2 JANUARY 1864, Page 7

The American news is not of mucli importance, but it

is, on the whole, unfavourable to the Federtils. Somebody is mismanaging affairs in East Tennessee, Longsti.eet has been piristred too carelessly, and on the 16th December .he turned on.-his pursuers, and drove them back towards Knoxville, apparently with heavy loss. We; publish in ..another column a' brief but thorough military 'history of the year in the' States,' showing the immense military success the Federals have abhieved. '