A Shrewd Opinion.
--
B. Liebert, in his monthly
Manchester report for March, remarks concerning the
American war.
The internal resource of the
North are so vast that there cannot be any doubt of its ability to continue its present policy, so long as the war party maintain their present footing.
The practical working of the conscription will test the temper of the people, but, unless it, or the other war measures recently enacted, lead to a rebellion in the
Federal States themselves, there can be no hope of any wise counsels prevailing at
Washington.
On the other hand, the avidity with which the
European loan to the
Confederates, on security of a portion of the cotton bought from the planters, has been taken up, is a strickling proof of the belief in their ultimate success entertained by
European capitalists.
The unity of purpose, ardent patriotism, and superior tactics of the
Confederates, together with the immense advantages they enjoy over their opponents in the defensive war they sustain, in so vast and prolific a country, sided by the active co-operation of the people amongst whom they are fighting, abundantly show the futility of the attempt at their subjugation, Thus I cannot entertain any hope of a speedy cessation of the frightful struggle, nor of the release of the cotton hold in the
Gulf States.
The other causes which will probably tend to maintain the present high value of cotton manufactures are the now almost absolute certainty of our future supply of the raw material (from other sources than
America) being much less than what has been calculated upon, and the probability that as the
Indian and other large foreign markets have already been so favorably affected by the falling off in the shipment hence, bey may be even further favorably influenced by the still greater diminution in their receipts, which must infallibly take place during the next two or three months.
