The Daily Phoenix

I know not whether the Confederate flag is still flying on the Shenandoah, to the disgust of New Bedford and Nantucket, but it has been struck in London. The Index has been discontinued. The reason given is that its readers persisted in considering it a Confederate organ, and an encouragement to continued opposition to the Federal Government. Wishing to end even the appearance of a useless opposition, it ceases to be. The Index has been conducted for some three or four years with talent and moderation. Its editor and its principal writers have been Englishmen, but the soul of the enterprise was Henry Hotze, formerly an editor of Mobile, Ala., and the financial agent of the Confederate States in London. He is a Swiss by birth, emigrated early in life to Alabama, and is considered not only a man of rare ability, but of singular integrity. Besides the English writers which it was his policy to engage in the Southern cause, and who carried the spirit of the Index and the inspirations of Mr. Hotze into half the journals of London, there were a few Americans who contributed to its columns--Southerners, or Northern Copperheads, and the two guineas an article helped some to live in London who would have otherwise found it more difficult.

I was a little astonished, a day or ago, to see the Confederate loan quoted at five to seven, and to learn that the holders were anxious to have a report from the agents respecting the next dividends. If the cargo of cotton attached the other day at Liverpool, was intended to redeem a part of the loan, the subscribers may still realize something; or there may be a lingering hope that the individual States will, at some remote period of time, redeem their several shares, in good cotton bales, or that Congress, the legal administrator of the defunct Confederacy, will feel bound to pay its debts, as well as to seize and possess its assets. For example, why should not the Federal Government, in taking the ram Stonewall, pay its French builders, as well as the officers and crew discharged at Havana? What says Wheaton on this subject? By-the-way, Wheaton is being translated into Chinese by an American missionary. The Chinese would not take his Testaments, so he gives them Wheaton. They refuse the law of God, but may benefit by the law of nations.--Cor. New York Times.