"No one can say that if the perpetrator of this fiendish deed be arrested, he should not undergo the extremest penalty the law knows for crime; none will say that mercy should interpose.

But is

he alone guilty? Here, gentlemen, you perhaps expect me to present some indication of my future policy. One thing I will say. Every era teaches its lesson. The times we live in are not without instruction. The American people must be taught -if they do not already feel that treason is a crime and must be punished-(applause)—that the Government will not always bear with its enemies; that it is strong not only to protect, but to punish. (Applause.) When we turn to the criminal code and examine the catalogue of crimes, we there find arson laid down as a crime with its appropriate penalty; we find there theft, and robbery, and murder given as crimes; and there, too, we find the last and highest of crimes-treason. (Applause.) With other and inferior offences our people are familiar, but in our peaceful history treason has been almost unknown. The people must understand that it is the blackest of crimes, and will be surely punished. (Applause.) I make this allusion, not to excite the already exasperated feelings of the public, but to point out the principles of public justice which should guide our action at this particular juncture, and which accord with sound public morals. Let it be engraven on every heart that treason is a crime, and traitors shall suffer its penalty. (Ap

plause.) While we are appalled, overwhelmed at the fall of one man in our midst by the hand of a traitor, shall we allow men- -I care not by what weapons to attempt the life of the State with impunity? While we strain our minds to comprehend the enormity of this assassination, shall we allow the nation to be assassinated? (Applause.) I speak in no spirit of unkindness. I leave the events of the future to be disposed of as they arise, regarding myself as the humble instrument of the American people. In this, as in all things, justice and judgment shall be determined by them. I do not harbour bitter or revengeful feelings towards any. In general terms, I would say that public morals and public opinion should be established upon the sure and inflexible principles of justice. (Applause.) When the question of exercising mercy comes before me, it will be considered calmly, judicially, remembering that I am the Executive of the nation. I know that men love to have their names spoken of in connection with acts of mercy, and how easy it is to yield to this impulse. But we must not forget that what may be mercy to the individual is cruelty to the State. The life of the sovereign states having been assassinated by the felon hands of Federal administrators, those who have sought to defend them are now to be assassinated in turn. Assassination, therefore, is to be the order of the day if President Johnson's views and wishes are to be carried out, but as such tremendous difficulties

lay before him in the reconstruction of the Union, we are of opinion that he will not add to them by political assassination and murder; but in this we are mistaken, as shown in the case of Mrs. Surat.

PEACE NEGOTIATIONS BETWEEN GENERAL SHERMAN AND GENERAL JOHNSTON, AND THEIR REPUDIATION BY THE FEDERAL GOVERNMENT.

A courier reached Washington on Friday, April 21st, announcing that Sherman had agreed upon a temporary suspension of hostilities, and had arranged terms of peace on the 18th with Johnston, Breckenridge being present. A Cabinet meeting was immediately held. President Johnson, General Grant, and the Cabinet unanimously disapproved of Sherman's action, and ordered him to resume hostilities. Sherman was informed that Mr. Lincoln's instructions to Grant on the 3d March, had been to hold no conference with Lee, except as a preliminary to surrender, and these instructions were approved and reiterated by President Johnson to govern the action of the military commanders. Grant immediately left for North Carolina to direct the operations against Johnston. The terms arranged between Johnston and Sherman, subject to the ratification of their respective Governments, were as follows:Forty-eight hours' notice to be given of the renewal of hostilities; the Confederate armies to be disbanded and deposit their arms and public property in the state capitals, and to be subject to the action

of the State and Federal authorities; the Federal Executive to recognise the State Government; the Supreme Court to decide upon the legitimacy of the conflicting State Governments caused by the war; the Federal authorities to guarantee to the people civil and political rights so long as they obey the laws; finally, a general amnesty to be proclaimed and the war to cease.

The Federal Government disapproved of Sherman's proceedings as an improper assumption of authority. His agreement, it was considered, practically acknowledged the Rebel Government, prevented confiscation and the punishment of rebels, and would enable the rebels to re-establish State Governments with slavery. It might also render the Government responsible for the rebel debt, formed no basis for a lasting peace, and would enable the rebels to renew the war when their strength was recruited.

Mr. Stanton apprehends that Sherman's suspension of hostilities will enable Davis to escape to Mexico or Europe with the plunder of the Richmond banks and other accumulations.

Sherman issued an order to his army on the 16th announcing the suspension of hostilities, and stating that the agreement with Johnston, when ratified, would make peace from the Potomac to the Rio Grande. He hoped soon to conduct the soldiers home.

CHARACTER OF THE AGREEMENT.

Memorandum on basis of agreement made this 18th day of April 1865, near Durham's Station, and in the State of North Carolina, by and between General Joseph E. Johnston, commanding the Confederate army, and Major-General Wm. T. Sherman, commanding the army of the United States in North Carolina, both present:

1. The contending armies now in the field to maintain their statu quo until notice is given by the commanding general of either one to its opponent, and reasonable time (say 48 hours) allowed.

2. The Confederate armies now in existence to be disbanded and conducted to their several state capitals, there to deposit their arms and public property in the State arsenal, and each officer and man to execute and fill an agreement to cease from acts of war, and abide the action of both State and Federal authorities. The number of arms and munitions of war to be reported to the Chief of Ordnance at Washington city, and to be subject to future action of the Congress of the United States, and in the meantime to be used solely to maintain peace and order within the borders of the States respectively.

3. The recognition by the executive of the United States of several state governments, on their officers and legislatures taking the oath proscribed by the constitution of the United States; and where conflicting state governments have resulted from the war, the legitimacy of all shall be submitted to the Supreme Court of the United States.