point of going, and even at New Orleans we are told that the lone star is the only flag that waves. Undoubtedly all that has been done hitherto might be easily reversed; and the consequences to the South of separation are so very serious that we should expect to see a repentance at the eleventh hour overtake the seceders, if it were possible to imagine how any compromise can be entered into which will not be hollow. It is impossible that the questions recently raised by the slave owners should be kept long in the background. Disputes must arise in Congress, and if the South always threatens to secede when it is beaten, the Union is a farce. Things have come to such a state that no peace can be hoped for unless one side gives way. The North have no motive for yielding. They are on the winning side. Then, will the South accept their defeat or be reduced to submission? This is the only chance for the Union.

No compromise will do; and peace can only be obtained if the South, after examining its interests, and ascertaining its resources, tacitly acknowledges itself unequal to the conquest, and permits the North to triumph. If the majority of the Southern States have time given them to reflect clearly what their interests and resources are, it is probable that they may come to the conclusion that it will be better to let the North have its way than to confront the perils of separation. Some salve for their wounded pride may be invented, and they may seem to come to terms with their adversaries; but the real basis of the negotiation must be the conviction entertained by the South that they cannot afford to separate, and are not strong enough to fight. When once the bulk of Southerners are impressed with this conviction, the States that may now secede are sure to return sooner or later. That this may be the issue must be the wish of every Englishman.