The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-05-14

tnued success the Union arms It fell to Ill Govern.
ment securities were firm at a fraction advance No
change In the loan market.
There great excitement Ia commercial circles yes
terday produced by the Of the Union victories in
Virginia, and nobody was 10 q business mood Tho
attention OF the merchants entirely taken up by the
bulletins, and there Interest manifested IN
thing else. Petroleum was duh and nominal. Cotton
frmer, but quiet Imported merchandise OF every
kind nominal under tho gold fluctuations On Change
-four was &c. loo. of, wheat &c. &c., pork SOC lard
No and whskcy 1c. a &c.. while corn and oats q
shade Armer To grain fre,ghts there brisk BUSH
at full rstes-sd 6hd to Liverpool. and 6s 3D. per
quarter to Cork for orders.
The Virginia Oampai en- -Goncral Lee In
Full Retreat-Onward to Richmond
The Virginia campaign approaches glorious
elimination. The sanguinary battle of Thurs
day, in which the rebel army was driven back,
dislodged from its strong positions, doubled
up and dismantled to the extent Of loss Of
four thousand prisoners and over thirty pieces
Of artillery, was staggering blow to General
Lee General Grant, in his brief but compre-
hensive report of the days work, says "the
enemy are obstinate, and seem to have found
the last ditch;" but General Lee. convinced
that 1t would be so If he should remain on
the field till Friday morning, hastily moved off
with his shattered battalions under cover of
the night.
It was the only alternative OF safety left
him. Short Of provisions, and in country ut
terly exhausted. and doubtless with his ammu-
milton, after eight days continuous fighting,
nearly expended, and cut Of, too, from every
line Of supplies West or South, another day
at Spottsylvania Court House would
surely have precipitated the destruction or
dissolution of his army. His retreat,
however, was but o choice OF evils, ard
only temporary evasion ofthe final catastrophe.
The irrepressirie veterans Of the Army Of the
Potomac are close upon his track, strengthened
by their great successes, devoted to Gen. Meade,
and with confidence, under the eye Of Gen.
Grant, which deHes oil impedim ,uts. On the
other hand, the strength, the unity, the prestige,
the morale the efficiency, Of The retreating army
are gone. Broken down, half famished and
demoralized, where can Il be rallied to accept
another battle this side of Richmond
We anticipate that this retreat Of Lee VIII
become rout, and have no doubt that gene
raj stampede has already commenced at Rich
mond. Terrible as is the pursuing army be-
bind him, his complete isolation from his
sources OF subsistence can be hardly less terri
BILE to General Lee. The cavalry column of
Sheridan, between him and the Peninsula, has
cut or and destroyed the trains in
tended for his immediate necessities. The
cavalry Of General Kautz, OF General
Buffers army, has cut OF all supplies
from the south side OF the James
river, and, to complete this Gordon of famine,
We hear from General Sigel's expedition that
Lee has been efFectually separated from his
depot of -four, ccra and bacon at Lynchburg,
aud the supplies Of the Shenandoah valley.
The Virginia campaign Of General Grant 10
thus developing complete and comprehensive
success, because Il embraces all, and much more
than oil, the combinations hitherto attempted
by piccemeal at Washington. These CON-
blnations OF Grant have included the
James river movement, under General Butler
and Admiral Lee; tho shenandoah valley sx-
petition Of Gencrh Sigel; the formidable
Southwestern armies, under General Sherman,
in Georgia which II II reported have crowded
General Joe Johnston out Of Dalton on tho roads
to Atlanta; and, lastly, and most Important Of
all, relnforccments 70 the Army Of the Potomac
sufficient TO enable Il to cope successfully with
the largest army that Lee could posi-
bly, muster on tho Rspidan. Here W
have q complete system Of eo-opsra-
tive movements. each secure in itself,
and ali operating dlsastrously to the enemy,
and at the main point under the infalllbls
strategy and tactics and tenacious lighting
qualities Of Genera Grant, master for tho
boosted invincio!c general Of the rebellion. |
Our long night Of doubt and suspense d past
The morning dawns in the East The hour Of
the nations deIIverAnce draws nigh. Long live
the republol
MODERN ECoSoxIsrs-The Citlseus' Associa
tion, who secure the rcpudistiou Of The honest