20 FEBRUARY 1864, Page 2

Mr. Lincoln has issued a proclamation calling out 500,000 con-

scripts, a number which, however, includes the 300,000 men of the last draft. This order has been dictated, first, by a desire to accelerate volunteering, those who intend to enlist rushing in for the bounty in order to escape being drafted ; and, secondly, by a belief that the South intends to make this year a final despairing effort, particularly in Tennessee, where extreme activity is observed, and whence General Johnston, with his army, has "mysteriously disappeared." It is proposed by Congress, in order to make the process more rapid, to strengthen the law, and raise the exemption money to 400 dollars for every draft however frequent—a proposal, however, not yet passed. It is calculated that when this draft has been obeyed the North will have 500,000 men, and the South about 350,000; but that the latter, unless it arms the slaves, will be at the end of its resources. As yet no movement of any import- ance has occurred, but there are rumours that the siege of Charleston will be raised, and that of Mobile commenced, and that General Sherman is collecting a great army near Memphis for a secret expedition somewhere.