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The Campaign in Mississippi.

A western correspondent of the Columbia Guardian sums up the results, thus far, of Grant's movement against the rear of Vicksburg:

Let us view stern facts and deduct our own conclusions as to the final termination of affairs about Vicksburg and Jackson. First, then, it is a fact that Grant's army, from thirty to fifty thousand strong, have repulsed us at Grand Gulf, and forced their way through our lines, repulsing us still at every intermediate point at which we offered resistance, and reached and captured Jackson. Secondly, it is certain that our forces under Gens. Stevenson, Loring, Walker, Tilghman and Lee--Gen. Pemberton being chief in command — with, I will say, 15,000 to 20,000 men, occupy a line between Jackson and Grand Gulf, extending from some distance this side of Big Black river to Warrenton, 12 miles below Vicksburg. Thirdly, it is certain that General Johnston, with the commands of Gens. Bowen and Gregg, retreated from Jackson up the Canten road, expecting to be reinforced by troops arriving via Meridian, and at the same time to communicate and co-operate with Gen. Pemberton about Vicksburg. Fourthly, it is certain that Vicksburg, strongly fortified and defended by thirty to fifty thousand troops, and having supplies for six months, is prepared to resist a most strong and protracted siege.

These are the facts; now let us cursorily consider them. It is evident that the enemy designs the reduction of Vicksburg, and expects to accomplish it by taking Jackson, and thus cutting off our chief means of supplies and reinforcements. But Vicksburg is provided for a six months siege, while the enemy is not. Moreover, he is in the midst of a hostile country, and has left partly in his rear the forces now forming the line from Big Black to Warrenton, which can be strengthened from Vicksburg, and may intercept his supplies and reinforcements and cut off his retreat. It, then, our line of interception can be maintained, it is patent that Grant cannot make a protracted siege, but finding himself surrounded, must soon either advance to a conflict of arms or be forced by starvation to surrender.

A great issue, then, is pending--one fraught with momentous importance to our young Confederacy. A desperate and bloody battle is at hand, Vicksburg is the prize at stake, and upon its fall or triumph hangs the fate of Mississippi.

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