Gen. Wise, it is said, is ordered away from the defense of Richmond with his brigade. I saw him to-day (looking remarkably well), and he said he did not know where he was going—waiting orders, I suppose.

C. J. McRae, agent of the loan in Europe, writes July 24th, 1863, that the bad news of Lee’s failure in Pennsylvania and retreat across the Potomac, caused the loan to recede 3½ per cent., and unless better news soon reaches him, he can do nothing whatever with Confederate credits. He says Capt. Bullock has contracted for the building of two “iron-clads” in France, and that disbursements on account of the navy, hereafter, will be mostly in France. I fear the reports about a whole fleet of Confederate gun-boats having been built or bought in England are not well founded. Major Ferguson has also (several have done so before him) made charges against Major Huse, the agent of Col. Gorgas, Chief of Ordnance. Mr. McRae thinks the charges cannot be substantiated.

We have tidings of the bursting of the Blakely gun at Charleston. I fear this involves the fall of Charleston. Still Beauregard is there.

Gen. Pickett’s division (decimated at Gettysburg) is to remain in this vicinity—and Jenkins’s and Wise’s brigades will leave. The hour now seems a dark one. But we must conquer or die.

It is said a deserter has already gone over from our lines and given information to the enemy of the large number of troops detached from the Army of Virginia. No doubt Gen. Meade will take advantage of their absence, and advance on Richmond again. Yet I am told the very name of Richmond is a terror to the foe.

September 13th.—A letter from Gen. J. E. Johnston, Atlanta—whither he had repaired to attend a Court of Inquiry relating to Pemberton’s operations, but which has been postponed under the present peril—repels indignantly the charge which seems to have been made in a letter from the Secretary of War, that in executing the law of conscription in his command, he had acted hastily, without sufficient attention to the rights of exemption under the provisions of the act. He says the law was a dead letter when he charged Gen. Pillow with its execution; that Gen. Pillow has now just got his preparations made for its enforcement; and, of course, no appeals have as yet come before him. He hopes that the Secretary will re-examine the grounds of his charge, etc. He is amazed, evidently, with the subject, and no doubt the “Bureau” here will strain every nerve to monopolize the business—providing as usual for its favorites, and having appointed to snug places a new batch of A. A. G.’s—men who ought to be conscribed themselves.

Col. Preston, under the manipulations of Lieut.-Col. Lay, is getting on swimmingly, and to-day makes a requisition for arms and equipments of 2500 cavalry to force out conscripts, arrest deserters, etc. I think they had better popularize the army, and strive to reinspire the enthusiasm that characterized it at the beginning; and the only way to do this is to restore to its ranks the wealthy and educated class, which has abandoned the field for easier employments. I doubt the policy of shooting deserters in this war—better shoot the traitors in high positions. The indigent men of the South will fight, shoulder to shoulder with the wealthy, for Southern independence; but when the attempt is made to debase them to a servile condition, they will hesitate.

Gen. Pickett’s division, just marching through the city, wears a different aspect from that exhibited last winter. Then it had 12,000 men—now 6000; and they are dirty, tattered and torn.

The great Blakely gun has failed.

We have reports of the evacuation of Cumberland Gap. This was to be looked for, when the Virginia and Tennessee Railroad was suffered to fall into the enemy’s hands. When will this year’s calamities end?