The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-07-29

ria: that the Confederaies are in full possession OF
Centreville and Fairfax Court-IIonse that fever
isb anxiety is everywhere prevalent with regard
,o their future movements, and that the secresy
which they so well know how TO observe gives
rise 10 apprehensions which no assurances on the
part of the Secretary of War can satisfactorily al
lay. He has telegraphed TO the Union Defence
Committee of New York that ''the Capital is safe;''
but travellers returning from Washington tell
very different tale. They acknowledge that the
panic hiss partially abaied, but they also admit
that the effects of the panic still continue with IN
abated force TO operate upon the morale of the
beaten army. Not single regiment whose term
of service has expired has consented to remain,
Notwithstanding the urgent appeals that were
msde 10 the patriotism of the men, and the still
stronger temptation held out to them in the shape
OF bounty money, equivalent to four months addi-
tonal pay. They were bent upon going home,
and homeward they have set their faces, leaving
to those who remain and to those who may come
after them, the task of defending the Capital and
of holding the fortified positions across the river.
After making every possible allowance for the ex.
aggerated statements which have been put forth
during one week, enough remains to show that if
the losses ofthe Federal troops do not come up to
the original estimate, they We're, nevertheless,
very severe; whilst the utter rout to which they
were put has inflicted far more damage TO their
effectiveness in future that can be computed by
the long list of casualties. The Federal Govern
ment has no longer an army, for its courage has
deserted it. The officers have lost the respect of
ND
store to the latter the exalted belief in their irwin
cbity they entertained when they first set
out on that memorable march to Richmond from
which they so hastily and dispiritedy returned
The Government is vainly endeavoring now to
break the force Of its first confessions, but no cor
recton of minor details can eradicate the impres-
sions that were made upon the public mind by the
strong, nervous language in which, after keeping
back the despatch for twenty.four hours, it an
nounced the defeat 1t then said: 'The carnage is
tremendously heavy on both sides, but on ours it il
represented as trightA." That one sentence tell:
the whole story. The flight of the fugitives more
| over, was not characterized rs disordery retreat
| but as ia stampede'-a term implying the ut.
most Imaginable excess Of terror and disorganiza-
| ton. We hold that this report is the only one
| emanating from the authorities at Washington
| that is at all worthy of credence; those which
| have subsequently come from the same source
being desgnedly made up for the purpose Of re-
animating the North to fresh exertions, and o
holding out TO the moneyed classes renewed hopes
| of eventual success. There is evidence enough
already to show that this last effort tt
| impose upon popular credulity has, a
at least, partially failed. The Republican Jour
nails acknowledge that there will be great diff
fculty in raising the new levies now called for
and even if this should not prove to be the case
the trouble which Mr.. Cisco has experienced, il
New York, in getting only portion of the fiv
millions demanded by Secretary CHASE TO NEE
immediate and pressing engagements, and tn
| depreciation in Government securities, indi
cate either growing want of confidence il
the Administration, on the part of capitalists
or clearer appreciation of the strength, an
unity, and determination of the South. To which
ever of these causes may be ascrbed the change
we have noticed, they are maniiestly beneficial t
the Southern cause, and are we'll calculated to dc
velop that reactionary sentiment in favor of peac
which has hitherto been sternly repressed in tn
free States, and to promote an early recognition
the Southern Confederacy by foreign powers