The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-11-22
LAIR AND DIRECT FROM EUROPE.


We publish below a late and very in terest-
ing article from Cores Liverpool Commercial
Advertiser, dated October 10, on the state OF
trade in Liverpool, and more especially in
reference to the American war. AS indica-
tive of the effect that the fall of Port Royal
will be likely to have upon the public mind
in England, the Charleston Mercury, (which
hrst published the article in this country
says it will be found especially important
The Mercury obtains its advices direct from Eu-
rope, and not through the medium of Yankee
ports:
The most important item of American news
which has been received since this day sem
night is the capture by the Confedarat te troops
under Gen Price, of the stronghold OF Lex
ington. This is valuable acquisition to the
South, and its loss will be severely felt by the
North.
The commercial intelligence is of a gloomy
cast as the belief was very general that the
Banks would, after awhile be obl ged to sus.
pend specie payments. Amongst the failures
OF the week was that Of B.essrs &. W and
!. L. Moore, of New York--one of the oldest
ana most respectable firms in the dry goods
.raoe. The total subscriptions to the Federal
loan CT El0,000, ,og0, amounted only to 3,G0O-
600 but the New York journals Confidently
fssert that the&Raniss would sstae the fresh
tio,D0o,ooo required By the Government
Some OF the mills in the East which had been
either stopped or running shor. time were
again fully, and it is said, profitably en-
pjoyed, goods having advanced considerably
and being much wanted.
WITH WHOM Is TIE BALANCE or SUCCESS?
w neither TO superior generalship, or disci-
pine, or pluck, or to greater patriotism or
enthusiasm or to whatever else il NAV be at
trIouted, there can be no doubt of the fact
that hitherto the balance of success has been
with the South. This is not the place to dis
cuss the why or the wherefore Viewing the
war ana lis COuEpQupnppS from q iaf
point OF sight, the fact alone attracts our
attention and we cannot but regard IL rs
one OF immense import tance, removing, as we
think 1t does, the prospect OF peace from the
proximate to the distant future Were il
otherwise, were the balance of success ever
so little N favor of the North, we might per
haps, have hoped that the Federal Govern
ment, conscious of is strength 10 crush the
south, but at the same time admonished OF
its inability to retain military possession OF
il for any heightened period, would have pro-
posed an arm istlce for the purpose of nego-
tiatng treaty Of peace with the Confederate
Generals.
As to the capture of Fort Hatteras, that is
an lhslg hiiicant Item against all the reverses
OF the North. The disgrace of the battle of
Bull Kun WOuld not be eXpunged bV the sue.
cess of a score of naval expeditions under
taken against power without any navy
whatever. The success of every exped ton
OF this Kind may be predicated with certainty.
But what OF that What if Mobile and
New Orleans, and Galveston were in posses
sion OF the North, how would such an occu-
patton influence the fortunes of the war -
Every way, say some Wiseacrcs these ports
would then be open 10 the commerce of ;he
world, and the cotton crop would be shipped
to Europe. Ay, indeed We in our simplicity
81 pposed that it was the North who had
bloc kaded these ports, to prevent the shi ipment
of the cotton, which w .uld have supplied to
the South the sinews of war. Oh but the oh
ject is TO take the cotton by force and app]y
the proceeds Of its sale to the conquest of its
owners. What an ingenious device! If it
were only practicable, it would, no doubt be
q master stroke of policy. But the cotton is
not at the ports, nor will it be while the war
lasts.
Long before the maturity of any portion of
the crop, it was resolved that it should be
kept At the plantations. There t is being put
into sheds, without being baled or even GIN
ned-stowed away n seed, SO that ut the ap-
proach OF an invading foe, a match might be
promptly and eiticaCiously applied to prevent
its falling into the hands Of the enemy The
expeditions against the cotton ports whether
successful or not. are not, therefore likely 10
materially benefit the North, and cannot re-
store to It the balance Of military sucCa-s
which, mp to the last adyices from New York
was unqUestiOnably with the South. If the
Federal Government be desirous of lihera
ting the new cotton crop for the benefit of
the world, all they have to do is to raise the
blockade, and thenceforth our sup ply of cot
ton will only be limited by the extent of the
crop, We are really ashamed TO be com.
pelled 10 treat seriously spCh absurd specu-
lauOnS.
WHAT ABE THE pROsP ECTs OF PEACE?
what then are the prospects of peace while
the balance OF success Is SO decidedly in favor
of the South II must be confessed that tbry
are both dim and distant. We see from til.
fact that the planters are slowing away their
crops IN the saed on their plantations, that
The Souih Is fully prepared for the occuua-
ton OF its ports by the Federalists and that
the expec tatiOn IS general il the Cott0o States
that the war VIII be Il long one The Times
says; Prom the stray facts which reach Us
from the South, it would appear that there is
no intention Of Welding, and that cornDrO-
mise with the North, even on the most favor
a ble terms fer slavery, would be rejected by
the obstinate race which obeys Jefferson
Davis" We came to this con ciusion long ago
aud we are still Of opinion, for the reasons
which we have So often stated that
the South Will resist TO the death that
it Will not voluntarily re.enter the Union,
gency OF its being subdued after n long
and sanguinary war, the North coulG
never hold IL as a conquered nation We do
not believe either, that i I can be subduai nv
force OF arms, or that it will die of atrophy
Its in ternal resources are, within our know
ledge, capable of enabling its population TO
carry on the war, however long IL lasts, until
they hayn completely conquered their iude
pendence. 1T is, therefore, sheer nonsense TO
talk OF the "TPITOQcaiHg col 0pSe Of he Southern
rebetiioa, IT'S some of our conten poraries do
who never could be persuaded that there was
Any vitality IN the South, or that It's tcu GqH-
lions Of inhabitants could hold their own
against the determined will o T the tlaatg NIL
lion: Of the North. They will do so, never
theless. The S"uth IS stroager L. us rjeht than
tfs Worth IN us m{sht, ana hence ii is that SO far
in the progress of the war, the balance OF
success remains with the former.
THE UNION WORTH FIGHTING roR7
To the North most assureGly it is. Thema.
Of ha nV hprl So
bound up with the m aintenance of the Union.
With its final dissolution their glory departs
Without the Union, their pr0hibitory tariff
will be the instrument of their speedy anni-
hilation as a commercial nation. They have
more, far more to lose, than the Southern
States have 10 gain by the dissolution OF the
Union. The interests involved IN its prtser
vation are so vast that the Secretary of State
of the Federal Government speaks of it, IL
an Official document issued so recently as the
2ist ult, from the Department Of State ut
Washington. as " the chief Eopn ot humanity
in all countries and tor all ages" Ny1Cpera-
ted rs this sen timent is, the sOui re from which
it olnanates gives it sigificance. Itprovcs that
the Government of President Linrjlu feel
and know that the preservation Of the Union
Is question of overwhelming importance TO
the Northern Statee-that it is worth fighting
for-~Woft tn maintaining, or trying to main
tain, At almost any sacrifice of blood and
treasure, even with the knowledge that every
sacrifice will be futile, and that the chasJl
WHlcH now separates Inc Northern ffCnl tne
Southern States has grown so deep and wide
that II Will never more be spanned 10y the
magnificent bridge OF the old Federal Union.
The North must now learn the art Of war
must create an army and navy, such as X
never possessed since the time of Washing
ton and, If 1t fight for nothing else, it must
henceforth fieh for its ationai existence-for
wers 1t to yield ingloriously now, and ac-
knowledge the Confederate States without
proving that Secession canno. be attempted
with impunity, ano that all it's strength
would be put forth to crush it there would
be no end of Seces ion movements, until seve-
raj independent nations, with interests hos
tile to each other, had grown out Of the once
great United States