The Sun.
London, England, 1864-07-29 00:00:00

THE CIVIL WAR IN AMERICA,

(From the Times Correspondent.)

NEW YORK, Slily 15.

'The Confederate army, having isolated Washing-
tol i during three days from the rest of the country,
ha ving attacked it with a force sufficient to terrify
if not to capture it, and having rendered it a doubt.
f! el matter to the President and his whole Cabinet
hether it would be better that they should remain
at their posts, take refuge in a gunboat, or transfer
th emselves bodily to New York, has disappeared as
mysteriously as it came. There can be no doubt
the communication between Washington, Balti-
enc ,re, and the North, both by rail and telegraph,
he s been restored, but there is very considerable
d zuht whether the bulk of the Confederate army is
'not still in Maryland. The theory of the invasion
that found most favour yesterday, when the news
was received that the Confederates had unexpectedly
withdrawn from Washington, and that a portion of
their forces had crossed the Potomac, was that the
invasion was a mere diversion, for the double pur-
pose of obtaining supplies and of disconcerting the
schemes and operations of General Grant at Peters.
burg, and that it had been successful in both. It
alleged that when General Hunter found himself
unable to capture Lynchburg, and retreated west-
ward towards the Ohio, General Early took imme-
difete advantage of his mistake or misfortune, and,
at the head of a large force, marched up the She-
nandoah to seize tete cut, stacked, and abundant
harvest in the valley, thence into Maryland with a
similar design, not alone upon the crops, but upon
the horses and cattle, and all other available pro-
perty to be met with on his route, alarming the
Federal Government for the safety both of
_Baltimore and Washington, but having no real
intention of risking a great battle for the posses-
sion of either. It was furthermore asserted that
having done all he meant to do, and been successful
beyond his hopes, General Early retired with his
booty, well aware that no attempt could be made to
cut off his retreat. To-day, however, this theory no
longer finds the same acceptance. It is admitted
that a considerable body of the Confederates has
crossed the Potomac at Edward's Ferry, driving
before it immense herds of cattle, and other spoils
of war, but not that this force, whether great or
small, formed the bulk of the invading army. It is
belies ed that, in all the marchings and counter-
marchings of the last ten days General Early's
cavalry and General Breckinridge's infantry were
alone engaged; that their object was not only to
gat!: er spoil, of which they stood greatly in need,
but to confuse and bewilder the Federal Government
and the Northern people by the rapidity and com-
plexity of their movements, and to threaten far
more than they either intended or had the means to
perform, while the great master mind of the cam-
paign, General Lee, himself at the head of 40,000
or 50,000 men, was quietly and effectually operating
in another direction. Whether this explanation of
the mystery be correct a few days will show. In
the meantime, the easy Northern people believe that
the danger is over. The patient has had a warning
of his wrong course of living in the shape of a very
severe twinge of the gout. He has taken the meal-
c'ne ; he feels better ; believes that there is nothing
esßentially the matter, and has recommenced his
eld ezceases with renewed gusto and sense of enjoy.
meat.

Af eer three years of such hard fighting as the
wor'id has seldom seen, the situation resolves itself
in the North into the comforting knowledge
that " Washington is safe," and in the South
tutu the proud boast that " Richmond is
itapregna.ble." The " safety " of each capital
has not, however, been purchased by the same
means. Whatever that of Richmond may have cost
the Confederates, no humiliation enters into the ac-
count ; while the safety of Washington, if it be
assured at this moment—which is more than any
one can con.ecientiously affirm until it is known
where Gen. Lee is and what ne purposes doing--has
cost the Federals, in addition to men and money
(for which they care but little), very nearly all their
_liberties (for which they seem to care still lese),
together with that prestige and character which are
involved in the tact that such an invasion as Early's
could heive been made so successfully and with such
ail but perfect. impunity. Nor is the apathy with
which the whole movement has been regarded
tearoughout the North the least extraordinary part of
the business. No public meetings were called to sup-
port the Government, no fiery patriot uttered a
word of " buncombe;' nobody put his hand into his
pocket to purchase a recruit for the work of war,
which he was unable to do himself, but willing to
pay another for doing in his behalf ; no apostle of
freedom stood in the market-place, like Peter the
Hermit of old days, to call the multitude to arms
not a preacher sounded from his pulpit the note of
alarm and urged upon his young and able-bodied
parishioners the duty of fighting, if not of dying,
for their imperilled country. Even the women for-
bore the blandishments of their smiles, and call no
son or lover a coward for not rushing to the defence
of the capital. The tide of business and amusement
rolled on unimpeded. The war party considered the
invasion a mere foraging excursion on the part of
a few half-famished guerillas, who were certain to
be caught and punished ; while the peace party,
continually growing in strength and courage,
made no secret of their belief that the Con-
federates were in full force, and of their hope
that they might not only capture Washington,
bat that Gen. Lee might dictate the terms of final
separation from the steps of the Capitol, with Mr.
Lincoln and his Cabinet on one side and General
Augurtn the other to ratify the articles of agree-
ment.

There is still great diversity of opinion as to the
real numbers of the invading force. From 8,000
to 60,000 are the two extremes at which they are
calculated. If they were bat 8,000 they effected im-
mense results with but small means—shamed the
Federal Government, conquered a Federal General
in a pitched battle, supplied themselves with stores
sufficient to last the defenders of Richmond for 12
months, inflicting damage on the enemy to the ex-
tent of at least 10,000,000 dols., besides the plunder
which they removed, imperilled the safety of two
great border cities, and generally made the Nor-
thern people look ridiculous. If they were 60,000
strong, and only the raiding party have recrossed
the Potomac, their work is still before them, and
startling news may yet be expected. One reason
for the belief that the smaller number was the cor-
rect one, and that ell the glory of its achievement
belongs to General Early, and not to General Lee,
is to be found in the fact that during the ten days
in which the Confederates held high carnival in
Maryland and the district of Columbia Gen. Grant
did not see his way clear to make an attack upon
Petersburg or Richmond, which it is to be supposed
he would have done had General Lee removed
50,000 of his veteran troops from the defence of the
capital. But whichever hypothesis of the numbers
is to be received as most accurate, the expedition is
equally daring on the part of the South, mid equally
"graceful to the Civil and military authorities of

the North.
There was yesterday a general and rapid fall in
the price of flour, pork, provisions, and gold, not
wholly produced by the tenour of the war news, but
by the necessities of speculators, who had held on
for periods beyond their strength, in the expectation
of a greater rise in goil than had taken place within
the previous seven days. There was something ap-
proaching to a panic in almost every kind of whole-
sale business. Gold fell 10 per cent., and produce in
a similar proportion, This morning gold fell still
lower, and closed this afternoon at 2201, or about
3L) per cent. lower than at the commencement of the
vecic. There is no impression, however, in any quar-
ter entitled to speak with knowledge or authority,
Will be maintained, but a very general be.
the financial need of the Government, and
ta hie issue of greenbacks will lead to further
Already it appears that unforeseen diffi-
cuitica have arisen between Mr Fessenden and the
State ban° of New York in reference to the loan of
fifty million dole. which he requires for the imme-
diate payment of the arrears due to the army. But
even supposing these difficulties, whatever they may
be, shall be got over, it is obvious that the loan will
do little more than give the Secretary of the Trea-
sury a short time for reflection. He will be able to
slay the demands of the morUclamorous of the na-