FROM OUR SAN FRANCISCO CORRESPONDENT.

SAN FRANCISCO, July 14, 1855.

FREDERICK DOUGLAS, ESQ.: SIR:—The develpoments of the last two weeks, with regard to the affairs of the defunct banking houses of Page, Bacon, & Co., and Adams & Co. would, in any other community, produce a shock, the result of which would be a thorough purging from its midst of such consummate villains.— Judge Chambers (one of the firm of Adams & Co.) accuses J. C. Wood (of the firm Adams & Co.) and A. Cohen, of robbing the firm of Page, Bacon, & Co., of $420,000, by selling them "poor gold dust." for good dust, they not being able to detect the same, in consequence of its having been submitted to some chemical action. This, and the fact of its being offered for sale by miners ("persons disguised as miners," says Judge Chambers, in his affidavit), so deceived the firm that they continued to purchase it for five years. This story is so improbable, and reflects so much upon the capability of the firm to conduct a banking business, that it was thought to be unentitled to credit. But Mr. Cohen, in his card, admits that he sold them "poor dust," and says that it was well known among the brokers that Page, Bacon, & Co., was ignorant of the business they were engaged in, and constantly purchased refuse dust. He does not retaliate on the Judge farther than to speak of his "imbecility and incapability." He is very severe, however, on Mr. Park, (one of the firm of Halleck, Peachy, Billings, & Park,) whom he accuses as the investigator of the charges, also of robbery, bribary, and every species of corruption. This is a dreadful state of things. I verily believe there are not three States in the Union, that can drum up as many villains in high places as California. Every man is compelled to look upon his neighbor as he would upon an escaped convict. This universal distrust has operated seriously against the

prosperity of the State. No one can invest money in real estate, as the title to almost every foot of ground is disputed, and the banks have ceased to be sage depositories; and the result is, that the money is sent out of the State and invested elsewhere. The heaviest shippers of gold dust, is the firm of Drexel, Lather & Church. The is an old firm, and if there is any confidence left, this firm has it.

Intelligence from Mexico was received per steamship John L. Stevens. The revolutionary party have been successful. Monterey has been taken, and Gen. Cardenas and sixty-four of his officers, besides a number of cannon and other munitions of war, fell into the hands of the revolutionists. Alas! poor Mexico, menaced by her northern foe, agitated by evil commotions, she had better become a "dependency," and thus spare herself the humiliation of national extinction entirely.

The French Consul, M. Dillon, was recently assaulted by one Hermann, and American of French extraction, who took office at the Consul's writing to some French capitalists, not to trust certain parties (Creoles are named) engaged in land brokerage. Hermann was arrested and fined twenty-five dollars, a nominal sum, when it was recollected that the Consul wrote in his official capacity, and moreover, his representations were perfectly correct. The press, with very few exceptions, sustained the assailant, and condemned the Consul. A foreigner finds no favor here unless he villifies the institutions of his own country and glories the institutions of this.

the came to us by the last steamer in a new dress, and looked beautifully and worthy of the ability and talent with which it is conducted. It is now, I believe, the only paper edited and conducted by a colored man, and should be sustained. If one-tenth of entire free colored population subscribed for it, and paid their subscriptions, it would effect more for our amelioration than all other efforts combined. The doings of the National Council were worthy of those composing it; and I am glad that the Industrial

School project was not abandoned. Will not friend Bonner, the able President of the Council, represent us? He is an old Californian, and may not have forgotten those whom his talents and deportments taught to esteem him. The speech of Charles Sumner is much admired here. I alluded to his speech on the "necessity, practicability, and dignity of the anti-slavery cause."

The Sierra Nevada has just arrived bringing intelligence from "Walker," the fillibuster. He lost five of his men in a fight with the natives. The passengers by this steamer suffered greatly from cholera. Between fifty and sixty died on board.

Yours,

NUBIA.