Mr. Lincoln's Inaugural Speech was of the kind usually called "firm, but conciliatory,"--a policy doubtful in troublous times, since it commonly argues weakness, and more than doubtful in a crisis like ours, since it left the course which the Administration meant to take ambiguous, and, while it weakened the Government by exciting the distrust of all who wished for vigorous measures, really strengthened the enemy by encouraging the conspirators in the Border States. There might be a question as to whether this or that attitude were expedient for the Republican party; there could be none as to the only safe and dignified one for the Government of the Nation. Treason was as much treason in the beginning of March as in the middle of April; and it seems certain now, as it seemed probable to many then, that the country would have sooner rallied to the support of the Government, if the Government had shown an earlier confidence in the loyalty of the people. Though the President talked of "repossessing" the stolen forts, arsenals, and custom-houses, yet close upon this declaration followed the disheartening intelligence that the cabinet were discussing the propriety of evacuating not only Fort Sumter, which was of no strategic importance, but Fort Pickens, which was the key to the Gulf of Mexico, and to abandon which was almost to acknowledge the independence of the Rebel States. Thus far the Free States had waited with commendable patience for some symptom of vitality in the new Administration, something that should distinguish it from the piteous helplessness of its predecessor. But now their pride was too deeply outraged for endurance; indignant remonstrances were heard from all quarters, and the Government seemed for the first time fairly to comprehend that it had twenty millions of freemen at its back, and that forts might be taken and held by honest men as well as by knaves and traitors. The nettle had been stroked long enough; it was time to try a firm grip. Still the Administration seemed inclined to temporize, so thoroughly was it possessed by the notion of conciliating the Border States. In point of fact, the side which those States might take in the struggle between Law and Anarchy was of vastly more import to them than to us. They could bring no considerable reinforcement of money, credit, or arms to the rebels; they could at best but add so many mouths to an army whose commissariat was already dangerously embarrassed. They could not even, except temporarily, keep the war away from the territory of the seceding States, every one of which had a sea-door open to the invasion of an enemy who controlled the entire navy and shipping of the country. The position assumed by Eastern Virginia and Maryland was of consequence only so far as it might facilitate a sudden raid on Washington, and the policy of both these States was to amuse the Government by imaginary negotiations till the plans of the conspirators were ripe.