From The N o. Commercial Times.


WASHINGTON, Feb. IA.
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b
gard to the condition of the negotiation
between the two governments Of Englrnd
and the United States with respect TO Ore
gon. We have had current rumors, for
some days past, that another proposition
had been made by Mr.. Pakenham 10 Mr..
Buchanan, and that even The terms of
treaty were nearly concluded upon. learn
from high source to day, however, that
there is no foundation for this rumor, and
that Mr.. Pakenham will make no further
propositions until he shall again hear from
his Government.


There are few here, but very few, who
now believe we shall have war, though we
are in such position that the President
may plunge US into it before he is aware Of
it. The Government is in most singular
position--where it can neither 60 forward
with safety and with the appreciation of the
country, stand still with honor, nor retreat
without disgrace. 1t has proclaimed our
title to the whole of Oregon to be "clear
and unqueslionable," and yet, in the face
Of this declaration, offer to give up all north
of the 49th degree. This offer being re-
jected, it is withdrawn IN haste, and the
title to the whole re ~asseried. The British
Government then offer TO submit to an
equitable division of the territory TO arbit.
ration, which offer is rejected, on the ground
that it would be virtual admission that
Great Britain had as good title to the
whole as we. Very we'll, says the British
Minister, then we will submit the question
OF title to arbitrators; and as you may have
prejudice against crowned heads, we
will agree to summit it 10 commission
made up of distinguished citizens of both
countries, an umpire between them to be
chosen before hand; Or, we will submit it
to board of eminent jurists or civilians.
In reply to this fair proposition, MIR. Bu-
chanan, for the first timc, says no; we
won't arbitrate any way; but makes no
proposition himself to settle the controversy
in any other mode. Meantime, the coun-
try is alarmed at the attitude Of the two
governments. The American says, our
title 10 The whole of Oregon is "clear and
unquestionable," so clear that we won't ar
bitrate it. The British Government sits
still, but says, we have rights in that terri
tory inconsistent with your claim to the
'chole, which, if necessary, we shall main
tain with all the force of the kingdom.
Tho Government of the United States in
structs our Minister TO ASK Lord Aberdeen
IT England is armed--in other words, pre-
pared for war? He replies, yes. But
does our Government arm and prepare for
war? Not at all and notwithstanding all
this, constantly asseverates that there will
be no war, and gives the strongest proof of
their confidence in the continuance of
peace, or of their folly and madness. All
this is riddle, an enigma, which few
heads are clear enough to comprehend, and
the consequence is, every body is speering
the question at every body else, "will there
be war;"


To this question have uniformly an
swered from the first NO. Mr.. Polk does
not intend to go to war, nor does the
British Government if it can possibly avoid
it. Great Britain has the strongest rea.
son to desire peace with us, and we with
her; each could do the other immense in
jury--incalculable injury; neither would
profit by sucha conflict, which might even.
tually involve Europe in the bloody con-
test. /. would evince such degree of
madness and folly--such criminality, in
deed, on the part of that nation which
should provoke hostilities, that cannot
believe either government would dare take
such fearful responsibility on itself. Be-
sides, Great Britain will not fight us for
any portion of the territory south of 400,
and having thrice offered to surrender to
her all north ofthat, VIC cannot, and will
not fight her for that portion of it. l say,
therefore, there will be no war. But in
saying, | would by no means lull the peo-
pie into security, and my opinion, that
there will be no war, is based in part upon
the supposition that there will be an active,
irresistible public opinion brought to bear
upon the administration against war; which
pre.supposes the tact that the people are,
| and will continue tO he wide awake and