The herald., 1837-04-22
The Jo.ep OF New IoriS--The Herm"ns
of New Orleans.


Elections, on the conduct of the Mtssrs Josepas OF
this city, IN connection with the failures OF the Her
mans and the Barretts the three first large houses
that gave way in New Orleans, and preciptated upon
the commercial world the present crisis through
which passing.
word on this subject Having made strict scru-
tiny into the matter al issue we have come to the
deliberate Conviction from undoubted facts, that much
Injustice has been done the Josephs, by the New Or
leans papers, and that, if improperly has been COM
mittcd il rests with the southern, not the northern
houses
The present crisis has been undoubtedly hurried
upon New York hy the extraordinary system ofNew
Orleans and the southwest III the transaction of their
local business Extensive creds-undue expansions
-grasplng at every thing nlonopozlns spirit in
trade have characterized the last three years the
whole commercial world but more particularly the
region Of the south west.
Soon after the commencement Of the present sea-
son that will close so dsastreusly all the three
large houses in New Orleans that first fell, began
draw on The Josephs, with a speed and magnitude
thar alarmed the latter, extraordinary extent
In the month of December and January from the
general aspect of the horizon, know personally
the fact that the Josephs entertained the opinion that
commercial affairs were much expanded, and that
they had resolved upon the policy of curtalng and
reducing their own business as fast and as sooA a.
they could, without dctimen 10 their connections. In
February the drafts from New Orleans and from the
houses in question continued 10 pour upon the Josephs
10 such extent, that they had amounted 10 nearly
one million and half at ltast, aboH the middle Of
that month Not satisfied with hinging avalanche
on avalanche, the Ne,c Orilans houses actually made
proposition 10 the .josephs for a negotiation #
Planters notes, 10 isrge amount on The Near York
-Erctqnge, trhen the paper Of our otca merchants
qcas selling at depreciation IF p cent per month
To this extraordinary overture the Mcssrs Joseph
piled little after the middle Of February, IN terse
and pointed Misunderstanding the condition of themo-
ney market-and expostuating with them for the ex-
raerdinary food of drafts poured upon them, without
having been put in funds for a tenth part OF the
amount Soon after this communication, the Josephs
received about 1900, in sterling bills, which they
converted into cash. in order to meet their engage
yne,ts 10 the New Orleans ACKNOWLEDGEMENTS
which by the middle of March had accumulated to
nearly 50. 100000 besides 1900 900, nerlocked IN
Enoand. being over S4 900 600, in a gross amount
During the whole Of this period, from the COM
,reneement of the New Orleans season. TO the day
when The crisis came on the Josephs had but one
oninon of the commercial aspect around them-tha
of the necessity of curallment About the same time
the commercial bills from the South began TO return
in large quantities, the English money market was
unsettled-rhe atmosphere around gloomy and for
bidding AtNew Orleans, on the contrary, II appears
that the mania had but just broken out Every spo-
cies of land town. lot and Gotten speculaonss were
in the food tide. The banks were extended-maay
of the commission houses had given acccptances for
cotton, "me seed Of rhich ras not in the grsund'-
and even the houses in question proposed 10 throw
in,o the New York market flo ID Of Planters paper
for sale and negotiation, AT a lnne when the best
city paper here was to 81 per cent a month.
In the midst Of such a state Of delIrium-such un-
examped expansion, the Josephs yalnly demonstrated
with their spondeni, and before they knew what
they were about-in the midst of fourlshlng busl-
ness. the bubble in New Orleans burst by its o;'n
weight and It's own folly, thus involving the very
houses and individuals here who had tined to prevent
It's growth, but were overwhelmed in the general
crash il had produced.
Yet with these facts standing before them on the
farecround OF the canvass, the houses in New Or
leans very ndecorously not TO say unustly or dis
honorably, prompt the papers of that city TO assa
the integrity and honor of New York. because pri-
yate letter was published, and the small sum Of
$4,000 advances in sterling bills is not repaid by
the Josephs while their liabilities for the parties
are over 81 100000 in the United States and 81 sos 600
in England The simple statement of such conduc,
is sufficiently reply to its folly and heartess
audacity
When the account of the failure of the Hernans
and Barctta & co. reached New York. every eye was
turned 10 the Josephs. Their connection was kaewn.
IL was a pablo matter. The whole community de-
nanded Information OF tie facs. Excitement per-
vaded Wall street. Commercial affairs cannot be
hidden in darkness herr as they may be in New Or
leans In a matter that concerns the general credit
of our commercial community, we do not beg we de-
mand information. and will dash through all obsia-
eles to reach it correctly II the Josephs in publish
ing the letter Of Baretta K Co invaded the sanctity
Of private life, the whole commercial community OF
New York are involved in the same guilt The sin
gle passage kept back matter of no moment
and immateral the issue and the made Of that
omission is a miserable qlibbe and subterfuge. no
one conceive the state Of excitement with which
all were wound up. On tho receipt Of the letter i'll
question: great the Of Joy in Nr. Joseph
j.. Joseph, the active business Of the house that
on reading il he bsrst forth--"wc will resume
1--WE will resume and Immediately tainted away like
a child overcome with the gash of his excited feel.
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