July 4th.—Lee does not follow up his blows on the whipped enemy, and some sage critics censure him for it. But he knows that the fatal blow has been dealt this “grand army” of the North. The serpent has been killed, though its tail still exhibits some spasmodic motions. It will die, so far as the Peninsula is concerned, after sunset, or when it thunders.

The commanding general neither sleeps nor slumbers. Already the process of reorganizing Jackson’s corps has been commenced for a blow at or near the enemy’s capital. Let Lincoln beware the hour of retribution.

The enemy’s losses in the seven days’ battles around Richmond, in killed, wounded, sick, and desertions, are estimated at 50,000 men, and their losses in cannon, stores, etc., at some $50,000,000. Their own papers say the work is to be begun anew, and subjugation is put off six months, which is equivalent to a loss of $500,000,000 inflicted by Lee’s victory.

By their emancipation and confiscation measures, the Yankees have made this a war of extermination, and added new zeal and resolution to our brave defenders. All hope of a reconstruction of the Union is relinquished by the few, comparatively, in the South, who still clung to the delusion. It is well. If the enemy had pursued a different course we should never have had the same unanimity. If they had made war only on men in arms, and spared private property, according to the usages of civilized nations, there would, at least, have been a neutral party in the South, and never the same energy and determination to contest the last inch of soil with the cruel invader. Now they will find that 3,000,000 of troops cannot subjugate us, and if subjugated, that a standing army of half a million would be required to keep us in subjection.

July 5th.—Gen. Lee is bringing forward the conscript regiments with rapidity; and so large are his powers that the Secretary of War has but little to do. He is, truly, but a mere clerk. The correspondence is mostly referred to the different bureaus for action, whose experienced heads know what should be done much better than Mr. Randolph could tell them.

July 6th.—Thousands of fathers, brothers, mothers, and sisters of the wounded are arriving in the city to attend their suffering relations, and to recover the remains of those who were slain.

July 7th.—Gen. Huger has been relieved of his command. He retains his rank and pay as major-general “of ordnance.”

Gen. Pope, Yankee, has been assigned to the command of the army of invasion in Northern Virginia, and Gen. Halleck has been made commanding general, to reside in Washington. Good! The Yankees are disgracing McClellan, the best general they have.

July 8th.—Glorious Col. Morgan has dashed into Kentucky, whipped everything before him, and got off unharmed. He had but little over a thousand men, and captured that number of prisoners. Kentucky will rise in a few weeks.

July 9th.—Lee has turned the tide, and I shall not be surprised if we have a long career of successes. Bragg, and Kirby Smith, and Loring are in motion at last, and Tennessee and Kentucky, and perhaps Missouri, will rise again in “Rebellion.”