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The coming struggle on the Peninsula.

--The Wilmington Journal, alluding to the preparations of the enemy for making his greatest effort on the Peninsula, uses the following language:

‘ When the battle does come off, it will be a fearful one, for the stake is enormous, being nothing less than the face of Virginia. Having taken months to prepare, having assembled such a force as the world has not seen since Napoleon advanced into Russia, McClellan feels that to him defeat would be ruin, while the Confederate soldiers and leaders feel that not only their fate, but the fate of their country, is staked upon the issue, and they cannot afford to be defeated. The contest cannot long be deferred. The news of a terrible battle may startle us at any moment. We trust that our people are prepared, not only to call upon God to defend the right, but, under God, to defend it themselves, with brave hearts, strong arms, and sufficient numbers.

’ Wave, Richmond! all thy banners wave,
And charge with all thy chivalry!

For not only the fate of the temporary seat of Government, but of Eastern Virginia, and even more than that, trembles in the balance. We presume that President Davis himself will be on the field, as he has intimated. He will share the fate of his soldiers in life or in death, in victory or defeat. The New York Herald thinks that the drama is soon to close with a bloody tragedy of surpassing grandeur, when McClellan is to be rewarded by the capture of the Confederate Cabinet and Congress. The boastful confidence of the Northern press and authorities is something that affords a very strange contrast to the dismal, universal howl that arose after the battle of Manassas, last July, and the impartial observer may well be puzzled to decide on which of the two phases of character is entitled to the largest measure of contempt.

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