John Tenniel and the American Civil War
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Very Probable. Punch, Volume 47, August 27, 1863, p. 85

Mr. Punch and Prime Minister Palmerston stroll past a poster announcing "Another Federal Defeat" in America. Their improbable encounter with Jefferson Davis, clad in military regalia, on the streets of London prompts a play on the different meanings of the word "recognize," as they discuss the possibility of British diplomatic recognition of the Confederacy. Contrary to the tone of Tenniel's cartoon, British recognition was increasingly unlikely at this date, although some in the Palmerston government still hoped to preside over a mediated peace.

Despite horrendous losses, Grant continued to press his campaign against Lee's Army of Northern Virginia; each Confederate holding action consumed irreplaceable manpower. Battles such as the Wilderness, Spotsylvania Court House, and Cold Harbor inflicted disproportionate casualties on the attacking Union troops; but despite a costly "butcher's bill" they were clearly accomplishing their strategic objectives of limiting Lee's ability to maneuver and forcing the South into a war of attrition it had little hope of winning.