The Pony brings us some indications of an encouraging nature from the South. It is reported that “Georgia and Alabama have accepted the mediation of Virginia, in their differences with the Federal Government.” It will be recollected that Virginia at the time of the appointment of Commissioners to the Peace Congress, also sent Commissioners to the seceding States. If Georgia and Alabama have now agreed to accept her mediation, it is proof that these two, at least, of the Cotton States, are not for unconditional secession.

The fear has been, and is, that the extreme Southern States have determined to try the experiment of independence; and that nothing therefore can be done which would win them back to their allegiance. If the statement to which reference has been made be correct, it goes far to disprove that assumption. If a reasonable compromise—put to both sections—will satisfy them, the storm will beyond doubt blow over: for no matter bow politicians may demean themselves, the people generally are determined to leave no stone unturned to restore peace and harmony.

In addition to the above we have also the report that the Union candidates in Tennessee have been elected by an aggregate majority of fifty thousand. These, added to the events which have recently transpired in Virginia, the noble attitude of Kentucky, and the conservative course of North Carolina and Maryland, make up a grand aggregation of facts which augur well for Union and permanency. The only drawback to the news is the speech which it is reported Mr. Lincoln has recently been delivering. It would probably be unjust to judge him upon a brief telegraphic synopsis, of what he did say, but as it comes to us it looks like opposition to any and all compromise. There is no use in attempting to deceive our ourselves. The Government cannot be perpetuated without mutual concession. The different, and in some respects antagonistic, forms of civilization of which the Republic is composed, cannot exist together without forbearance on both sides. Neither section can have all it wishes. If the Republican party should take a position in opposition to all compromise we have but little hope for the future. Under such circumstances the dissolution of the Union, even at this time, becomes a fixed fact.