The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-07-07

were altogether nominal The transactions In breadstus
were limited, though prices OF tho leading kinds were
much lower Provisions groceries, oils, hides, talow,
metals and tobacco we're very quiet and declining Whisky
WAS steady, but In slack demand The freight market
was dun and heavy.
Our Great Victory and Its Advantage
The Duty and Policy or tho Admins
tratiOn.
AS the smoke of the late tremendous conflict
in Pennsylvania clears away, and as the conse.
quences are beginning to be disclosed, it ap.
pears that his final repulse on good Friday last
was not simply defeat to the army of Lee,
but total and perfect rout; that from his
broken and demoralized columns over twenty
thousand prisoners have already been captured;
that his lines of retreat are strewn with aban-
doned wagons, cannon, small arms and camp
equipage, and that there is reason to believe,
cape, that not onetenth of all the forces of this
late imposing and defiant rebel army can pos
sibly make good their escape into the Shenan-
doah valley
The Army of the Potomac, often victorious
heretofore, and often unfortunate where it had
the right to expect success, but always proving
itself, upon anything like equal terms, more
than match for the opposing rebel army, has,
in this late great victory, fully established its
superiority in the hands of skilful and coura-
geous commander. Under the able guidance
Of Mcclellan, in those terrible seven days bat
ties of the Richmond peninsula, against over
whelming numbers, and again in its
Mo- nd
the noble Army Of the Potomac won the i'm
perishable distinction Of saving the national
capital If it failed against the heights of
Fredericksburg, under Burnside, and failed
under Hooker, in the wilderness of Chancel-
lorsville, the heroic efforts Of this noble army
under both these incompetent leaders still
added newIaurels to its wreath of glory. The
Army Of the Potomac, In q word, has never
failed to do its duty thoroughly and earnestly,
against all odds, all plumbers, and under all
circumstances 1t has been the school for the
making of great generals; and thus, we may
say, without encouragement to the splendid
abilities and charming modesty exhibited by
General Meade, that there are, perhaps, half q
dozen other generals trained in this veteran
army who could lead II on to victory.
Il ID sufficient that in General Meade the
President, as by "a Providential selection, in the
nick of time, secured the man for the crisis.
The army, under this cool, clear-headed,
vigilant, active and sagacious commander, has
achieved the browning victory OF the war. 1t
has simplified the business Of the war to a few
active combinations, all Of which may be &C.
complished with perfect success during the
present summer Let the routed and democrat
lied retreating forces Of Lee be cut of from
Richmond, and then let the army Of Meade
be brought into rapport with the army of Rose
done, excepting in South Carolina and Georgia;
for We may now confidently expect at any
moment the capitulation of Vicksburg and
Port Hudson, and the release Of the mag
niAcent army Of General Grant to take care
of Mobile and Of the army of Banks with suf-
ficient achievements to clean up the remaining
remnants Of the rebellion in Western Louisiana
and Texas. With the capture or dispersion of
Lees army, the evacuation of Richmond by the
rebel Confederate government must speedily
follow; and then the reaction for the Union,
which is beginning to develop itself even in the
Legislature of North Carolina, will bring back
that old Commonwealth to her old allegiance.
Thus, before the return of the frosts Of ai-
tumn, ii is within the power Of the adminstra-
ton to reduce the limits of the rebellion to the
States of South Carolina and Georgia, and be-
fore the reassembling of Congress- the place
whore the first gun of the rebellion was fred
Charleston-may have the distinguished honor
in history Of being the place where the last gun
Of the rebellion was silenced. We say that the
administration has now the men, the means
and all the powers and facilities at its CON-
mand requisite to put an end to this rebellion
before the meeting of Congress. We believe,
however. that the day is near at hand when
measures OF Cancellation will avert the neces.
sity for further bloodshcd.
We believe, as we have always believed. that
with tho expulsion Of JEFF. Davis from Rich
/ mond the suffering people of the rebellious
States will be ready TO abandon him and his
hopeless cause, and ready to return to the
Union, with the simple assurance from the
( President that his emancipation proclamation
mere military measure will cease TO be en-.
forced when the military necessity producing II
shall cease TO exist President Lincoln some
time ago substantially declared tina, his great
objec, in this war was the restoration of the
Union, and that for this paramount, object he
versd abolish, or continue, or compromise with
slavery, as would appear to be most expcdient
We think that the time approaches when be
may speedily secure the restoration Of the
Union by the simple revocation or modac alton
Of his military edict abolshing slavery In thc
rebellious States.
Finally, in anticipation Of peace between our
loyal and rebelious States, under the common
banner Of the Union, the question recurs. wha,