In the words of the memorial, "all is gloom and despondence, all uncertainty and suspense, all apprehension and foreboding. Prices here have fallen beyond any former example. Flour has sunk from $4 to $3, or even $2 50 per barrel. Hemp, pork, and every other commodity has decreased in an equal degree. Real property has fallen in many instances 50 per cent. It is believed that there will not be employment during the ensuing season for one-fourth of the mechanics and working men of Louisville. Few contracts for building have been or are likely to be made. In the opinion of the memorialists, the first remedy for this state of things is the restoration of the deposites. They therefore pray that the deposites be restored, and such measures taken in relation to a National Bank as shall be most likely to afford relief to the country." This crisis does not seem to have produced very disastrous results here, but was probably more severe in anticipation than in reality. It is even possible that, as political excitement ran very high, and as this removal of the deposites was very obnoxious to one of the political parties, that the evil was a foreboding induced by their own fears, and of such a character as actually to produce a temporary depression in business. And this opinion is supported by the fact that no material change seems to have taken place in the onward progress of the city. The policy and propriety of establishing water works had been for some time under discussion, and in this year the city went so far as to purchase a site for a reservoir on Main above Clay Street. This project was very soon abandoned, but whether from the pressure of the times or from the opposition of many of the citizens does not appear in any record of the period. The incorporation and survey of two turnpike companies, the Bardstown and Louisville, and Elizabethtown and Louisville, during the same year, would however seem to incline us to believe that it was not given up for the want of means. The state of affairs, even if as bad as represented in the memorial, does not seem to have thrown a very deep or settled gloom over the community; on the contrary an incident of the period would seem to show a light-heartedness and freedom from care not common in times of distress. This incident was the sudden appearance in the streets of the city of a very singular procession, since known as the _Comical Guards_. They were introduced as a burlesque of the militia drills, then of biennial occurrence here. The procession was headed by an enormous man, rivaling Daniel Lambert in his superabundance of flesh, mounted on an equally overgrown ox, on whose hide was painted the following descriptive motto, "_The Bull-works of our Country_." This heroic captain also wore a sword of mighty proportions, on whose trenchant blade was written in letters of scarlet the savage inscription, "_Blood or Guts_!" This leader was followed by a band of equally singular character;