If the progress of the war thus far, running through more than half of one Administration, has brought us under the ominous shadow of a coming presidential election, it has, on the other hand, effected a vast modification of opinion and feeling on some questions from which the greatest disturbances might well have been anticipated. From the beginning it was felt to be inevitable that the long continuance of the war would seriously affect the relation of master and slave directly in the rebellious States, and indirectly in all others wherever that relation existed. Far more rapidly than could well have been anticipated has this result been effected; but what is of much greater interest and importance, the violent prejudices of the people have melted away before the inevitable fact, and even the celebrated proclamation no longer excites the fierce animadversion with which it was at first greeted. From the escaped slaves of the rebellious States and the free colored men of the North, negro regiments have been organized and are still in process of formation. There is no outcry against the policy, but there seems to be a general acquiescence in the propriety of using the African race to assist in putting down the traitors who are ready to overthrow all free government in order to perpetuate the subjugation of that unfortunate people. Had the fortunes of war resulted in a speedy annihilation of the confederate authority, it would have been utterly impossible to have made any serious inroad upon the institution of slavery. Sympathy for the Southern people, and a natural indisposition to inaugurate fundamental changes, always attended with immense temporary disadvantages and inconveniences, would have prevented any thorough policy of emancipation from being adopted. But the day of moderation and compromise has now passed by, probably forever. The persistence of the rebels in their mad scheme, although their efforts were plainly destined to ultimate defeat, has secured for themselves the greatest boon which even the highest wisdom in the calmest times could have conferred. Their prodigious folly and wickedness have been overruled by a higher power, and mercifully directed to the complete regeneration of Southern society. The operation is severe, but in the end it will be salutary. In a state of continued peace, this could not have been done. Scores of years would have been required to prepare the Southern mind for it; but now, by one huge convulsive effort, made by themselves with far different views, all obstacles are swept away, and slavery is likely to come to a sudden and final end. A feeble insurrection, soon extinguished, would not have accomplished this work; and even now, if the war should speedily end, there would be serious embarrassment in disposing of the troublesome questions arising out of the subject. The continuance of the war, on its present basis, will soon settle the whole difficulty; and among the many tremendous evils and