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The situation.

Yesterday passed without giving birth to even a rumor, so far as we have been enabled to learn; but the official intelligence of Saturday, published to-day for the first time in the morning papers, more than compensates any loss that may have been sustained by the newsmongers from the remarkable reticence of the reliable man on Sunday. The news from Atlanta is (or are, if you choose to have the word plural) glorious, indeed. Two thousand prisoners, twenty-five guns, seven standards! Why, this is a great victory, such as has established the reputation of many a General, and gained more than one his batonde Marchal. It is most auspicious, especially at this moment, in every aspect in which it is possible to view it; but it is especially so, in so far as it seems to open the way to ulterior operations, and to be the first of a long series of battles, which, if they turn out as we hope they will, will result in the annihilation of Sherman's army. So far as it is from its base, it must be exposed to great difficulties in retreating, and from the character of our Commanding General, we are convinced he will leave nothing untried which may add to those difficulties. What effect it will have upon the Northern nominations remains to be seen; but we think we may safely say that the skies begin to brighten in the direction of Atlanta.

As for Grant's troops which have crossed to the North side, we feel no uneasiness about them, feeling assured that they will be closely watched, and properly attended to whenever they attempt any movement. Grant we are convinced, is preparing another flank movement, which is to take him out into Chesterfield, and this movement on his right is the premonitory symptom. --What he expects to make in Chesterfield we do not know, unless it is to get possession of the railroads on the Southside and thus cut us off from our communication with the South. He will have to fight before he can do that; and not only fight, but destroy Gen. Lee's army. We do not think he can do that. The story of his mining we do not credit, for we do not hold him to be an absolute fool, and a man must be such to think of capturing an army in the open field, drawn up in line of battle, by sapping and mining. Probably Grant is dividing his forces, in order that he may send out two great marauding expeditions at the same time one on the North and the other on the South.

Upon the whole, the military situation has never looked so promising as it does upon this morning of the 25th of July, 1864--the 50th anniversary of "Lundy's Lane," Old Fuss's little skirmish in Canada, which he has never stopped talking about, and never will.

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