The issue before the country is the extinction of slavery. No man of common sense, who has observed the progress of events, and who is not prepared to surrender the institution, with the safety and independence of the South, can doubt that the time for action has come—now or never. The Southern States are now in the crisis of their fate; and, if we read aright the signs of the times, nothing is needed for our deliverance, but that the ball of revolution be set in motion. There is sufficient readiness among the people to make it entirely successful. Co-operation will follow the action of any State. The example of a forward movement only is requisite to unite Southern States in a common cause. Under these circumstances the Legislature of South Carolina is about to meet. It happens to assemble in advance of the Legislature of any other State. Being in session at this momentous juncture—the Legislature of that State which is most united in the policy of freeing the South from Black Republican domination—the eyes of the whole country, and most especially of the resistance party of the Southern States, is intently turned upon the conduct of this body. We have innumerable assurances that the men of action in each and all of the Southern States, earnestly desire South Carolina to exhibit promptitude and decision in this conjuncture. Other states are torn and divided, to a greater or less extent, by old party issues. South Carolina alone is not. Any practical move would enable the people of other States to rise above their past divisions, and lock shields on the broad ground of Southern security. The course of our Legislature will either greatly stimulate and strengthen, or unnerve the resistance elements of the whole South. A Convention is the point to which their attention will be chiefly directed.

The question of calling a Convention by our Legislature does not necessarily involve the question of separate or co-operative action. That is a question for the Convention when it assembles, under the circumstances which shall exist when it assembles. All desire the action of as many Southern States as possible, for the formation of a Southern Confederacy. But each should not delay and wait on the other. As these States are separate sovereignties, each must act separately; and whether one or the other acts first or last, we suppose is of no sort of consequence. What is really essential is this—that by the action of one or more States, there shall be the reasonable probability that a Southern Confederacy will be formed. We say probability,—because there is no certainty in the future of human affairs; and in the position in which the South will be placed by the election of an Abolitionist white man as President of the United States, and an Abolitionist colored man as Vice President of the United States, we should not hesitate, somewhat to venture. The existence of slavery is at stake. The evils of submission are too terrible for us to risk them, from vague fears of failure, or a jealous distrust of our sister Cotton States. We think, therefore, that the approaching Legislature should provide for the assembling of a Convention of the people of South Carolina, as soon as it is ascertained that Messrs. LINCOLN and HAMLIN will have a majority in the Electoral Colleges for President and Vice President of the United States. The only point of difficulty is as to the time when the Convention shall assemble. In our judgment, it should assemble at the earliest possible time consistent with the opportunity for co-operative action of other Southern States, which may, like ourselves, be determined not to submit to Black Republican domination at Washington. Delay is fatal, while our move will retard no willing State from co-operation. South Carolina, as a sovereign State, is bound to protect her people, but she should so act as to give the other Southern States the opportunity of joining in this policy. The Governors of Alabama, Mississippi and Georgia can act simultaneously. With this qualification, the earliest time is the best, for the following reasons:

1. Our great agricultural staples are going to market. The sooner we act, the more of these staples we will have on hand, to control the conduct of the people of the North and of foreign nations, to secure a peaceful result for our deliverance. Thousands at the North, and millions in Europe, need our Cotton to keep their looms in operation. Let us act, before we have parted with our agricultural productions for the season.2. The commercial and financial interests of the South require that we should act speedily in settling our relations towards the North. Suspense is embarrassment and loss. Decision, with separation, will speedily open new sources of wealth and prosperity, and relieve the finances of the South through the establishment of new channels. In all changes of Government, respect should be had to all classes of the people, and the least possible loss be inflicted on any.3. The moral effect of promptitude will be immense. Delay will dispirit our friends, and inspire confidence in our enemies. The evils against which we are to provide are not the growth of yesterday. They have been gathering head for thirty years. We have tried, again and again, to avert them by compromise and submission. Submission has failed to avert them; and wise, prompt and resolute action is our last and only course for safety.4. Black Republican rule at Washington will not commence until the 4th of March next—four short months. Before that time all that South Carolina or the other Southern States intend to do, should be done. The settlement of our relations towards the General Government, in consequence of our measures of protection, should be completed during the existing Administration.5. It is exceedingly important, also, that our measures should be laid as soon as possible before the present Congress. The secession of one or more States from the Union must be communicated to the President of the United States. He has done all he could to arrest the sectional madness of the North. He knows that we are wronged and endangered by Black Republican ascendancy, and he will not, we have a right to suppose, lend himself to carry out their bloody policy.6. By communication from the President of the United States, as well as by the withdrawal from Congress of the members of the seceding States, the question of the right of a State to secede from the Union, with the question of a Force Bill, must arise in Congress for action. The Representatives from the other Southern States will most probably be forced either to continue members of a body which orders the sword to be drawn against the seceding States, or they must leave it. They will most probably leave it; and thus the South will be brought together by action in Congress, even though they fail to co-operate at once by their State authorities. It will not be wise to pretermit either of these intrumentalities for the union and co-action of the Southern States; but, it is our opinion, that Congress is the best place to unite them. By prompt action, and through the question of secession in Congress, the agitations which must ensue, will not only tend to unite the Southern members of Congress, but to unite and stimulate State action in the States they represent.We conclude, therefore, by urging the Legislature about to assemble, to provide for the calling a Convention, as soon as it is ascertained that Messrs. LINCOLN and HAMLIN have the majority in the Electoral Colleges for President and Vice President of the United States; and that this Convention shall assemble at the earliest day practicable, consistent with the knowledge of our course by our sister Southern States. To this end we would respectfully suggest Nov. 22d and 23d as the day of election, and December 15th as the time of assembling the Convention of the people of South Carolina.