If North-Carolina had, through her Executive, anticipated the final crash, and after the failure of the peace mission to Fortress Monroe, had endeavored to treat separately with the United States Government, and be the first to tender her submission, (as there were some who would fain have had her try the experiment,) if our State had taken this step, four generations would not have heard the last of it. The whole failure of the cause would in time have been attributed to the treachery and faint-heartedness of Old Rip, as there are even now those who say it was the croakers who ruined us, and that Generals Lee and Johnston should not have surrendered so lightly. Besides the infamy, we should have gained _absolutely nothing_, as is plainly indicated by the course pursuing and pursued of the United States Government. Governor Graham, as our representative in the Confederate Senate, and from his position, high _prestige_, and extended reputation, commanding the entire confidence of our people, might very well recommend that some steps should be taken, _if possible_, to avert the approaching crash, and spare the State the horrors of military subjugation. This it was his duty to do; for to him more than any other man in the State, our people looked for guidance, and for some indication of the policy proper to be pursued in circumstances so critical and so desperate. But if Governor Vance had moved in the matter of sending commissioners to General Sherman one week sooner than he did, or had taken one step looking toward reconciliation, or submission, or negotiation, at any time previous to the second week of April, 1865, he would in all probability have been arrested by our military authorities as a traitor. There was positively nothing that with honor or credit could have been done to meet the United States army sooner than it was done. Our affairs were at a dead-lock from the time of the adjournment of the Confederate Congress. Let those, therefore, who may yet be inclined to deplore that certain steps were not taken by our Executive, be satisfied that the course pursued was the only one possible. There is no room for misconstruction or misrepresentation in the future. Inaction in certain great and supreme moments is the highest wisdom, the truest dignity, as the Indian who finds his bark within the sweep of the rapids, and on the verge of the abyss, folds his arms and awaits the inevitable plunge with self-possession and calmness.