phrase which shall fully express the enormity of this treason! (Voices --"Hang them." "String them up.") The rebels of the South have some cause. They believe in the institution of slavery,--they have been educated under its influence. They thought it in peril. They made war with some pretence on their part for a reason for war, but what excuse, what palliation is there for those men in the North, who, regardless of liberty, of justice, and of humanity, ally themselves, openly some and secretly others, with the enemies of the Republic? Spare, spare, your anathemas, gentlemen. Do not longer employ the harsh language which you can command in denunciation of Southern traitors. They of the North who give aid and comfort to the enemy deserve to monopolize in the application all the harsh words and phrases of the English language. (Applause.) Cessation of hostilities--what follows? Dissolution of the Union inevitably. Will not Jefferson Davis and his associates understand that when we have ceased to make war, when our armies become demoralized, public sentiment relaxed, when they have had opportunity to gather up the materials for prosecuting this contest, that we cannot renew the contest with any reasonable hope of success. Therefore, if you abandon this contest now, it is separation--that is what is meant, and nothing else can follow. But suppose that what some gentlemen desire could be accomplished,--a reconstruction of the Union by diplomatic relations inaugurated between this Government and Jefferson Davis'--suppose the South should return--what follows? When you have permitted Jefferson Davis and his associates to come back and take their places in the government of this country, do you not see that with the help of a small number of representatives from the North whose services they are sure to command, they will assume the war debt of the South. When you have assumed that debt, and taken the obligation to pay it, these men of the South will treat the obligation lightly, and upon the first pretext will renew secession and will march straight out of the Union, and you, with your embarrassed finance, will find yourselves unable to institute military proceedings for their subjugation. Therefore I say that by the reconstruction some men desire you render secession certain, bankruptcy throughout the North certain. The repudiation of the Public Debt is not a matter of expectation or fear, it is a matter of certainty, if you assent to any reconstruction of this Union through the instrumentality of Jefferson Davis and his associates. You must either drive them into exile or exterminate them. Break down the military power of the people, and exterminate or exile their leaders, and bring up men at the South in favor of the Union--there is no other way of security to yourselves. (Cheers.) Now, then, are you prepared to cease hostilities with the expectation of negotiations with Jefferson Davis