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McClellan accepts the nomination, of course,--so the two candidates are now fairly in the field. The letter of McClellan is fully as warlike as any document that has yet been issued by Lincoln. We expected no less, nor do we believe that less would have been accepted by any party at the North.--The restoration of the Union is, with him, an indispensable pre-requisite to the restoration of peace; and if negotiation fail, he is in favor of restoration by the sword. It is true he finds fault with the manner in which the war has been conducted, but against the war itself he has nothing to say. As the Confederate States are ready to accept utter destruction as the alternative rather than return to the Union, we see not what benefit they could derive from the election of McClellan.

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