President Davis and his government--being resolved to support him at all hazards--and in the implacable temper they manifested toward the common enemy. One who mingled freely with both parties, and by turns sympathized with both, and who would fain do justice to both, will find it impossible to adjust their conflicting representations, and at the same time observe the prudent reticence which our present circumstances imperatively demand. Two of the most prominent and influential leaders of the war party, Governors Ellis and Winslow, have passed beyond the reach of earthly tribunals, and of the living actors it is obvious that no mention can now be made. Very different but no less cogent reasons impose a similar reticence in relation to the more numerous but not more respectable or influential organization known as the "Peace Party" of the last eighteen months of the war, and as "Union men of the straitest sect" at this day. Of this party, Governor Holden is the admitted founder and the present head, and Senator Pool his most prominent exponent. A representation of their principles and their history should be made by themselves. They possess all the materials and all the abilities requisite for the work, and they owe it to themselves and to the public to place it on record for the judgment of their cotemporaries and of posterity. They and they alone are competent to the performance of this duty in the best manner. The precise date of the earliest formation of this party is given in the following letter from Governor Vance, which, is inserted here, not only as affording a clear view of the principles which guided _his_ course of action, but as enabling the reader to comprehend Governor Graham's policy, exhibited in the further extracts from his correspondence. This letter was addressed by Governor Vance to the same friend who received the letter given in my first number, and is marked by the same clearness and energy of thought, the same generosity of feeling, and the same unaffected ardor of patriotism which characterize all of the Governor's letters that I have been privileged to see. RALEIGH, January 2, 1864. My Dear Sir: The final plunge which I have been dreading and avoiding--that is to separate me from a large number of my political friends, is about to be made. It is now a fixed policy of Mr. Holden and others to call a convention in May to take North-Carolina back to the United States, and the agitation has already begun. Resolutions advocating this course were prepared a few days ago in the _Standard_ office, and sent to Johnson county to be passed at a public meeting next week; and a series of meetings are to be held all over the State. For any cause now existing, or likely to exist, I can never consent to this course.