The New York herald., 1864-10-21

gold was DOWNWARD. but the market whost u1po0
sxo,temsnI rhs Aucsuat'oss from 2llx 70 2o6X
Goveumea,s wss strong In tns morning but afterwards
became heavy. 4s
There considerable nrmnsss in commercial erces
yesterday morning; but the victory shsrcan the
effect OF urscting the markets BY oausipg fay IN gold
Very little business done except in few commodi
ties the bulk Of the transactions wore consummaed
during the earlier part OF the day Groceries cotton and
petroleum we're quiet, win tendency in favor OF che
buyer On Change tho -four market was depressed a1d
zoe a25c lower. Wheat duh and unsettled. Corn
and 10. desrer. Oats were asm Fork was
In moderate demand. Beef and lard were quiet and
somewhat lower. whiskey fat. Freights were dull
sheridsn's Great viotory-Ths PoIiti-
cians W.. the Army and she PEOPLE.
From the very jaws Of defeat, like Napoleon
at MareDgo, General Sheridan has wrested one
of those decisive victories which determine the
fortunes Of q campaign. It was narrow
escape Our army on Cedar creek had been
surprised and driven in confusion four or FIVE
miles, with heavy losses OF artillery; and dis
aster, changing the whole face of the war in
Virginia in favor Of the rebellion, might have
followed but for the timely presence OF Sheridan
at the front. In time, however, he speedily by
his prompt and skiliul disposition Of his faith
full and confding soldiers, changed tho fortunes
of the day from an apparent defeat to the most
complete and important victory of all our vio-
tories of the war in the open field.
Desperate cases require desperate remedies.
1t was desperate adventure on the part of
General Lee to detail from Richmond to the
Shenandoah valley, at this crisis, fresh army
under Longstreet to replace the badly shat
tered army of EARLY; but if in doing this
Sheridan could be defeated, his army routed
and dispersed, thus removing all impediments
between Longstreet and the cities of Washing
ton and Baltimore, then Richmond would be at
once relieved, with the necessity devolving upon
General Grant, Of hastening.a . large force
from the james river for the defences Of the
national capital. In view of these advan
tages the perils Of Lengstreet's adventure were
undertaken, because there was no other pos
sible chance for relaxing the tightening grasp
of General Grant upon Richmond. It was that
last move of desperate gambler, in which his
whole fortunes are staked upon the turning Of
single doubtful card. So, in proportion to
the advantages anticipated by Lee with Long
streets success, we must measure this stunning
blow of Longstreets' defeat. 1t weakens
Lees position at Richmond, front, fanks and
rear, SO materially that in all probability he
will now very soon be compelled to adopt the
alternative we have heretofore suggested as
likely to be enforced upon him-of abandoning
Richmond to save the remainder of his
army.
Thus the inhexIbls purposes and unfailing
combinations Of General Grant are working
out the problems Of this war to the overthrow
of the rebellion. There will be another STAN
pede among the gold gamblers, and another
commotion among the spoils-hunting politi-
clans. On the ono side, as usual, the glory
will all be claimed for President Lincoln, and
ON the other, it will probably, as usual, be
argued that victory hero or there carries us
but short distance on the long journey to
the end Of the war, and that the only way in
which 1t can be ended at last is in negotiations
for peace, which Mcclellan and the democracy
are tho proper instruments to undertake for
IN immediate and satisfactory adjustment We
believe, however, whether Lincoln or McClel-
Ian shall be elected in November, that the
people Of the loyal States, backed by the army
and navy, will permit 20 el4tion Of this
mighty struggle short Of the complete Triumph
and restoration Of tho Union.
We rely upon the people, upon General Grant
and the army, and upon Admiral Porter
and the navy to carry US safely through this
contest with the rebellion, whatever may be the
issue of the contest among the politicians. AL
the candidates set up by them for the success
sion, including the Cleveland, Baltimore and
Chicago Conventions, are failures-political and
military failures. The choice thus left to the
people ia q choice between two Of these
failures-Lincoln and McClellan-a choice Of
evils But whether 1t is to be the one or the
other for the next four years, the voice Of the
people ard the voice of the army will be
potential agains. the scheming politicians in
any case where they may attempt to barter
away or trife with the great interests Of the
Union. The disastrous reign Of the Unsuitable
abolition war faction is over, and the copper
head anarchical peace faction, put down whcr-
ever II has attempted to cheat the people, will
still be kept under foot.
The true heroes OF this war ard saviors of
the country-such as Grant, Sherman and
Sheridan, OF the army, and such rs Farragut
and Porter, Of the navy, and their brave asso-
ciates on the land and water--will not be
forgotten by the people, though they have been
overlooked 90 far by the politicians. Party
conventions Of mousing politicians have given
US for the Presidency pigmies in war and
craftsmanship; but they viii be overruled, and,
in due time, they will be superseded by o race
Of giants, who have passed through the crucible
Of an experience which separates the gold
from tho dross. Meantime the rebellion ID
reeling to It's fall from the terrible blows Of
Grant, Sherman, Sheridan and Farragut, and Il
will bs prostrated In the dust, and the Union