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Jan. 20.--There is no doubt that the command of the Southern Army has been offered to Jefferson Davis, and it is equally well understood that he is in a state of mind bordering on despair. He seems to be the only rational man among the secessionists, and clearly comprehends the terrible fate which must befall the South in the event of a conflict with the General Government. He does [21] not disguise his gloomy apprehensions from his friends; and his only remaining hope is that war may be prevented, and the Union reconstructed. Mr. Davis was a fiery Secessionist ten years ago, but gradually the fires have died out, until his intelligent mind is left free to comprehend the perilous position to which the South, with its institution of Slavery, has been brought by the madness of her sons.--Times, Jan. 23.

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