A mistake on this subject, of the safe early return of the revolted States, will be one of those political blunders worse than a crime; and yet it is precisely this mistake which the American people are at this hour most likely to commit. A latent love of Southern institutions _per se_; the hope of personal political advantage, among politicians, by an alliance with Southern leaders, on the part of others who care nothing for the South as such; a lingering tenderness, a forgiving magnanimity and generosity, among the people at large, which would in this case be wholly misplaced; and finally an easy faith in the extent and irrevocable nature of the successes already accomplished--all concur to lead on to the commission of this error. Talk as we will of the purposes of this war, the hand of destiny is upon us. We must accept the _role_ of emancipators and champions of human freedom, or the only alternative will happen, the loss of our own liberties and the forfeiture of our national office as the leader of Progress combined with Order, on the planet. We have to deal with an implacable, a subtle, and a versatile enemy, wholly committed to the opposite cause; unscrupulous, inappreciative of magnanimity or concession of any kind; restrained by no considerations whatsoever short of the accomplishment of his absolute and tyrannical will. We have this enemy nearly prostrate under our feet, and we stand hesitating whether to avail ourselves of our advantage or to stultify ourselves at the tribunal of the world and of history, by allowing him to rise, to repossess himself of his arms, and to recommence the conflict upon terms of equal advantage. A glance at the remaining alternative outcomings of the war must be reserved for another article. THE ENGLISH PRESS. [The article with this title is written by Mr. NICHOLAS ROWE, of London. Mr. ROWE is a lineal descendant of the celebrated NICHOLAS ROWE, the author of the tragedy of _Jane Shore_ and other well-known poems. The author, like his famous ancestor, is a man of talents and a friend of freedom. His account of the old English Press is one of the most perfect ever given. He intends to bring the subject down to the present period, and will become a regular contributor to our Magazine.--ED. CONTINENTAL.]