When, immediately upon the announcement of the election of Mr. Lincoln to the Presidency of the United States, South Carolina raised a cry for secession from the Union, it was quietly assumed both by the free States and by the great majority of well-informed politicians in Europe that it had been resorted to only as a threat, and that no serious intention could be entertained of carrying the threat into execution. The advantages of the Union to the Slaveholding States had been so great, so palpable, and so uninterruptedly enjoyed for above half a century—the perils to be faced as the certain consequences of disruption seemed so numerous and obvious—and the occasion seized upon as the ground of justification for so extreme a course appeared to the rest of the world so utterly inadequate, that no sober-minded man could regard the avowed purpose of the Southern States with any other feeling than incredulity. Nevertheless, as we have seen, South Carolina has seceded. Georgia, Alabama, Mississippi, Florida, Louisiana, and Texas, have either followed her example or are on the eve of doing so. The border States will probably be drawn into the vortex of the revolution; and before Mr. Lincoln takes his place in the Presidential chair the Republic seems likely to be rent in twain, and two or more powerful and rival Confederacies to be substituted for it.

From the Paris Constitutional

Mr. Buchanan has sought out the means of preserving the Union from the catastrophe which threatens it; he has drawn up a plan of reconciliation between the Northern and Southern States. It cannot, however, be said that this project is a compromise, inviting the two adverse parties to mutual concessions and equal sacrifices; it is rather a summons addressed to one to yield to the exigencies of the other; it is more like a decision come to with partiality than an equitable arbitration. To the North, which has gained Its cause before the people, the President signifies that it must abandon the benefit of the decision for the profit of the South, which has been the losing party. Under pretext of conciliation, the Message calls on the conqueror to place himself under the feet of the conquered. Such is the ground-work of Mr. Buchanan’s propositions.