o found. To found, yes; to
make lasting, no. Here, it is not the first step that costs--it is the
second, it is the third. The Southern Confederacy is not viable. Let us
suppose that, to its misfortune, it has succeeded in all that it has
just undertaken: Charleston is free, the border States are drawn in,
there is a new federal compact and a new President, the Northern States
have of necessity abandoned the suppression of the insurrection by
force, Europe has surmounted its repugnance and received the envoys of
the great Slave republic. All questions seem resolved; but no, not a
single one has attained its solution.

The policy of the South must have its application. Its first article,
whether it declares it or not, exacts conquests, the absorption of
Mexico, for example. The fillibusters of Walker are still ready to set
out, and the first moment past, when the question is to appear discreet,
it is scarcely probable that they will meet with much restraint, now
that the prudence of the North is no longer at hand to counterbalance
the passions of Slavery.

Admit that this enterprise bring no difficult complications. For these
new territories, the question will be to procure negroes. The second
article of the Southern policy will find then _nolens volens,_ its
inevitable application: the African slave trade will be re-established.
The richest planter of Georgia, Mr. Goulden, has taken care to set forth
its necessity; mark the language which he held lately: "You have hardly
negroes enough for the existing States; obtain the opening of the slave
trade, then you can undertake to increase the number of slave States."

Will the official re-opening of the slave trade be some day effected
without bringing on a storm which will destroy the new Confederacy? I
cannot say. In any case, I know one thing: that the value of the slaves,
and consequently that of Southern property, will experience a decline
greatly exceeding that by which it is now threatened, as it is said, by
the abolition tendencies of the North. Already, through the mere fact of
secession, the price of negroes has diminished one-half; and more than
one intelligent planter foresees the time when this price shall have
diminished three-fourths, perhaps nine-tenths. Southern fortunes are
falling off, therefore, with extreme rapidity, and this arises not only
from the anticipated effects of the slave trade, but also from the
certainty of being unable henceforth to put a