LATEST EUROPEAN AND AMERICAN INTELLIGENCE.

Wellington Independent, Volume XVII, Issue 1770, 23 September 1862, Page 3

LATEST EUROPEAN AND AMERICAN INTELLIGENCE.

(From own own Correspondent). London, 20 th July, 1862. Th« American civil war is still the all-absorbing topic of the day. It is a subject which touches us so closely at the present moment, in a commercial and social point of view, that we cannot lose sight of it for an instant. Directly or indirectly, it affects every class of the community, and therefore we watch all its changes with that peculiar Btrain of attention which arises from selfinterest. With anxious and wistful gaze, our unemployed factory hands gaze athwart the Atlantic, and scan, while they groan, the unwearied combatants who are bestrewing that vast battlefield — the American continent — with their bodies, and converting it into a huge gblgotha. But in vain ; the smoke of battle still ascends ; the plains are dyed with blood ; the work of carnage still proceeds; and the survivors who have sniffed the dank odours of corruption from their unburied comrades, are still athirst for blood — the blood of their fellow countrymen. Within the last month, the American war has entered upon a new phase! A series of battles extending over seven days, have been fought before Richmond, and the result is immense success, if not overwhelming victory for the Confederates. This is what had been fully anticipated in England by those who have studied the course of events at the seat of war. For several months past, the fortunes of the Federal cause had been in the ascendant. New Orleans had been taken, and all the Confederate fleet and gunboats virtually destroyed; and the Federalists boasted that they would celebrate the fourth of July in Richmond. But they had reckoned without their host, and it is now more than doubtful jf they will ever come within sight of that city. Aa it is, they have been forced to retreat somo thirty or forty miles, with immense loss in killed wounded, and prisoners, of about 30,000, besides vast quantities of ammunition, stores, provisions of all kinds, and artillery, which General McClellan was forced to abandon. Of accurate and reliable details Of these several engagements we have none, and it is only by degrees that we learn the results. There is now no Russell at the ssat of war to give us a full and unprejudiced account of the •• Great Battle before Richmond." The few disjointed particulars which reach us " come in such a questionable form ". that we can place no dependence upon them. The driblets of information in the shape of telegrams and " despatches " which the American government suffered to appear from time to time, were so " cooked " and kkified of set purpose, as to be wholly unworthy of belief. The American public had to be prepared by degrees for the series of defeats and disasters which the Federal army had to sustain before Richmond, from the vicinity of which it was completely routed and put to flight. Victory was at first proclaimed in favour of the North and the general retreat of McClellan's forces was represented as a skilfulj strategic movement But at length the truth, began to ooze out, and there was a decided panic in Wall street. Government and other securities mddenly fell 3 to 5 per cent, and then it was felt that the Federal forces had met with a terrible reverse. But as usual, whenever the Northerners suffer defeat, they attribute it to the overwhelming numbers of the enemy. In the present case, I believe there was a good deal of truth in the allegation. For the last two months, the Confederate Generals, including « Stonewall " Jackson and Beauregard, had been concentrating their forces at Richmond, where they had resolved to take up their stand against McClellan. They must have had 180,000 or perhaps 200,000 men massed around Richmond, whereas it it is stated by Federalists, that the num. ber troopi under McClellan's command did not e-s---ceeds 95,000. This is perhaps a low estimate, but at all events, there can be no doubt that the South had the advantage in point of numbers. For oeveral weeks General McClellan had been calling loudly for reinforcements, but in vain. Either there were none to send, or else Stanton the Secretary of War did not choose to send them. It is said that he is jealous of McClellan, and would gladly see him defeated and deprived of his command, but the latter is supported by the President who believes in him. Nevertheless the " young Napoleon" has fallen considerably in the estimation of his countrymen, and or Europe. It is thought, and not without reason, that his only chance of success lay in making a bold dash upon Richmond, imtead of sitting down before it with his troops, and suffering them to be decimated as they have been by sickness and exposure to the climate. Tliat fever made immense ravages in tho Northern army there can be no doubt! An " occasional correspondent " of the Times— who is evidently an English officer— writing from McClellan'a camp some three or four weeks since, states that the soldiers in camp suffer great hardships from the ignorance or negligence of their Generals, or the scoundrelism of selfish moneymaking contractors, that they stand what no European army would without revolting—that the generals and officers are fearfully addicted to drink; and that the " whole division are for con» seoutive days without any other food than a few wretched biscuits, and yet more wretched coffee. For days they have not an ounce of meat, and evea if they get it, it is salt beef aa hard as sole

leather." He goes on to state, that BlcClcllan is losing more men in this way — from want of proper food, swamp water and the foul and poisonous air of the clamp woods — than he would by storming the Confederate position — but that he is unwilling to ri&k a battle. The writer winds up his letter by expressing his belief that BleClellati is no genius ; and declares that "To watch tins war is disgusting, both to an educated soldier and to an honest man, for nowhere is to be seen more military stupidity and more dishonesty than in the brave American army." Such being the disorganised condition of the Federal army before Richmond, no wonder that it was put to rout with signal disaster. The fighting commenced on the 26th ultimo, and continued almost without interruption to the 2nd of July, the Federal army having " retreated" seventeen miles from their original position, and having lost in bare provisions alone, as much, according to Southern accounts, as would supply an army for three months. Besides which the Confederates i state that they took all General McClellan'g siege guns and that they captured as many as 12,000 prisoners. That the South regards its succe33 aa a decided victory may be inferred from the fact that Richmond was illuminated — whereas there was gloom and panic at New York. Still the North does not despair, the Chamber of Commerce at New York, has passed resolutions supporting the Government ; Lincoln hag called for a further levy of 300,000 troop?, to be raised immediately, and has himself visited McClellan's camp ; and the latter has issued a proclamation to his army in which he declares that it (the army," shall enter the capital of the so called confederacy ; that one Northern constitution shall prevail, and that the Union which alone can secure internal peace and external security to each state mu3t and shall be preserved, cost what it may in Lime, treasure and blood." Still notwithstanding this flourish of trumpets there is not the slightest probability that McClellan will be in a position for the next six months, (should the war last so long), to renew his attack upon Richmond with any prospect of success. Nay it is by no means unlikely that the Confederates who are now in great force around Richmond, where they have the flower of their army, as well as all their best generals, including Lee, Davis, Beauregard, and Jackson, will make an effort to improve their advantages by pressing forward towards Washington while their opponents are weak and demoralised. It will be remembered that if the Confederates had followed up their victory at the battle of Bull Run they might have taken Washington without difficulty, in like manner as the allied army in the Crimea might have marched into Sebastopol immediately after the battle of the Alma. That the attempt which the North is now making to raise 300,000 additional men, will fail, nobody on this side of the atlantic doubts. Nay a tenth part of that number will not be forthcoming, notwithstanding the increased bounty offered as well by Government as by the corporations of various cities. There is at present an under current at work in American society, in favor of peace, more especially amongst the more educated and commercial classes. They already perceivo thatjthe hope of subduing the South and bringing it back to the Union is desperate ; and that such a result could not be achieved, even after exhausting all the blood, treasure and credit of the North, and heaping up a mountain of debt which might hereafter crush their 'posterity, if it did not overwhelm themselves at the present day. Accordingly there are those who, while ostensibly supporting the war, secretly wish for the interposition of Europe. The intervention of England or Franco alone, or even of both," would ba scouted ; for it is supposed that their interference would bethejresult of interested motives; but were all the other great powers of Europe, including Russia, Prussia, Austria, Spain, Italy and Belgium to unite with Great Britain and Franco they would probably be listened to favorably by tho United States. Such at all events is tho opinion of the New York correspondent of the " Times," and it is an opinion which is fast gaining ground in Europe. I think it therefore by no means im. probable that before long some joint proposition for terminating the war will be laid before the American Government by the great European Powers. This appears to be the only chance that offers for putting an end to this desolating and protracted war — unparalleled iv the history of , the world, as well for the vastness of its proportions, as tor the relentless ferocity with which lit has been waged. Doubtless it will ba no easy matter when the time comes, to arrange the terms of a peace between the North and the South ; each side will claim the " Border States," and there will be the rub — to say nothing of the "territories." I think there can be no doubt that tho majority of the inhabitants of North Carolina, Virgina, Maryland, Tennessee, Kentucky, and Missouri would be in favour of casting in theirlot with the Southreu Confederacy ; — as their " proclivities " have all along been southward — and even at the present moment there is every prospect of a pro-Confeder-acy rising iv Kentucky and Tennessee. Were the the Confederates to confine their ambition to the States of the extreme South, comprising South Carolina, Georgia, Florida, Lousianna, Albama, Mississippi, Texas, and Arkansas, it would probably not be difficult to induce the North to accept th'iß arrangement — to which, however, I am inclined to think the South would not agree ; and so I imagine the line of demarcation b&tween North and South will eventually have to be drawn almost due west of Washington. In this country the impre3sion grows daily stronger that the South must succeed in establishing its independence. The majority of the press with the TLnes at their head, are certainly in favour of the Confederate States, and I think the time is not distant when England and Franco will recognise the Southern Confederacy. Still the North seems determined at present to prolong the contest, and tho Secretary for the Treasury has lately issued 150,000,000 dols. in demand notes — though this measure has been severely criticised by some of the American papers more especially those connected witM^jommerce. However, to sum up what I have said^rith respect the Confederate victories before Richmond (not to speak of another victory gained at Charlestown,) McClellan's army has been forced to abandon its position and to retreat across the Chickahominy. It is now massed, on the James River, along a space of about five miles on the river, and to a distance of three miles therefrom- — at a place called Harrison's Landing, twenty miles aouth-east of Richmond, is in a direct lino but nearly twice as far by water. Tina " Grand Army of the Potomac," has been defeated in a serious of engagements, extending over seven daya, has lost some 25,000 men (more or less), a considerable quantity of artillery (80 large pieces according to Southern accounts), and has lost besides the prestige of its General, an immense amount of war material — provisions, to the value.it is said, of 1,000,000 dols. Andall thisisowing to the successful strategy of the Southern Generals and to the rapid movements Avhich .enabled them to withdraw all their forces suddenly from the West and concentrate them at Richhmond. The Northern press is loud in its denounciations of Secretary Stanton, to whose blundering and mismanagement it attributesall the defeats lately sustained by the Federal cause ; declares that he has lost the confidence of the people, and strenuously urges his dismissal. Beforo concluding this summary of American affairs, I must not forget to state that gold has reached a premium of from 10 to 15 per cent, and that silver is also at 6 sper icent premium. So much for American finance and " Shin plasters."

The home news for the present month presents no features of striking importance. The great International Exhibition has hitherto succeeded in a pecuniary point of view beyond the expoctatiions of many of its well wishers who had previously been doubtful on the subject. The average attendance on the shilling days has been about 60,000 ; and on Fridays and Saturdays when the charge is half-a crown the attendance has averaged 25,000, or thereabouts. The awards of the Juries have lately been announced, 4 and about one half

of the Exhibition have received either a medal or else " honorable mention." Still great dissatisfaction is expressed with the results, gnd great disappointment is felt by many who fully expected to have their claims recognised. As regards New Zealand, I understand that medals have beon awarded for some specimens of wool, flax, &c, but at present I am not aware who the successful individuals are. The Princess Alice was married privately at Osborne, on the Ist of the month. The ceremony was performed by the Archbishop of York, and although ' private' there was present a very large and select circloof friends and relatives on both sides, including some of the elite of English society. The royal couple will reside partly in England and partly tit Hesse Darmstadt. The presents received by the youthful bride from her several friends were of the most costly and recherche character. There is nothing connected with par liamentary affairs which calls for special notice. , The New Zealand Bill has been passed, but as to the way in which it will be received in the colony I cannot offer any opinion. I believe its principal object is to confirm the power which the Constitution gives the Legislative Assembly for subdividing the Provinces, and to curtail the authority of the Superintendents, and to make them more subordinate to the General Government. At the present moment New Zealand is but little talked of. People take it for granted that the Maori war is a matter of history. They have unshaken confidence in the tact, good sense, and discretion of Sir George Grey, and they believe that he will eventually succeed in restoring order, loyalty, and civilisation, in the place of anarchy, disaffection and bloodshed. Trade still continues exceedingly flat, and there are at present are no signs of improvement. The American tariff under the present regime is such that it excludes moat of our manufactures from the American market. Besides this the price of cotton is daily increasing while the stock in hand is running low, mills stopping work or only working short hours, and distress increasing to an alarming extent in the manufacturing districts, at the rate it is stated of 1500 or 1000 per week. The ordinary local machinery of poor rat© is found to be quite unequal to the emergency. The paupers in the cotton districts, it is said, are " already more by an average of 75 per cont. than they wei-e in the deplorable summer which followed the commercial crisis of 1857, and in one Union, Ashton under Lyne they are nearly four times as numerous. The subject is at present under the consideration of Parliament, and doubtless -some extraordinary mea. sure whether by way of rates in aid, parochial loans, or treasury grants, must be devised for meeting the present emergency. This has long been foreseen : still nothing has hitherto been done on a large scale, if we may except local subscriptions from mill-owners, merchants and landed gentry. But I should mention, that at a meeting which took place in London a few days since, a sum of £10,000 was raised for the relic fof the cotton famine, as it is called. The subscription list showed 4)1.000 cash, from the Earl of Derby, the Earl of Ellesmere, the Marquis of Westmiuster, and Lord Egerton of Tatton. A committee was formed for collecting subscriptions, and a resolution moved " That the increasing distress call for increased efforts for relief; and that it ia incumbent upon those who are connected by property with those districts to take a prominent part in contributing to such relief." It is said that the total number of bales of cotton at present in England ia under 200,000, or about one tenth of the quantity on hand*a twelvemonth since, and that under all circumstances we cannot expect more than 500,000 more bales from all sources during the remainder of the current year. The number of bales consumed weekly upon short time I is about 25,000, so that our raw material will only furnish 24 weeks work ; and then if the American ports should still be closed against us at the end of the year, our mills will propably have to stop altogether. This is a serious and a fearful prospect. Still there are some who take a more hopeful vievr of the future and who maintain that we I shall always obtain a considerable supply of cotton from India. — for that tho increased demand and enhanoed price of the article (now Is. and la. Gd. per lb.) will cause a constant supply to be brought into the British market — from whatever quarter it may be provided. This is a difficult and a delicate question upon which I will not here venture to speculate. Were I to hazard any opinion on the subject, it would bo, that before the end of tho year, tho American war will bo over, and the cotton ports once more open. Since I commenced this letter, I find that tho Emperor of Russia has already taken some steps for inducing the American belligerents to come to an armistice, with a view to a peaceful compromise. Tho Economist says , that the high price of cotton fabrics will cause an augmented one for linen and woollen articles ; but at present there has been no perceptible effect produced upon the wool markets. At present they are generally represented as steady, firm, and stiff, with an upward tendency in prices, and a fair average business being done. On the whole, wools are maintaining their prices, and " the flannel trade stands in cheerful contrast to cotton." In any case lam inclined to think that wools will maintain more than an average price during; the ensuing autumn and winter. Tho Thames Embankment Bill has occupied a good deal of the attention of Parliament and of the press for the last month. The question was whether the vested interests of the Duke of Buccleugh at his mansioiVatWhitehall should yield to the public utility, and whether the new road from Blackfriars Bridge along by the side of the Thames should terminate at Whitehall yard, or should be continued along to Westminster Bridge. The Duke had obtained a crown lease some few years since of the ground between his mansion and tho river, and ha was therefore unwilling that a public highway should ba made between his house and the Thames. The question seemed a simple one ; and now after several strong debates and after having been referred to a select committee it has been decided in favor of the public roadway, which will now extend at an average width of 100 feet from Westminster to Blackfriara. The Yelverton marriage case has once more been before the public. The question of the validity of the Scotch marriage was brought before Lord Ardmillan in Scotland, who decided that it was not a valid marriage. But it is abundantly evident his Lordship took a one sided view of the case ; and his 'judgment which was very elaborate, betrayed rather the feelings of an advocate than of a dispassionate and unprejudiced Judge. Some exceptions raised at the Dublin trial have also been brought before the Dublin Courts, but tho judges there were equally divided and so the matter rests in statu quo, as regards the the Irish marriage. But the question is not finally decided, aa yet Lord Ardmillan's judgment will be appealed against, and the case will doubtless have to be settled in the long run by the House of Lord 9.

An immense fire took place about a fortnight since in the Westminster bridge road, it- was the largest that has occurred in London since the Tooley-sti eet fire of last year. In addition to the extensive premises of Messrs. Harvey & Co., linen and woollen drapers, and the promises of Messrs. Goatley & Charles, floor cloth manufactory, 28 houses have been more or less injured. Altogether the loss of property destroyed is estimated at £150,000. On Thursday last the great steam-ship Indian Empire, which had lately been undergoing repairs in the ship yard of Messrs. Singler, and which wis moored in tho river near Deptford, was totally destroyed by fire. Garrote robberies are becoming once more the order of the day , or rat her of the night, in London. In fact London at the present moment seoms infested with robbers of the most daring and desperate character, and it is only a few nights since a member of Parliameat returning late from the House of Commons- was attacked and robbed in Pall Mall Und nearly murdered.

A few words on cominential affairs before a close, Russia and Prussia have lately recognized the new kingdom of Italy. Matters in that country re-

main in stxln quo, only that Garibaldi has lately been making a " progress " in the South and addressing the people in the N orth in the most inflamatory and violent speeches, for the purpose it would seem of arousing them to match upon Koine and Venice. In these harangues he has denounced the Emperor Napoleon in such unmeasured language, that representations have been made to the Italian Government on this subject. And the "result will be that if Garibaldi docs not moderate bis r.igo, and use more discretion in his language, he will ruin the Italian cause by his imprudent zeal, and the Italian Government will have to " chut him up," incontinently, despite of hia immense serviced to the cause of Italian freedom and nationality. His great fault is that he is too apt to be led away by men of the Mazzini type, than listen to wise and moderate counsels. This is what his best friends say of him. He is a brave and honest man — but the child of rashness and impulse. The French has sufferred some severe reverses in Mexico, and I should not wonder if they eventually abandon their enterprises in that quarter as having been imprudent and quixotic in the extreme. However, largo reinforcements have been sent out, and as soon as the French array has taught the Mexicans a lesson in the art of warfare, it will doubtless come home again, content with the ' ' glory " which it may have achieved, and resolved to leave the Mexicans chose their own Government, and rob and plunder, and cut each others throats in their own way without further interference.

Subjoined are the latest telegrams of the day : Saturday evening, half past six o'clock.

The funds have gone np rapidly within a day or two, from 92 i to 91 J; Bank rate of discount 2 per cent.

Latest accounts from Leeds, woollen markets very favorable. Laat week very brisk, overtime worked by several houses. If the present cotton crisis should continue, a great rise expected in wool.