No man of sound judgment can entertain the least doubt that the first step of Russia will and must be, to exclude America from the markets of Europe by the renewal of what is called the continental system. Not a single bushel of wheat or corn, not a single pound of tobacco, not a single bale of cotton, will you be permitted to sell on the continent of Europe. The leagued despots must exclude you, because you are republicans, and commerce is the conveyer of principles; they must exclude you, because by ruining your commerce they ruin your prosperity, and by ruining this they ruin your development, which is dangerous to them. Russia besides must exclude you, because you are the most dangerous rival to her in the European markets where you have already beaten her. And it will be the more the interest of Russia to exclude you, because by taking Constantinople, she will also become the master of Asiatic and African regions, where also cotton is raised.

Well, you say, perhaps, though you be excluded from the European continent, England still remains to your cotton commerce.—Who could guarantee that the English aristocracy will not join in the absolutist combination, if the people of the United States, by a timely manifestation of its sentiments, does not encourage the public opinion of England itself? But suppose England does remain a market to your cotton, you must not forget that if English manufacture is excluded from all the coasts of Europe and of the Mediterranean, she will not buy so much cotton from you as now, because she will lose so large a market for cotton goods.

Well, you say neither England nor you will submit to such a ruin of your prosperity. Of course not; but then you will have a war, connected with immense sacrifices; whereas now, you can prevent all that ruin, all those sacrifices, and all that war. Is it not more prudent to prevent a fire, than to quench it when your own house is already in flames?

Ladies and Gentlemen, let me draw to a close. I most heartily thank you for the honours of this unlooked-for reception, and for your generous sympathy. I feel happy that the interests, political as well as commercial, of the United States, are in intimate connexion with the success of the struggle of Hungary for independence and republican principles; and I bid you a sincere and cordial farewell, recalling to your memory, and humbly recommending to your sympathy that toast, which the more clement Senator of Alabama, Colonel King, as President of the United States Senate, gave me at the Congressional Banquet, on the 7th of January, in these words:—

"Hungary having proved herself worthy to be free, by the virtue and valour of her sons, the law of nations and the dictates of justice alike demand that she shall have fair play in her struggle for independence."

It was the honourable Senator of Alabama who gave me this toast, expressing his conviction that to this toast every American will cordially respond. His colleague has not responded to it, but Mobile has responded to it, and I take, with cordial gratitude, my leave of Mobile.

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XXXIX.—KOSSUTH'S DEFENCE AGAINST CERTAIN MEAN IMPUTATIONS.

[Jersey City.]

Kossuth was here welcomed with an address by the Hon. D. S. Gregory, whose guest he became. Great efforts had been made to prejudice the public against him; notwithstanding which he was received with enthusiasm. In the evening, in his speech at the Presbyterian Church, he alluded to the attacks of his opponents as follows: