The two Presidents, Davis and Lincoln, were inaugurated within a fortnight of each other--the first on the 18th of February, the latter on the 4th of March. Between them the question of peace or war must, after all, depend--for, however pacific might have been Mr. Buchanan's policy, it would fail, should Lincoln adopt a belligerent course. Considerable hope was, at times, indulged, that the negotiations with Mr. Lincoln and his Cabinet would at least be marked with a better display of candor than had commemorated the policy of his predecessor. These negotiations, as fruitless as those attempted in Congress during the preceding winter, for the prevention of secession, were to involve a question of even more moment. The direct issue of peace or war was now pending. It is confidently and successfully maintained by the South, that in the grave question of responsibility for actual bloodshed, her vindication is as clear and incontestable as must ever be her acquittal of the responsibility of disunion. War with the United States was deprecated by official declaration of the Confederate States as "a policy detrimental to the civilized world." Most impressive is the declaration of President Davis' inaugural: "Sustained by the consciousness that the transition from the former Union to the present Confederacy has not proceeded from a disregard, on our part, of just obligations, or any failure to perform any constitutional duty--moved by no interest or passion to invade the rights of others--anxious to cultivate peace and commerce with all nations, _if we may not hope to avoid war, we may at least expect that posterity will acquit us of having needlessly engaged in it_." President Davis was at all times most solicitous for peace, and adopted every expedient of negotiation that could promote that end. Heartily responding to the wishes of the Congress and people of the Confederacy, he appointed, in February, an embassy to the Government at Washington. The resolution of Congress, asking that the embassy should be sent, explains its object to be the "negotiating friendly relations between that Government and the Confederate States of America, and for the settlement of all questions of disagreement between the two governments upon principles of right, justice, equity, and good faith."