At present, the point in question is to liquidate a bad debt.  The moment of liquidation is always painful; but when it is over, credit revives.  So will it be in America.  She has often boasted of the energetic sang-froid of her merchants; when ruined, they neither lament, nor are discouraged; there is a fortune to make again.  In the same manner, putting things at the worst, supposing the present crisis to be comparable to ruin; there is a nation to make again, it will be re-made.  “Gentlemen,” said Mr. Seward lately, in concluding his great speech in Congress, “if this Union were shattered to-day by the spirit of faction, it would reconstruct itself to-morrow with the former majestic proportions.”

A WORD OF PEACE

ON THE DIFFERENCES BETWEEN ENGLAND AND
THE UNITED STATES.

BY COUNT AGENOR DE GASPARIN.

A WORD OF PEACE.

* * * * *

Between the meetings of Liverpool and the ovations of New York, is there not room for a word of peace?  A word of peace, I know well, must be a word of impartiality.  The speaker must resign himself to be treated as an American in England, and as an Englishman in America; but what does this matter if truth make its way, and if an obstacle the more be raised in the way of this horrible war, this war contrary to nature, which would begin by ensuring the triumph of the champions of negro slavery, and would end by exposing the cause of free institutions to more than one perilous hazard?

There is one fundamental rule to follow in questions arising out of the right of search:  to distrust first impressions.  These, are always very vivid.  An insult to the honor of the flag is always in question.  Patriotic sensibilities, which I comprehend and which I respect, are always brought into play.  It is impossible that these officers, these stranger sailors, who have given commands and exacted obedience, who have stopped the ship on its way, who have set foot on the sacred deck where floats the banner of the country, who have interrogated, who have searched, who have had recourse, perhaps, to graver measures—­it is impossible that they should not have called forth many sentiments of anger and indignation.  Even when practised with the most rigid formalities, even when confined within the limits of the strictest legality, the right of search cannot fail to produce a feeling of annoyance.  The recent search of the Jules et Marie, the yards of which were carried away and the barricadings driven in, seems to me the faithful type of all visits of search on the high seas—­every one of them brings damages in its train.

Notwithstanding, the right of search is disputed by no one, and will be exercised in time of war, until the moment when the American proposition, reproduced again the other day by General Scott, shall be welcomed by our Old World.