t, which has chosen this repudiator as their chief, and what of
the value of the Confederate bonds now issued by him? Why, the legal
tender notes of the so-called Confederate Government, fundable in a
stock bearing eight per cent, interest, is now worth in gold at their
own capital of Richmond, less than ten cents on the dollar (2_s._, on
the pound), whilst in two thirds of their territory such notes are
utterly worthless; and it is TREASON for any citizen of the
United States, North or South, or any ALIEN resident there, to
deal in them, or in Confederate bonds, or in the cotton pledged for
their payment. No form of Confederate bonds, or notes, or stock, will
ever be recognized by the Government of the United States, and the
cotton pledged by slaveholding traitors for the payment of the
Confederate bonds is all forfeited for treason, and confiscated to the
Federal Government by act of Congress. As our armies advance, this
cotton is either burned by the retreating rebel troops, or seized by our
forces, and shipped and sold from time to time, for the benefit of the
Federal Government. By reference to the census of 1860, it will be seen
that three fourths of the whole cotton crop was raised in States (now
held by the Federal army and navy) touching the Mississippi and its
tributaries, and all the other ports are either actually held or
blockaded by the Federal forces. The traitor pledge of this cotton is,
then, wholly unavailing; the bonds are utterly worthless; they could not
be sold at any price in the United States, and those who force them on
the London market, in the language of the _Times_, before quoted, will
only accomplish '_the ruin of toil-worn, men, of women, of widows, and
of children_.'

But the advocacy of repudiation by Jefferson Davis has not been confined
to his own State, as I shall proceed to demonstrate in my next letter.

R.J. WALKER.

DIARY OF FRANCES KRASINSKA;

OR, LIFE IN POLAND DURING THE EIGHTEENTH CENTURY,

Tuesday, _March 19th_.

The Prince and Princess Lubomirski left us about half an hour ago; they
had decided upon going yesterday, but my father told them that Monday
was an unfortunate day, and fearing that this argument would not possess
sufficient weight, he ordered the wheels to be taken off their carriage.

They overwhelmed me with kindness during their sojourn in the castle;
the princess, especially, treated me with great affability. Both she and
the prince take a deep