Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-01

Nsw ORLEANs, August oath, 1887.
The heats still continue to be very oppressive
few weeks more and we shall be relieved from this
annoyance. Of course business is scarcely moving.
People cannot exert themselves in a cline like ours,
when the thermometer is at 90 degrees. The pros
poets however for returning activity are highly favo-
rable.
We are not a community that will sit down and
repine because the blasts of adversely may pass
US. We may bend beneath the hurricane, but our
elasticity is so great, that we return rapidly TO our
former position Every body here must 60 ahead or
be left behind. The spirit Of our merchants, Dealers
mechanics and planters hunies them on either to
fortune ruin. Ii is like the great river that drives
past our city ;-onward and ressiless.
We have gone through our probation. Years have
gone by and the importance Of this city is just begin
ming to be felt, to be known, to be understood The
late revalsion will work for us great and permanent
good, depend upon It, We know il and we feel il.
Our mercantile interest will and must recover from
the late shock much sooner than yours will Why 2
Because our specuations have been confined TO the
products of the soil.
Our banks and their bad management have been
the greatest curse under which we have had labor
for the past four years. The ninety days having ex
pred their charters ipso faco null and void. They
longer corporations, and therefore incapable Of
sueng or being sued. They are all free now to do
many suits they please for the recovery Of the specie
for their notes, and the process will fall in tnifio
How the legislature will act, remains TO be seen.
think two years will be given Them tha, is two crops
TO wind up or resume.
The Canal Bank is doing wonders. She is acting
the broad principle of honesty and has consented
TO comply with the spirit Of her charter. She took
the act Of incorporation at risk, and now that sa
criices are required she is making them nobly.
You must know that during the dark days of May
last when were by the score sending in their adj
hesion TO dishonesty and fraud the Gas Bank through
the obstlnacy and moral integrity OF James II. Cald
well and Mr.. Barelll, continued to pay specie and
comply with her engagements, Though she had been
| most shamefully deprived Of a million Of her means
by clique OF cotton brokers. Could they have re-
tanned their power the Gas Bank would never have
stopped As il is, the notes Of this bank higher
in the estimation of the public than any in the city.
Why1 Mr.. Caldwell so well known for bis enter
prize and financial skill is at the head Of the gas de-
partment, and is constant in his attendance at the
board Of directors reduced to three by the abb
of M. Barelli. Its affairs, decidedly in the very
worst possible position on the 4th March last, have,
through the ncessant labors Of director Caldwell and
| his remaining associates, assumed shape by which
the security Of its loans TO the cotton clique render
| cd almost certain.
| The debt due by the Josephs has been secured A
million has been placed out Of danger by mortgages
on houses, lands &C., at immense reductions valu-
alton. There remains a sum Of near $500 00O due by
Hermann, Briggs & Co., and this is in train Of set
Element What are we 10 think OF q direction which
| could give such sum to one house, and that 90,
without dollar OF security except the endorsement
| Of some names, equally liable to the Bank
AT the next election il is thought, different sort Of
direction will 60 in. The Gas works now pay per
cent year. the whole capital of this Bank, and the
amount invested is emily $500 600 Caldwell has said
publicly, II he gets into the Presidency a. 40 osuo'
he WILL that he will bring up the stock 10 l1U which
Il 10 intrnsicaly WORTH and divide IL per cent with
out running the rick OF the exchange business No
man can doubt his ability 40 10 do II nc knows him.
| He made on his Theatre property, this year, Is per
cent capital $3.50 0oO this too IN the face Of an OPP
position establishment, doing heavy business. l
hear that the stockholders in New IoFk and Europe,
/ ayo ro,uU in fart than. pcrfbue.
| In nv next will give you a short history Of the
doings Of some ether banks whose stock is in your
market Let the Congress pass some law that will
hiring ,he State Banks 10 their bearing indirectly and
hs tsss Tssnk will rise like aPhmnx from the sshes
she will mt 10 shame her late interested manaRsrs
| They will never talk Of their financial knowledge
| again.
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