Mr. Seward to Mr. Underwood.

Sir: Your despatch No. 6, of November 5, has been received. The scheme of the insurgents to raise funds, which you describe, is dependent on their success. It is coining the sympathy of their friends in Europe, and that is a source of revenue always speedily exhausted. The present efficacy of the blockade is quite likely to hurry the natural decline of credit built on so precarious a foundation.

I am, sir, your obedient servant,


W. L. Underwood, Esq., United States Consul, Glasgow.