The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-05-12

ofScotland, 81 of Germany, and the balance Of
various foreign countries. tiago :.
The stock market was very buoyant yesterday, and
stocks generally higher with an increase Of bust
ness. Money was easier Gold dull at 14sk llSX
Exchange, 16sA q 1S4. i
Business was generally very dull yesterday. ftansao
lions In all kinds OF produce and merchandise were on an
extremely limited scale. Prices Of brcadstuGs and pro
visions favored buyers, and groceries less baoyant
The changes In other branches Of TRADE were un
portans. 1ltc 81
The virginta Campaign--Another ADJ
vaacs-Ths Prospect Brtghtening. IA
The report that General Hooker's army is
again on the south side of the RappahaHnock,
and advancing, gives general satisfaction. It was
feared that his return to this side signified the
suspension Of any offensive operations on our
part in Virginia for several months to come;
but it is now believed that we are to have not
only resumption Of active hostilities, but that,
pursuing the combinations entered into under
the present condition of the rebel army, we
can hardly fail to secure the most decisive and
comprehensive Victories.
In the single fact that General Hooker's re-
treat across rapid flooded river on two mar
row pontoon bridges was undisturbed by the
enemy we have conclusive evidence that the
rebel army had been too badly shattered to
disturb him. Otherwise General Lee could
not have asked better opportunity for de-
cisive blow. His official reports show that be
was fully appraised Of the movement; and yet
during the two days and nights occupied in
accomplishing It he refrained from any positive
interference, permitting even our rear guard.
bag and baggage, to cross without molestation.
Had Lee been in q condition to seize the oppor-
tunity to cut our army In two, and then to destroy
it in detail, he would have attempted It. The
fact that he did not attempt it shows that Gone
raj Hooker's retreat was unnecessary. To this
extraordinary discovery, and to the important
achievements and disclosures Of General Stone
mans brilliant cavalry expedition to the very
doors of Richmond, we are indebted for this re-
turn Of our army to the south side of the Kappa
hammock.
1t is also very evident that Stonemans unex-
pected operations, and the reported movements
Of our peninsular forces, instantly demanded Of
Lee the removal Of his whole army southwark,
or division of his columns to strengthen Rich
mond, extremely dangerous to his already seri-
ously depleted army. Meantime, cut of from
his base Of supplies, and with numerous inter-
mediate trains and depots Of stores destroyed,
the necessities Of subsistence to his army by
Sunday evening last had probably become as
urgent upon Lee as the safety of the rebel capt.
tai. And here we have another reason why
General Hooker's retreat over the Rappahan-
mock was not interrupted. During this retreat,
his enemy, to save Richmond and to secure sub
sistence, was doubtless moving in the opposite
direction.
But Richmond and Lees army are both now
within our grasp, with any degree of general
ship and activity on the part of the War Office
and our leaders in the field. Lee has perhaps
left General Hooker several days march be-
hind him; but, in this event, with Stoneman's
cavalry detachments on hand, supplied with
fresh horses, the rebel rear may be 80 harassed
as to make their retreat as disastrous as the loss
of great battle. General Hooker, however
must move faster than In his first advance upon
Chancellorsville, or the whole rebel army may
reach the peninsula without serious loss. Had
our commander known how 10 handle bis mag
niacent army, the grand result Of these late
battles would have been the death blow to JEFF
Davis But in the tactics of the battle 6eld
and in his strategy, Gen. Hooker has shown him.
self manifesty deficient as to inspire but little
confidence In his future movements. We have
on the other hand, unbounded confidence in his
great and heroic army We hold that, II with
one-third OF 1t during his three days. fighting
he was strong enough to resist the shocks Of all
the legions Of the enemy, he can destroy them
by bringing the other two-thirds Of his soldiers
into the work when next the battle Il Joined.
We had hoped that some officer of his army
who had displayed the practical qualities Of o
great commander In the late battles would
be appointed TO lead the army In this
advance. But, as 1t appears that General Hooker
Is to be tried again, we can only hope that he
will promptly atone for his late plumbers and
misfortunes in series Of great successes. Now
b his time, and the golden opportunity for the
administration and the Union. The army IL all
right. Let 1t only be properly handled, and the
end Of this campaign In Virginia will yet be the
end Of the rebellion. Stoneman's operations
between Lee and Richmond have placed the
rebel army and the rebel capital within our
grasp, and the glory or the disgrace Of this
campaign will belong to the War ONCE.
HooKER AND Tue NNcoMPooPs orsaus TfuEs--
Tho only paper in this city which stands by
Hooker N the Times. Ypsferfiav rcov,,sv,<v AZ,