The Times has received a telegram from its American corre-
spondent announcing that the Democrats have finally rejected a proposal to exchange Mr. Seymour for Mr. Chase. In other words, they are resolved not to give up State Sovereignty, the right to establish serfage, or repudiation. Mr. Seymour has taken to the stump, but the party is described as much " demoralized," a word used of course iu its American sense of frightened, and not in its English. As the party never had any morals, it could not lose them. The election of General Grant seems certain, and an interval df four.years more is granted to the Republicans, during which we doubt not they will insist on equal justice in the South, and will, we hope, purify the party of corruption. But that their success involves so tremendous an issue, they would almost deserve to lose, first, for allowing so much pillage, and secondly, for govern- ing through " bogus" legislatures. We want to see a little sincerity in their action as well as their opinions, and perhaps General Grant may supply the want.
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