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The position of affairs — Ballooning — Diminution of Hooker's army — the Elections.

[Correspondence of the Richmond Dispatch.]
Out Post, near Port Royal, Va.,
April 12th, 1863.
This is a memorable day in the annals of the Southern Confederacy--the second anniversary of the fall of Fort Sumter--a propitious harbinger of the many brilliant triumphs of our arms subsequently.

While we are still in the midst of a struggle that has shaken the American Continent from centre to circumference, and excited the admiration of the whole of Europe for unprecedented prowess, we have reasons for feeling sanguine that, in the sequel, the Bonnie Blue Flag will float proudly over the land that has been drenched with the blood of her chivalrous sons. While we sorrow over the dead that are scattered profusely over countless battle fields, and feel the weight of the great sacrifices we have made, we are unwilling to sheathe the trenchant blade until we shall have avenged their lives and achieved a glorious independence.

A partial abatement of the spring tides, together with the amelioration of the roads, may induce "Fighting Joe" to move at any moment. Still there are no visible indications of an advance; he still lingers on the heights of Stafford, looking wistfully at the Confederate camps. The Confederates, in return, look back to the hills of Stafford, which are literally clad with tents, with a degree of indifference.

Professor Lowe makes daily serial voyages, to ascertain if any new fortifications have been constructed, or if there has been any material "change of base" on the part of the Confederates. Notwithstanding he ascends to a great height, the information he gleans and imparts to "Fighting Joe" we presume is composed chiefly, if not entirely, of the same material that he inflates his balloon with, (gas). Ballooning an enemy's camp or bivouac for information, in America, we have long since pronounced a complete humbug. A good scout is worth fifty balloons.

Hooker's army is not as powerful as many persons presume it is. From the most reliable information we have gleaned, he has lost forty thousand or more men by transfers and desertions since the battle of the 13th of December last. He has received very few, if any, reinforcements. His effective force will not exceed seventy thousand men.

The health of our army is good. The soldiers are elastic and buoyant, and march nimbly in the drills to the sound of the drum, and life, and bugle. The profound silence in the field of Mars cannot continue long on the Rappahannock. Your readers may not be surprised to hear of the clash of arms at any moment.

We hear but few in camp speak of the approaching election in Virginia. But little interest is manifested for civil affairs. Soldiers are more absorbed about war, mothers, wives, and sweethearts, than political tricksters. Young men have left the old ones at home to attend to these matters, and we trust they will elect good and efficient men.

The most delectable season of the year, bringing countless rare and fragrant flowers, is upon us. The whole face of the earth begins to smile with beauty, and the prospects of rich harvests. The farmers on the Rappahannock are assiduously engaged in ploughing and putting in seed. Dyke

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