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To-day South Carolina is expected to initiate her actual secession from the Union, and the excitement in all circles is intense. Probably the great mass of our people think the crisis has come -- that the country is now falling to pieces, and that very soon its severed sections will be actively engaged in civil war. Such, however, is not the opinion of many of our best thinkers here; and with your permission I propose to give a resume of the arguments and conclusions which have seemed to me most satisfactory, after hearing the great question of the day elaborately discussed in political circles here during, the last fortnight. First let me state the conclusions towards which the arguments tend, and then reason up to them, to see whether these conclusions are sound.
There will be no civil war. We may have some further disturbances; we probably shall have. Before the Disunion fever can abate, it must reach an apparently more alarming crisis in its symptoms than has yet been manifested. But, in the words of an eminent statesman, this Government cannot be broken up until a better is found to take its place, -- one that shall be better for all sections and all interest, -- one that shall provide security for slavery at least equal with that had under the flag of the Union. States may declare themselves out of the Union, and proclaim their independence; but that will not settle the question, dissolve the Union or establish such independence: and in good time, without coercion, and without one single aggressive act upon the part of the de facto Government of "the United States," the scheme of secession will die a natural death and have few mourners in its train.