The issue of our present struggle must be Disunion or Emancipation. And, assuming it to be Emancipation, the hate wherewith the North is regarded at the South would soon die out. New social and industrial relations and interests, new activities, new ambitions, would speedily efface all painful recollections of our desperate struggle. The late slaveholders, having ceased to be such, would no longer be controlled by the impulses nor plastic to the influences which impelled them to rush upon the thick bosses of the Union. They would find in the rapid peopling of their section by immigration from the North and from Europe, and the consequent increase in current value of the lands, timber, mines, water-power, etc., of their Section, new avenues to wealth, new incitements to activity and energy. Shays' rebellion engulfed the greater part of Western Massachusetts; but ten years passed, and it had sunk into a mere tradition. La Vendee was more unanimous and more intense in its hostility to the French Republic than any Southern State now is to a restoration of the Union; yet La Vendee soon after responded meekly to the conscriptions of Napoleon. War alienates and inflames; but Peace speedily re-links the golden chain of mutual interests, and all is kindly again. Let Slavery disappear, and all incitement to alienation or bitterness between the North and the South will have vanished. God has made them for parts of the same country; their diverse topographies, climates, productions, render them the natural complement of each other. The Cotton, Sugar, Tobacco, etc., of the South will be freely exchanged, as of yore, for the Manufactures, Machinery, and Implements of the North: the former gradually learning to supply her own essential wants to an extent hitherto unknown; but the rapid increase of her population, industry, and wealth, will render her a wider and steadier market for the products of the latter and of Europe than she has ever yet been. The South will soon realize that the death of Slavery has awakened her to a new and nobler life--that what she at first regarded as a great calamity and a downfall, was in truth her beneficent renovation and her chief blessing. So shall North and South, at length comprehending and appreciating each other, walk hand in hand along their common pathway to an exalted and benignant destiny, admonished to mutual forbearance and deference by mournful yet proud recollections of their great struggle, and realizing in their newly established and truly fraternal concord the opening of a long, bright vista of reciprocal kindness and inviolable peace. A MERCHANT'S STORY. 'All of which I saw, and part of which I was.' CHAPTER IV.