It is stated, on good authority, that the only objection urged by the President to adopting the policy of Emancipation, is the danger which would be thereby incurred of effectually losing the allegiance of the loyal slave-holders in Tennessee, Kentucky, and Missouri.

The obvious answer to this is, that by paying these loyal slave-holders for their chattels they could not fail to become firmer friends than ever. When we reflect on the extremely precarious tenure of all such property on the Border it becomes apparent that the man must be a lunatic indeed to hope for the permanency of the institution in the tobacco States. Since the war began nearly the two-thirds of the slaves in Missouri have changed their habitat,—about one-half of the number having been 'sold South,' while the other moiety have traveled North, without reference to ownership.

The administration need be under no apprehension as to the popularity of this measure. It would be hailed with joy by millions. The capitalists of our Northern cities, who now await with impatience some indications of A REGULAR POLICY, will welcome with enthusiasm a proposition which would at once render the debatable land no longer debatable, and which would effectually disorganize the entire South, by rendering numbers desirous of selling their slaves in order to secure what must sooner or later be irrecoverably lost. If government has a policy in this matter, it is time that the public were informed of it. The public is ready to be taxed to any extent, it is making tremendous sacrifices; all that it asks in return is some nucleus around which it may gather,—a settled principle by which its victories in war may be made to form the basis of a permanent peace.

The English press, statesmen and orators have been pleased to regard our democratic government as a failure.

But we have at least one advantage. When an enormous wrong is perpetrated on the people by a secretary, he can be hustled out of the way, and the accomplices be punished.

In England we have seen of late the most enormous political and social outrage of the century coolly committed, without the slightest regard to consequences, and without the slightest fear of any punishment whatever.

The truth has come to light, and every investigation, in the opinion of the ablest and most sagacious men, confirms the assertion that the late MASON and SLIDELL difficulty was simply an immense stock-jobbing swindle, played in the most heartless manner on this country and on England, without heed as to the terrible consequences.

The London Times, as is well known, is the organ of the ROTHSCHILDS. During the late iniquitous war-flurry it acted perfectly in concert with Lord PALMERSTON. While that gentleman kept back for three weeks dispatches, which, if published, would have had the immediate effect of establishing a peaceful feeling, his Hebrew accomplices bought literally right and left of securities of every kind. Grand pickings they had; everything had tumbled down. England was roused by the Times to a fury; a feeling of fierce injury was excited in this country, which an age will not now allay; and right in the midst of this, when one word might have changed the whole, the official ministerial organ explicitly denied the existence of those 'peace' dispatches which have since come to light!

Let us anticipate some of the results of this precious Palmerston-Hebrew-Times swindle.

It has cost England twenty millions of dollars.