But I Think It Must Be Felt By All Who Have Given Any Thought To The Constitution Of The States, That Let What May Be The Letter Of The Law, The Presidents Of The United States Have Had No Such Power.

It is because the States have been no longer united, that Mr. Lincoln has had the power, whether it be given to him by the law or no.

And then as to the debt; it seems to me very singular that we in England should suppose that a great commercial people would be ruined by a national debt. As regards ourselves, I have always looked on our national debt as the ballast in our ship. We have a great deal of ballast, but then the ship is very big. The States also are taking in ballast at a rather rapid rate; and we too took it in quickly when we were about it. But I cannot understand why their ship should not carry, without shipwreck, that which our ship has carried without damage, and, as I believe, with positive advantage to its sailing. The ballast, if carried honestly, will not, I think, bring the vessel to grief. The fear is lest the ballast should be thrown overboard.

So much I have said wishing to plead the cause of the Northern States before the bar of English opinion, and thinking that there is ground for a plea in their favor. But yet I cannot say that their bitterness against Englishmen has been justified, or that their tone toward England has been dignified.

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