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The Peace Conference.

Washington, Feb. 26.
--The Peace Conference will probably adopt some action to-day, but it is understood it will not be favorably received by the Southern Democracy, and that it will probably ‘ "politically emasculate Virginia."’

[second Dispatch.]

Washington,Feb. 26, P. M.--The Congress held a brief session to-night. The subject of compromise is as widely open as ever, though some remote hope of an adjustment, acceptable to Virginia, is entertained.

It is believed Franklin's substitute was voted down in the Peace Congress, and it is understood Crittenden's resolutions will be proposed to-morrow.

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