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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--t