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ready possessed: even this state of things, if providentially enforced on us after our best exertions have been put forth to succeed, may, again, unexpectedly prove to have concealed under seeming failure a more fortunate termination of our herculean work. Perhaps there is even yet not enough national virtue among us to leaven the whole lump, and thus, by being delayed of our too greedy aspirations for success, we may only the more surely succeed. A halt at this period of the war was foreshadowed, it will be remembered by the reader, in the earlier portion of this series of papers, written more than two years ago. At any rate, if the remaining resistance of the rebel government should prove more obstinate and prolonged than is now generally anticipated, let there be no discouragement, and no serious disappointment. Remember again, in that event, that our supreme triumphs are moral and social, for which our military successes are merely a basis; and that moral and social changes demand time to be consolidated and secured. Immense changes are being rapidly effected in the public sentiment and the prospective action of the reconquered portions of the South; but such changes are not made in a day; and some retardation of the national aspiration for a speedy termination of the war may prove our providential security against evils which, our own precipitancy might possibly otherwise incur. The retention of our present hold, the gradual but slow progress to a complete final conquest, and the steady assimilation of the reintegrated portions of the South with our Northern and the truly American character and sentiment, would still, therefore, deserve to be reckoned upon the side of seeming or obvious success. But on the other hand, let us consider, for a moment, the other alternative--that of apparent disaster, incurred from the war, not so much in the light of overwhelming military defeats, which need hardly now to be seriously apprehended, as from financial exhaustion and other secondary causes introduced into the working of our national and social life through the operation and influence of the war. Mr. Cobden, undoubtedly a friend of our nation, and a shrewd observer of the world's affairs on the basis of experience, or a knowledge of the past, warns us to look forward to a period of almost utter prostration after the war shall have terminated, and to a train of serious consequences from the terrific strain put by it upon ou
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