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The Federal armada.

The Lincoln naval expedition has now been two weeks on its way, and, with the exception of a passing demonstration upon the cast of South Carolina, nothing has thus far occurred to answer the expectations of the Northern people. The latest reports from Savannah represent that the larger portion of the fleet has passed Fernandina, Fla., bound Southward. What the ultimate intention is, must be to us a matter of conjecture; but unless future operations end in greater results than the last, the grand armada will have proved a failure to all intents and purposes. Mean while, the Southern people are strengthening their positions, and patiently awaiting the next development.

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