The situation.

We have lost Vicksburg. That no longer admits of a doubt. We have lost Vicksburg, and Grant is rapidly advancing upon Johnston and Jackson, with forces which are represented as irresistibly superior. The latter General will now be compelled to retreat, we presume and as he has heretofore been much celebrated for the masterly character of his retrograde movements, we are induced to hope that he will not, on this occasion, fall below his reputation. The fall of Vicksburg is a heavy blow but it is by no means of such a character as ought to render us despondent. In the eat States of Mississippi and Alabama, now that the people are thoroughly awake to their situation, may be found resources sufficient to cover all that we have lost by the fall of Vicksburg. The Yankees do not open the navigation of the river by their success, and that is the great object, they say for which they have been fighting. Above all, we look to the invincible spirit of the Southwest--that spirit which has borne them up through the disasters of three campaigns — for the materials of resistance and of ultimate triumph. A people determined never to be conquered cannot be conquered. We shall doubt only when we the people begin to falter.

With regard to General Lee, when the read shall have glanced over the very interesting intelligence obtained from a wounded officer, which he will find in another column, he will at once dismiss all apprehensions. The Yankee accounts which we publish to day are a tissue of lies and exaggeration from beginning to end. Gen. Lee is perfectly master of the situation, and of his own movements. Apparently he has no idea of leaving. Maryland. Victorious in two days of the battles, he failed but in one instance to rent the enemy, and then he fell back in perfect order, induced to do so by want of provisions along. The people of the Confederacy may place, as heretofore, the most implied confidence in him. Wherever he is there they may be assures everything will be done that should be.

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