During the Spring of 1864 citizens of southwestern Virginia treated Morgan like a Southern Seigfried, especially after he and his men saved Wytheville from destruction on May 10, 1864. If any Confederate leader would have received such an elaborate banner at this time, based on popular acclaim alone, it would have been John Hunt Morgan. Aside from survivors of his original command, reassembled in three battalions, as I recall, Morgan's command also included Col. Giltner's Kentucky Cavalry Brigade and other mounted units.

For a detailed journal of events from Morgan's perspective, see Bluegrass Confederate: The Headquarters Diary Of Edward O. Guerrant, William C. Davis and Meredith L. Swentor, eds.
http://www.amazon.com/gp/product/images/0807130583/ref=dp_image_0?ie=UTF8&n=283155&s=books

Another good source --
Kentucky Cavaliers in Dixie: Reminiscences of a Confederate Cavalryman, by George Dallas Mosgrove
http://www.amazon.com/gp/product/images/0803282532/ref=dp_image_0?ie=UTF8&n=283155&s=books