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We copy the following letters from the Arkansas Ga zette of Tuesday last.

 Extract of a letter from the Cashier of the New York Manhattan Bank Qn reply to letter addressed to him by the President and Committee of the Di- rectors of the Bank of the State of Arkansas dated

 "NEw YORK, 26th Dec. 1886.

 ssCentlemen-I am favored with your letter of the 12th ult covering copy of the charter of the Bank of Arkansas, and asking my opinion as to the time and manner of dsposng ofthe bonds of the State In an to which must say, though there IS no question of the security offered that the present state of the money market, here and in Europe, would be impos- sibe to dispose of bonds, bearing five per cent inter- est. at par, Tt this time, when, the best security ney can be employed at St much higher rates. x This state of things cannot last long, and, think. be- tween this and July money will be much cheaper, and you may have chance fdisposng of your bonds.p