But we should not regard the mere question of political preponderancy as of vital consequence, did it not involve a continually increasing moral degradation on the part of the Nonslaveholding States,-for Free States they could not be called much longer. Sordid and materialistic views of the true value and objects of society and government are professed more and more openly by the leaders of popular outcry, if it cannot be called public opinion. That side of human nature which it has been the object of all law-givers and moralists to repress and subjugate is ?attered and caressed; whatever is profitable is right; and already the slave-trade, as yielding a greater return on the capital invested than any other traffic, is lauded as the highest achievement of human reason and justice. Mr. Hammond has proclaimed the accession of King Cotton, but he seems to have forgotten that history is not without examples of kings who have lost their crowns through the folly and false security of their ministers. It is quite true that there is a large class of reasoners who would weigh all questions of right and wrong in the balance of trade; but we cannot bring ourselves to believe that it is a wise political economy which makes cotton by unmaking men, or a far-seeing statesmanship which looks on an immediate money-profit as a safe equivalent for a beggared public sentiment. We think Mr. Hammond even a little premature in proclaiming the new Pretender. The election of November may prove a Culloden. Whatever its result, it is to settle, for many years to come, the question whether the American idea is to govern this continent, whether the Occidental or the Oriental theory of society is to mould our future, whether we are to recede from principles which eighteen Christian centuries have been slowly establishing at the cost of so many saintly lives at the stake and so many heroic ones on the scaffold and the battle field, in favor of some fancied assimilation to the household arrangements of Abraham, of which all that can be said with certainty is that they did not add to his domestic happiness.