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, and under the depression gold mounted rapidly again to an exorbitant premium. Their spirit — about our fighting. They have made up their mind that the North must be as well convinced by this time as they are of the impossibility of reconstructing the Union, and must, therefore, be waging the war as one of subjugation, Against this, former Union men will fight as readily as original secessionists, and it is this conviction which has, of late, produced such unanimity. They regard McClellan as a great General, but say it is a pity he should be compelled to deal with troops he is afraid to trust. The fighting at Belmont, they say, was about the only good fighting done in the war, on our side, and they are amazed that we did not make it a complete success. Mr. C. was three days in Columbus, but was not permitted to see much of the fortifications. In passing in and out, however, enough was seen to show that they are of the most formidable nature. The rebels, themselves,
r by hundreds of thousands represent, quite as well as an army of conscripts, all the classes which compass the nation and reflect its spirit. True, they count in their ranks 50,000 or 60,000 Europeans; and this is only a fair proportion accorded to the immigrants, who, established for some time in the United States, already make part of the nation, and begin to play an important part in all its affairs. The American soldier has the inexperience and the impatience under discipline that characterize the volunteer; but he has less enthusiasm than the latter. He is said, however, to be intelligent and inured to fatigue. These are strange elements with which Gen. McClellan, with the aid of the officers and soldiers of the old regulars, trained in the prairies, composes an army which may become formidable, and which seems destined to exercise on the destinies of the reconstituted United States a serious influence, though still hidden in the mysterious uncertainty of the future.