Newbern weekly progress., 1861-05-28
IMPORTANT FROM GREAT BRITAIN.

Tn the present situation of affairs, peculiar
importance attaches to the following extract
from prominent article in q leading nInISte-
rial organ:
From the London Globe, Nay 3d
Much British property is already afoat IN
American bottoms, and under the federai nag
Some of it is. and is likely to remain, till land
ed. too far fl.ln the ports cut Of which the YES
sells of war Of the disunited States may be sent,
to run any considerable risk. 4 much larger
amount is, or shortly will be, within their i'm
mediate range. And every vessel now loading
in the ports Of both bclligcrentS, must go to
sea if at all in face OF what underwriters call
war risk The expected profit on many
venture Is already absorbed or nearly SO, by
the cost Of insurng against this risk. And it
need hardly be said that amid the "higgling
Of the market preparatory to fixing the pr!ce
such risk, there is a good deal OF earnest dis
caSson of what it is likely to be- man ask
ed to accept bills against the consignment OF
cotton now being put into American vessel
at New Orleans looks to have it insured against
all risks, and is not particular about the prerni-
um. because he does not payit But the draw
er of the bills probably sees i'll that premium a
large and wholly unforeseen iien Oh the deblt
side fiis account Of the transaction. Say the
cotton is already British property and an anA-
i0us curiosity is excited TO know now far and
under what circumstances it will receive the
ing under the flag Of The seeding States, the
vessel leaves the Gulf of Mexico only to fall ia
TO the hands OF privateer bearing tie Federal
c0l0rs and is taken thence to New York and
condemned, will the Foreign Office intervene,
and call upon the Government at " Washington
20 respect the rule that "a free bottom makes
free goods? ?" Or let the capture be made un-
der letter Of marque from President Davis,
viii our Government recognise the existence OF
tie new Corltederacy, and its right 70 levy war.
Here the merchant finds himself in the domain
OF the iurist; and, If We are not mistaken, the
urist, when appealed to, will be disposed to say
that he cannot answer without consulting the
politician. Putting aside all questions of the
formal recognition OF the seeded States, do they
or DO they not. in fact, constitute a political
power, capable Of fleyying war, and entitled to
be SC regarded? Prccedentis decidedly in their
favor Their ease is not analogous to chat Of
Smith O'Bren n~his cabbage garden They
hold, and have for some time held, exclusive
and hostile possession Of a large territory.
They exercise within il, all the usual powers
and confer upon its inhabitants all the ordina-
ry benefits Of settled Government. They
are not even charged with fiat rebellion"
For does Mr. Lincoln hold opposition emitting
him to make such charge, Or powers adapted
to administer CORRESPONDING pilr1ishulen,.-
When the thirteen States resisted the authori-
~ Of Great Britain, we termed them rebels, and
triet to suppress the "rebeiliOn.' But, the
suppression being resisted with effect, at once
became war; and though we d!I not chan &c
our way Of talking, We changed tactics,
inlmunities OF an ordinary bel!igerent. A2d
ice can hzrdiy refiEss to rsc7gnize tie sjga4yJt
c,ttcs 81 similar s5nte QT' things betlceen tie
United and the Confederate tSt0t6s