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t are great. We keep open our communication with Missouri, Arkansas, and Texas, and we prevent the enemy from carrying on commerce upon the Mississippi. He must, by this time have begun to despair of taking the city either by land or water. The intrepidity of Morgan, Wheeler, and Forrest, is spreading terror in the ranks of the enemy and making his situation in divers places most uncomfortable and precarious. We shall all await with anxiety the further accounts from Tennessee. Rosecrans's army is no doubt demoralized; and it is to be hoped will be greatly out up in its retreat. The dashing cavalry of Wheeler is about it and will harass it terribly. Grant must been an embarrassed situation in Northern Mississippi. With Rosecran defeated and the Federals at Vicksburg-repulsed, with the waters yet low, and the rivers beset with torpedoes, which have lately given the enemy such fearful proof of their power over the gunboats, he must feel that he is not entirely safe, a