With these reflections, I resume the extracts from Governor Graham's correspondence, assured that his inaction in the momentous crisis, deprecated as it was at the time, by one party as evincing too little energy in behalf of peace, if not a disposition to continue the war; and reviled by the other as indicative of a disposition toward inglorious surrender and reconstruction, was in effect _masterly_, that masterly inactivity with which he who surveys the tumult of conflict from an eminence, may foresee and calmly await the approaching and inevitable end. RICHMOND, March 12, 1865. My Dear Sir: The passing week will develop important events. The President has requested Congress to prolong its session to receive communications which he desires to make. Three days have since elapsed, but nothing but routine messages have thus far been received. I am not at liberty to anticipate what is coming, or probably to reveal it when received; but doubtless the whole horizon of the situation will be surveyed, and an occasion presented for determinate action as to the future. In my opinion, he is powerless, and can neither make peace for our security nor war with success. But _nous verrons_. The bill to arm slaves has become a law. It professes to take them only with the consent of their masters; and in the event of failure in this, to call on the State authorities to furnish. I trust no master in North-Carolina will volunteer or consent to begin this process of abolition, as I feel very confident the General Assembly will not. We hear the enemy are near Fayetteville, notwithstanding the check to Kilpatrick by Hampton. I think our officers of state, except the Governor, should not leave Raleigh, but should claim protection for the State property from fire or other destruction, if the enemy come there. A raid of Sheridan's force has been above this city some days, destroying the James River Canal and other property; and last night, at one A.M., the alarm-bell was rung, calling out the local force for the defense of the city, it being reported that the enemy was within seven miles. It is said to-day that the party has joined Grant below Richmond. Commander Hollins and several citizens are said to have been killed by them. You may conceive that the path of those intrusted with the great interests of the people is beset with difficulties; but it must be trodden with what serenity and wisdom we may command. Very truly yours, W.A. Graham. HILLSBORO, N.C., March 26, 1865.