Answer:
negotiations for Confederate independence.
Explanation:
During the presidential election of the United States in 1864, George McClellan was a presidential candidate of the Democratic Party. He became the flag bearer based on being a member of the Peace Democrats faction. As a Peace Democrat, George McClellan opposed the American Civil war even though he favored Union. He held the belief that there should be an immediate peace settlement with the Confederates.
Hence, because of this, many Southern leaders believed that a McClellan victory in the presidential election of 1864 would lead to "negotiations for Confederate independence."
