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iscussed at two conferences of principal military leaders, held in Richmond the 4th and 5th inst. It is understood that they came to the conclusion that they must not lose any more territory.--The defensive policy was strongly attacked, and both Lee and Beauregard advised the invasion of the North at three points, namely; From Cumberland and Williamsport into Pennsylvania, from Louisville and Cincinnati into Indiana and Ohio, and from Paducah and Cairo into lilmois. It is alleged that tho railroad, the recovery of New Orleans, Memphis, and the Mississippi river, and the expulsion of the Federal troops from Tennessee and Kentucky. Fourth, When these objects have been accomplished, then it was proposed to carry out the plan of Lee and Beauregard Fifth. To make the Potomac and Ohio rivers at once their base of operations and frontier lines, and to transfer the seat of war from Virginia, to Maryland. Sixth. To hurl upon Washington from Richmond a column of 200,000 troops.