The New York herald., 1862-02-12

besides their two thousand millions invested in
negroes, by abandoning this hopeless contest
without further loss of time.
The Emperor Napoleon ON the Civil War.
We published yesterday by telegraph from
Portland an extract from the speech of the
Emperor Napoleon at the opening of the French
Chambers on the 9th of January, and to-day
we publish the speech in ertenso, from which
our readers, who have looked forward with
some anxiety to the development of the En-
peror's policy, will perceive that it is a rather
vague manifesto, but at the same time not with
out significant warning behind the cloud
which half conceals and half reveals bis pur
poses. He says =" The civil war which DESC
lates America has greatly compromised our
commercial interests. So long, however, as the
rights of neutrals are respected we must con-
fine ourselves to expressing wishes for an early
termination of these dissensions."
Some of the English journals construe the
allusion to the United States as o covert threat,
and as intimating the impatience Of France,
which, when the occasion appears to demand
it, will interpose in our affairs. One British
journal, indeed, asserts that Napoleon had de-
cided to announce in his speech his intention to
raise the blockade, calculating on the promised
moral support Of England; but that Earl
Russell deemed it polite to maintain "mas-
tcrly inactivity" for a few weeks and therefore
the Emperor acquiescing in the suggestion,
alluded to the American question in his speech
in such terms as do not commit him, but leave
him free to watch and wait the course ofevents.
The London Times seems to foreshadow
the same policy. II advises the English
nation against too great sagerness to meddle
in American affairs, and says "this is time
for awaiting; England can afford to wait; and il
there does come any real cause of complaint it
will tell all the more for her present patience
and forbearance." This harmonizes exactly
with the speech Of the Emperor, who says
$50 long as the rights of neutrals are respected
we must confne ourselves to expressing wishes
for an early termination of these dissensions."
The logical inference is that France and Eng
land feel that the blockade Of the Southern
coast is effective; that they cannot meddle with
it or interfere in our domestic concerns
without direct and fragrant violation Of the
law of nations, and that their game is
therefore blocked for the present. They are
bound by their own proclamations of neutrality
at the beginning Of the war, and they are fur
ther bound since by the case Of the Trent.
At the same time it is evident that they are
looking around for some leak or flaw in the
position of the United States which will enable
them to make out case for Intervention, such
as will satisfy the public opinion of Europe.
Napoleon announces that the civil war which
desolates America has greatly compromised the
commercial interests Of France. Let us see
how this is. It is well known that the French
government depends for its revenue, to a very
great extent, upon the sale of tobacco Of which il
grants monopoly, for very large sum, to
certain individuals in France. The agents of
the monopolists came over here to purchase
the article, and at this moment there are i'm
mense quantities Of it, worth many millions Of
dollars, in Virginia, for which the money has
been paid. The question is, how is the tobacco
to be got out of Virginia and delivered in
France! The blockade is an efectual barrier.
Hence "the interests Of commerce are compro-
mised," and at the same time the interests of
revenue The deficit in the French revenue
amounts to one thousand millions of francs
two hundred millions of dollars. Spain has the
same arrangements, and has the same interests
at stake, both as to her commerce and her
revenue English merchants have also interests
involved in tobacco. Take q single instance.
Belmont, the agent Of the Rothschilds, has pur
- n of tI,o iona al
for an English house. IT lies in Virginia, await
ing the raising Of the blockade. Nor is tobac.
co the only article Of commerce by which
French interests are compromised Cotton has
been bought to the amount Of ten millions Of
dollars by the agents Of commercial houses
in England and France; and 1t has been paid for
in arms and munitions Of war for the rebel
confederacy, part Of which the insur-
gents have received and part they hope
to receive an soon as the blockade is broken
up by the European Powers. How is
this cotton TO be released from the prison
in which IL Is held? Not a pound of Il can
reach France or England Why? Because the
blockade is effective. Yet the complaint of the
journals representing the British and French
governments has all along been that the block
ade has not been effective. Thus they contra
dict themselves. II the blockade was not
effective they would not growl as they do; for
they could still carry on their commerce; but
because it is effective they are estopped and
hence their indignation. There can be no better
argument for the effectiveness of the blockade
than that which is made by the French Emperor.
French commercial interests are "compro-
missed" and will continue to be until the end