Pennsylvania by General Lee's army; said that it had whipped the enemy on their own soil, and obtained vast supplies for our own men, and was now ready to again meet the enemy on a new field. Whatever might be the movements and objects of General Lee, he had entire confidence in his ability to accomplish what he undertook, for in ability and intellect he was a head and shoulders above any man in the Yankee army. He commended General Lee for keeping his own secrets, and told the people not to be discouraged because they did not hear from Lee over his own signature. He would come out all right in the end. Mr. Stephens next spoke of the surrender of Vicksburgh, and said that it was not an occurrence to cause discouragement or gloom; that the loss of Vicksburgh was not as severe a blow as the loss of Fort Pillow, Island Number10, or New-Orleans. The Confederacy had survived the loss of these points, and would survive the loss of Vicksburgh, Port Hudson, and other places. Suppose, said he, we were to lose Mobile, Charleston, and Richmond, it would not affect the heart of the Confederacy. We could and would survive such losses, and finally secure our independence. He was not at all discouraged at the prospect; he never had the “blues” himself, and had no respect or sympathy for “croakers.” The enemy has already appropriated two billion seven hundred million dollars, and one million of men for our subjugation, and after two years war had utterly failed, and if the war continued for two years longer, they would fail to accomplish our subjugation. So far they had not broken the shell of the Confederacy. In the Revolutionary war the British at one time had possession of North-Carolina, South-Carolina, and other States; they took Philadelphia, sand dispersed Congress, and for a long time held almost complete sway in the Colonies — yet they did not conquer our forefathers. In the war of 1812 the British captured the capital of the nation, Washington City, and burnt it, yet they did not conquer us; and if we are true to ourselves now, true to our birth-right, the Yankee nation will utterly fail to subjugate us. Subjugation would be utter ruin and eternal death to Southern people and all that they hold most dear. He exhorted the people to give the government a cordial support, to frown down all croakers and grumblers, and to remain united and fight to the bitter end for liberty and independence. As for reconstruction, said Mr. Stephens, such a thing was impossible-such an idea must not be tolerated for an instant. Reconstruction would not end the war, but would produce a more horrible war than that in which we are now engaged. The only terms on which we can obtain permanent peace is final and complete separation from the North. Rather than submit to any thing short of that, let us all resolve to die like men worthy of freedom. In regard to foreign intervention, Mr. Stephens advised his hearers to build no hopes on that yet awhile. He did not believe that the leading foreign powers ever intended that the North and South should be again united — they preferred that the separation should be permanent, but they considered both sides too strong now, and did not deem it good policy on their part to interfere and put a stop to the war. Foreign nations see that the result of the war will be to establish a despotism at the North, and are therefore willing to allow it to continue awhile longer. The whole tone of Mr. Stephens's speech was very encouraging, and showed not the slightest sign of despondency. He concluded by expressing entire confidence in the ability of the Confederacy to maintain our cause and achieve independence.