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The victory at Shiloh.

It is probable that the great battle of Sunday, (not Saturday, as inadvertently stated by us yesterday,) which was at first supposed to have taken place near Corinth, Mississippi, will be known as the "battle of Shiloh." A brief editorial, written before the fuller details of the telegraph came to hand, represented that Gen. Buell commanded the Federalists. This was an error. General Grant was in command, and had not been joined by Buell when the battle took place. As our forces attacked the enemy, it is probable that the plan was to defeat him before a junction with Buell could be effected. We perceive that Grant's column was estimated by Federal authority at 60,000 men. How many Buell has, we are unable to say; but conjecture that his column cannot much exceed that under Gen. Grant, which included, we believe, a considerable force from Halleck's division. Whatever it be, we cannot doubt that it will meet a fate similar to that just submitted to by the 60,000 or more under Gen. Grant. We apprehend Buell will not hazard an engagement with our victorious forces under Beauregard, but will find it necessary to withdraw to some position nearer his base of operations. He is a very accomplished officer and a very cautious General.

The victory at Shiloh is grand in its consequences. It is full of satisfaction to the Southern mind. The rapidity of the preparation for it — in which we find a small retreating force almost magically recruited, increased to a large army, and equipped for a grand battle with an army powerful in numbers, admirably equipped, and encouraged by our disasters, and our in ability to hold the positions we had taken. We find that this army is not only thus rapidly prepared, but, inexperienced and undisciplined as a large portion of them were, that they rushed with alacrity to the assault of their adversary, who had the advantage even of position, and overwhelmed and routed him by their bravery and intrepidity ! It is most grateful and cheering to all of our people. It proves that the South can rise equal to the exigency of its situation, and is the very best sign of the war of our unconquerable determination and spirit. Let Shiloh be our example and our watchword, and the enemy must be hurled back like the wave that drives against the solid rock.

If this victory is gratifying and cheering to us, it must fill the heart of the enemy with mortification and despair. Such a sudden elevation of a feeble rebel army from disaster, flight, and disorder, to a grand victory over their immense, well equipped, and well disciplined troops, is enough to fill them with despondency and to suggest the hopelessness of their effort to subjugate the South.

The news of this victory will change the face of things in Europe. There our cause had been damaged by disaster here. The press and the politician had begun to change the tone of their speculations. Our friends, even, were less confident in their prognostications. Shiloh proves that the Yankee effort at subjugation is only another labor of Sisyphus; the stone has rolled again to the bottom of the mountain, and the laborer, contemplating the fruitlessness of his exertions, must proceed with what heart he can to renew them.

Meantime, sons of the South ! let us continue the glorious work to which we are now fully aroused. Let us not relax one single effort. We should be vigilant and unflagging — with "eye that never winks and wing that never tires." We should pursue the enemy, and never let him rest until the country is rid of his hateful presence.

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