The great battle which is to decide the fate of
the American Re-- public has not been fought, but General McClelland has cleared. Western Virginia, and an advance still further to the South seems at last imminent. The scene of the first general engagement, as we have so often pointed out, will be the Manassas Junction, the point commanding the railway which crosses the only mountain gap. through which forces from Washington can reach Virginia. The Confederate troops are said to be concentrated here to the number of sixty thousand, occupying a strongly entrenched position, defended by a numerous and apparently well-served artillery. General Scott, however, is not likely to fight till he chooses, and it is possible that the engagement for which all America stands on tiptoe with expec- tation may yet be delayed a few days.
Congress has sanctioned a loan of fifty millions sterling, thir millions of which will be raised in the States by open loans at cent., and the remainder in Europe. The Americans calcula war debt of 250,000,0001. sterling.
