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The Confederate People will have no reason to regret that a Commission, composed of eminent public functionaries, has formally held out the Olive Branch of Peace to the United States. This step has at once made known to the people of both countries, and of the world, the readiness and solicitude of this Government to terminate a long and bloody struggle, and it has had the result of inducing our enemies, in a moment of unguarded triumph, to disclose their real designs and purposes. There can hereafter be no sort of misconstruction of their object. They have not left a peg to hang a doubt on. We know exactly what we have to expect, and can govern ourselves accordingly. It was worth all the seeming humiliation of going on such a mission, and being cooped up in a steamboat at Fortress Monroe, to hear from the lips of Lincoln and Seward the final assurances of United States policy. These assurances, accompanied by the legislation of the Federal Congress, have presented a plain and distinct issue, on which no single soul in the Confederacy can henceforth doubt or hesitate.

Hereafter, we take it, there will be no humiliation, either real or only apparent, in the action of the Confederacy. No more war hawks, disguised as white-winged messengers of Peace, will be permitted to hover about this capital. If Grant can enter, sword in hand,--that is one thing. But no more Blairs, Jacques & Co. The Yankees, after nearly four years of war, have only been able to reach this little city of Richmond as prisoners, or political emissaries. In the former character, we may still be able to entertain them. But let them make the most of the indignities they have artfully contrived to heap upon our heads. They are the last they will ever be permitted to enjoy. We fear and detest their arts more than their arms. Whatever betide us in the future, we shall be no parties to our own humiliation.

The second term of Lincoln begins with no such overwhelming odds as those of his first. We had then but a raw militia, unprovided with suitable arms, with twenty thousand pounds of powder in the State of Virginia, and not percussion caps enough to supply a regiment. We have now three armies of thoroughly-seasoned troops in the field, with unlimited supplies of the munitions of war, and are able to double their numbers by calling into the field material similar to that which has become the main reliance of the Federal Government. If our public spirit has, in some measure, declined, the reply of Lincoln to our Peace Commissioners will kindle again in a broad and irresistible flame the fervid and self-sacrificing patriotism of 1861. The absentees from our army will return; the land will rise as one man, and every soldier will have the strength of two men in his arm. Our cause is just, and, if we are true to ourselves, we may look forward, with trust in God, to the most brilliant and successful campaign in the whole war.

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