Just after daylight, the Rebel flotilla attacked ours, two miles above the city. We had five iron-clads and several rams, which were then experimental. They were light, agile little stern-wheel boats, whose machinery was not at all protected against shots. The battle occurred in full view of the city. Though it began soon after daylight, it was witnessed by ten thousand people upon the high bluff—an anxious, excited crowd. The Rebels dared not be too demonstrative, and the Unionists dared not whisper a word of their long-cherished and earnest hopes.

Gallant Exploits of the Rams.

While the two fleets were steaming toward each other, Colonel Ellet, determined to succeed or to die, daringly pushed forward with his little rams, the Monarch and Queen of the West. With these boats, almost as fragile as pasteboard, he steamed directly into the Rebel flotilla. One of his rams struck the great gunboat Sterling Price with a terrific blow, crushing timbers and tearing away the entire larboard wheel-house. The Price drifted helplessly down the stream and stranded. Another of Ellet's rams ran at full speed into the General Lovell, cutting her in twain. The Rebel boat filled and sunk.

From the shore, it was a most impressive sight. There was the Lovell, with holiday decorations, crowded with men and firing her guns, when the little ram struck her, crushing in her side, and she went down like a plummet. In three minutes, even the tops of her tall chimneys disappeared under water. Scores of swimming and drowning Rebels in the river were rescued by boats from the Union fleet.

One of the rams now ran alongside and grappled the Beauregard, and, through hose, drenched her decks with scalding water, while her cannoneers dared not show their heads to Ellet's sharpshooters, who were within a few feet of them. Another Rebel boat came up to strike the ram, but the agile little craft let go her hold and backed out. The blow intended for her struck the Beauregard, which instantly went down, "hoist with his own petar."

The Sumter and the Little Rebel, both disabled, were stranded on the Arkansas shore. The Jeff. Thompson was set on fire and abandoned by her crew. In a few minutes there was an enormous dazzling flash of light, a measureless volume of black smoke, and a startling roar, which seemed to shake the earth to its very center. For several seconds the air was filled with falling timbers. Exploding her magazine, the Rebel gunboat expired with a great pyrotechnic display.

The General Bragg received a fifty-pound shot, which tore off a long plank under her water-mark, and she was captured in a sinking condition. The Van Dorn, the only Rebel boat which survived the conflict, turned and fled down the river.

The battle lasted just one hour and three minutes. It was the most startling, dramatic, and memorable display of the whole war. On our side, no one was injured except Colonel Ellet, who had performed such unexampled feats with his little rams. A splinter, which struck him in the leg, inflicted a fatal wound.

As our fleet landed, a number of news-boys sprang on shore, and, a moment after, were running through the street, shouting:

"Here's your New-York Tribune and Herald—only ten cents in silver!"