New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-07-29
vURrmRn EUROPEAN EXTRACTS.
An Ansie-Rebei View Of American Aaairs'
lKrTER IRON Mr.. SPENCE, THE REBEL AGENT, TO
Ypy LONDON TIMES.

sc,nDps No Northern General has equaled Grant in
rerDSsrsnce and recklessoess of life but in military
snacmont the most essential of all qualities In com
yms5der he seems below the level Of most Of his dis
earded predecessors. No two could be found who
had more sena proved h their military .S he
approved. third, whose miserable failure IN Soun
Carolina gave him claim 10 compete with them II
imbeciity Hunter and he OF course, was the next
appointment The Judgment displayed in these cruca
arrangements has been carried ont IN his opera'on' "
the field. -, - .vs,v
movement of the campaign He .eiled " gel pei"eel
Lee and Richmond his object when ne erosseu ~; ;ue
Rapidsn he failed 10 reach Sni,SyNa oc'o, Cd
OF TO break him there, or 10 pierce nis hnes ~ o9
Harbor He failed 10 seize Font Daring Or "
Petersburg or 10 enter tiordcns'hIe' r 70 ie"on
Iynchburg He has indeed succeeded in tearing up
rs;Is AZ several roiuts putting the Richmond Govern
Iuent 10 the trouble Of replacing theIn whicn
within twenty four hours by gang oi men Sep' va
men he occupies to-day position twice a. lar from
Richmond as Malvern Hill where his transports might
have placed him on the LIST Of March without his
a cartridge. The siege Of Richmond has nseiaDi!
come down 10 that Of Petersburg and the general VINO
undertook surround the capital unable to invest 30
much as half OF the southern side Of little county uwn
When after his terrible repnse Of Cold Iiarbor IT
became necessary Grant TO lind some other point OF
attack Malvern Hill at once presented these aGNsht
age IL was within ten miles VI Rlcnmond, WIN no
difficulty on the way il clear OF the swamps ana
the James River brought supplies night up ton. ~
could be made impfegnabe againS attack IN front a9
there could he enemy in the rear. DiscarduS al
these considerations with rare obtuseness OF Judgment
Grant decided TO take the south side OF the james
River. which presented the following requirements;
fret 10 take Petersburg which could not be left IN his
rear then 10 cross the Appomatt"Hi then 70 iorce
back the enemy more than 20 miles ana several
strong positions; then to take Fort Daring wMcn
could not be left his right flank then to besege the
suburb of Richmond which Is south OF james kNei,
Having effected all this, he would md an nopssNsuc
river between himself and the city and not only doe
an attack from the south involve TWO sieges oi
one but the main city, standing on high ground com
nands the southern bank Of the Tiyer whlen WoS Nc
~ |
might be thrown into the CITY, but they wOuG DC re-
turned and Richmond is no more 10 De teirlueu o!
Greek FIRE than Charleston.
,,udyng not the art of war but the New fork papers
whose pet scheme Of starvation he evidently ADOPTED
Into Richmond there run not only four principal lines
of railway but elso canal Of unusual magnitude and
river flowing for $50 miles through aregion untouched
by the 1t is very hopeless project 10 s'arve
civ so situated and which it impossible TO invest
Bot il this the design, the measures taken were
singularly judged. Instead OF Withdrawing corps
from Ruer he should have been strengthened so as 10
overthrow BeauIegald and seize the Southern hles,
while Grant holding on to his ntrenched position de-
tanned Lee IN his own ron. ~ "ss csea1 qua. nah he
aIiyantage of an inner line. Probably II was hoped
that the fleet might render assistance, "a az NieES
burg, when the operations were connected WIN the
river III this was the idea II il curious result that
Grant should order vessels to be sunk to protect ms
own feet from the enemy. A New-fork paper OF me
2eth of June when dfporing tho uselessness OF the
navy observes " 1t has been discovered that God Al
mighty had made the james river to tit the Federal
gunboats -. o..,.,,. ,,aD Tho, NJ
Grant After long pause. he has suffered disastrous
repalse and failed 10 carry any point OF posi-
lion IL carried his march would bring him TO the
Chst.ahooche formidable river 10 cross and beyond
It Atlanta would be found Just as strongly iortined a.
Lynchburg proved 10 De- n,s .be N.Y. s,,,e il Is
Shermans position is full of peril. Sturgls, moving to
his aid from Memphis with column OF 90 men, SUI
tered the most thorough defeat since Bull Run none OF
ms Infantry escaping except fugtiyes. Forrest,
otter this victory his road will soon he heard oil IN
Shermsns rear ana part OF 'ne iOree no
Georgia. 1t appears a choice for sherman whether 10
make disastrous retreat or 20 hold on and be homned
IN by armies In front and rear. -
Federals have long been warned In vain. Bankruptcy
approaches with steady step and no flank movement
mr. change Of base" will stop IT,. Mr. Chase has set at
every rule Of finance and every dictate OF pr
dence He has ingeniousiy contryed system Oh CON.
Mound imitation. Not content with the effect OF has
rreelbacks be has conrives TO swell the currency by
means of his funded stocks. BY creating what are
called National Banks" he made his stocks the basis
cf another mode OF sugmentng the currency For the
time he thus produced artificial market for his sccu'
ries. wen knowing the ultimate consequence 1t %as
q Let us eat and drink. for tomorrow we die The
machine might well take its chance Of crash at the
bottom Of the hill be upset at once in the attempt 70
control T. There are however some things 'nst VIII
Government has invented number Of crimes unheard
Of before.
sell gold the public exchange he may be sent to Jail
for IT, It's crime for him TO buy bill Of exchange,
and pay for it by check on his banker he may be sent
" Jail for this sin IL is crime to do what prudence
sten demands-thot Is 10 contract for exchange t. be
delivered when q remittance VIII have 10 b. made; he
NAV be sent 10 all for TINS wickedness. Was there
syer in the records OF China or japan law in which
tie rights of persons property liberty are so ienoDin
jously debasedi Ana merchants OF the City Of New
York submit to have such laws these made for them
10 make the matter there lie the Stiffness Of such
things Gold at % when this act was passed 10 de-
press and few days aterwaTd 1t was at 45 premium.
Che ostrich that thinks 70 become invisible by sticking
its head IN the sand ~ about near the marx the
Legislators who imagine they arrest the depreciation
Of an inflated currency by such means as these
The good people Of Germany continue TO buy Federal
stocks. With terrible loss what they have bought,
they propose 20 mend the matter by going OIL. Mr..
Chases last loan may be bought to-day 10 pay IL per
cent interest or more. With gold al go the Lincoln
dollar is worth {, which looks tempting. But these
German Ecderas might do well 10 inquire how the
Union paid q similar deDt--that Of the Revolutionary
War. That debt trfing for the populs N ami re-
Of the day when cOntrasted with the present
total. Yet when the excitement OF The war ceased
Impracucable to pay H. and the settlement shat was
made by means amounted to much rs twOpencc IN
the dollar all round. Hence, even from Z there is
very considerable room 10 tumble.
Assuming that the utter failure OF the Federal opera.
tons cannot be far distant the question that arises OF
chief interest 10 Europe whether the event viii end
the Undoubtedly II is difficult 10 iGsgiae how
such financial machinery can reyOiye much longer, for
pendnre Of the Government increases daily It's issues
cf paper IN one form or other must therefore, grow
more profse. But the stock Of belief in the cred
uous Of all civilized people is not TO be exhausted Ia
day There is the difficulty with men well money.
and Congress had persisted In its first decision
tain the $500 commuiaton clause the war must have
ceased for want of men. This however. they e1punged
on hearing Of shermans defeat, ana every
who is drafted must serve or mad sabs:itute Men
viii therefore be obtained long the people submit
IN he ledli ie eleeD 10