From Memphis

fcst. Louis, Jan. 12. The Ripuhlitans Mciuphis oorrespon detit. eays that two iinportant propoH tious havo recently been made by tha rebel authoritiea to the Federal govers j ment. A Quartortmiáter of the Confeti I orate muy at Hernando, aciing by authorjty of the Iiichinond offioers, haa offered to wil to Gen. Grant or Hurlbu't, all the cotton now romaining within a district yetoutside the Federal linos. T'íis oöur embraces 15,000 bale", and is all Confedérate ootton, and groenbacks will be taken ior it It is saiij tbat Hurlbut fuvors the purcha-se, and has reoommcuded it to be carnod into effeot. It is statüd that Kirby Sinitli recent ly sent an autboriöd messeneer to Washington to proposa to tlio Fodural authori'.ies to luiush every requisite authority to get out all iho cottou in that portioo of' Red River, and Wnshita districts, withia thu rebol linee. The inoney f'or the sarao to bu paid to the olass nL oficers escepted f rom tile amnesty otiered by President Linoolu, they to retiro f rom the rubol service aud go to Mes co. The Repualican saya, editoriaily, of the correctoass of this iafornation, wu have üo doubt, for it comes from Bources likely to ihe best means of ufonnatioa. Also tbat this would invi.lve tho complete disbandment of the rebel forces in Arkansas, Misaissippi, Louisiana and Texas, and the iramediate return of thoae 8tates to the Union.