In the great future, whoever commands these routes, especially together with that of the Isthmus of Suez, which I visited a few months since, and which Louis Napoleon has nearly completed, will command the commerce of the world, and, as a consequence, ultimately control the institutions of the world. Such are the tremendous problems teeming in the brain of Napoleon the Third, and all, as he believes, depending upon the destruction of the American Union. I speak of what I know from a residence now of nearly two years in Europe. Thus it is that Louis Napoleon intends to bring us within the centrifugal gravitation of the European balance of power. This wonderful man proposes to extend this system from the old continents to the new, embracing both, and thus hold in his grasp the equilibrium--the balance of power of the world. We may well imagine what that equilibrium will be when Napoleon the Third shall hold the balance in his hands. Already he has considerable possessions (insular and continental) in North and South America, and Mexico, under Maximilian, is substantially a French dependency. He holds Algiers. He is colonizing Egypt (as I myself saw this year) by his railroads and canals. He has seized and colonized Cochin China and Annam. He has made Italy a dependency on the bayonets of Franco. Now then, under these circumstances, when the blockade shall have terminated, and Jefferson Davis, who is quite as ambitious and even more talented than Louis Napoleon, shall hold in his hand more than a billion of dollars' worth of Southern products ready for immediate shipment, may he not, and will he not say, through his most able and adroit diplomatic representative at Paris, 'Recognize the independence of the South, and all these products shall be shipped for sale in France, and to French manufacturers,' and thus enable France to crush for the present the cotton manufacturers of all the rest of the world. It is well known in Paris that Mr. Slidell is upon terms of the most intimate association with Louis Napoleon, and has thoroughly convinced him that we cannot suppress the rebellion. Is it not, then, clear, anxious as Napoleon is for the success of the South, that he would, in the event of McClellan's election, at once recognize Southern independence. Indeed, it is the boast of the Confederate leaders in Europe, since the adoption of the platform at Chicago, that, upon the election of their candidates, without waiting four months for the inauguration in March next, Napoleon will AT ONCE recognize the Confederate government. Indeed, I do not doubt, from the circumstantial evidence (although I do not know the fact), that there is already a secret understanding between Jefferson Davis and Napoleon the Third to recognize the independence of the South upon the election of the Chicago candidates. Why wait four months, until the 4th of March next, when the American people, by indorsing the