4 JANUARY 1862, Page 13

THE LATEST NEWS FROM AMERICA. T HE prospects of peace have

improved, for the Americans have been startled into decorum and moderation. The British demand for redress acted upon an excitable people like a cold douche on a drunkard, producing first irritation, then bewilderment, and then a return to sober sense. Up to the 16th of December, when they had heard only of English excitement, the papers were still full of elation, fully convinced that remonstrance would be confined to an article in the Times or a speech in the House of Commons. Even on that day, the World, a paper considered to be respectable, ended a long article with the assertion that sooner than give up Slidell and Mason, all American men would sink in the sea and leave the continent to the women. Further evidence, however, dispelled many of these illusions. The rapid col- lection of transports, the despatch of the troops to Canada, the order to the Guards to be ready for active service, the seizure of saltpetre, the addresses of the Naval reserve, and, above all, the letters sent from influential Americans in London, convinced all men not wilfully deaf that England was roused at last, and that the only alternative was a just conciliation or war. Then at last the politicians began to reflect, to take stock, as it were, of their position, to remem- ber that whatever the other results of a maritime war, it must at least cost them the South. The papers became sud- denly decent. The Tribune, still the most powerful of Re- publican organs, bade its readers press on to the suppression of the rebellion. The World deprecated the bluster it had but then been employing. The Times wrote of the grave re- f sponsibility pressing upon the President. Even in the interior, though the local reports are full of what Americans call patriotism, there are signs of thoughtfulness and alarm. So rapid was the fall in the public pulse that the friends of the South began to fear that the war would miss fire after all. The Herald screamed for war and the confiscation of nine hundred millions of dollars in stocks and bonds owing to British subjects. Mr. Vallandigham, of Ohio, a secret friend of secession, brought forward a motion pledging the House to support the action of Captain Wilkes, but it was passed-by by a vote of 109 to 16. The hangers-on of departments who prepare the daily telegrams from Washington were instructed to point out that as Mason and Slidell's despatches had reached Great Britain, their bodies were of little im- • portance. Of the opinion of the Cabinet we know directly little or nothing, but the President is reported as "merry" as ever, and the Secretary to the Treasury assured a deputa- tion of bankers that the difficulty "could be settled by diplo- macy or arbitration," and the banks have in consequence pledged themselves for the present not to suspend specie payments. There has been no popular outbreak, nobody has suggested that " Britishers" should be " lynched," or that Lord Lyons should be hanged for giving "aid and com- fort" to the rebels, or that America should act in any way independent of international law. Above all, there is not the least evidence of any desire to patch up a peace with the South, or escape for one moment from the internal issue. The very first assurance published to encourage the people was that by January the rebellion would be at an end, and the absurdity of the assertion is an additional proof of the official anxiety to keep the popular mind fixed on the civil war.

We are bound, greatly as we desire an honourable peace, not to omit the few facts which wear a somewhat less plea- sant aspect. It does not appear as yet that we have any distinct utterance from the Executive, for the President is no more bound by Mr. Chase's promises than he was by Mr. Cameron's speeches in favour of emancipation. It seems probable that Mr. Seward, in whose mind " dodges" are diplo- macy, may still suggest some evasive course, intended only to consume the time, and may carry on his delays until Lord Lyons feels himself compelled by his instructions to retire. That would be almost equivalent to war, for though we need not at once commence the campaign, some excitable American captain is certain, under those circumstances, to do some act which would make the public feeling in England uncon- trollable. We have no hint yet of the spirit of the army of the Potomac, and above all no evidence that the Federal Government is eager to escape from the complications its ill-advised tolerance of outrage has created. Still, taking all these facts into consideration, remembering the extreme rapidity with which Americans act when they mean action, recollecting the vote of a million dollars for boats on the Mississippi made after the English demand had reached Congress, and recalling, what we so often forget, the shrewd- ness of the American character, we cannot but hope that, time for reflection having been given, the Federal statesmen will act on the truth that justice can never involve dis- honour.

If they surrender Slidell and Mason, the dispute, so far from embittering the relations between the two countries, will tend greatly to their improvement. The mist which has risen between the two nations will be at once dispelled. The Northerners will lose the delusion that England dreads war with them ; we shall lose the delusion that they are seeking for war with us. Above all, the Americans will be at last con- vinced that international law depends on considerations other than the will of a Republican President, and must be obeyed even when it happens to do the precise thing it was intended to do—viz. keep national passion within bounds other than the national rage. The total absence of any rival Power on the Continent seems to have disturbed their judgment, till even their officers are disposed to consider international law something framed for their hurt. The captain of the Iro quois, for example, has just reported his expedition in chase of the Sumter to Martinique. He did, as we stated a fortnight ago, risk war, and he concludes his narrative with the following almost incredible query : " I shall be glad to understand from the Government whether they wish me to respect international law in the case of the Sumter, which gives her so great immunity, and makes every foreign port her asylum." Obviously, Captain Palmer believes that an order from the President not to respect international law will at once re- move that encumbrance, and leave him free to seize his ene- mies in Martinique or in the Thames. It is this spirit, far more than the more offensive habit of bluster which threatens the peace of the world, and of which the Americans, if they wish. their diplomacy to be respected, must speedily get them- selves rid. England desired no war with them when they were still united, and desires it still less now when every shot to be fired must help to establish an empire founded on the basis of slavery, but not even for that great cause can we tolerate international anarchy. The crisis has this time passed, and if the Americans will but display habitually the moderation and gravity they seem to have shown in this exceptional case, they may have years of peace to recruit from the wounds which civil war, however just in its origin or wise in its prosecution, is only too certain to inflict.