The New York herald., 1865-02-04


advanced Governments We're steady. Gold opened At
200 and closed at 2osA.
On Change the -four market yesterday quiet but
prices were without material change Wheat was in
limited demand but steady. Tho market was very
frm, but only moderate business transacted Oats
were more active and higher The pork market opened
active and firm but closed dull and heavy. Beef was
unchanged while lard 1rmer, with rather more
doing whiskey ruled dull and heavy, while freights
continue quiet at previous rates.
JcH. Davis and His Peace mmission-
Deep Game OF Diplomacy.
The departure of President Lincoln from
Washington to join the Secretary of State in q
conference with the three distinguished rebel
peace commissioners awaiting their arrival at
Fortress Monroe is the great event Of the day.
The movement, at this time, is well calculated
to inspire strong hopes of peace; from the des-
perate situation in which the army of General
Lee is now placed; from the increasing demor-
alizations, dissensions and divisions among the
rebel rulers and their disheartened followers;
from the utterly hopeless condition of their
worthless paper money system; from the inevi-
table extinction of slavery, and from their
relinquishment of all hopes of foreign inter-
vention. And yet we are apprehensive that at
this impending or pending peace conference
the chasm between submission and recognition
will still be found too wide to be bridged over
without some further assistance from the pom
toon builders accompanying the armies of
Grant and Sherman. The mountain is in labor
again; but the immediate result, we suspect,
will be the old story of ridiculous little
mouse
We have but little faith in the honesty of
JEFF. Davis in this peace business. As q con-
cession to tho bold and threatening peace party
which has sprung up in his mutinous Congress,
he has been constrained to try the experiment
Of q peace embassy. From the same pressure
he has been compelled to appoint on this en-
bassy men Of established character, weight and
influence. But we cannot believe that he has
clothed them with any discretion except upon
the basis of Southern independence. On the
other hand we suspect that he contemplates
and expects nothing moro from his peace COM
missiOners than some pettifogging diplomatic
advantage which may be construed into q re-
cognition of his government, or some con-
venient bubble which may serve as an excuse
for fighting to "the last ditch" The Richmond
journals confess that in the Niagara Falls peace
conference, and in those of Kirke and Jacqass,
and old Mr.. Blair, with the rebel chief at Rich
mond, the GLOW cunning Of Lincoln" was too
much for the diplomacy Of Davis, and that con-
sequently JEFF. has failed to remove from his
dor fl,.h IF tho hr,rI
Of slavery. Davis, therefore, in this new peace
embassy is simply endeavoring to turn the
tables upon Lincoln as the great obstacle in
the way of peace
Let us suppose that those three rebel peace
missoners-Messrs. Stephens, Hunter and
Campbell-are brought face to face with Presi-
dent Lincoln and his Secretary of State What
follows? Mr.. Lincoln is informed by these
gentlemen from Richmond that they came on
mission Of peace, and they present their
credentials. lie reads, and finds these ambas-
sadors sufficiently qualified, formally or inform
ally, to proceed to business He inquiries what
terms have they to proposef They answer that
they are prepared for an armistice or for q
treaty Of peace on the basis of the recognition of
q Southern confederacy, and that upon pinch
they will not be particular as to Its boundaries,
in accordance with the principle that half loaf
is better than nothing. "Old Abe" compre-
hending the point Of the joke, says, Gentlemen,
heretofore the great difficulty In the way Of your
restoration to tho Union has been your institu-
tion Of slavery. As the cause Of the war, I
have considered its abolition az on indispensable
condition precedent to your restoration. Con-
gress, however, having provided . constitu-
tional amendment which covers the ground, !
am willing 10 receive the States you represent
back into the Union, just as you are, upon the
basis Of universal amnesty. The war on our
part Is for the Union, nothing less, but
nothing more" The rebel Vice President
Stephens replies that as the Confederate States
government has no power TO treat for its own
abdication, It could grant no such authority 10
its ambassadors. "Your ultimatum, them" says
Mr.. Lincoln, "is Southern independence mine
il submissionv and so the conference is brought
TO an end, and the dead lock of these peace
commissioners is turned over again for solu.
ton to General Grant and his peacemakers.
This, we are inclined to think, will be the
sum and substance Of this peace conference
We know the idea il entertained in official cir
cles at Washington that the constitutions
amendment just submitted TO the States from
Congress, in removing the difficulty Of Southern
slavery, removes the only serious difficulty Il
peaoe and reunion. We know, however, ths
JeK Davis Is prepared to sacrifice not onl,
slavery, but the Southern-Sta themselves
he can, to European vassalage, and is ever
ready to "die In the last ditch" or TO "asso
ciate with hyenas, rather than reunits with tn
hated Yankees.n There is no amnesty which
with the restoration Of the Union, will avail
JET. Davis. Hc must have bis confedsraQy Q