eartily sick of war, and languishing
for peace. If _they_ cannot devise a mode of putting an end to the war,
none can. Of course they have the instructions of the President, with
his ultimata, etc., but they will strive earnestly for peace.

What terms may be expected? Not independence, unless the United States
may be on the eve of embarking in a foreign war, and in that event that
government will require all the resources it can command, and they would
not be ample if the war should continue to be prosecuted against us.
Hence it would be policy to hasten a peace with us, stipulating for
valuable commercial advantages, being the first to recognize us over all
other powers, hoping to restore the old trade, and _ultimately_ to
reconstruct the Union. Or it may proceed from intimations of a purpose
on the part of France and England to recognize us, which, of itself,
would lead inevitably to war. The refusal of the United States to
recognize the Empire of Mexico is an offense to France, and the
augmentation of the armament of the lakes, etc. is an offense to
England. Besides, if it were possible to subjugate us, it would be only
killing the goose that lays the golden egg, for the Southern trade would
be destroyed, and the Northern people are a race of manufacturers and
merchants. If the war goes on, 300,000 men must be immediately detailed
in the United States, and their heavy losses heretofore are now sorely
felt. We have no alternative but to fight on, they have the option of
ceasing hostilities. And we have suffered so much that almost any
treaty, granting us independence, will be accepted by the people. All
the commissioners must guard against is any appearance of a PROTECTORATE
on the part of the United States. If the _honor_ of the Southern people
be saved, they will not haggle about material losses. If negotiations
fail, our people will receive a new impulse for the war, and great will
be the slaughter. Every one will feel and know that these commissioners
sincerely desired an end of hostilities. Two, perhaps all of them, even
look upon eventual reconstruction without much repugnance, so that
slavery be preserved.

JANUARY 30TH.--Bright and beautiful, but quite cold; skating in the
basin, etc.

The departure of the commissioners has produced much speculation.

The enemy's fleet has gone, it is supposed to Sherman at Charleston.

No doubt the Government of the United States imagines the "rebellion"
_in articulo mo