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A Sensible conclusion.

The New York Times has at last found out that even if Richmond were taken, it would not end the war. This amazing discovery is the result of three years study and observation. The rebellion is no longer to be "speedily crushed." "It is only this year," quoth the Times, "that a very considerable portion of the public has thoroughly wakened up to the fact that, owing to the enormous extent of the territory we seek to conquer, the occupation of places is of comparatively little value. Of course, some places, such as the Capital of the Confederacy, have more value than others. The loss of Richmond would be a heavy blow and a great discouragement to the enemy; but it would be simply a moral blow. It would be a mortification, but unless it was an indication of weakness, it would be nothing more." The Timesthen concedes that our people have suffered too much to be appalled by "moral blows," and that if Richmond were taken, and Lee's army allowed to retire Southward without much damage, "there is no question whatever we should not have made much progress. He would hold out in North Carolina, or Georgia, conscript and impress supplies, and fight on as before, and we should have to follow him for hundreds of miles, slowly, continuously, and with difficulties of all kinds steadily increasing the further we penetrated into the interior and away from our base."

This is a sage conclusion, though whether it is announced in consequence of an apprehension that Richmond cannot be taken, and that something must be said to console the Northern fox for the loss of the grapes, we cannot pretend to guess. But whatever the motive of the announcement, it is none the less true. Supposing Grant to take Richmond, and not to take Lee's army, how long would it take to conquer the South?--After Grant had taken Pemberton, he was unable to follow Johnston's little force more than forty miles. After he had overwhelmed Bragg's inferior forces, he was driven back in his very first attempt to follow up his success. Gen Lee would fall back and fight, and come round and fight, whilst guerillas would swarm in multitudes upon Grant's whole line of supplies. It is, therefore, of the last importance to Grant that he should capture Lee's army, and we may calculate with confidence that nothing less than this has been and is his design, and that no effort or stratagem will be left untried for that purpose.

We have no fears for Richmond, not the slightest, nor any reverence for Grant as a great General. His object being the capture of Richmond and Gen. Lee's army, what evidence of generalship was there in permitting Lee to strip him of seventy five thousand men on his way to Richmond by the Rapidan, when by adopting at once McClellan's movement on the Peninsula he could have saved that immense force and thrown it between Lee and the South? Would not the seventy-five thousand men he has lost by coming on that famous line which he vowed he would stick to if it took all summer be very convenient now to move upon the rear of Petersburg, a movement which he may intend still to make, and which, if he were a great General, he would have provided for by placing there that immense host which he has made food for Confederate rifles. The Times may make itself easy. We do not think that either Richmond or Gen. Lee's army is ever destined to become the prey of Yankees.

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