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By the pecuniary gauge thus afforded, it appears that the very darkest hours of our contest-those in which our loyal people most profoundly despaired of a successful issue — were those of July and August, 1864; following Grant's repulse from Cold Harbor, the mine explosion before Petersburg, and during Early's unpunished incursion into Maryland, and his cavalry's raids up to Chambersburg and McConnellsburg.

Two abortive efforts to open a door to accommodation between the belligerents were made during this gloomy period. One of these originated with certain Confederates then in Canada, one of whom wrote1 to the author of this work, averring that Messrs. Clement C. Clay, of Alabama, James P. Holcombe, of Virginia, and Geo. N. Sanders (the writer) would proceed to Washington in the interest of Peace, if full protection were accorded them. Being otherwise confidentially assured that the two former had full powers from Richmond, Mr. Greeley forwarded the application to President Lincoln, urging that it be responded to, and suggesting certain terms of reunion and peace which he judged might be advantageously proffered to the Rebels, whether they should be accepted or rejected. The facts that an important election was then pending in North Carolina, wherein William W. Holden was an avowed anti-Davis and virtual reunion candidate for Governor, and that his triumph would be a staggering blow to the Confederacy, were urged as affording special reasons for treating the Niagara overture in such manner as to strengthen the Peace Party in that and in other revolted States. The “Plan of adjustment” which he suggested that the President might advantageously offer, in case he should decide to make any offer, was as follows:

1. The Union is restored and declared perpetual.

2. Slavery is utterly and forever abolished throughout the same.

3. A complete amnesty for all political offenses, with a restoration of all the inhabitants of each State to all the privileges of citizens of the United States.

4. The Union to pay four hundred million dollars ($400,000,000) in five per cent. United States stock to the late Slave States, loyal and secession alike, to be apportioned pro rata, according to their slave population respectively, by the census of 1860, in compensation for the losses of their loyal citizens by the abolition of Slavery. Each State to be entitled to its quota upon the ratification by its Legislature of this adjustment. The bonds to be at the absolute disposal of the Legislature aforesaid.

5. The said Slave States to be entitled henceforth to representation in the House on the basis of their total, instead of their Federal population: the whole being now free.

6. A National Convention to be assembled so soon as may be, to ratify this adjustment, and make such changes in the Constitution as may be deemed advisable.

He added:

I do not say that a just peace is now attainable, though I believe it to be so. But I do say that a frank offer by you to the insurgents of terms which the impartial must say ought to be accepted, will, at the worst, prove an immense and sorely needed advantage to the National cause. It may save us from a Northern insurrection.

P. S.--Even though it should be deemed unadvisable to make an offer of terms to the Rebels, I insist that, in any possible case, it is desirable that any offer they may be disposed to make should be received, and either accepted or rejected. I beg you to

1 July 5, 1864.

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