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Another letter from Russell.

[Special Correspondence of the London Times.]
Baltimore, March 31.

Mr. Russell Thinks of going to the scene of operations.

The expeditionary force is nearly all embarked and concentrated at Fortress Monroe, or on the mainland between the James and York rivers. Before this letter leaves Boston, it is probable that I shall have reached the scene of operations, embarking either here or at Alexandria or Washington, as the case may be, with my companions. The General commanding, and the staff, have not yet gone on board the steamers detailed for their use, but the almost is done to get stores and all the vast variety of materials connected with such an army and such an expedition in readiness, and no doubt this week will witness remarkable events around Fortress Monroe.

His opinion of Island no.10 and New Orleans.

From Island No.10 comes an admission of failure, though the bombardment was renewed on the 29th. But it is hoped that, as soon as the river falls, the Federal troops will be able to advance, and thus clear the river; and the news of a successful attack on New Orleans is confidently expected, after which the Unionists consider the Mississippi virtually in their hands, not with standing the fortifications above Memphis, and the immense levies at Corinth and other places near its shore — New Orleans, however, may prove as formidable as Island No.10.

The American Press and Mr. Stanton.

In one of Wilson's or Anderson's ornithological papers there is an account of the wonder and fierceness of a certain sort of American woodpecker when it was first put in a cage.--All the present actions and behavior of the American Press are described to the life in it. At last it began to tear cut its own feathers. Here is Mr. Stanton--the man of an hour, the lawyer of yesterday; the hippodromes, the press-tamer of to-day!--How he has grown, almost in a moment, into life and power ! So did Denton, so did Ponche, so did Robespierre. But, remember, they had no such cause as "the Union." If they thought they had, they were no doubt wrong. If any one desires to read the finest, purest, most bright flown works they were ever uttered about liberty, purity and morality, let him turn to the pages of the French Republican journals in the time of the worship of the gadders Reason. Let no one suppose the writers were not sincere, though the lady who sat in the car might have in the flash undergone the ordeals of the correctional police. Let none suppose that "the Union" now does not fire the Northern heart, and move the souls of those great masses which have lain so long beneath the weight of dollar bags, from the Canadian lakes to the Susquehanna and the Ohio, today with a fresh current of thought and feeling; a new arterial system of hope and action has been put into them. One of the great triumphs of their young career is that they have slain the mother that fostered and bore them; which had, however, become a stepmother and tyrannized them to death. There is no one in Congress, there is not in Senate, in House of Representatives, in pulpit, or stump, or in the forum, a man who has a word to say in this year of grace, 1862, against a war on the press compared, with which there has been nothing known even in the days of Andrew Marvel. The almost the boldest journals venture upon is to give warning to their agents to flee from some doubtful wrath to come. And the American people are very glad of it; leastways, they don't appear at all dissatisfied. Here are billiard-table keepers and whiskey-drinkers getting up public meetings, and all sorts of interests moving against taxation, but not a man cries out "murder," or even "robbery, " far less a "fire," at the visible institution of all life in the press in its function of giving news. Devotion to the Union cannot do much more. When an American is content to do without news in his newspaper, he has exhausted submission and forbearance and made his sacrifice.

Mr. Russell will write from Fortress Monroe, Etc.

My next letter will be from the neighborhood of Fortress Monroe. The Rinaldo is still lying off Old Point Comfort, and two French vessels, one the Colinat, have hurried up to enjoy the spectacle of a renewed encounter between the knights in armor. The Raser is off Charleston, whence comes the rumor of another arrival of arms and munitions, in a steamer which ran the blockade. There is no news yet from the ide and the shipowner are by no means happy in their mines. In the forthcoming encounter, one of the opponents of the Merrimac intends to try large shells upon her. The Navy Department has given orders for the manufacture of a number of flat-headed bolts, on Whitworth's plan, to pierce the iron plates, if possible. In reference to this matter. I may observe that an erroneous impression, for which I am in some degree responsible, appears to have been created in Europe that Capt., Dahlgren is of opinion that shell could be used with effect against armored ships. His theory is that iron shot of a low velocity will prove most destructive, and serve the problem of meeting such antagonists, when guns have been constructed of adequate calibres. The Government of the United States is quite alive to the importance of this question, and their officers are not at all likely to treat it unskillfully or inefficiently. Even Congress begins to push forward the work, and readily votes money for the construction of an iron fleet, although Stevens's great ram is not altogether approved is a medium of expenditure.

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