Senator Jefferson Davis has at last given the country to understand upon what terms the fanatics of the South will remain in the Union. On Monday last, he called up a resolution which proposes so to amend the Constitution as to make slavery legal upon every foot of soil over which floats the National flag. No exception does Mr. Davis make in favor of local legislation, whether by States or Territories. He demands the unconditional recognition of the right to hold property in men, wherever the jurisdiction of the Government extends.

“To this complexion must we come at last,” if we continue to temporize, in dealing with the extreme advocates of the “peculiar institution.” They hold that slavery is right under all circumstances, and necessary for the best interests of the master and slave. They believe that it is “the cornerstone of the Republic,”—the foundation of our safety and prosperity. Entertaining such sentiments, they will be satisfied with nothing but the protection of their human property everywhere within the limits of the Union. How idle it is to attempt to conciliate men who thus ask that the policy of the fathers in regard to slavery shall be entirely reversed.—no sooner does the North exhibit a disposition to make concessions to them, than their demands become more insolent and more extravagant.

We may as well at once renounce all our convictions and eat dirt freely and with a relish, or else stand firmly by the principles we have professed, with a determination to abide by all the “compromises” of the Constitution, but to yield nothing that is not “nominated in the bond.”