European Items

The Paris Moniteur saya the ootton crisis iu Franco, which Las been severely feit by the operation, bas well nigh passed away. The eonsumption of cotton in Krance during tho past thrce montlis of the present year, is one-tbird more than iu the same period ol last year, and mie-third lesa than in the samë time iu 18 0. The misehief caused by the war in A merica is therefore in a fair way of being remedied. Tbere soems every probability that the Freucli colouies of Algiers, Guyana, and West Indios, will produce as uiuch cotton as Franco requires. The London journals regard Secrctary Seward'e recent speech at Auburn, New York, as expressing the abandonmunt of the einancipation war policy by Mr. Lincoln's cabinet in order to secure the re-clection of the President by seemiug to throw off the radical republicans. Coburn has fiuished traiuing for the fight wrth Mace. Ho is represen ted as being iu splendid condition, Toni King, haviug seen Uoburr. spar, refused to aid Mace with 200 of the battle money which he liad promised. " The Uuion is the one condition of peace," says Gen. McClellan. " The abandoument of slavery " is the condition of peace, says Mr. Lincoln. Whicb is the Unionist ? Gen. McClellan was serenaded at lus residence, in ürango,' New Jersey, last Tuesday evcning. An address was delivered by Gov. Parker, to whicb the General replied in a short speech.