The basis of such a rule, as, indeed, of all the conduct of a neutral during war, is equal and impartial justice to all the belligerents; and this should be a substantial and practical justice, and not exist in delusive or deceptive terms merely.

Now, a little reflection will, I think, show your Excellency that the rule in question cannot be applied in the present war without operating with great injustice to the Confederate States.

It is well known to your Excellency that the United States being a manufacturing and commercial people, whilst the Confederate States have been thus far almost wholly an agricultural and planting people, the former had within their limits and control almost the whole naval force of the old Government, and that they have seized and appropriated this force to themselves, regardless of the just claims of the Confederates States to a portion, and a large portion of it, as tax-payers out of whose contributions it was created.

The United States are thus enabled to blockade all the important ports of the Confederate States.

In this condition of things, observe the practical working of the rule which I am discussing.
It must be admitted that we have equal belligerent rights with the enemy.
One of the most important of these rights in a war against a commercial people, is that which I have just exercised, of capturing his property upon the high seas.