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A Kentuckian's opinion.

--The following issue extract from a letter, dated Louisville, July 27th:

Ex-Governor Merchead, speaking of the late triumph in Virginia, in conversation with my son, this morning, said:"This battle is decisive of the question between the North and the South--that the seceded States cannot possibly be subjugated, and that the present dynasty in Washington is hopelessly and forever ruined." You doubtless know that Ex- Governor Morshead is one of the most intelligent and respected men in this State--and, I may and most popular.

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