We are not disposed to treat lightly the agitation now going on in the cotton States, having for its object a disruption of the Confederacy. We know that many of those who are engaged in the present secession movement, are in earnest; and we are fully conscious of the disastrous results which would follow, should they accomplish their designs. But, as yet, our faith is strong that this excitement will subside, and that not a single star will be erased from the National flag.

There are two reasons for this conviction. In the first place, the disunionists will fail, because they are unable to agree among themselves upon any definite plan of action. Some of them are for immediate secession; others—Gov. Moore, of Alabama, for example—propose to wait until the electors have cast their vote, and the result has been formally announced; others again are willing to wait until Mr. Lincoln is inaugurated; and still another class would postpone operations until he is guilty of some “overt act,”—which postponement, it is scarcely necessary to say, would be an indefinite one. Gov. Wise is for defending “southern rights,” in the Union; he would march to Washington, seize upon the Treasury, and resist by force of arms the new Administration. But the Governor of Georgia, as his recent messages show, is in favor of resisting “Northern aggressions,” by legislation of a retaliatory character. Gov. Hammond advocates the plan for a Convention of the Slave States; Col. Orr is strongly opposed to it. South Carolina would secede, “solitary and alone;” while Mississippi has declared through one of her leading statesmen, that it is the height of absurdity for any single State to go out of the Union by herself. Out of all this chaos of sentiment, how can a united and formidable disunion policy be created?

The great reason, however, why danger need not be apprehended, is because there are so many and such varied commercial, monetary and business interests identified with the peace and stability of the country. Southern men of property,—the largest landholders,—the greatest slaveholders,—the richest merchants,—have everything to lose and nothing to gain by encouraging the hotheads who are trying to break up the Union. Capital is timid,—it shuns localities where tumult and disorder prevail. Hence the entire wealth of the South will seek to quell the disturbance and restore harmony and quiet. Already the evil results of the agitation are beginning to be seen. Southern banks are suspending specie payments; and their paper is at a discount, even in the border slave States. Real estate in the cities of the South, begins to depreciate in value; trade languishes and prosperity wanes, in that section. These things must produce a reaction, and arouse the capitalists of the South to an effort to stem the tide of disunion fanaticism.

The telegraph brings the cheering intelligence that the loyal patriots of Kentucky have awakened to their duty. They are holding Union meetings in which such men as Leslie Coombs and Gov. Dixon are taking a prominent part. This action will find a response throughout the entire South. The conservative sentiment will be aroused, and the secessionists will be put down by the people of their own States.

The Government will survive,—it will prove too strong for the ambitious intrigues of demagogues, or the mad conspiracies of fire-eaters.