The herald., 1837-04-26


BY the Express Mail last evening, we have furfner
important events from New Orleans to the 18th INST.
The failures in that city and depression continue all
over all the south. In New Orleans, Yeatman,
Woods & Co. have positively suspended. This was
doubted last Saturday, because gave the informa-
tisn erclusioey. II was rght-our correspond mt was
right Yet some bloskheads in this city had the i'm
pudence say we manufactured those letters that
gave the information. The revulson in the south
now reaches the middle classes. SO il will be soon
here.
frivate Concspondenee.l
New ORLEANS, April II, 1897
Monday, 10 o'clock.
Failure after failure continues. On Saturday re-
giment Of middle dealers went by the board in Char
tres street, and shall continue till not trace OF
the hollow fabric of credit be left to the passer
by Of our ruin and destruction. The Banks will not
do any thing, because they c,nnot agree We have
American Banks and French Banks. They think
differently of the modes of relief though they all agree
upon the modes of fleeing the community and favor
ing an aristocratic few. Post notes are the hobby
with the American Banks. They are complete
humbug. They must be paid at their maturity Will
we be any better prepared to pay them 80 20 or l2O
days hence? No The property at its real ralue is
not in the country, much less at deprecated value,
to which the troubles and want of confidence will
fine it.
Cotton is worse than drug No sales on Satur-
day. Large shipments going forward to Ii
verpool by the factors themselves to meet their en-
gagements in that quarter. Flour is down to S6i, in
small quantities. Tobacco is unsaleablc at any price
All other articles go off low prices meet present
wants. No further news from Mexico the islands.
Since Ross ran away from the Italian opera a
Madam HOFFMAN, prrna donna of the French
theatre, has done the same. She fled yesterday.
Ross was nvegled off by Montressor, to be revengcd
on Brichta for not engaging him, and out of grudge
for old quarrels She is not missed, however Norma
IS to be given in great splendor Wednesday, 18th
INST. The Barnes's are doing great business here
Miss Charlotte is all the rage. She has brought out
a new piece called Laitte which has been got up at
the ST. Charles in great spendor
New ORLEANS, April le, 1887.
The gross amount of failures in this city, from a
careful estimate, is reckoned at 81 mi lions This was
up to the 4h inst. II is now considerably over 100
millions. In the end the deficit will be over fifty mil
lions even If the property in existence be sold at the
most favorable rates. Here then we have credit
capital whose value depends entirely upon time and
the energy Of Our people, Docs not this fact speak
volumes against the system by which we have been
building up our prosperity? 1t is decehul ground
on which we have been operating. We now find it
giving way beneath our feet involving all who have
rested their faith upon its sedty in general ruin.
Time will prove to US that's credit capital has been the
cause Of all our mlsornes, and that country can
make permanent progress if she depends upon it.
As the facts come in from abroad we shall revert 10
this point The only remedy that remains for us
now Is 10 abolish the system of credits and turn to
the never failing Of actual capital the on
ly true means of commercial prosperity.
The bills OF the banking house OF Yeatman, Woods
q Co we hear were protested yesterday a the Bank
Of l. )uis ana. This will create great distress wit.
the holders of their paper in this city though we
hope that the amount in circulation is not large. The
greatest loss to be experienced will be felt in Tennes-
see, If the house has failed.
Areport IS current in town that the government has
issued Treasury order calling upon the Deposite
Banks to send the amount OF the public revenues in
their vaults TO Washington We should not be sur
prlsed II were the case The party IN power can be
guilty OF the grossest outrage upon the people, and
they will cry Huxza. But we opine such an order
would make Washington TOO hot TO hold Mr. Van
Buren,. Nous rerrons.
Nothing doing in Cotton. In produce the sales are
limited to actual wants. Flour is at SO 75; Whiskey
3.cts No. Mackerel, Sll 25; Lard a acts Corn
45cs, Hams Gets. Mess Pork $40; G. A. Salt 81 rs
per sack.
Three of the lst. Municipality banks have come
out at last with notice, that they will renew to their
debtors I'LL next fall. Why do they not assist the
solvent merchant There is fine field open for the
exercise Of their usefulness. Let all the banks try
Alas how can men battle without arms! Our banks
have been like the ten foolish virgins True Ae-
rican.
April l7th.-The storm is not at its height Peal
on peal of thunder GENES rolling along our heavens
fro the distance, and tells US of coming and fresh
disasters. The news from New York up TO Sunday
the 9th instant is far from giving us any hope that
the troubles over Even in France Cotton has dc.
cined while the relief TO tn. money market in Eng
land is declared dubious by the Liverpool papers of the
18th. What, when The advice of our crisis shall have
reached the other side Of the ~aterl We firmly be-
eve that there is to be general breaking up of the
foundations Of commercial credit both in this country
and in Europe Every sign points to this conclusion.
The suspension of specie payments is loudly talked Of
in New York. What we to think, when the a.
mount failures IN that city since the 4th of March,
are sixty and half millions and in our own city
than fifty millions in the same time. Where is
tho property stand against these amounts Surely
net in existence. Ii may be in future like the cot
ton yet 10 be sown.
On Saturday we had another batch of failures for
an immense amount. The middle dealers are begin
ming 10 suffer We have heard nothing more of the
contemplat ID relief of the Banks here. They might
as well talk of staying the to dream OF arrest
ing the present downward course of things. Their
voice is like Canutes. The courters may persuade,
but they will find that the "thus far shalt thou 90 and
no farther" is not for their achievement. Credit
based as il the foundations of the past fifty years
must 90 to the ground. new era is coming Let
men watch and they will see il. In articles Of trade,
and in cotton, have nothing record, but still
greater apathy. Prices are more nominal than any
thing ese.-Ibid.
u III