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The last sensation card at the North is that both Jeff. Davis and General Lee propose to give up the ship. What must be the gullibility of a people which can swallow such a dose as that without winking! The next story will be that Jeff, is on his way to Mexico, with Lee making tracks in the same direction, for the purpose of offering his military services to Maximilian.

It is a long time since we have seen Jeff. Davis, and possibly he has really given General Grant the slip, and is, by this time, on his way to the Halls of the Montezuma. All that either he or Lee have to do is to step on one of the Southern trains, and evaporate. One Yankee writer, however, is of opinion that Jeff. may prefer to run against William H. Seward as the Copperhead candidate for the next Presidency. Another thinks that Lee would like to get back his old position in the United States army.

What disposition is proposed to be made of itself by the Confederate army is not stated. Probably it will disband, and the enterprising young men who compose it return to their respective places of abode. As most of them have no homes left to return to, this may be a difficult operation. Perhaps they may emigrate, and make way for a more enlightened and virtuous population. We should like to learn from the Yankee letter-writers, who know a good deal more about us than we know about ourselves, what is to become of the Confederate armies.

There is one of these armies in particular which may dispose of itself in a very reckless and injurious manner if it is not governed by proper counsels. We refer to the very large force — said to number now eighty thousand effectives — which Kirby Smith now commands in Texas. At present, they are of no use either to the Confederacy or the United States. If they should take it into their heads to form an advance guard of Maximilian, and unite their destinies with Mexico, they might give the United States a good deal of trouble before it should vindicate-the-Monroe Doctrine.--There has been a good deal of fraternizing between the French and Confederates on the Rio Grande, and we admonish the letter- writers that they need looking after.

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