All interest, military and political, oentros tina day upon the feaiful aud blüody striigjilo uow raging around the Muffs of Vickaburj?. It is the most momentous, ai.d, luilutps, tite b-bod iest fight of the oainpaiiru this yeur. It' Gfruiit's daring al tempt fuil and bis anny be destroyed, ir oven drivon off with sueh plcntiful carnage and Iiavoc as our batteries are jiow uiaking in ilieir ninks, thun the iaoippi and all tlio West are ours for ; thid season. If Yickslurg unhippüy fall, the war ís onhj beginning. Hut the tvorst effect of tuit ditxister would assuredly Ie the revival of that miserable outcrij fnr cuvrlmg and tampirimj icilh the g reat Northwest - remt. on with the several Mates of the Northwest - tliat is, siibmksicn to the Northwest. Vicksburg :is wc have good hope, will uot l'all, aud cauuot fall. We have tliero a fine army, brave to depcration, and led by ablu commaodera. Every motivo every passiou that can exalt soldiers to the puait at which men oonijuer or die, is tbere present ; patriotism and pride, the need ut' susttiining a well won reuown, thirat for pubiio aud for private vengcance upou the desolation of the land, the incendiariLS of our towus and cowardly oppressors of unprotected woracn and eüildren, ah stir and madden ttur men to daring dceds, and give a zest to the work oí' whulusome slaughteï. Pcmberton is nobly sjustaiüing bis fauie and ours ; and witli Juliuslon and bis gathering reinfwceii.onts to fctriko in at. the moment of fatc and iiuish tlio terrible strife, it may be well lioped that, with God's Messing ou uur aruiy, those most formidable armainentü of' the enemy, by land and water, will bü ruined, overwüelemed, aud sent to perdition. Yet, if it be fated, that in spite of all . human valor and devotion can do, Vicksbuig and its defenders should become the prey of our eneiny, then indeed will come the tug of war. Whatever of imbécilüy and fabit-heartedness and downright latent toryism and treason exists in this Confederacy, will at once receive a neto accession of -iceakness ; many again will cry out for an " honorable poaee," as they will cali it, by meara of submissiou to one seetion of our inruding focs who are iiow ragiug over our country with fire and sword. Tbc doctrine of the necessary unity of die Mississippi VaJley from Lake Itasca to the Gulf will be again revivedby politieal geographers of feeble knees, as if the Mississippi Ilivcr were something different from ail ut her rivers ; as if there were any more unity or continuity in its shores than in the shore of tho sea, as if the Great West had a right to our country beoauso the water flows from their lands into ours ; all this sad nonesense, which is nothing but a eloak for treason and excuse for cowardice, would be echoed aod' reverberated over tho land again. - . And then the Northwest would not listen to our offers and overturea, if such shouM be made. Witli the possession of Vieksburg and Port Hudson, they would fancj thcmselvcs assured of tbe whole Mississippi, by eonquest ; and they would no kingor dream of escaping it by treaty'. - ■ If our politicians of Tennessee and MisBÏssippi should, then, renew their helpless talk of giving a favorable commercial treaty to tho upper States of the river, as an indictment to thein to separate themselves from the Eastern States and erect a Confedcracy of their own, such offers would be received with contempt. The isme woud be presevted pure and simple, naeed and peremplory - submission or subjugation. And subjugation means extermination. Thus, Vicksburg is at this time a poiut not only of strategie but algo of politica] importance. Wliile our fla flies defiant over the great river, no party of compromiso can venture to raise its liead; no man will dare to breathe one word of "reeonstruetion," in whole or in part. All will be good Uonfederates. The cause which is supposed to bo failing and sinking is the ono which is likely to be abandoned by the cowards, and betrayed by the traitora. To the causo that prospers we are alwaya as true as steel. For this reason, the result of these Virginia elections, or of auy election, is by no means of so deep a politieal signiflcance as the result of those battles round Vicksburg. All the gentlemen clected the day before yestcrday are to-day, we lopc and believe, faithful and resolute Confederates, whether they bo late secessionists or original ones. If any of ihem haceuncmsciously lurling within them some relie of lendemess for the Union, some undefined hunkering af ter a peaee by total or partial reeonstruetion upon any terms whatecer, " honorable" or otherwiso, the succussi'u1 defence of Vicksburg will help to oblitérate the last tinge or taint of such antiCoufederate sentiment. This is not said in disparagemerit of thoso who jeft the Union reluctantly and at the last moment, but who left it 'then forever, and have sinco maintaineil, on many a bloody field, the sovereiguty of their States against an invading enemy. Wc fuid it ioipossibló to eonceive, for examplo, that likc Col. Wickliam, who bas led a Virginia regiment through two years of desperate war in defense of Virginia's richt to secedc - or like Alexander Botofer, whose homo has been desolated by invading barbnrians, and who has rinden by the sido of Jnckson through the cainpaigns which Ilústrate his nativo State aud gemmed it all over with fielda of glorylikcan Emperor's shield- should ever contémplate the possibility of any compromiso of Virginia's sovcreignty at ail, undar any circumstanccs or any pressure - Viekgburg or no Vieksburg. Yet somo these ure of a moaner type - pray God they be few !- who would seo in the fall of Vicksburg an occasion, perhaps even a roason, perhaps they might evon sec au honcst and patriotic reason, lor drawing back from the extreme measurc ofourproud pos'tion, and listening to a compromiso and "honorable peaee." We do assure them (if such thcro be), that thoy are in tho wrong. Compromise there can be nono ; nor medium. This Coufederacy has before it one of tho two Ihings; eitiier to con;juer its full and separa' o itidependonco by battle and vic tory - or to yielci itself conquered and foei the bitter doom of an "oppresscd nationality" under tho bftseat of marters; a naked, bound, seourged " Cindcrella of nations;" object - at the very best - of tho world's contemptuous pity. There are few, it may be hoped, who e uot now up tq tlio rigt mark; pared 'm this matter to make tho riglit decisión. At any rate, prop Juliu.ston uid Petnberton aud tho )et maidou city of the liluils.