I don't know how, on the first day after the capture of the Southern Commissioners was announced, a rumor got abroad in London that the taking of the men was an act according to law, of which our nation could take no notice. It was said that the law authorities had so declared, and a very noble testimony to the LOYALTY of Englishmen, I think, was shown by the instant submission of high-spirited gentlemen, most keenly feeling that the nation had been subject to a coarse outrage, who were silent when told that the law was with the aggressor. The relief which presently came, when, after a pause of a day, we found that law was on our side, was indescribable. The nation MIGHT then take notice of this insult to its honor. Never were people more eager than ours when they found they had a right to reparation. I have talked during the last week with many English holders of American securities, who, of course, have been aware of the threat held over them. “England,” says the New York Herald, “cannot afford to go to war with us, for six hundred millions' worth of American stock is owned by British subjects, which, in event of hostilities, would be confiscated; and we now call upon the Companies not to take it off their hands on any terms. Let its forfeiture be held over England as a weapon in terrorem. British subjects have two or three hundred millions of dollars invested in shipping and other property in the United States. All this property, together with the stocks, would be seized, amounting to nine hundred millions of dollars. Will England incur this tremendous loss for a mere abstraction?”