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

TUE CIVIL W.A.R IN AMERICA.

(From the Times Correspowient.)
NEW YORK, July 15.
The Cot ifederate army, having isolated Washing-
ton during three days from the rest of the country,
having attacked it with a force sufficient to terrify
if not to capt are it, and having rendered it a doubts
fal matter to the President and his whole Cabinet
whether it Nvoul d be better that they should remain
at their posts, take refuge in a gunboat, or transfer
themsel eres bodily to New York, has disappeared as
mysteriously as it came. There can be no doubt
that communication between Washington, Balti-
more, fend the North, both by rail and telegraph,
has been restored, but there is very considerable
doubt whether the bulk of the Confederate army is
not still in Maryland. The theory of the invasion
that found must favour yesterday, when the news
was received that the Confederates had unexpectedly
wiehdrawn from Washington, and that a portion of
their forces had crossed the Potomac, was that the
invaeion was a mere diversion, for the donble pur-
Teese of obtaining supplies and of dieconeerting the
echemes and operations of General Grant at Peters-
burg, and that it had been sucoeseful in both. It
alleged that when General Hunter found himself
unable to capture Lyncaburg• and retreated west-
ward towards the Ohio, General Early took imme-
mistake or misfortune, and,
diate advantage of his
at the head of a large force, marched up the She-
nandoah to seize the cut, stacked, and abundant
,liarvest in the valley, thence into Maryland with a
o..milar design, not alone upon the crops, but upon
th e horses and cattle, and all other available pro-
p ee•ty to be met with on his route, alarming the
Fe decal Government for the safety both of
gton, but having no real
Bai ticaore and Washin
lute ration of risking a great battle for the posses-
sion of either. It was furthermore asserted that
havilag done all he meant to do, and been successful
beyond his hopes, General Early retired with his
hooter, wall aware that no attempt could be made to
cut off his retreat. To-day, however, this theory no
lodger 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
believed 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
gather 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
erforin, while the great master mind of the cam-
p,eign, General Lee, himself at the head of 40,000
En. 53,000 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.denger 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 medi-
cine; he feels better ; believes that there is nothing
essentially the matter, and has recommenced his
old excesses with renewed gusto and sense of enjoy
meat.
Atter three years of such -hard fighting as the
world hes seldom seen, the situation resolves itself
Fla the North into the comforting knowledge
that " Washington is safe," and in the South
into the proud boast that " Rientnond is
impregnable." The " safety " of each capital
has not, however, been purchased by the same
means. Wnatever that of Richmond me)/ have cost
the Confederates, no humiliation enters into the sc.
count ; while the safety of Washington, if it be
assured at this moment—which is more than any
one can conscientiously affirm until it is known
where Gen. Lee is and what he purposes doing--has
cost the Federais, in addition to men and money
(for which they care but little), very nearly all their
liberties (for which they seem to care still less),
together with that prestige and character which are
in-volved in the fact that such an invasion as Early's
could have been made so successfully and with such
all bat perfect impunity. Nor is the apathy with
which the whole movement has been regarded
throughout the North the least extraordinary part of
tne business. No public meetings were called to sup-
port the Government, no fiery patriot uttered a
word of " buncombe;'' nobody pat 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, iike Peter the
Hermit of old days, to call the multitude to arms ;
not a preacher sounded from his pulpit the note of
slat m and urged upon his young and ableebodied
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,
glade no secret of their belief that the Con-
federates were in full force, and of their hope
that they might not only capture Washington,
but that Gen. Lie might dictate the terms of final
separation from the steps of the Capitol, with Mr.
"Lincoln end his Cabinet on one side and General
itagur on 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 but 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 'nest 10,000,000 dole., besides the plunder
which they removed, imperilled the safety of two
(neat 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 all 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, avid equally
disgraceful to the civil and military authorities of
the North.
There was yesterday a general and rapid fall in
the pricy 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 theii-strength, in the expectation
©f a greater rise in gold than had taken place within
the previous seven days. There was something ap-
proaching to a panic in almost every kind of whole-
sale husicess. Gold fell 10 per cent., and produce in
a similar proportion, This morning gold fell still
iower, and cloud this afternoon at 2201, or about
3) par rt, lower than at the commencement of the
...ere is no impression, however, in any quar-
ter entitled to speak with knowledge or authority,
o fall will be maintained, but a very general' be-
• aai, the financial need of the Government, and
-vitab:e issue of greenbacks will lead to further
3. Already it appears that unforeaeen diffi-
cultiee have arisen between Mr Fessenden and the
State banks of Now York in reference to the loan of
fifty million dols. which he requires for the imme-
diate nayment of the arrears due to the army. But
even supposing' tress difficulties, whatever they may
be, shall be got over, it is obvious that the loan will
do little mere than give the Secretory of the Trea-
cle/. e a short time for reflection. lie will be able to
- the demands of the raore clamorous of the na-

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