The New York herald., 1864-07-28

The fall 10 gold unsettled prices aEaia yesterday, and
all kinds Of merchandise, foreign and domestic were
pominsl. There considerable business many
articles however but mainly domeslic produce Cotton
was substantially the same. Petroleum irregular
crude nrn refined fres was higher but bonded was
lower. on Change the leading staples OF breads us
provisions whsSey nc, generally little of and
dun Freighs slack on account OF the meagre
ceipts OF prodGce via canal
The asi0h-- General McCielian-Ths
Hundred Days Men.
On the 18th Of June General Early LETT Rich-
| mond for movement down the Shenandoah
valley. He had with him Rhodes division OF
| Rwell's corps entire and other considerable
portions Of the same corps making about ten
thousand veteran infantry OF Lees old army.
| He had also the whole of tho force that had
been In the valley under Brsckinridge, and all
| or nearly al OF the cavalry that could be
mustered in the rebel army of Northern Vir-
gnis. His command numbered from twenty
to twenty Ave thousand men. His orders were
to threaten Washington and get supplies.
Supplies were found to be plentiful every
where, aud he gained more than he could posi-
bly, have hoped for. He found also that the
way to Washington was open, and that it was
apparently easier to take ii than it ought to
have been to threaten IT, He accordingly
marched forward, but only to fad that q mere
chance had prevented bs success. Washington
was saved by tie arrival of q body of veterans
that the government bad no reason to expect.
Early now, alarmed for his safety, began an
immediate retreat, and the government organ
lied a languid pursuit. The iron was hot
il had only to strike to gain great success.
II did little, very litte--and expecting to
fail towards the destruction OF Early Early
was so laden with plunder thai he Was easily
oyertaken. On the 18th inst therefore. Gene
raj Wright, with two divisions of the magni6
cent Sixth corps and part Of General Hunters
force, with more Of General Hunters force
coming up, was face to face with the whole
body under Early. just what he had marched
for was within his grasp. Never had soldier
a better opportunity. He held Richmond in
the hollow OF his hand. He had it in his
power to crush so much OF Lees army as to
hopelessly weaken the rest But General
Wright was not equal to the occasion. Hc
was paralyzed by it. He looked at the She
nandoah riyer-it was wide and desp--and he
could not cross it in the face OF the enemy
He thought that he would 60 further down
and cross, where there was no enemy in the
way. He kept thinking that he would do this
until he was informed that the cnemy had
left his 'front.' and then he thought he would
not He next concluded that as the enemy
was gone there was nothing more for him TO
do, and he began to Tetrace his steps. He
sheathed his sword and deliberately walked
away from the finest opportunity to fight
battle that any general has had in the present
war.
Generals Averil and Crook were thus left
to continue the pursuit, and the enemy, finding
how small tue pursuit was, turned upon ii and
gave it q severe blow. Moreover, Esrly's
column, left intact by Wrights failure to give
battle, formed a splendid nucleus for the
organization Of a new advance, and Early
knew exactly what resistance he might expect,
and where our forces were. Reinforcements
were doubtless sent him upon his own repre-
sentations of this remarkable set of circurn-
stances. And now, since we have by all means
in our power encouraged aud invited invasion,
we shall probably have it in few days.
What preparations the War Department has
made or permitted others to make for the de-
fence OF the threatened territory we do not
know. Correspondents at Baltimore say that
the preparations are quite sufficient II is
safe 70 assume that, whatever these preparations
are, they are inadequate for the purpose. No
arrangements for defence that derive their
original impulse from the War Department
can possibly be Of any value whatever. The
War Department could not organize success
ful picnic or chowder party. 1t is the culmi-
nation of all national disgraces that, while the
government thinks this country so rich in men
that it makes call for balf million, II yet
permits the capital TO be endangered by q
contemplate forty or fifty thousand Of the
same ragamufIins that our armies have so often
driven up the valley.
No one at the present time perceives and
q cknswledges the utter impotence Of the War
Department more clearly than the black re-
publican press. That press gives its voice
in favor Of calling Mcclellan into the
field to save the capital. Il seems
hardly possible that the republican pa
pers should do this after all the abuse they
have heaped upon this soldier in the last two
Erening Post illustrates how the dry bones are
shaken already in the republican party on shis
point. That paper now believes that there are
s'others just as capable" as itself Of forming
correct judgment on military matters, and, mas
much as many Of these "others" urge that
Mcclellan should be called to a command, the
Post gives its vote in favor Of calling out the
hero Of Antietam-the man who organized our
first successes. II urges the government to
employ call means to close the war at once,
and to unite the people of all parties in great
and immediate effort to that end;" and that, II
supposes, cannot be better done than with