The New York herald., 1862-09-04

EW YORK HERALD, THr
mooracy Of New Jersey will be held to-day. at
| Trenton.
Tho news from Virginia caused slight panic In Wal
street yesterday Stocks declined frsm x to lK per
cent at the ss board being the heaviest
securities on the list AZ the seoond board the market
was feversh cosed sras better Gold advanced TO
llsH In the middle Of tho day and closed llsk bid.
Exchange rose to lso ls1. Money In better dc.
mand; call loans quoted per cent. Tho tone Of
feeling was feverish and uneasy throughout the day
Tho cotton market again excitsd yesterday with
further advance prices Before tho North Americans
news mddlng upland was selling at 40. a4ske To-day
II closed the basis Of 62ko s8o for the grade
thus establishing advance in two days 0 4kc per b.
equal 70 SEQ 2 per bale OF the average weight Of $50 lbs
The sales embraced COO bass-a good part specua
tion and portion 70 spinners, 70 60 out Of market
The -four market rather heavy at the opening and
slightly easier for low grades but with the decided I'D
In sterling exchange the feeling became stronger
and prices closed toleraby Arm while sales fall
extent. Wheat, from ths cause 6rm especially
for good red winter and amber, while common qualities
unchanged. Corn aotive but less bucyant The
sales included sound Western mixed at 6ekc. elc-
| Pork in fair demand with rather moro doing, a
I'll SIX for and Al - SIX SO for primo. ~
steady, with moderate sales which embraced
about $50 hhds. Freghts were steady u lM. lsKd
FOR wheat and At 80. Iokd. q. for nour 70 Liverpool
and At lld al4kd for wheat London. and q 4s 3D.
for nour. To Glasgow also, -four taken ~ -. Sd
Swedish bark was loaded with wheat Tor Corr and
| market at l6d. IN ships bags.
| The Virginia Campaign-Ths New Order
| Of Things-Gsn. Mcclellan Chief In the
Field.
The news which ws publish this morning
from Washington, including the falling back of
our army from Centreville to Arlington
Heights, and the restoration Of Gen. Mcclellan
to the chief command in the field, is eminently
satisfactory and encouraging. It establishes
the absolute failure of the rebel programme of
country in regard to the war policy Of Mr.. Lin
! coins administration.
Tho daring attempt Of the rebels on Monday
last to turn the right flank Of Gen. Pope, and to
cut him of from his supplies, convinced
Gen. Halleck that the intervening coun-
try of twenty miles Of hills and valleys,
forests, thickets and crossroads, be-
tween Arlington Heights and Centreville,
could not be safely protected from rebel in
cursions against our supply trains without
dangerously weakening the main line Of our
army. Accordingly General Pope was ordered
to move back the whole army across the de-
batable ground, so as to leave the rebels no
| other alternative than general battle, or some
other expedient for subsistence than forays
upon our provision wagons. They cannot be
reached now, except by storming the forts Of
Arlington Heights, or by long and difficult
detour to some ford on the Upper Potomac, and
q descent upon Washington in the rear, move
ment concerning which there need not now be
the slightest apprehension
The late terrible ordeal of fifteen days fight
ing through which the army of General Pope has
passed has left it 30 shattered and exhausted as
to require some little time for its effective resto-
we also save twenty miles Of transportation in
recalling this army SO much nearer to Washing
ton, while we leave the enemy in the midst Of q
country utterly exhausted and laid waste
| Otherwise, after year of bloody battles and
sieges, we find the campaign in Virginia to-day
substantially as it stood this day year ago.
| Our experienced troops, worn down by the Sc
we're trials of long marches and many exhaus,ing
battles, require some rest, and our new levies,
before they can be judiciously pushed forward
against the enemy, need some discipline.
General Mcclellan, therefore, who restored
order out Of confusion, who made the splendid
Army Of the Potomac out Of the disordered
fragments from Bull run last summer, and from
the raw recruits sent forward down to last
December, has been called upon to do the same
important work over again. He is required to
organize on the same ground, and under almost
the same circumstances, another and larger
army, for another advance upon the rebel
capital. The army of General Pope, recalled
to the heights Of the Potomac, falls under the
command Of General Mcclellan, together with
all our other forces assembled around Wash
ington.
This il the result Of Cabinet consultation
which proves that President Lincoln is, and in
tends to be, master of the situation in which
the country has placed him. The New York
| Tribune, the other day, gave us the news that
| there had been an animated Cabinet discussion
| on the emancipation question, in which the
| Presidents conservative policy was supported
only by Mr.. Secretary Seward and Mr.
Secretary Blair. But they were enough. We
have every reason to believe that there was
some such division Of the Cabinet in regard to
Gen. Mcclellan; that the majority, favoring the
| radical abolition programme, were opposed TO
| Mcclellan, but that the President, assuming the
responsibility, like Old Hickory, decided against
| the vote Of his ministry, and that thus McClel-
| Ian has been reinstated TO his old position
Thus he will soon reorganize an invincible
Army Of the Potomac, subject only, ~ be will
| be, to the orders Of Gen. Halleck ss the Gene
| raj in Chief and Of the President, ~ the con-