During this interval of peace, when there is to be no blockade of the Southern ports, what is to follow? By their own accounts and estimates, the Confederates have within their limits, in cotton (at present prices), tobacco, and naval stores, a value exceeding one billion of dollars in gold. Now then, so soon as the armistice was agreed upon, the war upon the ocean, including the blockade, having ceased, the whole of this cotton, tobacco, and naval stores, would be shipped to Europe, or partly to Nassau, on the way to Europe, and this enormous amount realized by the Confederate government in gold. We know what tremendous disasters have been produced by the cotton famine in England, France, and other countries. Now, the first effect of such shipments would be the total ruin of all our manufactures of cotton and other textile fabrics. But another still more serious result would follow. We know that Louis Napoleon is the bitter enemy of the Union; we know that he has again and again declared that we could not suppress the rebellion; that he has earnestly thrice endeavored to persuade the British Government to unite with him in acknowledging the independence of the South--twice through efforts made directly upon the British Cabinet, and once through Roebuck and Lindsay, members of the House of Commons, to induce it by a parliamentary vote to compel the British Ministry to unite with the Emperor in acknowledging the independence of the South. That Louis Napoleon is our bitter enemy, is proved also by the French-Mexican war, in which England, and even Spain, separated from him. It is proved also by the diplomatic correspondence of Jefferson Davis, and by his friendly and approving recognition of the establishment of the French Imperial Government in Mexico. It is further proved by Louis Napoleon's own letter, in which he declared, that one of the objects of the Mexican war was the establishment of the equilibrium of the Latin race upon the American continent. It is farther demonstrated by the proceedings of the French in Mexico, and especially recently at Matamoras, in the mutual aid given and received by the French and Confederate forces. Now, what is the meaning of establishing the equilibrium of the Latin race on the '_American continent_'? In the first place, it means European military intervention; in the second place, it means to embrace not only Mexico, _but the whole Latin race on the American continent_. By the Latin race is included all Spanish America. It means, then, in the future, if our Government is overthrown, that all Spanish America, from the northern boundary of Mexico to Cape Horn, is to be consolidated into one great Power under imperial sway. It means to include in this vast empire the command of the Isthmus of Tehauntepec, the route by Central America (about which Louis Napoleon has written so much), by Honduras and Chiriqui, but more especially the Panama, as also the Atrato routes.