Col. E.R.S. Canby, USA
Brig. Gen. Henry H. Sibley and Col. Thomas Green, CSA
Canby mustered about 4,000 men, a mix of Regulars and volunteers, against Canby's 'Army of New Mexico', really a cavalry brigade of about the same size.
Each side lost around 200 men.
Sibley led his force of 3,500 men across the Rio Grande River and up the east side of the river to the ford at Valverde, north of Fort Craig, New Mexico. His goal was cutting Federal communications between the fort and military headquarters in Santa Fe; Canby would have to move or starve. Canby didn't sit still, but moved with more than 4,000 men to prevent the Confederates from crossing the river.
On the 20th his first effort was repulsed at the water's edge: Confederates hidden in the reeds ambushed the first troops to cross, who headed for cover. Other Union troops on the west bank provided covering fire, so the Confederates couldn't round up the scattered infantrymen.
The next day Canby did it right. He deployed skirmishers, then artillery to cover the crossing, and did it in much greater strength: four regiments went across. They paid for the crossing, but drove the Rebels back from the river. The artillery then crossed, and Canby had his men strongly deployed on the far side. Repeated Confederate attacks were all beaten off, and Canby brought up his last reserve to make a final attack. One of the Confederate cavalry charges featured lancers, a brave and pretty idea, but one that was quickly shot to pieces.
But the Confederates had rallied at the Old Rio Grande riverbed, an excellent defensive position. After crossing all his men, Canby decided that a frontal assault would fail and deployed to turn the Confederate left. Meanwhile Sibley had handed over command (many reports were he was drunk) to an aggressive subordinate, Colonel Tom Green. Green coolly analyzed the situation and decided to attack, gathering his cavalry to cover a dismounted charge.
The cavalry charge was repulsed but the ferocious foot charge overran the main Union battery. The Confederates quickly turned the guns around and shelled the Union line, which broke for the river. Shelling of the ford caused more casualties, but the Confederates didn't manage another charge on the disorganized Federals. Canby had to retreat, but effectively covered the retreat by asking for a truce to tend the wounded and bury the dead.
With Canby defeated and his men demoralized, Sibley had two options: fight again to capture the Federal force, or head upriver for his political objectives and preempt the Federal forces massing there. Disdaining the New Mexicans after the fight they'd put up, he headed north.
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Selected sources:
American Battlefield Protection Program, Heritage Preservation Services, National Park Service.