January 29th.—Clear, and moderating.
To-day at 10 A.M. three commissioners start for Washington on a mission of peace, which may be possibly attained. They are Vice-President Stephens, Senator R. M. T. Hunter, and James A. Campbell, Assistant Secretary of War, and formerly a judge on the bench of the Supreme Court of the United States, all of them heartily 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 sufferred 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. Everyone 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.
