, 1862-06-11
ENGLISH OPINIONS.
From the London Npwe. A{ay ia.1

Iron the London Newe, May IL.
TIE cAFTCRE OF NEW ORLEANS AxD EUROPEAN
RECOGNITION.
The direct political results of this great sue
cess are, however, all important Tie posses
sion OF the Mississippi settles at once, and in
tie most decisive manner, some OF the most
vital questions ut issue in the war. It alto
gether destroys the political position and ter
l11orial prestige of the Southern Co1federacy.
The claim Of the revolted States TO independ-
@ eIce at home and recognitioe abroad, has from
Tie Inst largely rested on their extent OF ter
Htory, command Of frontiers, and power Of
self defense-in q word, OIL their geographical
and political self-sntticiency. This plea is snow
destroyed. I. Is no longer possible to attempt
any justification Of the rebellion. or to urge
States never were, as they claimed to b., q
great and powerful confederation, and tley
have now lost all chance OF ever gaining such
! position. Had they been successful in the
fed, had they been a31e to hold even one Of
their chosen frontiers, they might still per-
an independent State capable Of separate gov
ernment and efficient self-defence But with
the chosen frontier nne5, and strongest MILL
tary positions Of the new State In the hands Of
the North, such claim becomes irrelevant
and even absurd. With the Mississippi and
its tributaries at the command Of the NORTH.
Whnt chance would any Southern Government
hare of independent political action, what
means OF permanent or efficient seM-defense?
AN ApPRECATIyE VIEW OF AMERICAN FL
NANCE.
IFrom the London News, May 2Q.1
The financial position Of the United States,
after twelve months OF civil var, while it sore
" puzzles our mechanical politicians, furnish
es as striking proof of the constancy OF
free people, and Of the true wisdom Of their
rulers in relying on that eonstancy, as their
recent triumphs in the field. -Four mouths
ago, there WIS no way Of seeming wise so easy
as predicting the speedy collapse Of the Fed
eral cause from sheer want Of money. The
world WAS warned By grave authorities on
this side of the ocean the Federal insolvency
wns imminent, aud federal ruin and repq-
diation near at hand. America, in her exi-
gency, had resolved to raise four. .fiths Of the
extraordinary charges for the war by way OF
loan and one.ffth By taxation. Bat a coinmu-
nifty nnaccustomed 10 draw quietly In fiscal
harness was sure to kick against load even
thus comparatively light; aud from the mo-
ment Treasury Notes we're made legal ten
der national bankruptcy might be said to have
begun Vainly it Was urged by those who,
financial history, that England sixty years ago
had done. the like without the pressure of an
equal need, and that for eighteen years the
commerce and revenue Of an empire en-
gagged in var with half the world
LAD been carried d.! On BY means Of pa
than that affected BY the enemies of popular
government, VIC dep1ored the necessity which
had compelled the adoption Of such measures
in the present case; but recognizing their ur-
gency, we believed in the Judgment and Fore
sight Of the men who adopted them. We
took for granted that they understood fir bet
ter than their European ccusorR the spirit Of
the nation With which they had to deal; and
that, if they did not see moral and soc al rea-
sons for contiding IN its power and will to
Eonor the drafts on Its endurance, they would
never have staked the national reputation and
stability on their being accepted and met.
Well, what has happened? Every dollar which
the government OF Washington required to
borrow has been raised within the Union,
and, as We know, every dollar has BEEN
expended nearly as fast as raised. Govern
1nent securities, ,repayable at varous1y deferred
periods, have been given for the vast sums
| SO borrowed, and these securities have been
made BY Law legal tender. But instead Of
dropping to a ruinous discount, as certain re-
dictionary prophets amongst us would have
bad the world anticipate, Treasury Notes are
actually at three per cent premium, and United
StAttB stock is in demand at 99c In the money
market OF New York There is nothing to be
compared to this for grandeur in the annals
Of European finance. In the midst Of a ter
rifle struggle, in which cycry energy and re-
| source Of the country is needed, With an
army OF 100000 men to raise, pay, feed, dis
| proverbial1y, attends urgency; aud with 8
numerous foti1la Of gunboats and iron-clad
yessels-of-war to construct and arm, excise
| duties reaching every article Of comfort or
| luxury hare been imposed without murmur
| OF discomfort, and public credit continues to
be unfalteringly sustained at q figure which
| the ezcheqncrs Of monarchy seldom hope to