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Some time during the month of July last the attention of the country was powerfully attracted by the letter of a correspondent of the New York World, who dated from Baltimore, criticising, with great acuteness and a sufficient degree of asperity, the campaign of General Grant from the Rapid Ann to the south side of James river. That writer stated then that Grant could never take Richmond from the south side, and that the point where the "keys of Richmond," as he rather pompously said, would finally be delivered up, was somewhere on the Darbytown road. He has written another letter, repeating this suggestion, and declaring that if Richmond be taken at all it must be taken by that route, as Grant himself has at last found out. The letter in quotation is remarkable for the expose it makes of Grant's losses in the late campaign, of his failures, and of the enormous forces with which he opened it.

According to this writer, then, Grant has had under his own immediate direction in this army, now here before Richmond, 260,000 men, of which but 100,000 are left. He has had besides, in the Valley, the co-operation of three different armies, under Slegel, Hunter and Sheridan; the aggregate force of the three being 90,000 men. It thus appears that 350,600 men have been brought to bear upon this single point. It has been seven months since the campaign opened, and not one foot of progress has yet been made by Grant in the capture of either Petersburg or Richmond. The grand scheme for starving out the people of the Confederacy has likewise, according to the same writer, absolutely and utterly failed, and must continue to fail whenever it may again be attempted. The losses sustained by Siegel, Hunter and Sheridan, added to the losses sustained in the inroad of Early into Pennsylvania, Maryland and the District of Columbia, amount in the aggregate, according to the same authority, to 65,000 men. As the loss of Sheridan in the last battle, which has been fought since the date of the letter, is not less than 5,000, following the estimate, the entire Yankee loss has been 230,000 men — a prodigious exhibit of blood and slaughter. Here are men enough killed outright to constitute the population of a huge city five times as large as Richmond. They were all, too, men in the very prime of life; few of them, perhaps, so much as thirty years old. A city that would afford a fighting population of 230,000 would have, probably, a million and a half of inhabitants. Only think of the whole male population of Paris between the ages of eighteen and forty-five out off in the space of a few short months by disease or some other calamity, and some idea of the insanity which impels the Yankee Government may be formed. The object, it must be recollected, is no longer pretended to be a reconstruction of the Union, but the subjugation of this Confederacy or the extirpation of its people. That any one people should hate another people so badly, we did not believe to be within the possibility of human passions, bad as we know them to be.

Grant seems to have adopted the suggestions of this writer completely. Even as we write, his forces are passing rapidly over the river, as though he designed to threw them all upon Lee's works. We are not afraid of the issue, if there be no surprise in the case. Unless where it has been so, he has never yet gained the smallest advantage over us, and he never will. The correspondent of the World suggests that the fleet should move at the same time, which, we suppose, will be done.

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