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Mr. Vallandigham's late speech.

The fact that this speech has been no universally published and lauded throughout the Confederacy, and by the Democratic party of the North, causes one a strange sort of feeling to read an article which exposes its sophistry — more particularly when the sifting is done by a Southerner. We, therefore, publish the following extract from what may be termed a critique on Mr. V. s speech, which we find in the Mobile Tribune:

I have read with close attention what you are pleased to call the "great speech of the Hon. C. L. Vallandigham," and with entire respect for the opinions of all others to the contrary, I pronounce it a splendid display of balderdash. It is mixture of sense and nonsense, frenzy and folly, madness and reason. After tracing faithfully and lucidly the rise and progress of the Abolition party at the North and proving clearly that Lincoln is the most nefarious liar upon earth; after exposing the deceit and treachery of the villain and his party in the affair of Fort Sumter, in their endeavor to put the South in the wrong, by compelling her to strike the first blow; after stating "that the secret and real purpose of the war was to abolish slavery," and stating that Lincoln had proclaimed "the irrepressible conflict"--that the Union could not endure "part slave and part free;" after stating that he had usurped all constitutional power, stamped that instrument under his foot; after stating that the party of the Executive had the entire control of the Federal Government, every State Government, every county, every city, every town and village in the North and West; after stating his call for seventy-five thousand men; after reviewing and recapitulating the above, and much more, forescoth he styles the Confederate States rebels, and consequently traitors!--What frenzy! what folly! what madness! Who are the rebels and traitors, according to his own showing? Why Lincoln and the North. What has the South done except to claim and exercise the poor privilege of self defence? And this self- defence is styled rebellion and treason. After quoting the words of Lord Chatham, he tells the Congress and the North, "You have not conquered the South. You never will." He then depicts the distress in the North, almost in the very language of Holy Writ: ‘"And Pharaoh rose up in the night, he and all his servants, and all the Egyptians, and there was a great cry in Egypt; for there was not a house where there was not one dead. "’ "And now," says he, "There is mourning in every house, and distress and sadness in every heart," and then asks the question, Can the union of the States be restored? How shall it be done? He answers in the affirmative, and goes on to show how. His speech on this branch of his hallucination is truly ludicrous and laughable. He labors to prove that the South cannot do without the North; that separated from her she would become as weak and contemptible as the Pamunkey Indians on the Eastern shore of Virginia. He says that the secession of the ten tribes of Israel is the only exception to the re-union of people who have separated "and their subsequent history is not encouraging to secession" --that is to the South. And now the way to re-union. What so easy? Stop fighting. Make an armistice, no formal treaty. Withdraw your army from the seceded States. Reduce both armies to a fair and peace establishment. Declare absolute free trade between the North and the South. Buy and sall. Agree upon a Zelvere in — Recall your fleets. Break up the blockade. Visit the North, and South, and West. Exchange newspapers. Migrate Intermarry. Let slavery alone Hold elections at the appointed time. Choose a new President in 64. Sing Hall Columbia and the Star-spangled Banner. "Sir, I would add Yankee Doodle." He believes strong that "music hath charms to soothe the savage breast." Was ever such an insult offered to the South? When our women have been ravished at noon day in the open streets of our cities and towns; their houses and all their comforts and valuables reduced to ashes, and they stripped almost to a state of nudity and compelled to look on their husbands and children murdered in cold blood, and other atrocities, barbarities and cruelties perpetrated, which Mr. Vallandigham himself admits the English language has no words to express, the South is to be consoled with Hall Columbia and Yankee Doodle.

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