"And there are, at least, four and a half millions of us left; so you see you have a work before you," said Mr. Benjamin, with a decided sneer.

"We have no wish to exterminate you," answered the Colonel. "I believe what I have said,—that there is no bitterness between the Northern and Southern people. The North, I know, loves the South. When peace comes, it will pour money and means into your hands to repair the waste caused by the war; and it would now welcome you back, and forgive you all the loss and bloodshed you have caused. But we must crush your armies, and exterminate your Government. And is not that already nearly done? You are wholly without money, and at the end of your resources. Grant has shut you up in Richmond. Sherman is before Atlanta. Had you not, then, better accept honorable terms while you can retain your prestige, and save the pride of the Southern people?"

Mr. Davis smiled.

"I respect your earnestness, Colonel, but you do not seem to understand the situation. We are not exactly shut up in Richmond. If your papers tell the truth, it is your capital that is in danger, not ours. Some weeks ago, Grant crossed the Rapidan to whip Lee, and take Richmond. Lee drove him in the first battle, and then Grant executed what your people call a 'brilliant flank-movement,' and fought Lee again. Lee drove him a second time, and then Grant made another 'flank-movement'; and so they kept on,—Lee whipping, and Grant flanking,—until Grant got where he is now. And what is the net result? Grant has lost seventy-five or eighty thousand men,—more than Lee had at the outset,—and is no nearer taking Richmond than at first; and Lee, whose front has never been broken, holds him completely in check, and has men enough to spare to invade Maryland, and threaten Washington! Sherman, to be sure, is before Atlanta; but suppose he is, and suppose he takes it? You know, that, the farther he goes from his base of supplies, the weaker he grows, and the more disastrous defeat will be to him. And defeat may come. So, in a military view, I should certainly say our position was better than yours.

"As to money: we are richer than you are. You smile; but admit that our paper is worth nothing,—it answers as a circulating-medium; and we hold it all ourselves. If every dollar of it were lost, we should, as we have no foreign debt, be none the poorer. But it is worth something; it has the solid basis of a large cotton-crop, while yours rests on nothing, and you owe all the world. As to resources: we do not lack for arms or ammunition, and we have still a wide territory from which to gather supplies. So, you see, we are not in extremities. But if we were,—if we were without money, without food, without weapons,—if our whole country were devastated, and our armies crushed and disbanded,—could we, without giving up our manhood, give up our right to govern ourselves? Would you not rather die, and feel yourself a man, than live, and be subject to a foreign power?"

"From your stand-point there is force in what you say," replied the Colonel. "But we did not come here to argue with you, Mr. Davis. We came, hoping to find some honorable way to peace; and I am grieved to hear you say what you do. When I have seen your young men dying on the battle-field, and your old men, women, and children starving in their homes, I have felt I could risk my life to save them. For that reason I am here; and I am grieved, grieved, that there is no hope."

"I know your motives, Colonel Jaquess, and I honor you for them; but what can I do more than I am doing? I would give my poor life, gladly, if it would bring peace and good-will to the two countries; but it would not. It is with your own people you should labor. It is they who desolate our homes, burn our wheat-fields, break the wheels of wagons carrying away our women and children, and destroy supplies meant for our sick and wounded. At your door lies all the misery and the crime of this war,—and it is a fearful, fearful account."

"Not all of it, Mr. Davis. I admit a fearful account, but it is not all at our door. The passions of both sides are aroused. Unarmed men are hanged, prisoners are shot down in cold blood, by yourselves. Elements of barbarism are entering the war on both sides, that should make us—you and me, as Christian men—shudder to think of. In God's name, then, let us stop it. Let us do something, concede something, to bring about peace. You cannot expect, with only four and a half millions, as Mr. Benjamin says you have, to hold out forever against twenty millions."

Again Mr. Davis smiled.

"Do you suppose there are twenty millions at the North determined to crush us?"