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Effect of the defeat in Washington.

--The New Orleans Picayune publishes a letter from Washington, date July 22d, from which we make an extract:

‘ Several of our citizens who have returned here from Bull Run, represent the sight of our defeated army — more especially the dead and wounded — as the most terribly fearful they ever saw. The ‘"horrors of war"’ were depicted in all their hideousness, and the sight was one never to be forgotten.

There are many here who now look for a forward march of the Southerners upon this city, and the timid are much distressed in consequence. It is believed as quite probable that the fear of an assault upon the city will induce some of our residents to seek a more Northern latitude.

From all that I can learn, however, our military authorities feel a perfect safety in the defences of the capital, though, after the fatal disaster of yesterday, it is next to impossible to tell what will happen. At present, everything and everybody appears to be utterly paralyzed.

Since the formidable display of Southern troops yesterday, it is not doubted but what their actual number in Virginia alone is not far short of 140,000 men.

’

The Daily Dispatch: August 5, 1861. Richmond Dispatch. 4 pages. by Cowardin & Hammersley. Richmond. August 5, 1861. microfilm. Ann Arbor, Mi : Proquest. 1 microfilm reel ; 35 mm.

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