It may be premised that in a literary and rhetorical point of view the speech of the 7th of March was a fine one. The greater part of it is taken up with argument and statement, and is very quiet in tone. But the famous passage beginning "peaceable secession," which came straight from the heart, and the peroration also, have the glowing eloquence which shone with so much splendor all through the reply to Hayne. The speech can be readily analyzed. With extreme calmness of language Mr. Webster discussed the whole history of slavery in ancient and modern times, and under the Constitution of the United States. His attitude is so judicial and historical, that if it is clear he disapproved of the system, it is not equally evident that he condemned it. He reviewed the history of the annexation of Texas, defended his own consistency, belittled the Wilmot Proviso, admitted substantially the boundary claims of Texas, and declared that the character of every part of the country, so far as slavery or freedom was concerned, was now settled, either by law or nature, and that he should resist the insertion of the Wilmot Proviso in regard to New Mexico, because it would be merely a wanton taunt and reproach to the South. He then spoke of the change of feeling and opinion both at the North and the South in regard to slavery, and passed next to the question of mutual grievances. He depicted at length the grievances of the South, including the tone of the Northern press, the anti-slavery resolutions of the Legislature, the utterances of the abolitionists, and the resistance to the Fugitive Slave Law. The last, which he thought the only substantial and legally remediable complaint, he dwelt on at great length, and severely condemned the refusal of certain States to comply with this provision of the Constitution. Then came the grievances of the North against the South, which were dealt with very briefly. In fact, the Northern grievances, according to Mr. Webster, consisted of the tone of the Southern press and of Southern speeches which, it must be confessed, were at times a little violent and somewhat offensive. The short paragraph reciting the unconstitutional and high-handed action of the South in regard to free negroes employed as seamen on Northern vessels, and the outrageous treatment of Mr. Hoar at Charleston in connection with this matter, was not delivered, Mr. Giddings says, but was inserted afterwards and before publication, at the suggestion of a friend. After this came the fine burst about secession, and a declaration of faith that the Southern convention called at Nashville would prove patriotic and conciliatory. The speech concluded with a strong appeal in behalf of nationality and union.