The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-07-22

The Republican journals Of Friday last chroni-
cled exutingly the unobstructed march of the
Federal troops to Fairfax Court House 'The
''grand army of the Union" had at last, taken
up its line of march for Richmond at is the
"beginning of the end" exclaimed The New York
Tribune ''The rebels" said the Times, ''fed
"before the advancing army without firing a
'shot." General Mcdowell was to stop at Cen
treville that night and to push on to Manassas
the next morning. An army of ff!y-five thon-
sand men, moving in four columns all converg-
Ing upon Centrevile, ard precipitated thence
upon Manassas, it was confidently predicted would
speedily put the rebels to rout. "The chances
"are," remarked the imes, 'Ihat they will make
IN stand at Manassas, but it is somewhat doubt
''iui." The confidence game was never more adj
mirably played. All the signs of hasty retreat
were sedulously noted, and recorded, as evidence
that the Contederates had already taken the alarm,
and were far more anxious to run away than
to fight On the faith of these reports the
Board of Members Of the New York stock mar
ket, in the language Of the Tribune "were
''crazy," for the burthen of the chorus on
the part of all the Republican journals was that
the war would be short one, and that the Fed
eral Government would come out of the struggle
triumphant. The delasion, if such it was, has
been speedily disspated. Tie fight at Bull
Run, ending in the signal repulse of the Federal
troops, has materially altered the complexion of
things The New York H6rayd of Saturday strives
10 impress upon its readers that it was but mere
skirmish after all. The New York Times, so iu-
bliant the previous day, now finds that Ftthe ne
cesslty OF having the popular mind prepared for
both fortunes, will, in all probability, be taught
with certain degree Of lhorouchness before
this war draws TO close" This is sound phi
iosophy, even though it does come rather late
III Inc DAY. 1t acknowledges, moreover, that
Inc repulse OF TYLER's column, twelve thousand
strong, ''by four thousand entrenched rebels
whereby 1.-The advance of the whole army is sus-
pended, IS one of those calamties which draw
largely upon popular patience and faith It
IL likewise profoundly grieved that, after so long
delays, "our fifty thousand heroes should Stun
Die, almost at the first step of their march, to
tine held OF glory, and it grows pathetic at the
ldea That 'our helpless fellows should be moved
down by the rebel artillery '-inasmuch as by
this victory 1.-THE enemy acquires the prestige and
"'|"'e Oh hayinffiu vincible and irresistible move
'the Gulf States.'' The Times now intimates
That 1t Is by no means certain of the result of
the contest as it was twenty-four hours earlier
1t prudently admonishes the Northern soldier ITO
'rate the enemy at his true value" and, turning
from TYLER's defeat to the movements of the CO.
lumn under PATTERSON, acknowledges fear that
this failure may beget us n Waterloo; and in
THAT event, the Pennsylvania commander will be
Its GRoUcHY." We looked for an equally frank
expression OF opinion on the part of the Tribune.
For weeks past that journal has been camoripp
Tor the army TO advance and take possession of
Richmond When, at length, the forces were put
IN motion, It's JOY knew no bounds. They were
marching to confident victory, and they would
md no obstacles in their path which could not
be easily brushed away. It their appointed
mission to crush out the rebellion, and nothing
would then be required to be done b ut TO hang up
the rebel leaders. Well, the army has marched and
one division Of it-by far the largest-has met, to
say the least, with a serious repulse. What has
the Tribune to say about it? Its only comments
are as follows "The accounts of the affair arc
confused and unsatisfactory" = =
1T would seem that our troops suffered a COM
"parative repulse; but the fight was of too unim-
portant character and the Rebel success. if
any thing, was too slight to be of much ac-
count" Nevertheless, according to the Tribune,
" one thing is clear-that the national troops be-
haved with remarkable bravery, and that their
ardor for the fight was hardly TO be restrained
= " The partial retreat they made
" was performed in good order, and rather sith the
" 0'e' Of attaining a better position than to shan
the tre!' The New York World treats the
matter with even greater brevity. 1t admits
that there was sharp contest" that the
news had created great excitement in the
city, and it comes to the sage conclusion
.na9 Tins Is to be no affair of storming few bat
'terles, and repulsing few rebel regiments; but
that either at Bull Run, Manassas, or som
place in that vicinity, great battle is TO be
fought, which nay have decisive influence in
determining the result of the war and Fastening
'its termination"
Such are the comments of the Republican Jour-
nails of New York upon what is popularity called
1.-THE situation" They are certainly in a very
different key from that in which they announced
the march of ''the grand army" and they clearly
indicate that since the news of this reverse has
reached them, their hopes, like the price of stocks
have iallen-'a shade lower In all probability
the depression in both respects is destined TO be
vastly increased before the war is over