Which is correct? Here is Representative Waddell of North Carolina, formerly a rebel general, telling an organization of Union veterans, that not one person in one hundred thousand in the South expects or desires compensation for property destroyed by the Union armies, and here is ex-editor Cheney of Lebanon, who has travelled through the South and sojourned in Florida, saying: "You meet with no man in the South who does not either earnestly assert the justice of these claims, or leave with you the impression that he hopes they will be paid, because such payment means more money and greater prosperity for the South. Even the negroes, when it comes to the test, will be found co-operating with their masters to secure compensation for their own freedom." We repeat our question, Which is correct?--_Concord Monitor_. LOUISIANA. Ex-Governor Pinchbeck had an interview with the President recently, in which he took occasion to express his views concerning the needs of Louisiana. He represents the interview to have been pleasant and satisfactory. Pinchbeck says the State has now the best governor of any other within his recollection; that the people were generally better satisfied than heretofore, with the condition of affairs, although the people there, as elsewhere, complain of hard times. The only thing of which Pinchbeck complains is that the few children, nearly white, in the public schools in New Orleans, have been required to leave them. They should, he said, have been permitted to remain until faded out by increase of years. His own children were included in the number removed by the school authorities. THE SOUTHERN POLICY. The Principia Club of Cambridgeport has just published a pamphlet of 160 pages with the above title, containing a history of the President's Southern policy, so far as developed, up to the close of the extra session of Congress. The facts and testimony were collated by its president, and constitute a chain of evidence absolutely overwhelming to all but the conspirators, who are determined to ignore the facts and swear it through in the interest of the bull-dozed Democracy. That the said policy is a failure to promote Republicanism, can no longer be doubted. That it has put the government of the country into the power of the conspirators is abundantly proved by this pamphlet, which will be read with great interest.--_Traveller_.