The London Telegraph closes an article on our assuinption of greatness and the proposition to hold an international exposition in 1876 as follows : The Fourth of July, 1876, unquestionably symbolizes to every patriotic American the greate8t eveut in anoient or modern history. We have learnt in England to be no leas hearty over eaoh recurrent "Fourth of July" than our mercurial cousins, who love to hymn " Jefferson's immortal document." Nor, despite the pseudo-adulation of Kussia. and porhaps of France, is there any nation in Europe which sympathizes more cordially than ourselves with tho coming centenary of American independence, to be celsbrated at Philadelphia in 1876. But we cannot altogether conceal some lurkingapprehensions as to the form of celebration which at present seems to find favor in transatlantic eyes. Ever since the occurrence of our initial great exhibition, which took plaoe in 1851, our cousins have been singgularly attracted by the phrase of " world's fair," with which they then became familiar for the first time. They seem eager that all civilized nations should bring their producís of industry and mechanical skill to Philadelphia in 1876, and exhibit them side by siöe with the creations, natural and artificial, of the North American continent. But they seem to forget that Europe is still the centre of civilization, and that, in order to become an exhibitor at Philadelphia, the European manufacturer has to traverse with his goods 3,000 miles of ocean, under the strong probability that, if he fails to sell them, he will have to bring them back at his own expense to London, Paris, or Vienna. A great international exhibition at Philadelphia will be all very well when the second centenary of American independence comes round in 1876. The noble continent, of which a moiety was torn away from British allegiance in 1776, will be so rich in inhabitants and in the producís of skilled labor, when another century shall have passed over its head, that it will then be able to insure the success of a " world's fair" without asking contribution from ■ Europe. But if, two years henee, therë should be any failure in the attempt to get up an exhibition at Philadelphia in commemoration of American independence, the outside world will not refrain from criticism, and our impressionable cousins will be proportionately chagrined. Under these circumstances, the refusal of the American senate to sanction the appropriation of the sum necessary for this purpose seems to us wisely conceived and in no wise to be regretted.