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|I agree with Mark. The North would have gathered forces from all over the North and from Grant's army besieging Vicksburg. Lee would have been forced back into Virginia through lack of supplies and the gathering of Union forces. Whether Washington DC would have fallen wouldn't have mattered. Lincoln was never going to make peace with a independent South. England would have gone against everything it stood for if it had supported the South after the Emancipation.
A President McClellan would have not been the South's friend either. He had distanced himself from the 1864 party platform. He couldn't in good conscience to the soldiers he led in battle allow a Confederate government to remain in power. His view was to return things back to pre-1861 status. Slavery would exist but the country would be united. At least that is what I read once many, many moons ago.