The Sun.
London, England, 1862-07-14 00:00:00

THE SUN.
LONDON, MONDAY, JULY 14, 1862.

A day later from New York is a day worse for

the Federal cause. It increases the probability of
a protracted war, and of Northern bankruptcy.
We must not, indeed, jump to conclusions; in war,
of all things, it were absurd to do so; still the
struggle at Richmond is the crisis of the campaign,
and everything up to this mail looks as if the
Federal scale would kick the beam.
But a short time ago the Federal troops landed
on James, Island opposite Charleston, and as the
city was presumed to be poorly defended, and the
island almost commanded it, little doubt was enter-
tained that the capture of Charleston was to be the
topic of 4th of July orations. By the China we
learn that the terrible defeat of the brave but ill led
Federal regiments has resulted in the abandonment
of the island, raising, in fact, the siege of
Charleston, and the withdrawal of the troops to
Hilton Head, near Savannah, in Georgia. Both these
cities, for whose capture we were looking every
day, seem now likely to hold out for the summer,
as probably will also Mobile, on the Gulf of
Mexico—and how another campaign may begin
and end, or whether it will ever begin or end
in our time, it is not for mortals to predict.
The only appearance of offensive action on
the part of the Federals is that they have
begun to bombard Vicksburg on the Mississippi,
the only place of any strength or importance re-
maining to the Confederates on that River. It will,
we presume, be taken by the Federal fleet, but
when the China left it had not surrendered to Com-
mander FARRAGUT. On the other side the Mis-
sissippi, the Federal General CURTIS, who had
penetrated into Arkansas, had withdrawn into
Missouri.

Of the state of things before Richmond nothing
is allowed to transpire, and assuredly, in this case,
no news cannot be construed as good news. We are
told that it is believed that the fight of Wednesday,
Thursday, and Friday, was renewed on Saturday
and Sunday, and that those days were in some way
disastrous, it is next to impossible to doubt, since,
under a sytem of government regulation of intelli-
gence we may be perfectly sure that any favourable
turn of the conflict would be loudly proclaimed at
once. The former news of the three days is strongly
confirmed, and there is no more mention of strategic
objects in the right wing of an army being " hotly
pursued " by the enemy till it doubled back behind
the left. We now read the more natural and in-
telligible account, that " M'CLELLAN was driven
from his position on the Pamunkey River and the
White House with great loss." The usual story,
however, of both sides is given—this time it is of
" fearful carnage on both sides." We can well be-
lieve it; though how the beaten and retreat-
ing side should know the proportion of
loss to the army which it left in
possession of the field of battle, it is not easy
to understand. It is, however, but too probable,
for both sides have at least learned to fight with
obstinacy and courage.
The effect on the North is twofold—it has de-
pressed the money market, and increased the
demand for men. Eighteen Governors have
addressed the PRESIDENT, urging an increase of the
army; perhaps the plan was pre-arranged. The
PRESIDENT has responded by calling for a fresh
levy of 300,000 men. One way and another, not
less, probably, than a million of men have been
enlisted on the Federal side since the war began.
Militia, volunteers, and regular soldiers, cannot be
far short of that. What a contrast do things now
present in their aspect to the eyes of the North since
last 4th of July. Then the PRESIDENT asked for
400,000 men, that the war might be "short, sharp,
and decisive !" It was reasonably thought, when the
Congress voted him 500,000 men and 500,000,000
dollars, that such might be the case. The South
would be overwhelmed, " the rebellion trampled
out." Little did Mr. LINCOLN and Congress then
think that the following anniversary of Independ-
ence would find the PRESIDENT still demanding
troops by the hundred thousand. To what is this
to grow ? If the North after the summer heats
will be better prepared for action, the South will
also have had opportunity to perfect its defensive
arrangements. And we may fully expect, after the
great ability it has shown, that it will be prepared
to renew the war with greater energy than ever.
Under these circumstances we cannot wonder to
find two parties re-appearing at New York. Gold
at 121 per cent. premium, and endless demands for
men, have enabled the Peace-party to hold up their
head. Hitherto to advocate peace would be, at
New York, to secure a mobbing perhaps, the
further honours of tar and feathers. Now we read
that on the Ist an enthusiastic Peace meeting was
held at New York itself, the late Mayor being th e
principal speaker. We read also of a meeting of
the Conservative members of Congress at "Washing-
ton, and of a large Anti-Abolition meeting at New

York. This last was of course a meeting in favour

of treating with the Slave States on the basis of
slavery, whether by separation or otherwise. In
the Babel of cries one of the most earnest seems to

-- be that for a prohibition of the export of gold ;
which simply means that Americans are to buy
nvoettiht:iinongnolzruerexcept what they can pay for in goods,
sin,
Itovipsedea.n would touch their paper. Inter-
riannaeig,atioi f3eeesarcsed, but the mention of it is
angrily
their quarrel Mediation is more favourably re-
garded.'lora thing if Americans understand
nntraetaessonoafblEeuirnopiteseltfh,aatndthesyo
burdensome to many s
live in fear of some of theta
speaking out, perhaps
acting, at last. Americana
fears. France, with mezico
on El'
her h
dismiss their
ands, cannot
intervene, or even mediate With authority. Eng-
land assuredly will not, as we shall
Probably see
afresh in the debate which should. cum
e off on
Friday night.

Of the South we hear little, but all we do hear
:ndicates determination to resist. Even near

Corinth the Southern Cavalry has shown itsel

active ; it attacked and captured a railway train
from that place to Memphi3, when only 12 miles

'roin the city.
Thus, HALLECK is bearded in the

ine to which he had retired for summer quarters

The report of General POPE, that he had captured
10,000 prisoners when BEAUREGARD fell back from

Corinth, is entirely denied by the latter, and there
is now no doubt that it was a simple lie ! What
shall we believe of Northern news next ? At Nash-
ville, in Tennessee, where a Provisional Federal