The American Crisis In Europe

The receipt OÍ the Loudou jouruals of M ay 4, tv the Europa, has set at rest ttH doubt ttsto the policy of tho JJritish govornnient witb regard to the South. - The appureut ambiguity of Lord Johu Ruasetls language as to the blockade, and the belligorect oonditlon of the loutbern States, is cleared up by the tone of tho leading Londou papéis. Tho l'ost, the organ of the Premier, says that to preserve the neutrality which Lord John ltussell " so iorcibly expressed :' , is clearly tho duty of the eountry ; it says that the war now existiug in tliis country must be left to work itself out, howevor disastrous the result uiay be to foreigu tradc and the uianufacUiring industry of Eugland. The position in wlnch the rebel States are regardcd is elearly deüued by the Premiers organ, when it says that the national governmeut is at war witfi insurgents whose independent existence, either de jure or de faelo, bas never been recognized by any Power in the world ; that in tho contemplation of public law they iiresimply robels, aud that Mr. Lincoln lias undoubtedly the right to declare a bloekade of the southeru ports. aud to treat and puuiub all southern privateers as pi ra tus. - Tbere is no mistakiug the rueaning of this language, aud, coming i'roin an organ of the govermueut, it may be taken as decisive in favor of absolute neutrality on the part of England, and the non-reeognition of the southern Confederacy The tone of the English press generally accords with these views, the privateering system of Mr. Davisbeing denounced by the London Shipping Gazette and other iuflueutial jouruals as piracy. Our correspoüdents in Paris, writing on the 3d of May, furnish accouuts of tho absorbing interest createdin political circles ín that city by the news of the Aiuericau war. Austria, Sardinia, Rome aud the new kingdom of Italy were, so to speak, forgotten, and public attention was entirely directed to a canvass of the causes which have produeed, and the eventuulities which may ensue from, the civil contest in the New World. It is even asserted that Napoleon hopes to reap most important advantages from the struggle; fint by inaking it an excuse for a sudden abatcment of the war fever in Europe ; and secondly, by seizing the opportunity to further some alleged monarchial designs of France, England and Spain in South America, Mexico and St. Domingo. The Paris Comtitutionnel anticipates that tbc Spanish government will soon assure the world, oflicially, that slavcry shall never be revived in St. D- mingo. It is stated that the linen trado of the north of Ireland is ruinously prostratod, owing to the absence of orders from America, and that great distress exists amongst tho weavers in and around Belfast in consequencti.