The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-08-12

wheat, corn &c. F.eghis were quiet api steady.
The 0uesfiG-, cr an Artnistfcn and r.
Convention OF all the States.
Considering the desperate straits to which
the rebellion is now reduced, we think the
time has arrived when the administration, in
behalf of peace and reunion, may ADVANTAGE
ously open the door TO an armstioe and O
convention OF all the States.
JEFF Davis and bis ruling confederates must
now be convinced that their Southern con
federacyi is a hopeless enterprise. Ii military
view their forces and resources for the further
prosecution Of the war are limited to the States
or rather parts Of States which they still hold
east Of the Mississippi river: for, completely iso
lated, their confederates on the west side OF that
river may be counted as dead loss TO their
general cause. Their contederacy, shorn OF
two-thirds Of ts original area, is practically
raced to population of some five millions,
one half of which is made up of Afr can slaves
and free negroes. From the remaining white
population Of Two millions and half, which il
three hundred thou less than that of Penn
sylyania. the late, present and future losses OF
the armies OF Davis must be repaired, or those
armies must soon be destroyed. But from Vr-
gna around the seaboard tier of States to the
Mississippi river, the whole country, by sue
&C siye remorseless conscriptions has already
been dra ned Of its able bodied white men, and
its black population cannot be trusted as SOL
diers to fight for conIederacy the corner stone
Of which is me- 70 slavery.
The present campaign, therefore, as it has
been repeatedly admitted by leading rebel
journals, must, substantially decide the con-
test. In other words, should Davis fail in
overthrowing the armies of the Union in this
campaign his cause is lost; for. in being
utterly powerless to repair his losses in men,
the best that be can do in q new campaign
will be to fall back upon guerilla system of
warfare, which will only aggravate the suffer
ngs and all the horrors Of war among the
people of the States still adhering to his for
tunes. Grant holds him as in a blacksmith's
vice at Richmond and Petersburg. Sherman
is steadily progressing in his work OF detach-
ing Virginia from Georgia; while stout old
Admiral Farragut is resistlessly pushing up to
Mobile. He cannot be kept out, and, with the
occupation of the city, he will hold the keys
which will unlock the richest cotton depots
and magazines Of Indian corn. to say nothing
Of "contrabauds," in all the South. Better
still, in gaining Mobile we shall, by our West
ern gunboats, be enabled to connect with
vcksburg by way Of the Tombigbee river
and jackson Railroad, and, with Sherman in
Georgia, by way Of the Alabama river and
Montgomery and Atlanta road.
Taking all these considerations into the
estimate, we may confidently assume that,
absurd az was this late amateur peace con-
| ference at Niagara Falls; there was something
| in it. Indeed, in support of this idea, we have
what may be considered semiofllcial evidence
| from Richmond in late significant editorial
Of the Sentinel Of that city chc confidential
organ Of Davis, limiting broadly IN favor Of
negotiations for peace, though beating about
the bush somewhat too pretentiously to dis
guise en- incurable weakness in tho back
bone.
In a word, we have tie rebellion upon the
hip; and the administration can well
afford to try the magnanimous expert
ment OF opening the door to negotiations
for peace. Suppose, for example, President
Lincoln were 10 appoint three cominss oneFs
to Richmond with authority 10 conclude an
erlnstice for Fix months, and To enter into ar
raugeneDis, subject 70 tho ratification of Con.
cresa ror Peace ard Union Convention Of ali
tie sta.as, according 70 their Congressional
representation r. hoth houses. couid the admin
istFatou OF tie e,cat cause IL tie loyal States
lose euythagl Nay wouNdt they not rain every
advantage resulting from these proceedings,
Whether c'osiag II peace OF ID resumption Of
Tho war, we are strongly inclined to believe
tlatif Tie people Of TIC rgbsll!ous States were
allowed i lev months, II tie way Of truce, for
calm end cool reflection they would soon tho
ushly comprehend Tie utter hopclessness OF
! tseir struggle ~ separate uationali'y--a
aos witch ley a,e bot now permitted
6 hr9w q u recognize Nc believe,
tco, eet With tfair eyes thus opened to The
rel situation Of raairs, there would be no
great dieculty IN consummatng treaty Of
peace upon the broad basis OF the restoration
OF the Union TO it, territorial and constitutional
integrity.
President Lincoln, therefore, In our opinion,
| will establish claim to great sagaeity AMI
| wisdom as q statesman AMI "a politician IN
taking the initiative In behalf of peace by
despatrhDg three commissioners to Richmond
with the overiurcs suggested. If they fail, this
turbulent and demoralising peace faction Of
tho North will be dissrmsd and ailanced: IL