SAN FRANCISCO, Feb. 28, 1855

FREDERICK DOUGLASS, ESQ: The great financial crisis, long foretold, is upon us with all its direful consequences. The great houses of Page, Bacon & Co., Adams & Co, Wells, Fargo & Co, and the Savings Banks of Robinson and Dr. Wright, have all suspended. The city is shrouded with gloom. The common civilities of the day are scarcely exchanged. Almost every person is a loser by these suspensions, and those that are not, can easily evade their debts by saying that they are. Adams & Co., it is feared, will never resume their business, as an assignment has already been made, and they have asked a discharge from all liabilities. There is a vague probability of the resumption of Page, Bacon & Co. This is all the result of reckless speculations and dishonest extravagance. The city is bankrupt, and must, eventually, repudiate her liabilities. It is said that the amount of money loaned and secured by mortgage, on real estate, is not less that fifteen millions of dollars. These speculations all took place when property was worth treble what it is worth now. The result is, that one-fourth of the city property is in the hands of the sheriff, to be sold for taxes.

The rainy season has just set in, and it is to be hoped that times will be better. The new diggings on Kern River are attracting a great deal of attention. It is said that a man can average from $10 to $12 per day.—This discovery is considered a perfect godsend at this particular time.

The Chinese have taken the places of the colored people, as victims of oppression.—The poor Chinese are, indeed, a wretched looking set; that they are filthy, immoral and licentious—according to our notions of such things—is unquestionable. But these vices do not justify the whites in oppressing them. The Chinese consider themselves the first people in the world in respect to