Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-10-17
rio pro.pse,s or an narly Psaes.

D. nUniCston upon the prospects Of an carly
peace, written at our request, By an eminent
and highly educated gentleman, lately returned
, from tha United States:
To the Editors Of the EnquIrer
GEETLEMEN: Az your request, viii staso
briefly nay conclusions, from the information ]
possess, as to the chances ct an early terInina-
tion Of tbs war. BY belief is that the war viii
be either terminated in few months or be IN
definitely prolonged OF fAese two results, my
opinion is that tns chances sTe greatly il favor
Of the former
The fIst consideration ineiniHg my mind to
the conclusion have stated, is the results, that
sn convinced, have flowed from the battles in
Virginia and Maryland, IN the campaign now
progressing, from the battle Of Williamsburg to
the present time, inclusive notwithstanding
what is asserted Ia official dispatches, and a.
legged BY army correspondents and in editorials
OF newspapers, my Information satisfies me that
the Confederate arms have met with no defeat
thus far IN tAIs campaign, and that tina truth Of
this statement is well known 10 the Federal offi-
GERS and soldiers participating in these various
battles. 1t is not only known 90 and appreciated
/ By them, out il Is fully aad frankly acknowledged
/ by many Of them. The battle Of Antietsm,
or Sharpsburg, was to the Federal forces the
most terrible deteat of the war; and such I am
1 satisfied, Is the general estimate of it by the
| Northern public and such it is admitted 10 have
| who participated in it The bi0edy results Of
those battle fields have produced, q think as
I they well might have done, effects favorable to
sn early termination Of the war. Ny ObseTvs-
/ ton aud Information satisfy mo that large ma
jority Of the Northern officers and soldiers desire
/ peace aud Nish that the war were row ternin-
! sted. The spirit of resentment is, think viai-
0ly abated on both 81 les The Northern soldiers
are obviously less denUncIa5Ory of the South
and Southern men. The declaration that they'll
are tired of the war and earnestly desire il to
/ cease is frequently and everywhere heard. The
proclamation of President Lincoln for the euau-
| cipati0n of the slaves, though not openly con
demned BY the army, is greatly disapproved By
many aud is openly, freely and bitterly de-
nOUueed by prominent men aud leading news
papers Of the NORTH proceeding that would
not have been tolerated SIX weeks sgo, but have |
caused the arrest Of the individuals and the sup
preston Of the newspaper DeHUnciati0ns Of
q war conducted to secure the emancipation Of
slaves are unreserved and constantly TO be /
heard. There ssems to be a conviction resting /
upon the minds of = large portion Of the North, 1
both army and civilians, thst enough has been 4
done in these battles fully 20 vindcAte the 4
courage Of both sides, and thsrSbloOd enough 4
has been spilled, and suffering and misery
enough have been experienced and caused TO
apDesse eTea the M3loch of Carnage himself
The conviction am satisfied has by the re-
suits of these battles, been forced upon their
minds, thss while they msy be able with the i'm
menssly superior Numbers they can bFisg into
the fsld, to oyerTUn, lay waste and destroy our
country, and to renew the sickening scenes Of
death, carHsge aud misery, presented ia the
deadly conflicts between brethren Of the late
battle fields yet that they cannot sU6dUe the
South; that the UaiOn as it was can never be
stored; that the ackno Tledged and ailedged IN
willing surrender Of kir Lincoln Of the govern
msnt Of The Uaibei States, into the hands of the
abOhtiOnisJs, suppIesses the last lingering hope
Of 2 restoration of the Union, even on the part !
Of those who sustained his administration
under the honest belief that be WAS endesvor-
iHg IN good faith 10 accomplish that cad.
a msI lTity Of the North, certainly ms j0Tity
Of is officers and soldiers, are convinced that
even If th5y were able tosu5d0s the South, and
without which they have 10 ides that the power
of the Federal government can ever be estab
lshed over any considerable portion Of tbs Con-
ederlCy) the accom- pishmsnt Of this result
would be accompanied with the utter destruc-
ton Of the cotton, sugar and tobacco crops and
Of tha market Of the South, thai source and
those elements Of iacalcGlable weal,h TO the
North ia the past. Truly "a barren scepter il
their gIipe; - tbe fruit ''turned 10 ashes upon
their lips. These facts, which l verify believe
do exist, satisfy my miu1 thai the tendency of
things is to q termination OF the war. That a
the restoration of the Uui0n-.hat is to say, the
rs-estabiishueni Of the Union as it existed un-
the Constitution of the United States-is i'm
possible and utterly hopeless; that in point of
lsc', the Constitution Of the United States itself
no longer exists. Indeed, l have heard it re-
marked very recently that it Is rarely named or
referred tc that it is the g0CGTHmeHt and not
She Constitution, that is nsw the subjsct ofrsfer-
snce, snd the upholdiBg aud supporting it in
whatsoever it may think fit to do is made the
test of political fidelity and orthodoxy.
The next consideration supporting the con-
elusio1 | have stated is the condition Of fuan-
cial sffairs in the North
That the North is IN q great monetary crisis
and that financial crash is impending and
likely speedily to occur, seems 70 be settled
conviction both here sud IN Europe nv infor-
nation is, and I think reliable, that Wall street,
contrary 90 its former sta tus, is nov Cor peace.
Capitalists advocate il is said, a termination
Of the war. Il Is certain they hsve hitherto up
Lald the government faGncially; sud that with
cut thcir aid the war eoulG not have been prose-
cutad. They have heretofore insisted upon
prosecution Of the war, bnlisving il would be
productive Of = restoration of the URiOn--a re-
suit which, if accomplished speedily, might as
sure 10 them the advances Ehey lad made and
were making 10 TIE government. They seethat
this cherished result can never be accomplished,
and that the continuation Of the war but in-
creases the pabiic debt thereby impsifing the
security for their advances, and hence they ad-
vocate Psace.
The foreign journ&ls, in view of the daily
leYarish and Auotuaiing state Of ths money mar
Aet, the constant aud permanent Increase IN the
value OF gold, and conseq uerl decrease IN tho
value OF paper money; the issuing by the gov
eTnmeut Of millions upon millions Of paper
money, until it threatens in amount to equsi
nearly the whole indebtedness OF the g0vern-
men; the increased aud constantly increasing
amoUnt Of Imports, with no exports to pay for
them, and the uUe1ampled rate Of foreign e1-
change, confidently predict the crash to which /
have alluded, and assert that its occurrence viii
deprive the Federal government Of the capacity
longer to wage the paHdiBg war. A domestic
debt may be dealt with without gold, bat for
eigH debt mus. be paid ii that medium-an al |
vantage the Confederate government in this
instasce possesses over her adversary. "SHeet
are the uses of diversity"
These considerations thus briefly stated Of
themselves, tend very strongly 10 suppOTs
the correctness Of the opinion l have given you.
But there is another which leads ne more
strongly to believe thst the war cannot be long
continued. I might have added 70 what / have
already suggested, the fact thai there is an
abiding confidence, On the part Of many OF the
Northern soldiers, that there viii be no meTs
lighting between he armies Of Lee and McCiel-
ian, and a corresponding desire that tAere shall
be no more. A young Confederste captain just
arrived from General Less headquarters, iu-
fJrns lac that the whole of McClellan's army,
with the excel ti0n of soma lev troops stationed
st and about H@per's Ferry, yet oceupy the
position in Maryland assumed shortly after the
battle Of Shsrpsburg, and no purpose is mani
tested to advance into Virginia. he says that
conversations frequently occur between the
troops on opposite sides Of the rveT, AID that ,
the Federal troops constantly announces TO tAe
C0nledsrstes that they have no expectation Of
any mo:e citing between the two armies.
Bat the consideration to which have above {
alluded is the state of political feeling that Is /
known TO exist in the N1r.h between tbs so
called radical OF abolition party aud the eonseT-