26 MARCH 1864, Page 2

The Times, after two years of resistance, at last acknowledged

on Thursday that the American war will, in all human probability, .terminate slavery, and that "at this moment the most conspicuous result of the American war is a gradual elevation of the black race .in social and political position." There is another result of another kind which we shall one day learn to ponder, and that is the proof afforded by the war that democracies are not in a military sense weak.