de. The battle of freedom was
fought and won when the Inaugural was pronounced. The South can not
recover from the present stagnation in a quarter-century, by which time
it will again have accepted contentedly the original belief that
slavery, like one of the lotteries of Georgia, or one of the red-dog
banks of Arkansas, is a purely local institution.

_Mr. Stanton._ I heartily accept the project of a national convention.
But I am against any agitation or committal to leading ideas which are
to control it. One convention ruined France, and another saved it. We
can better obtain consent of North and South to holding a convention by
forbearance from discussing its probable platform. Let it meet. No fear
but it will elucidate _some_ satisfactory result.

_Mr. Welles._ You have just discussed this question of war. I wish
something could be done to settle this affair of privateering. To my
reflection it appears to embrace a very important consideration of
'policy' as well as of law. A man does not always punish his embezzling
clerk because the law gives him authority to do so. The ocean rebel who
to-day captures our transports laden with soldiers, may to-morrow put
off twenty boats in the Potomac, and capture our men on the river
schooner. The Attorney General's opinion and the law of Judge Kelson in
New York hang the former; but military law will exchange the latter
whenever a satisfactory opportunity presents itself.

_Mr. Lincoln._ The policy question has become a grave one. I have been
much struck by the letter of Judge Daly, of New York, to Senator
Harris--a most opportune, learned, and temperate paper.

[_Enter an attendant._]

_Mr. Lincoln._ Gen. McClellan is at the door. Invite him in.

_Mr. Stanton._ By all means. He is 'the very head and front of our
offending.'

[_Enter Gen. McClellan._]

_Gen. McC._ Good evening, Mr. President and Cabinet. (_Speaking rapidly
and brusquely._) The bridge equipages are now entirely complete. Here is
a dispatch acknowledging the receipt of the last supply. With February
is ushered in the Southern spring, which, as you all know, _must_ end
'this winter of our discontent.' The Western V now is perfect from Cairo
and Harper's Ferry at the top to Cumberland Gap at the bottom. It is the
first letter in Victory.

_Mr. Lincoln._ When the General becomes oratorical, then indeed has he
good news.

_Gen. McC._ I have, sir; but, with great respect to all these our
friends, it must