The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-08-08

a,.atep ad gantsges than abe is evidently deriving
from her present policy.
1t is clearly manifest, on the other hand.
that the Northern army is now completely
demoralized; that all esprit d. corps is ut
terly gone; and that, unless some extraordi-
nary reaction should take place, the Republi-
can administration cannot hope to organize an
army, which will be of the slightest value in the
field, for months to come. 1t is also more than
probable that something better than deprecated
Treasury notes will be found necessary to satisfy
the soldiers, and that, with the great embarrass-
ments the North is destined to experience in pre-
viding the means for the prosecution of the war,
it will lind very great difficulty in keeping to-
gether the forces already enlisted, and n much
greater one in bringing together the new regi-
ments which it has called for.
Dissatisfaction is already doing its work in the
Republican ranks. The income tax and the tariff
| on the necessaries of life must soon have their
effect on the masses of the North, among whom
strong signs of a healthy reaction of sentiment
have begun to appear. There is every indication
that but very few months-indeed, we may say
weels-will be required 10 divide parties in the
free States so thoroughly, that the unity of feel
| ing which has so far sustained the war will be
entirely broken up, and that the Republican party
will cease to have sufficient support to enable it to
prosecute the war; and be forced to abandon its
plans from sheer inability TO carry them out
Every day, that the South continues to act on the
defensive, strengthens its cause in the North, and
it is matter of grave doubt if it is not marching
on more rapidly TO certain but bloo1less vic
tory, by fortifying itself behind its own entrench
ments on its own soil, than by advancing North
wards with numerous army-a movement which
could probably only be effected with great loss O
human life on both sides. So long as the South
ern army remains on the defensive, so long will i
be impossible for the Government to recruit with
rapidty in the North. The old cry of "protec
''ten to the Capital is 'played out" TIL,
people are no logger to be deceived. No
can the administration invent any other clap
trap war cry which will serve to inspire thu
men with the degree of ardor necessary fol-
a three years enlistment. The commanding Off
GERS at Washington fully appreciate this difficulty
and thoroughly understand that their only hope
of etfectuay rallying the North once more, de
ponds upon a real advance Upon Washington city
If anything can have the desired effect, it will b.
this; and there is little doubt that Mr.. LINcoL,
would be glad to try over again, on large
scale, the game played at Fort Sumter, and b
satisfied to relinquish the capital in the hope G
efectually uniting once more the people of tn
free States against the institutions of the South
OF course there may be some difficulty in tn
South in keeping together, in an inactive state,
large army, composed not only of men of i'm
petuous temperament, but of many whose time
given up to the defence of their country at grea
personal loss and inconvenience Nor can it b
denied that it is generally most advantageous t
carry on campaign in the enemys country, at il
cost. But the Southern army could only be placed
at an enormous expenditure, in n position Nor
of the Potomac, which would be anything like q
strong as the one it now occupies in Virginia
Moreover, the further the seat of war is remove
f from the centre of the South the more expensiv
must necessarily be the cost of transportation
the troops, which is no little item in the suppor
of so large an army. Taking all things, there
fore, into consideration, we are inclined to til
belief that if the Southern leaders should decid
to remain on the defensive, that action would b
fully warranted by prudent and humane policy
and would no doubt, be rewarded by the sam
success which has heretofore crowned all tbei
operations.