Upon the authority of the Washington Chronicle, we are informed that Mr. Vallandigham has been banished for the space of two years, to that fashionable and delightful summer resort, the Tortugas Islands, already rendered classic by the residence of Billy Wilson's Zouaves. We are not informed whether or not he is to work on the fortifications, with a ball and chain attached to his leg. We regard his punishment as a very mild one, having supposed that he would at least be burnt at the stake, or drawn and quartered, and his head stuck upon the flagstaff of the fortifications at Cincinnati, looking southward.

The New York Herald puts the "situation" very pointedly, thus:

The arrest of Vallandigham was evidently illegal. Gen. Burnside is now rashly dashing himself against the law, as he did against the rebel fortifications at Fredericksburg. But it is the policy of the democracy to keep cool and be quiet. All such cases will tell in their favor in the next election. When they have control of the government, in 1864, they can take Wendell Philips, Greeley and a few other fanatics, and hang them higher than Haman, under the very laws which the fanatics themselves have passed.

A democratic paper — the N. Y. World — very truly truly said that if well let alone, Mr. Vallandigham would do the administration party better service than any other man in the country. As it is, they have martyrized him, and his illegal trial and outlandish punishment will only add thousands to the democratic strength in future elections.