Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1854-11-29
From our Washington Correspondent.


WASHINGTON, d. G. Nov. %, 1854.
Il Short Letter-Sebastopol still Standing I'm
tGu'aded Rumors-In SL1oe Trade IN Neso York
- Gooernor's Aessage-N. G. Senator's financial
44Dasrs-haaoao-N othangs and III. Rayner
The pressure on your columns during the session
OF the Legislature of your State admonishes me to
reduce my communications to the smallest dimen-
sons; the absence of any variety of news here
makes 1t the more easy to acquire the merit Of
brevity.
Another weeks news has been received from Eu-
rope and Sebasopo still remains in the hands of the
Russians fact its reduction is becoming less
probable, conclusion to which the English have at
last arrived, if fall in Consols is to be taken
an index of their views The accounts prove that
the Allies growing weaker and the Russians
stronger. Caurobert in an official despatch to the
French governme t, assigns a for the slow
progress of the siege the size and range of the Rus
sian guns, being IS pounders-thus admitting the
formidable opposition the Allies contending
gainst In recent letter. abiding the report that
the attack on Sebaspotol had been commenced by
land and sea, expressed doubt of the correctness
OF the latter part of the account. 1t appears now
that bombardment from the ships commenced
and kept up one day. after which it was discontn-
ued owing to the damage received from the return
fire of the Russians. In calculating the probability
OF the TALL OF Sebastopol the location of the defences
should be kept in view. They consist of some ten
or dozen forts of amazing strength detached from
each other, nearly equally divided between the North
and South sides of the harbor. The town is on the
South side, and on this side the lines and ap-
proaches OF the Allies The town and all the forts
on the South side may be TAKEN yet the forts on the
North side will remain to be taken and, what is of
great consequence, they situated as to COM
mand the works on the other side. The Russian
communications between the army the outside
and the North side of the harbor remain OPEN The
Russians have also attacked, and successfully
the base of their operations at Balaklava.
The news-mongers have returned to Washington
for the winter as you have doubtless observed by
the variety OF rumors they despatch from the Capt.
toll Exciting news must be had, and if there is
none based on real occurrences some must he man.
ufactured This will explain some rumors in New
York paper relative to changes in the Cabinet which
exist only in the imaginatons wishes of the pro-
pagators. The President is busy preparing his
sage, but OF course, no one outside of the members
OF the Cabinet know anything to its contents
whatever may be haZarded a guess by the news
mongers aforesaid.
The New York Times has another article on the
Savetrade, suggested by the recent conviction of
Capt Smith, in which it says we have not the
slightest doubt that there hundreds of Portuguese
merchants and others in that city, who con-
stantly and largely engaged in this traffic-who
ry it on as their regular business-who grow rich
by it and live in splendid style and claim and hold
high rank in the rich circles of our metropolis by
virtue of their wealth thus acquired We believe
this fact is very generally known, aAd haak not a
month passes i'll which vessels not cleared at the
Custom House, OF whose destination and employ
ment in the slave trade, the houses who ship crews
for then and the officials who prepare and sign
their papers morally certain" As Gov. Cobb,
of Geo. remarked recently in letter. when will the
North discontinue the prosecution of the slave trade
have read with pleasure the Message of your
excellent Governor. 1t is straight forward docu
ment, and prese.ts the general condition of your
State in favorable view. His election to the Sem
ate yesterday is received here with much gratica-
ton. He is reliable Democrat and gentleman
who in all things will have eye the interests of
the State he will represent in part in the Senate
hope that Mr.. Biggs' election whose nomination in
caucus has been announced here in the newspapers
will be consummated to-day. His talents, industry
and sound Judgment will make him most useful
member of the Senate The administration will find
in each cordial and hearty supporters.
The money market in New York continues to be
stringent without abatement and the price of stocks
to decline. Large amounts of most reliable Stocks
used a basis for banking operations the West
have been sent to New Iork, and must be sold with
out regard to price. These stocks taken up grad
ually by capitalists at the present low rates.
permanent investment. But specie is sent to the
west to replace them, while constant stream is
flowing out to Europe. apprehend that the worst
has not yet come in New York. Many financiers
think that general liquidation is about commence
ment. This process must bring ruin to many, but
if everything could be squared up and commence
ment made sounder principles of trade and
finance, it would be of vast advantage to the coun-
try in the long Let the issue of paper money
be forbidden, and expansions would cease; let the
credit system be done away the pay as you go prn-
cplc take its place, and prosperity would be the fu
ture of our country. But long artificial
stimulus is given to credit by building credit
another, the whole structure must tumble down
about once in twenty years. and bury thousands I'M
der its ruins.
The Know Nothings have had grand Council at
Cincinnati. A gentlemen just from that City informs
ME that among the delegates the Hon. X. Ray
of your State, who seemed to be of the
managing men of the concave. Is Mr.. Rayner a
candidate for the Vice Presidency at the next cleo
tion3 MECKI ENBJJRG