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The situation.

The great battle of Thursday, reported in to-day's paper, between the armies of Lee and Grant, in Spotaylvania, appears to have been one of the most sanguinary and hotly contested of the war. The cautions and reliable reporter for the press states that Grant's loss was about 20,000 men in this terrible fight. A portion of our line was broken; but the next best thing to holding a position against the enemy's assult is the recovery of it after is has been lost. This our veterans did most gallantly. But we regret to see that the enemy succeeded in carrying off sixteen cannon and some two thousand of our men as prisoners before they were themselves shaken off and hurled back to their own lines. On the other hand, we took 1,500 prisoners, and must have in flicted immense slaughter upon him from our breastworks. Grant's loss during the campaign of eight days is estimated by the correspondent at 50,000 men, which we think reasonable, while our own is stated, with like probability, at 15,000, since in nearly every battle the enemy was the assallant, and we fought in fortified positions.

Gen. Lee holds the position he took up when marching by the right flank of the enemy, who had abandoned his entrenchments on the Germanna road; he forced him to incline towards Fredericksburg, and has kept him at bay for a week, inflicting upon him heavy losses every time he has sought to turn his flank. Gen. Lee's communications represent the glorious Army of Northern Virginia to be in the very best spirits.--Persons from the army — officers and others — speak of the condition of the troops as the very best, and the prospect most encouraging. Our men are cheered by the signal advantages they have achieved in every collistion; and those of the enemy are represented, no doubt truly, as depressed in spirits by the heavy and disastrous conflicts with the Confederates into which Grant has with such impetuosity forced them. He is said to have received reinforcements. If that be true, it argues that he was not so strong as it was supposed. He cannot, however, reinforce to any great extent without relieving Southern troops, who may be also used for concentration.

The situation on the Rappahannock is encouraging. When Grant proclaims that he will not recross the river as long as he has a man, he employs the language of a braggart which rather shows the madness of desperation than brave determination. He has proved, however, that he will fight, if not wisely, certainly earnestly. This is well, and affords us a better chance than the cautions strategy of McClelian: which preferred the saving of half an army to losing a whole one.

About Richmond the enemy is still probing and feeling like a snail with his projecting horns, occasionally receiving a sharp blow when pressing his reconnoissances too far; whereupon he draws in his horns like the snail aforesaid. There has been little else for several days than skirmishing, with small loss, we suppose, on either side. But the enemy is not advanced in his-objects, and Richmond stands still the object of his hate, relying confidently in the strength and valor of her defenders.

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