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h Government. In either case a withdrawal from the alliance would be either dangerous or discreditable, and yet the objections to perseverance in joint action might be still more insurmountable. The quarrels of two Allies with a common enemy are never altogether identical. It might become necessary to mix up questions of Mexican policy or of insults on the French flag with the main object of terminating a ruinous civil war.--The mere want of cotton is not precisely the same in character and in result, as it affects the trade of the two countries. An armed intervention in the South would probably be popular at Lyons, but it would certainly meet with general disapproval in Lancashire. On the whole, it is better not to engage in an uncertain partnership; it is inexpedient to undertake the gratuitous duty of coercing the Americans into commerce; and it is not even desirable to offer or to undertake a mediation which might probably end in an armed intervention by England and France.