Is not this the anticipated history of what is about to happen in the Southern Confederacy, supposing it to succeed in uniting with a part of the border States?  The opening programme will last as long as programmes usually do.  When the true plan of the South, veiled for a moment, shall reappear, (and it must indeed reappear, unless it perishes before it has begun to exist;) when the question shall be to increase and be peopled, to make conquests and to reestablish the African slave trade; when the serious purpose, in a word, shall have replaced the purpose of circumstance, what will take place between the border States and the cotton States?  The profound distinction which exists between them will then manifest itself, even if it does not break forth before.  A new South and a new North will be formed, as hostile perhaps as the old, and less forgiving towards each other of their mutual faults, inasmuch as they will be embittered by misfortune.  Nothing divides people like a bad cause that turns out badly.  They think themselves united, they call themselves united, until the moment when they discover that they have neither the same end nor the same mind.  I do not see why the victory of Mr. Lincoln will have transformed the South, and suppressed the divergencies which separated it into two groups:  that of the Gulf States voting for Mr. Breckenridge, that of the border States voting for Mr. Douglas or Mr. Bell, and even casting ballots for Mr. Lincoln.

Not only will the Gulf States, the only true secessionists, never act in concert with the border States, but they will not be long in seeing parties spring up in their own bosom, which will be little disposed to come to terms.  A sort of feudal question, as is well known, is near obtaining a position in the South; the poor whites there are two or three times as numerous as the planters.  The struggle of classes may, therefore, break out as soon as the effected secession shall have banished to the second rank the struggle against the adversaries of slavery.

The impoverishment of the South will not aid in calming its intestine quarrels.  European immigration, already so meagre in the slave States, (Charleston is the only large American city whose population has decreased, according to the last census,) European immigration, I say, will evidently diminish still more when the South shall have taken an independent and hostile position opposite the Northern States.  Who will go then to expose himself lightly to the fearful chances which the first war with any country, American or European, may bring in its train?  And credit will go the same way as immigration:  to lend money to planters, whose entire property is continually menaced with destruction, is one of those hazardous operations from which commerce is accustomed to recoil.  Deprived of the capital furnished it by New York, obtaining only with great difficulty a few onerous and precarious advances in Europe, the