The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-09-29
THURSDAY, SEPTEMBER %, 1854.
THE FOREIGN PRESS ON OUR POLIrI.
CAL AND MILITARY SITUATION.

TIVE FOREIGN PRESS ON OUR POLIrI-
CAL AND MILITARY SITUATION.
The recent successes ofour arms at Atlanta
and elsewhere have produced very decided
impression on public opinion upon the other
side Of the water. The English papers speak
ofSHERMAN's victory In the highest terms Of
praise, and pronounce It to be most serious
blow to the Rebellion. Even the London
1fD1es, which has never been friendly to the
national cause since the war began, is con
strained TO acknowledge the great Importance
Of the results achieved by our army in
Georgia, and to betray a very marked dminu-
ton of its confidence In the ability of the
Rebels 10 ultimately triumph in the contest,
or even to maintain It much longer against
such heavy odds as are now pressing II TO the
last ditch.
This loss of faith In England in the power
of the South is also indicated by the sudden
fall in the price Of Confederate bonds, and
their credit must be sunk considerably lower
IS soon as the intelligence of SHERIDAN's
splendid victories over EARLY in the She
nandoah valley shall reach the money lords of
the London Stock Exchange. Aud this
decline in the financial credit of the Southern
States win prove practically one OF the most
disastrous reverses which the Rebellion has
yet suffered. 1t is notorious that the cause
of the insurgents has long been very materi-
ally aided by the military and other supplies
which have been furnished from abroad and
it is but natural to conclude that, as the
ability Of the South TO pay for such munitions
sinks in foreign estimation, contraband trade
win cease.
In such event, Il Is obvious that the power
OF the South must be seriously II not fatally
crippled. As our armies contract more and
more the area Of the Rebellion, the domestic
; sources from which 1t has hitherto derived its
war material must be reduced; and If at the
same time the Confederates shall be cot Of
from all supplies from external sources, they
- .be compelled to give up the struggle
\ Iom sheer want Of the essential means TO
prosecute 1t longer.
The British press Is also discussing with
unusual earnestness and ludicro1s diversity
of opinion the probabilities and issues Of the
coming Presidential election The London
Times expresses much confidence in the sue
cess of the Democratic party, and yet has the
candor to say that It cannot perceive how a
peace on the basis Of the Union, which has
not been achieved by coercion, can reasonably
be expected to take place through persuasion.
The same paper also avows the belief that the
Democratic Convention, in declaring its prin-
Ciples recently at Chicago, did not honestly
mean what it said about restoring the Union
by negotiation, or prosecuting the war to the
extreme Of subjugation in case peaceable
means Of reconstruction shall fail. And in
this the Times is very probably as sound as
1t is sagacious in its coniectures.
Whatever General MCCLELLAN may say or
intend TO the contrary, it is presumable, at
least, that the majority of the party whose
leader he has been made in the present
political campaign do not mean to insist, in
any contingency, on bringing the seeded
States back by force of arms, should they
refuse to come back otherwise. On this point
the London Times says very pertinently:-
"The Chicago Convention processes to stand by
" the Union as stoutly as the Republicans them
selves, andw we can very well understand why
" the Democrats at Chicago should shrink from
" blurting out the fact that the South must go
" free, but on what grounds or with what eNpec-
tations OF success could the COntederates now
+" for 70 the very men WHO have been unable to
" Wrest it from them IL appears 20 us more pro-
babe that the Democrats should have disguised
their genuine policy than that the people of the
South should have eyinced any readiness TO
compromise. II Is more likely that the armis
tice viii be the first step towards perception
"of the truth. The North, after finding that the
South cannot be coerced, will find also that II
cannot be persuaded, aud the reflection en-
{" "eouraged 10y the interval will gradually induce
the Federal States TO relinquish what they can
" not obtain, rather than recur to what ha
already been proved hopeless and ruinon
s'rugg 9 !or II"
The Manchester Examiner speaks ever
more emphatically on the same subject. /
says!-
The real issue is still as narrow as eyer-ws
&c for the Union, Orpeace on the basis OF S0utheT
f" Independence. Un.ess the North Is willing 3
80 let the South go, all talk OF an armi,tice an
"negotiation is moOGshinc. Ii the rth is 70
" the Union, the war must still 80 on Tn
"Chicsgu Democrats must be more stupid tha
" the rest OF mankind, or hey are insincere il
" one or other of the maNims laid down in thei
"patfOrm. How the war will end, what th
ultimate mode or form OF settlement will be
w,uld he unsafe even nov % predict, but WI
% do NOS believe that when the day OF peae
"a'liYes, IL will find the North restored iss OF,
positicc - he upo.ogiat aud defender OF slay
" "IssttudOus'
Surely such views Of the foreign press Oh
the political situation in this country shoul,
impress every loyal citizen here very pro
fourdly, 50 that we may not be misled in on
duty and policy by Democratic equivo,ation
and inconsistencies, through which even III
British people can see so clearly.
THE MERCANTILE CLUB.
AI,uNv. L