Mr. Pike to Mr. Seward.
Sir: * * * * * * * *
* * * * * * * * *
The late repulse of our forces at Manassas, and the inroad of the confederate troops into Maryland, is regarded with great diversity of opinion on this side. By some they are considered to point to a speedy solution of our difficulties on the basis of a separation of the free and slave States. By others the invasion of Maryland is regarded as an event likely to lead to the destruction of the main army of the insurgents, and thus throw everything back upon the results of future campaigns, where the advantage would again be all on the side of the federal government.
Both these views have already found expression on the stock exchange, that sure barometer of public sentiment in commercial countries. The former in the advance of Virginia and other southern stocks, and the latter in the steadiness of northern securities, under the full torrent of adverse news and hostile criticism.
Every friend in Europe now awaits with infinite impatience and profound solicitude the march of events now in progress, pregnant, as they seemingly are, with results of the highest importance.
I have the honor to be, with great respect, your obedient servant,
Hon. William H. Seward, Secretary of State, Washington.