The daily Minnesota pioneer. [volume] (St. Paul, Minn.) 1854-1855, 1854-12-11
From our Regular. New York Correspondent
mafsst. ~ rAins. n New York.
a New YoRE. Nov. %. 1854.

Matssrs shf rhings IN New York.
p q krEToaT. Nov. %. 1854.
hsacceeding day brings some new and
startling development, Of fraud, defaIcation, ex-
travagance' or carlessness, in the circle of mon
ey or machinery. One would suppose that an
cient individual who shallsbe ~nameless, would
have enough to do on the borders ofthe Black
Sea, among the Russians and allies without
troubling himself with this part of our mum
dane sphere, but on the contrary he seems so
busy here, that you would suppose him ex-
clusively engaged by our people. ''--'-s'-'
Speaking of the Black Sea and the allied
army and fleet at Sebastopol, the best informa-
ton received indicates that the place will not
only not be taken but that the allies themselves
in all probability be annihilated. This is
hard dose to swallow for those who have I'M
macllate faith in John Bull and Bull frog and
sovereign contempt for the Bear, and as have
always been Bear in this controversy am
supposed to grins but blest you may think me
DESTROYS Of bringing too much into view his
Bearship l will close the subject by merely
stating that out of thirty thousand English
sent to Turkey but sixteen thousand are,left
at late advices, that the Frenchmen suffered
somewhat less, that food for the soldiers is be-
coming exceedingly scarce, and proverdcr for
horses still more so, that the Russians are
constantly receiving achievements, and when
they do fight they fight like demons whilst
world, that the shoal water around the fortifi-
cations and the sunken ships in the mouth Of
the harbor, prevents the approach of the heavy
ships within the distance of eight hundred
yards, and at that distance little impression
can be produced during the day which cannot
be repaired at night that the rocky formation
of the country around Sebastopol, entire
ly prevents the near approach for bombarding
the town, such as Gen. Scott made at Vera
Cruz, and finally it is conceded on all hands,
that though the town may fall, yet the North
crn forts cannot be taker in any event, and the
allies, after burning the Russian ships, will be
compelled to take to their ships and return to
Turkey, and thus will end the campaign of the
Crmea, which was expected to be so brilliant,
and by which the Bears TAIL at least, was to
be severed from his huge body.
Whilst all these mOmcntOus events are TAX.
ing place abroad, we arc just awaking up in
this city to q state of bankruptcy in the mer-
camille community. Our importations have
been much larger than our produce of gold in
California, and our sinking fund of specie is
gradually disappearing from our midst, and
taking up its line of march for Sevastopol,--
100000 by the Collins steamer on Saturday.
AS consequence of this state of things, each
day announces some heavy failure in the mcr-
camille circles as well IS among the Banks. -
Yesterday the Toledo Bank suspended, and it
is a fact that if the deposites were called for
this afternoon from all the Banks in this city,
none of them could meet the demands, much
less could they redeem with specie their bills.
do not wish to do these excellent institutions
injustice or excite distrust. They all have
estate, but unfortunately in this time of uni
versal depreciation, when New York Central
stock is going down 5 per cent. week, and
other stocks equally sound in the same proper
ton, 30 per cent. is fair estimate to be OBJ
tanned for what is really worth double, and if
the Banks should continue their present line of
discounts, there is every prospect of u speedy
cmptying of their vaults of what little specie
therein remains. Nevertheless, they do not
seem to realize fully the volcano now under
them, and in conversation with one yesterday,
who from an omnibus driver came to be a
bank president, l was led to infer that there
was no danger whatever. l have been told
that he made capital stage driver, and man.
aged the finances of his change box well, but
l must confess to a little distrust in his sagac-
ity in protecting holders of 100000 of his
bills. These statements are not made with
view of disparaging the gentleman alluded to-
but merely to illustrate the mode of doing bu-
siness in New York, the persons who do it,
and what will be the legitimate result of the
tinkering our finances have received during the
past five years.
Don Piatt has just arrived from Paris with
important dispatches from Mr.. Mason, our
Minister to the French Instead of scattering
the Cabinet, it is thought the Cabinet will re-
cal Soulc and perhaps Mason. Though l
must confess l do not put much confidence in
these disclosures
Advices are received that there will be a
rising in Cuba within the next few months,