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Gen. Lee Falling back.

See the telegram. Hagerstown is eighteen miles from Gettysburg. The probability is that Gen. Lee, finding the enemy too strongly posted at Gettysburg, fell back to Hagerstown in order to concentrate all his troops, and draw the enemy after him. From the telegraphic report, he seems to have been uniformly victorious. There is, therefore, no cause for uneasiness, although the public feeling must undergo a painful revulsion from the state of exultation produced by the telegram of yesterday morning. We have, it seems, 4,000 prisoners, instead of 40,000. We distrusted that telegram from the first, and we confess ourselves somewhat doubtful with regard to this.

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