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By Telegraph.

Exclusively for the Daily Argus.

He Follows up the Rebels, Puts them to Flight, takes Many Prisoners, Etc.


Gen. McClellan pursuing the rebels — He has them in a rise — Foreign news — The tax bill again — Some senator acts the dog in the manger — Uncle Sam in the negro business — How it works — Guerrillas at New Madrid — Beauregard falling back — Corinth believed to be in our possession — No battle expected — Federal gunboats at Vicksburg — Gen. Halleck don't want any more old women — President Lincoln visits Fort Monroe.

Telegraphed to the Rock Island Daily Argus.

BALTIMORE, May 8. — The following dated Yorktown, May 7, at 1 o'clock, is taken from the correspondence of the American of this city:
As I close my letter, the latest intelligence received from the field of battle is that Gen. McClellan has come up with the enemy about 8 miles beyond Williamsburg, and after a pretty severe skirmish with the enemy's rear, has again put him to flight across the Chicahominy.

A large additional number of prisoners have been taken, including many deserters, who report that they have had nothing to eat but a few hard biscuits for nearly 48 hours, and when brought in fell down in a state of exhaustion.

Heavy cannonading could be heard by the boats coming down the river at an early hour this morning. Nothing is knows as to the result.

There is no doubt but that the whole army of Lee, Johnston and Magruder are in a state of utter disorganization, and under the rapid pursuit of McClellan are fleeing with great precipitation, without the intention of making a stand anywhere, and unless they reach Richmond in boats by way of James river they will certainly be intercepted and captured by the forces landing and landed at West Point. Not less than 50 steamers are engaged in transporting the balance of the army to West Point.

A large number of prisoners have arrived there, and others are being constantly brought in.

On Monday about 80 of our men were captured and one Pennsylvania battery was taken, all the horses have been first killed.

They having but a small support of infantry, were overwhelmed by a superior force, and were compelled to abandon their guns. But before the close of the day, the battery with one of the rebels, was recaptured by Gen. McClellan, and the prisoners they had taken, were found at Williamsburg. The next day was engaged in attending to the wounded of the enemy they had left behind them.

The retreat of the enemy was accompanied by too much confusion and haste to be troubled with prisoners.

LATEST. — I have just learned that the enemy have destroyed all the bridges across the Chickohominy, and that Gen. McClellan is resting his army on this side. It will be remembered that the Chickohominy runs parallel with the James river into which it enters.

It is the general impression that Gen. McClellan has now got the enemy just where he wants them.