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The News.

The telegraphic dispatches this morning give us the first intimation of the impression produced in Europe by the news of the Federal defeat on the 21st of July. Coming through Northern channels, these dispatches give but an outline of the facts. The blockade question is still agitated in England, and the London Times fears it will lead to ‘ "difficult complications."’ In this connection, we have an important opinion from the Premier of Great Britain. The London Herald makes the announcement that when Napoleon heard of the battle of Bull Run (Manassas) he resolved to recognize the Confederate Government. The details by this arrival will be looked for with cager anxiety.

We have a confirmation of the Federal defeat in Missouri, with a brief statement from Gen. McCulloch in relation to the affair. A telegraphic dispatch from St. Louis informs us that Gen. Pope is making immense preparations to retrieve the disaster, but we think the Lincoln Government is nearly played out in Missouri. The statement that Gen. Siegie's location is unknown at St. Louis, confirms our belief that his command has been captured by Gen. Hardee. The Federal statement of their loss in two regiments, though probably below the truth, would make an aggregate much larger than the Northern papers have yet admitted.

The movements of Gen. Lee in Western Virginia seem to be conducted cautiously, yet skillfully; and though nothing is accurately known, it is confidently believed that the result will fully retrieve the disaster to Gen. Garnett's late command.

It appears from an article in the Cincinnati Commercial that General Rosencranz, the Federal commander in Western Virginia, is likely to meet with poor success in his call for troops from Cincinnati. A correspondent of that paper writing from Clarksburg, Virginia, on the 9th inst., says

‘ The necessities of the case consist in the fact that Gen. Lee, the ablest of the rebel commanders — Beauregard only accepted — is at Huntsville, not more than forty or fifty miles southwest of Huttonsville, undoubtedly with a powerful army, because Lee's character and antecedents show that he never moves in an enterprise unless he is satisfied he has power enough to make accomplishment reasonably certain. It is rumored that he has forty thousand or fifty thousand men. If he has half so many, readers will assent that his demonstration is sufficiently formidable, and admonishes the country that the next campaign in Western Virginia will not be a trifling expedition. No intelligent military man apprehends defeat of our army; but it is within the range of possibility, and it should be guarded against by every possible precaution.

What would be the consequence of our defeat? Overthrow of the Western Virginia Provisional Government; exile of the Union citizens and confiscation of their property, or the conversion of indifferent into rebels; the capture and destruction of the Baltimore and Ohio and Northwestern Virginia Railroads, which are so important to us; the capture of our vast army supplies, which are so necessary for the rebels; and the defeat of any enterprise the Government may contemplate in reference to East Tennessee.

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