The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-06

that final separation should take place be-
tween them, seeing the rapid pace at which the
United States were outgrowing the European
nations in commercial and political Importance.
1t is very we'll known that the Trent affair was
regarded in England and France as most
fortunate occurrence, in the expectation that it
would afford the two governments pretext for
avi0lent interference with the blockade. Their
hopes in this respect were, as we have said, de-
feated by the caution and moderation OF the
President and his Cabinet. The settlement OF
the difficulty, however, had no effect upon
English and French policy In our regard; for,
- Is now known, our Cabinet had secret intelli-
gencs from London and Paris to the effect that
II, by the LIST Of May, we did not show that it
was in our power to put down the rebellion,
the two governments intended to make case
for themselves, by which, without infringing
their own principles Of international law, they
would be justified in breaking the blockade.
To this discrimination they were no doubt led
by the long inaction of our army after the
battle Of Manassas; and the Mexican expedition
was undertaken in the same conviction Of our
being powerless to prevent or avenge it. 1t
was not tho intention of General Mcclellan to
open the campaign in Virginia until the begin
ming of April; but in consequence of the informa-
ton to which we refer he hurried up his plans
and began early in March the brilliant series Of
operations which are now rapidly approaching
the contamination of their object-the close Of
he ;nI ho IyoI
by the LIST of June next. In the meanwhile
the proclamation of the President, opening the
principal cotton ports, will at once put an ex-
tinguisher upon the policy of the two govern
ments which are engaged in this, the most ne
farious conspiracy that has ever been entered
into against the constitutional rights and power
of a friendly nation. No parallel can, in fact
be found for it in history, with the exception
of the coalition of the monarchs and despots
Of Europe against France under the Conven-
ton. Nor can any other example be recalled
of voluntary uprising of a whole people to
defend their government, such as has been wit
messed here, save that furnished by France at
the same period, when million Of her sons
rushed to arms to resist the invader.
In few days, as we have already stated, the
proclamation of the President, opening the
cotton ports, will relieve us from any further
apprehensions Of foreign interference. No ex-
cuse legal or otherwise will then be left for
it. Though we may open these ports to for
eigners, however, we cannot promise them that
they will get cotton and tobacco. The rebels
may continue to keep them back from them, and
there is no law to compel us to aid them in OBJ
tanning them. Like us, they must wait until the
termination OF the war restores trade to its
usual channels. Aud when that comes they
will perhaps, find that the events out of which
they hoped to gain so much have only weak
ensd them, whilst they have contributed to
render us greater and more powerful than
ever From our troubles have resulted dis
coveries that have revolutionizcd the whole
system of naval warfare, demonstrated tho
worthlessness of coast Notifications, and equal
lied the strength Of maritime nations They
will leave us with an army of nearly million
Of men-the finest and best equipped soldiers
in the world. In this altered condition of
things, England may well shrink from risking
her North American and West Indian posses
sions and Spain her rich colony of Cuba, by
provoking quarrel with us. Louis Napoleon,
from the recent accounts that reach us,
appears to be allowing his ambition to over
power his usual sagacity and caution. Let him
take care lest he should find another Moscow
in the capital of the Montezumas
TREMENDOUS EXCITEMENT IN WALL SrREEr-
In our money article this morning our readers
will find the indications Of the tremendous ex-
element in Wall street yesterday, resulting
from our recent victories and our brilliant
prospects for the future. The stock market
was excessively buoyant and the sales were
large. United States six per cent bonds rose
two and halt per cent during the day, making