The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-08-06


Ca binet of Mr. Lincoln, takes advantage of il
and plays upon the fears of the administration
Lee holds that the best place to defend Rich
mond Ia near Washington; but our military au
thorities do not believe that the best place To
defend Washington is at Richmond. General
Mcclellan was of that opinion both when he
encamped ON the Chickahominy and when he
made good his retreat to Harrisons Landing;
and had he been then sustained by the neces-
sary reinforcements there would be very diff
ferent story to tell to-day But q morbid ap-
prehension about the safety of Washington
marred the-whole campaign.
When Jackson, with q small body of troops,
dashed down the valley of the Shenandoah, the
authorities at Washington became scared, and
the rebel general was thus enabled to keep
paralysed not only Banks corps, but Mellow
ellis, which consisted Of fifty thousand men,
besides some thirty thousand in and around
Washington-say one hundred thousand Union
troops in all were kept out Of the great battles
Of the seven days by ruse of jackson, while
Jackson himself, giving our generals the slip,
arrived on the field in time to take decided
and important part. The same fear for Wash
ington ordered Pope and Mcclellan to retreat
together from Lee when they might have Of
fected junction and destroyed the whole
rebel army, just as previous to the seven
days battles it prevented Mcdowell con-
centrating with Mcclellan at Hanover
Junction, where battle had actually
been brought on by Fitz John Porter's corps;
and Mcdowell must have heard the sound Of
the cannon. There the golden opportunity was
lost. Had not false and mistaken fear for
Washington blinded the Cabinet and the mill
tary authorities at Washington, Mcclellan
would have been left at Harrisons Landing, to
march upon Richmond so soon as Lee went in
pursuit of Mcdowell, or at all events to follow
Lee rapidly overland, instead of going down
the James river and up the Potomac to Alex
andria in transports thus leaving Pope to be
overwhelmed by double his own numbers.
When Lee crossed the Potomac, at that time
so paralyzed with fear for Washington were
the Cabinet and military authorities that there
was no one to give orders, and General McClel-
Ian, on his own responsibility, undertook to
drive back the rebel chieftain. Had he
failed, his name would have been blast
ed with infamy by the radicals. But he
bravely succeeded, and was in pursuit of Lee,
very nearly in the same position in which
Meade now is, when he was removed and a new
general and a new direction given to the Army
of the Potomac. What that change resulted
in is too well known to our readers to
need being repeated here. All are now
anxious to learn what is to bo the destiny of
our army under the same circumstances as those
which surrounded it last fall. Will it be or
dered to advance and give battle to Lee, or
will it be ordered to fall back and cover Wash
ington and will Meade be removed and the COM
mand ofthe army given to some new hand? These
are questions which must soon be answered; for
the movements Of Lee, already suspicious, will
soon be 50 far developed as to compel decided
action Of some kind-either to 60 forward, or
to stand still and await Lees attack, or to fall
back, without fighting, upon the Notifications Of
Washington. Judging from the past, we must
confess we are not prepared for any bold course
on the part of the military authorities, and we
would not be surprised if Lee should be sue
cessful for the third time in invading the North
and that before the current month shall have
run its course. The policy of the rebel gov
eminent will undoubtedly be to attempt to
wipe out the depressing effect of Lees retreat
and the fall of vicksburg and Port Hudson,
by striking blow at the Army of the poto-
mac. The rebels are now desperate: the bs
of Charleston and another defeat of Lee, and
their cause is gone. They will, therefore, make
one gigantic effort. Let us anticipate them.
Collapse OF the Confederate Interest In
Europe.
Important news from Europe will be found
in our columns this morning, brought by the
Hecla-news which shows how startling was
the effect Of the recent reverses of the rebels upon
the nerves Of all holders of Confederate secu-
rites in England. When intelligence of the re-
pulse of Lee at Gettysburg, his retreat into vir-
ginia. the retreat Of Bragg's army in Tennessee,
and the fall,of vicksburg, reached Europe, the
immediate effect was to raise United States
stocks four per cent and bring down Con-
federate stocks seven per cent. In commenting
on this news, we said If Charleston were cap
tured it would complete the work, and the re-
bellion would be completely crushed. The in
tehigence by the Hecla shows how accurate we
were in our representations. The news Of the
fall Of Port Hudson. following upon the heels of
the other disasters, has brought down Con-
federate stocks eighteen or twenty per cent.
What will be the effect when the news of the
fall of Charleston adds to the terrible panic
already created
II is now plain that the confederacy is re-
Darded In England "a what Cen Crieraon aaid