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,T_". ^;-*'V AUSTRALIA.

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EXTRACTS FROM MANHATTAN. This extraordinary writer becomes daily more difficulttobeunderstood; he rails against every one and gives no one a good name. Instance the following extracts:— Despisalof the London "Times." There used to be a time when the London Times was quoted in almost every American paper. It has ceased to be noticed at all for many months. Quotations of news and of. public opinion abroad are now taken from the other English papers. President Lincoln's New Story. The President has got another new story. It seems that a crony of his was a man named Payne. As soon as the war broke out he appointed Payne a general from Illinois. The following is the President's foul story:- "One day a weaJthy old lady, whose plantation was in the vicinity of camp, came in and inquired for General Payne. When the commander made his appearance the old lady, in warm lan- gunge, at once acquainted him with the fact that his men had stolen her last coop full of chickens, and demanded their restitu- tion or their value in currency.. I am sorry for you, madam,' replied the General, 'but I can't help it. The fact is, madam, we are determined to squelch out the rebellion, if it takes every d- chicken in Tennessee!' Federal Financial Difficulties. There is trouble in the finances. The brokers and speculators of Wall-street tremble. An inir mense amount of paper notes is to be issued this week, some say 500 millions, in 5s., 10s., 20s., 50s., and 100s. bills. Many prophesy that before this issue is fairly passed into the currency the green- backs will be at a discount of 100 per cent. There is no telling what will occur. It appears to me that we are on the eve of troubles such as we have not yet known, or even imagined it possible to come upon us. Anarchy is certainly hovering over this city and State. Lack of Loyalty in New York. Meade is like the Scotch Glendower, who said, I can call spirits from the vasty deep," and we can reply, as Percy did, 11 Why, so can I, or so can any man; but will they come when you do call for them?" No, sir. There is the trouble. Lincoln is calling in New York, but few answer. Out of 19,000 drafted, 17,320 have proved themselves cripples, exempt, aliens, over age, or something else. They are cleared by hundreds. So it is all over this State. So it is everywhere. In Ohio there will be no draft. Reason is, that the State may be disgusted, and vote for Vallandigham. I have my doubts whether out of 300,000 Mr. Lincoln will have over 17,000. Of course, he can draw again. Still, this is a very dark cloud-very black, and very lowering. It may burst and deluge us. Suppose Lee should pitch in while Meade is in the situation of a soft crab ? The result would be that we should lose Washington. I have con- versed with some of the most prominent Re- publicans, and they say that it is the policy of Mr. Lincoln not to fight just now—to lie low, and wait his opportunity. The Vast Changes that Occur. The worst cloud of all is the lack of men. If we cannot get men the war must languish, and we must float along until war is delared with France. Every preparation is being made. Thou- sands of men are working at the coast fortifica- tions. Those at New London are nearly finished, so that it will be difficult to reach New York from that direction. Our position with the rebellion is somewhat like the hunter who chased a panther into a high tree, and then found that his gun or rifle was not loaded. He did not know what to do next. He saw no chance to clutch the panther. He knew that if he ran the panther would give chase, so he lay down, determined to govern his actions by those of the panther. We cer- tainly have tried the rebellion. We have no men to fetch it down, and we must wait and. see what the rebels will do. If they have not been injured, our case will be a hard one. I do not suppose there was ever a war where there were so many changes in its aspect. One day we are all elated; stocks go up; gold comes down; the backbone of the rebellion is broken: it is all over, and we discuss the terms of the rebel submission. Presto-change-all that aspect is gone; Lee is likely to win, and to destroy our armies. Presto!—change again. We are all up in the highest heaven Lee is defeated; thousands of rebels are dead at Gettysburg; Vicksburg falls; so does Port Hudson, and we are all flourishing once more. Charleston will not surrender; another grand calling is to happen; we cannot get men North; the time of hundreds of thousands is ex- piring, and we are up to the eyes in the mud. We can't see anything ahead but disaster. Such is the position of the thermometer to-day. Whether it will change before this letter leaves is the ques- tion. Doubts whether Charleston will be taken. How strange that the first day of the autumn should bring with it a change in the affairs of the country. Yesterday was rather a gloomy day. Gold went up 4 per cent., and English exchange 5 per cent. I shall not be surprised to see gold go up to 200, and English exchange to 230—it was at 143 yesterday. This was not solely owing to the bad news that reached us yesterday, so much as to thickening clouds over Federal affairs that we have noticed for several days. There are clouds gather- ing all around us. There are clouds in South Carolina—clouds rising in Virginia—clouds in this city: whether the rain will burst upon us I know not. It is now doubted whether General Gilmore can do anything more at Charleston. The gun that pitched Greek fire into Meeting-street has burst. The other forts that surround Sumter have not yet been harmed, and our flag does not float upon Wagner or Sumter, and General Gilmore has sent on word to Washington:—" Send me 30,000 more men, or I shall have to raise the attack, and go back to Port Royal with the remnant of my small force." I suppose Mr. Lincoln would be very much obliged to the scientific Gilmore if he would raise men as scientifically as he does breastworks, paral- lels, and other engineering things. It will be really mortifying if Gilmore makes a fiasco, and should give the electoral vote of South Carolina for Lincoln in 1864 at Port Royal instead of Charleston; and then to have Southern fellows in this city crowing over you, and saying, "How about Charleston ?" as was the case yesterday. That is what's the matter. For my part, I will not believe a word of anything that comes to us from our own side. The lies are fearful. That is a dark cloud. My private opinion is, that Charles- ton will not be taken. However, Vicksburg was taken, and so was Port Hudson.

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