Then take the State of New Orleans, which, as you know, has been now for many months in the possession of the Northern forces. The Northern commanders there had issued announcements that any cotton sent down to New Orleans for exportation, even though it came from the most resolved friends of secession in the district, should still be safe. It might be purchased to ship to Europe, and the proceeds of that cotton might be returned, and the trade be re-opened. But you have not found cotton come down to New Orleans, although its coming there under those terms would be of no particular advantage to the North. It has been withheld with this single object, to create in the manufacturing districts of France and England a state of suffering that might at last become unbearable, and thus might compel the Governments of those countries, in spite of all that international law may teach, in spite of all that morality may enjoin upon them, to take sides with the South, and go to war with the North for the sake of liberating whatever cotton there is now in the plantations of the Secession States. At this moment, such of you as read the City articles of the daily papers will see that a loan has been contracted for in the City, to the amount of three millions sterling, on behalf of the Southern Confederacy. It is not brought into the market by any firm with an English name; but I am sorry to be obliged to believe that many Englishmen have taken portions of that loan. Now the one great object of that loan is this, to pay in this country for vessels which are being built--_Alabamas_--from which it is hoped that so much irritation will arise in the minds of the people of the Northern States, that England may be dragged into war to take sides with the South and with slavery. The South was naturally hostile to England, because England was hostile to slavery. Now the great hope of the insurrection has been from the beginning, that Englishmen would not have fortitude to bear the calamities which it has brought upon us; but by some trick or by some accident we might be brought into a war with the North, and thereby give strength to the South.