of them, our foes would suffer incalculably,
for they have an immense amount of shipping. I see Semmes had captured
the Tonawanda, that used to lie at the foot of Walnut Street,
Philadelphia; but he released her, first putting the master under bond
to pay President Davis $80,000 after the war. I hope he will pay it, for
I think the President will want the money.

NOVEMBER 8TH.--The European statesmen, declining intervention in our
behalf, have, nevertheless, complimented our President by saying he has,
at all events, "made a nation." He is pleased with this, I understand.
But it is one of the errors which the wise men over the water are ever
liable to fall into. The "nation" was made before the President existed:
indeed, the nation made the President.

We have rumors of fighting near the mouth of the Shenandoah, and that
our arms were successful. It is time both armies were in winter
quarters. Snow still lies on the ground here.

We have tidings from the North of the triumph of the Democrats in New
York, New Jersey, etc. etc. This news produces great rejoicing, for it
is hailed as the downfall of Republican despotism. Some think it will be
followed by a speedy peace, or else that the European powers will
recognize us without further delay. I should not be surprised if Seward
were now to attempt to get the start of England and France, and cause
our recognition by the United States. I am sure the Abolitionists cannot
now get their million men. The drafting must be a failure.

The Governor of Mississippi (Pettus) informs the President that a
Frenchman, perhaps a Jew, proposes to trade salt for cotton--ten sacks
of the first for one of the latter. The Governor says he don't _know_
that he has received the consent of "Butler, the Beast" (but he knows
the trade is impossible without it), but that is no business of his. He
urges the traffic. And the President has consented to it, and given him
power to conduct the exchange in spite of the military authorities. The
President says, however, that twenty sacks of salt ought to be given for
one of cotton. Salt is worth in New Orleans about one dollar a sack,
cotton $160 per bale. The President informed the Secretary of what had
been _done_, and sends him a copy of his dispatch to Gov. Pettus. He
don't even ask Mr. Randolph's _opinion_.

NOVEMBER 9TH.--It is too true that Charleston, Va., and the great
Kanawha salt works have been abandoned by Gen. Echols for the want of an
ad