The Second Seceding State.

Mississippi has the distinguished honor of being the second State to pass an ordinance of secession. The action of her convention awakened the most intense enthusiasm, as a matter of coarse, and was saluted with the ringing of bells, the display of fireworks, and the ordinary demonstrations of tumultuous joy.

We should be sorry to think that the people of that State are playing off an immense sham upon themselves, as well as the country. But it is very difficult to believe them serious in their movements. There is not a dollar in the State Treasury; — even the members of the last Legislature have not yet been able to get pay on the warrants for their salaries. The State has no credit in any market of the world, — not so much for lack of resources, as on account of the shameless and disgraceful manner in which she has hitherto repudiated obligations contracted by her agents on her behalf. She has no militia organization, — not half a dozen cannon in the State, and no small arms, unless Secretary Floyd was able to smuggle some into her limits by way of preparation for this emergency. — Her people will not submit to taxation for the expenses of such a contest, — for a bill proposing this resort was thrown out of the Legislature at its late session.

Besides this, there is a general lack of food throughout the State, and complaints already come up from every quarter of an absolute or prospective dearth of the bare necessities of life. How long can any considerable armed force, even if one can be raised, be maintained under such a state of things as this? We trust Col. Jefferson Davis sees his way clearly through the fogs and among the pitfalls of the immediate future. He will probably have a chance to learn, that popularity is a good deal more easily lost than won, — and the sufferings of a month may undo the political teachings of a life-time. Six months will put an end to his popularity among the people whom he has so steadily and so thoroughly misled. — N. Y. Times.