A gentleman said, to-day, if the Yankees only knew it, they might derive all the benefits they seek by the impracticable scheme of subjugation, without the expenditure of human life, by simply redoubling the blockade of our ports, withdrawing their armies to the borders, and facilitating trade between the sections. We would not attack them in their own country, and in a month millions of their products would be pouring into the South, and cotton, tobacco, etc. would go to the North in vast quantities. I wonder the smart Yankee never thinks of this! Let both sides give passports freely, and an unlimited intercourse would be immediately established.

March 28th.—We have nothing additional or confirmatory from the West. A letter from Gen. Beauregard states that he has but 17,000 men in South Carolina, and 10,000 in Georgia, 27,000 in all. He asks more, as he will be assailed, probably, by 100,000 Federals. The President refers this important letter to the Secretary of War, simply with the indorsement, “this is an exact statement of affairs in South Carolina and Georgia.”

Col. Lay predicts that we shall be beaten in thirty days, or else we shall then be in the way of beating the enemy. A safe prediction—but what is his belief? This deponent saith not. There will be fearful odds against us, and yet our men in the field fear nothing.

We are sending Napoleons up to Lee. But the weather, which has been fine for the last two days, is wet again. If Hooker makes a premature advance, he will be sure to “march back again.”

An amusing letter was received from an officer in Tennessee to-day. He was taken prisoner by seven Federals when straying some distance from camp, and subsequently hearing the men express some anxiety to be at home again with their families, gave them some brandy which he happened to possess. He then suggested a plan by which they might return to their homes, viz., to become his prisoners, and being paroled by him. After consultation, they agreed to it, and released him. He then paroled them, giving them the usual certificates to exhibit to their officer, and so, taking another drink, they pursued their different ways. If this disposition prevails extensively among the Western Federals, we may look for speedy results in that quarter. Rosecrans may lose his laurels in a most unexpected manner.

March 29th.—No news. Yet a universal expectation. What is expected is not clearly defined. Those who are making money rapidly no doubt desire a prolongation of the war, irrespective of political consequences. But the people, the majority in the United States, seem to have lost their power. And their representatives in Congress are completely subordinated by the Executive, and rendered subservient to his will. President Lincoln can have any measure adopted or any measure defeated, at pleasure. Such is the irresistible power of enormous executive patronage. He may extend the sessions or terminate them, and so, all power, for the time being, reposes in the hands of the President.

A day of reckoning will come, for the people of the United States will resume the powers of which the war has temporarily dispossessed them, or else there will be disruptions, and civil war will submerge the earth in blood. The time has not arrived, or else the right men have not arisen, for the establishment of despotisms.

Everything depends upon the issues of the present campaign, and upon them it may be bootless to speculate. No one may foretell the fortunes of war—I mean where victory will ultimately perch in this frightful struggle. We are environed and invaded by not less than 600,000 men in arms, and we have not in the field more than 250,000 to oppose them. But we have the advantage of occupying the interior position, always affording superior facilities for concentration. Besides, our men must prevail in combat, or lose their property, country, freedom, everything,—at least this is their conviction. On the other hand, the enemy, in yielding the contest, may retire into their own country, and possess everything they enjoyed before the war began. Hence it may be confidently believed that in all the battles of this spring, when the numbers are nearly equal, the Confederates will be the victors, and even when the enemy have superior numbers, the armies of the South will fight with Roman desperation. The conflict will be appalling and sanguinary beyond example, provided the invader stand up to it. That much is certain. And if our armies are overthrown, we may be no nearer peace than before. The paper money would be valueless, and the large fortunes accumulated by the speculators, turning to dust and ashes on their lips, might engender a new exasperation, resulting in a regenerated patriotism and a universal determination to achieve independence or die in the attempt.

March 30th.—Gen. Bragg dispatches the government that Gen. Forrest has captured 800 prisoners in Tennessee, and several thousand of our men are making a successful raid in Kentucky.

Gen. Whiting makes urgent calls for reinforcements at Wilmington, and cannot be supplied with many.