Arkansas true Democrat., 1857-11-17
Letter from Washington.

What ,oe have to pay Uih-The operation ct
 Me Sub Treasury October Elections, Demo- vacy still gaining ground-The Elech0e franchise c dead letter ID Baltinore--The Go-
 vernirship of Nebrasha-Land Ofce dec's'0
 -Senaior Hunter defnes his position, etc. The financial crisis which it was thought had reached it's eliminating point several weeks ago, has, 1t seems from the amount of fal!ures' bank suspensions, and depression h all branches of industry and commerce but fairly begun The most unfortunate symptom for the south is the extraordinary decline in the price of cotton. It is thought however, It will nearly or quite regain its former price, as the crop will barely satisfy the actual necessi- ties of consumption, notwithstanding the de- mand will be diminished by the present state | of affairs. With continued prosperity and the present short crop, there is no telling what fabulous price the staple would have reached 1 by the first of next May. To the planter mat ters now look gloomy, but as large amounts of | specie are being transmitted from Eng land and France for tho purchase of cotton and other crops as 1t arrives it will have tendency to ease money matters and enhance the value of his products.
 | The New York banks after great professions of their ability and intention to meet all de- mands in specie, "caved in'' and suspended, and many of the banks north and west have followed or will follow suit. Some of the southern banks have taken the same route, and what course the others will pursue remains to be seen, but suppose they will generally sus- pend Gin bank parance) Gin self-defence."- There is no question they are on frmer basis to-day than the northern banks. What will be the effect on the Arkansas banks? They are in better condition than they have been in ten years and 1 trust it will throw no impedi- close watch on them in winding up their af- fas.
 Villain the past sixty days the failures of heavy business houses have exceeded in number and amount of liabilities, the same period at any time during the revulson of 1887. The end is not yet, as heavy fall- ures are daily occurring, and even the State of New York has failed to pay the interest on her bonds. It was thought that the suspension of the New York banks would relieve the tight ness of the money market as they would en- large their line of discount ts, and accommodate their customers with their deprecated curren- cy. The question is where is this to end, and what is to be the final result upon the general ivy nf f ha tbatt ba people engaged in agricultural pursuits have not run wild with the speculating mania and are out of debt. If 50 the only inconvenience they will experience will be low prices for their crops. If, however, they too are in debt for negroes, land, etc. bought at the recent high rates, the consequence will be much distress will ensue, and it will take several years to re- cover from tie depression.
 It is quite evident that the whole banking rag currency operation is rotten and cannot be otherwise, and he sooner it is abolished the better The experience of 1887 and 1857 should satisfy all that they are a curse and blight to the best interests of the country, and only can live, and do live, upon its hoDest in- dustry and labor In times os prosperity when money Is plenty the banks ready to accop, nsoiate he public by discounting, and when they have thus lured 1t sto all kinls of extrava- gance anl speculation, they contract are as close as clans, and will not discount to the amount of one dollar. At the very time they | should accommodate is the time they invariably refuse to do so.
 ! The pressure is serious blow to the railroad interests of the country, speculators in the | the stocks of which and wild lands have had much to do in producing the crisis. Two of the longest roads in the country, the Illinois Central and Erie have failed to meet the inter- est on their bonds. The prospects of all roads contemplated and being built are very much injured, and in many instances, for the present at least, will cause stoppage of the work, as railroad bonds are not saleable.
 But in the general gloom, we have cheer ing hopes of speeey deverance, by the aid ot our mighty resources, and with proper tru- galty and industry. It is estimated that the cotton crop of this year will bring one hun dred and fifty millions of dollars, the tobacco crop twenty millions; the wheat crop two hun dred and twenty millions; the corn crop two hundred and seventy five millions; California will produce fifty millions of gold; and beside: amount many hundred millions
 need not tell you, however, that in the present derangenent of affairs in the none tary world, under the healthy and safe operations O. the sub treasury, the government has surplu. ID the treasury, and will not lose one dollar by the breaking or suspension of rag banks. The country owes this to the democratic party, which after severe and protracted struggle effected a separation between the banks and go- vernment The energetic and wise policy o "Od Hickory" and the nerve with which he met every emergency in that desperate srug- gle, has enshrined his memory in the hearts of his countrymen and every days experience but adds to the veneration and regard for that old slogan will involuntary rise to the lips Hurrah for Jackson"
 The election in Kansas has resulted in the election of the black republican candidate for delegate to Congress, while both parties claim the Legislature. It appears the democrats re. fused to vote for Ransom, the nominee for del. eSate, as 1t was ascertained after he had receiv. ed the nomination, that while Governor o Michigan, ne sent to the Legislature of thai State, message strongly advocating the Will mot proviso.
 In Georgia the democrats have elected thei candidate for Governor by about 1l,OOO; si. out of the eight members of Congress, and d lage majority of the Legislature
 Pennsy ylvania has given the democratic can didatc for Governor upwards of 10000 maiori ty over the notorious Wilmot and 10000 ma.