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McLEoD.--For several days past the eastern pa papers have contained numerous rumors respecting the imminence of the relations between this country and England, and the affair of Mcleod. The Jour nal of Commerce, of the 10th, contains paragraph the subject, giving some of them tangible form. It says, "we have particular enquiries relat ve to the information communicated in our morning edl- Iion, that orders from the British government came out by the last steamer (the Britanna,) insructng Mr. Fox to demand the immediate release of Alex ander Mcleod, or his own passports. The gentle from Halifax who brings the information is high ly respectable ST John Harvey who out in the Britannia,) told him that days before he Jeff Lon don, he at the Colonial o6ice and toas Mo, orm ed that depaehss of the character aboUe ndcaed preparng, and wouid go out by that steamer. The in- tellig nee direct, aud through such rusty hands, that we do not see how it can we'll be erro- neOus."

 The following paragraph from the Philadelphia Ledger goes to confirm the above statement: EXCITING RUMoR.-A demand for he Release ot Nc Leod.-It was currently reported al Washington, on Tuesday evening, We learn from the correslon- dent of the Sun, that city, that Mr. Fox, the Br- tsh Minister, has called the President and stated that he would lay before him letters from his go- vernment demanding the release of Mcleod or if the demand was noi complied with, he was then instruct ed to demand hls passport, and return home imme- diatey. The last steamship which arrived from Eng land brought despatohes for Mr, Fox which may be those he referred to.

 Our Washington papers contain no thing corrobo- ratiye contradictory of these statements. If they were true, however, one would suppose that there would be way for it to transpire. Perhaps such

 instructions have been received by Mir. Fox, but for purposes of policy, are delayed until congress ad- journ.

 | Whether they have any existence not, there s much besides to induce apprehension on the subject. The trial sf Mcleod will be held on the 27th inst Throughout all the border counties the excitement deep and reckless and it possible that means may be used by false witnesses suborned op the part of the border macontents to ensure the conviction of the prsoneri or f he be acquitted to execute him summarily and extrajudoially. Such an event within territory, would inevitably involve tile country Tn a war.

 | It seems to us that the principle for which Eng land contends will be equally violated, whether he be acquitted or not To the right to try him, is to assume also to punish hm and if that pun ishment be not inflicted, because of the nsuficiency of the testimony, it is simply what obtaips in ev- sry court of law. If after conviction, the Governor of New York should pardon him, the right which that State assumes would be as eAectualy asserted and maintained, though he executed. It would l be making him as amenable to our laws and legal procedure as one ofour own c,,izens-which is the l point Great Britain contends against. So, under any circumstance, if John Bull possess his old fashioned spirit, there is every probability that there may be something more shed in the cause than dip | lomatic ink. War is terrible game when point of law is played for, Bpt terrible as it is-frightful are is consequepces-we are the last people who should dread shun #. if honor be the stake-and if thai stake, as it is, be between Great Britain and our l selves.