This is the only place I have found in the Southern country to which Northern people can repair with safety in the summer season; and I know not of a place in the world where they can go with better guarantees of good health, and a reasonable share of the luxuries of life. The town of Pensacola is beautifully situated on the shore of the bay, and contains at present about fifteen hundred inhabitants, most of them Spanish Creoles. They live an easy and idle life, without any energy further than for the mere means of living. The bay abounds in the greatest variety of fish, which are easily taken, and the finest quality of oysters are found in profusion, even alongside of the wharves. Government having fixed upon this harbour as the great naval depôt for all the Southern coast, the consequence will be, that a vast sum of public money will always be put into circulation in this place; and the officers of the navy, together with the officers of the army, stationed in the three forts built and now building at this place, will constitute the most polished and desirable society in our country. What Pensacola _has been_ or _is_, in a commercial point of view, little can be said; but what it _can be_, and most certainly _will be_, in a few years, the most sanguine can hardly predict. I would unhesitatingly recommend this to the enterprising capitalists of the North, as a place where they can _live_, and where (if nature has been kind, as experience has taught us) they _will_ flourish. A few such men have taken their stand here within a few months past; and, as a first step towards their aggrandizement, a plan of a rail-road has been projected, from Pensacola to Columbus, in Georgia; which needs only to be completed, to place Pensacola at once before any other town on the Southern coast, excepting New Orleans. Of the feasibility of such a work, there is not the slightest doubt; and, from the opinions advanced by Captain Chase and Lieutenant Bowman, two of the most distinguished engineers of the army, it would seem as if Nature had formed a level nearly the whole way, and supplied the best kind of timber on the spot for its erection. The route of this rail-road would be through or near the principal cotton-growing part of Alabama, and the quantity of produce from that state, as well as from a great part of the state of Georgia, which would seek this market, would be almost incalculable. Had this road been in operation during the past winter, it has been ascertained by a simple calculation, that the cotton-growers of Alabama, might have saved 2,000,000 of dollars on their crop; by being enabled to have got it early into market, and received the first price of 18¾ cents, instead of waiting six weeks or two months for a rise of water, enabling them to get it to Mobile—at which time it had fallen to nine cents per pound.