The herald., 1837-04-24

udy mas the same lnIOTmdtl0n tndt we gave.
letter from the first Lieut. of the Brutus, dated
Galveston Bay will be published tomorrow.
Correspondence Of the Hsradl
New ORLEANS, April Is, 1897.
Saturday. 10, A. M.
Yesterday was comparatively day Of rest. Nc
failures, or rumors Of failures stunned the ear
Confidence however is growing less and less II can
never be restored till the whole batch Of cotton mo-
nopollsts are brokan up root and branch. Canal
street, the very centre of cotton operations is now
deserted, and row and then you see detected
broker pass with his hands clenched and eyes upon
the ground. The Banks still trying 10 do some
thing-to benefit themselves not the solvent public.
Facts are daily transprng of the most high. handed
viany among the monopslizng directors Of our
Banks. You mast know that nine tenths Of those
who have failed were directors The Gas Bank has
-four out Of her elven left and SO in proportion with
all the rest. In few days, will give you some
thentic intelligence respecting the doings Of these
robbers in high places.
Cotton is unsaleable for any price at the present
moment. Mississippi is suffering beyond endurance.
Her banks valuless and her planters beggared by
the cotton monopoly of New Orleans.
In other understanding doing of any moment
Flour is still 81, nominal. Coffee has fallen to IL
and drug at that rate.
We have been without two express mails success
sfvely.
The domestic news of importance is that we are
overrun wit loafcrs, black legs and villains They
are constantly arresting them in the second muuic
pality.
No arrivals from Mexico since my last
New ORLEANS April lh-Money Market.-An
other heavy day has gone by. Nothing cheering Of
fers in the commercial horizon. All yet dark and
cloudy No further Iumors of failures have assaed
ears, and all has passed off with the usual dull
monotony incident upon destroyed confidence and
ruined credit
The Louisiana State Bank has published sundry
resolutions, the and substance of which are that
she will do just as she peascs with those indebted TO
her. No hint occurs that solvent men, offering un-
doubted security in three the amogntt can get
commodations. Indeed, such prospects meet the eye
in no quarter whatever. Every door is closed against
the middle dealer, regardless Of his ability to pay
The management OF our banks should be thoreugh-
ly investigated by the next legislature their conduct
probed to the bottom and the dongs of those enrus
ed with their direction laid before the public. We
shall then know who seized upon the power Of these
Institutions TO further the interests of an odious
nopoiy, and who opposed their unholy combinations.
The idea is false and highly injurious TO the in
erests OF the public that banks do wrong that
their dongs should be eternally concealed behind the
veil of secrecy. Their acts should be canvassed by
the public freely and openly, and they will seldom de-
vlate from the right path.
The presidents OF the city banks met this evening
IN conclave, for the purpose of devisng some means
of relief 1t was proposed TO issue post notes af-
ter the manner OF exchequer bills payable a year
hence. We did not learn where they were 10 be paid
or what amount to be issued. committee was
appointed to report. The result we shall give tomor-
row. Great doubts exist on our minds to the ad-
vantage that result 10 the community from this
course. II will afford relief to the banks themselves
but in what degree the public will be benefited time
will show.
p. S. H. P. M-wc have Just heard tina, the meet
ing of the presidents was adjourned till tomorrow
morning AT o'clock.
In cotton nothing doing. trasaction was talked of
during the day, comprising 100 bales, bu: il not
closed. The exports tins day amounted to 1863 bales,
OF which 1888 went 10 Liverpool, and 10 TO New
York
Regular produce transactions scarcely worth
recording The following came 10 our notice after
dligent inquiry: 500 barrels flour 81; 100 barrels
whskey "a c.; l20 bags coffee ia c so barrels mess
pork $40; 25 do prime sl5l; 500 barrels corn So c.;
25 ,ierces rice 3. c. Nearly all that is doing in pro-
duce is for immediate consumption and for cash.
True American
THE TIMEs-AT HoME.-We are still in the midst
of one of the greatest revolutions, in commercia
point of vew which has ever occurred in any coun
try. The same state OF dependency pervades every
| part of our commercial community. Business ha.
ceased-ls known no morc-ifwc may except among
the grocers and market peoples for our citizens mus
| eat and drink even in these discouraging times
Since our last notice. another tremendous house. will
extensive connections at the north has gone-faed
10 say nothing Of the minor houses which are hourly
dropping oil, crushed by the falling of the larger ia
brics around them. Failures now take place b,
blocks and streets. Our devoted city will shortly rur
ou-the materials for falling will be exhausted-ant
then, not TIL then, wlths disastrous state of things
cease Ihe hire, If we may so call il, which is now
raging In our mercantile community, will not Stacker
50 long as there is fuel TO feed it, That this will sooI
| become exhausted there is question-our large
| houses will soon become extinct The troublou
times of 1918, '25 and 81 were days OF prosperity
| compared with the present. Every thing is workn!
out the salvation OF the country the general machiner
of which has long been dirty and out of repair. Fo
the industrious, the honest man, we feel pity and 70
| none else.-Icayunc.
We would advise all up-csuntry traders brinen,
corn and other produce 10 this market not 10 TAX
Mississippi money at par. Ii can be purchased easil,
at discount OF some ten per cent, and should b,
| passed at the same rae.-Ibid
PosT NeTEs.-If any of the banks should resolv,
TO issue post notes, we trust will not be done
| the system adopted by Mr.. Biddle TO humbug tn,
merchants OF New York. That system consisted in
dlsceuntlng the paper Of individuals and paying tn,
proceeds in notes payable in tme-tbese notes were
necessarily discounted before the holders realised the
cash-and thus the individual who first applied for In,
discount, was doubly shaved-oncc on his own pa.
per by Mr.. Bidde, and again on the paper Of the lat
ter by the regular shaver in Wall street We trust nc
such scheme is contemplated here II might su
the views of Mr. Bidde's agents in New Orleans "a
banks Of this place will permit it to be carried
~F