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The situation.

The dispatch of Gen. Lee to the President shows that the enemy is endeavoring still to carry out his plan of out flanking him and getting to some of the Richmond highways. As "Sallust" explains, in his letter published by us yesterday, the only road left him before he is thrown below the head of the Mattaponi river, where he must cross several large streams, is what is now called the Telegraph road. It is the old stage road between Richmond and Fredericksburg, and being that on which the telegraph line is built, it now takes the present name.

This renewed effort to get to the right of General Lee plainly shows that Grant is tired of his desperate whiskey assaults, and is anxious to get by him. The example of his siege of Vicksburg is possibly shaping his strategy now. He possibly concludes that if he can only get the start of Lee, and reach the fortifications of Richmond, Lee would be as powerless to relieve Richmond as was Johnston to relieve Vicksburg. But the circumstances of the two places are totally different, as is his situation near the Rappahannock from that on the Yazoo. He had no such adversary as Lee in front of him. Pemberton's small force he swept away without effort; Lee's army he has assailed for ten days with all his power, in vain. How can he pass such an army? He is compelled to defeat it before he can move on Richmond.

General Lee, of course, is aware of the objects of his adversary, and his precautionary measures are generally equal to his remarkable forecast.

Early yesterday morning our army under General Beauregard, on the south side of James river, commenced a vigorous assault upon the enemy's entrenchments some three miles below Drewry's Bluff — the result, as will be seen by reference to the news department of this paper, being of the most cheering character.

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