, he can
exercise without offence injury to anv foreign
Power. To preserve that policy of neutrality which
Lord John Russell last night so forcibly expressed
is the duty of this country. Interference can do no
good either for commercial or political purposes.
The civil war which unhappily RACES in America
must be left to work itself out, however disastrous
he nd ms
turing industry of this country"
The London Globe remarks that only few wears
back, the European Powers assembled at Paris, al
the close of an European war, and moved, bv
common desire, to adjust the laws of war to the
ctrcums stances of a world much changed by the
growth of commerce, laid down, and mutually
bound themselves to abide by, five rules of mari
time warfare. The most remarkable of the changes
thus effected amounted to more than a solemn
recognition of the principle, that ga free bottom
makes free goods'-the very principle to maintain
which the United States went to war with Great
Britain in 1872. So far, what. was proposed was
concession to the demands of the great commercial
and non-mitary Republic. But, tackled to this,
was condemnation of, and an agreement to re-
nounee, the practice of privateerng. And when
the European programme reached Washington it
was on this ground rejected.
The news, however, had not reached England,
that the Southern Confederacy deserted the old
American doctrine of 1872, that free ships make
free goods and as the effect of this will be to give
England the whole carrying trade, and only to
iniure the commerce of the free States it is not
difficult to pronounce upon the ultimate policy OF
England. Indeed, the London Shipping Gazette
saws.
We are not bound, by law, to recognize paper
bockades, and this the Federal Government well
know. SuppoSug however, that an effective block
ade OF Charleston, Savannah, Mobile and n, Orleans
be effected-a state of things the accomplishment
Of Whj is tn he nj Oh,
hare the Northern Ports open, for counter blockade
Of those places the part of iSoutherners is not
,oithin the limits Of probability. That an opportu-
nifty WILL therefore, present itself for substituting
British for the American tonnage forced out of EN-
plovment in the American trade, BY the unhappy
conflict which appears to have commenced there is
| no doubt; and however deeply we NAV deplore the
| troubles in which the States are involved we see
| no reason why they should not be turned to a good
account by the British shipowner.
In regard to the necessities of an immediate fur
ther supply of cotton for the English market, the
| Liverpool Post says:
| The stock of American cotton in Liverpool on
Monday last was estimated at 82O, 900 bales, and
the quantity OF cotton at from America 266 900
bales. This would give available supply here
and the way of ,0S6 600 bales of American cot
ton. The purchases of the trade in this market so
far this year have been fully l00 900 bales below
| the period last year, that spnners geuer-
ally can hold no great amount of stock. Supposing,
therefore, that for the weeks they take
| low estimate of their consumption of American
viz 40 900 bales per week, and exporters 600 bales
per 800, 900 bales would have to be taken
out of this market by the 1st of September, and
| thus reduce the stock on that day TO $50, 900
bales of American cotton, provided the blockade OF
the Southern ports should be sufficiently effective
to prevent any further shipments thence to this
country. Whether this be sn or not, the prospects
by no means encouraging; and it is to be hoped
that such a supply of cotton from India and other
sources, will be forthcoming may mitigate, to
some extent, the evils of cotton famine, with
which we now threatened by the unfortunate
| political state of America.
The present excited state of the cotton market need
| not, therefore, be matter of surprise, for the
whole amount of American cotton in this port, and
known to be its way here. is only equal to
twentythree weeks supply at the present estimat-
ed requirements for consumption and export,
whilst the quantity of East Indian cotton is only
200 900 bales against 95 900 bales at the same time
| last year.
| TIE VIRGINIA FORCES AT hARPER's FERRY.-The
correspondent of the Alexandria Sentinel, writing
from Harper's Ferry under date of the 18th instant
says
| There are great many reports flying through
the country in regard to the number of troops
| tOned at this point Some estimate the number at
5 600, and others at 900 or 5000. The number at
present stationed Immediately at the Ferry is
about 500, and at different points around the Fer
Try, about 8, 100. There are about 600 Kentucky
| troops, nearly all of them stationed on the Mary
land Heights.
This morning about IL o'clock 500 Alabamians
arrived here, and about the same number will ar
| rive to-day.
Sunday night 800 Western Virginians arrived,
al fully armed and equipped.
Yesterday several pieces of cannon arrived from
Norfolk, and at present being stationed at the
| different points of entrance.
| 1t is a singular fact, that Augusta and Rocking
ham. formerly the two strongest Union counties in
the State, have sent the largest number of SOL
ders to this point. Each of these counties send a
regiment.
A portion of the Augusta regiment has been sent
| to Sherpherdstown few miles up the Potomac, to
defend the bridge there.
| RICE FLouR.-We have received sample Of this
home made article from Messrs. Brooks Hertz 8
Forest City Mills Savannah, Georgia During the
recent scarcity of flour in sister city, the bakers