We are not bound to furnish her cotton.

She has more reason to fight the South for burning that cotton, than us for not shipping it.

To aid the South on this ground would be hypocrisy which the world would detect at once.

Let her make her ultimatum, and there are enough generous minds in Europe that will counteract her in the balance.

Of course her motive is to cripple a power that rivals her in commerce and manufactures, that threatens even to usurp her history.