Mr. Adams to Mr. Seward.
Sir: I have to acknowledge the reception on Saturday last, the 1st instant, by the hands of Mr. T. C. Cox, of the confidential despatch from the department, numbered 649. Since then the steamer Asia brought despatches numbered 656 and 657, of the 18th and 20th ultimo, respectively.
The change in the character of the military news from America has so completely put a stop, for the moment, to the agitation of the questions which form the text of these despatches, that I scarcely know how to notice them. From the height of extreme confidence in the speedy establishment of the rebel government, with the consent of the loyal authorities, the alternation has been to despair, almost as complete, of any recovery from its present abasement. The most significant external indication of this is found in the state of the loan, which has dropped more than 20 per cent. in the interval. So long as this state of feeling shall remain, there is no probability of a renewal of any movements of a troublesome nature.
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I fervently pray that the course of events may lead more and more to a settlement of our difficulties, and to a reunion of the loyal sentiment of the country on some permanent basis for the future. It is impossible to resist the conviction that the question of emancipation is becoming every day, with the progress of our arms, a stronger and more necessary element in any possible reestablishment of the Union. In the eyes of Europe this is the vital point in the whole conflict. It constitutes the great problem of which the statesmen of Great Britain await the solution with divided hopes and fears. Upon the event will depend the ultimate condemnation or the justification of their narrow and ungenerous policy.
I take advantage of the period of auspicious news from home, and of general relaxation here, to make an excursion of a few weeks to visit Scotland. Should any occasion require my presence I am always within easy reach, with the aid of railway and telegraph.
I have the honor to be, your obedient servant,
Hon. William H. Seward, Secretary of State, &c.