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The Situation in Virginia.

The news received yesterday afternoon that Stonewall Jackson, with 40,000 troops was making a dash towards Baltimore, and that Pope's army was falling back to Washington, threw quite a gloom over our city and the impression, in the absence of definite news on the subject was, that we must have finally have suffered a decided reverse in the vicinity of Bull Run. But our fears may be groundless. Indeed, the rapidly changing aspects of the scenes of terrific battles in Virginia, of which we are hourly in the expectation of decisive news, set all comment at defiance. One hour we are in the gloom of disaster, followed in the next by the promise of glorious victory, to be again succeeded by the clouds of reverse.

In this state of constant transition we must be content to permit the news dispatches tell their own story and be their own interpreter. We may, indeed, and we do expect, with reasonable confidence, that ultimate victory will crown the heroic efforts of the Army of Virginia. Our forces are by this time surely all untied; they are commanded by Generals of tried ability and long experience, and our cause is just. With these elements we feel, as we have said, sure of ultimate victory; and in the meantime, let the war bulletins of to-day, various as they are, interpret themselves.