The herald., 1837-05-11

L
ing very new. The banks have not suspended specie
informs us that the Government has drawn out
100000 IN specie and placed it in the Mint Ow
government is becoming jske-a perfect jest.
Private Corespondencel
New ORLEANS, May 3, 1870 A. M.
Some excitement prevails in town against Mr.. Ir'
win, the son-inlaw of Henry Clay, for daring to de-
mand the specie of the Pet Commercial Bank, for
$4,000 of their notes. Mr.. Irwin wanted check on
the North, at par, for the amount This they refused,
bat paid the specie, compelling Mr.. l. 10 count it. He
took it to the Bank Of Louisiana for deposit but the
cashier refused to receive it, unless Mr. l. would take
a check on the North, at IA per cent premium. Not
being accustomed to be dictated to- the amount was
carried to the city, and another Bank for deposit 1t
| appears the Commercial has been carrying high
hand during the present distresses and in many in
stances, acting oppressvey towards the other Banks
This specie was drawn merely to show her she was
! not omnipotent Hewes the president, is very un-
popular, and deservedy toe for he is quite money
tyrant. What with the banks squabbling among
themselves, and the pressure from without the public
are destined TO suffer in an unspeakable degree.
Drains upon all the banks are going on slowly, but
not in quantities to excite alarm. Yeatman, Woods
& Co. are redeeming their bank notes as fast as they
place funds in the Institution here where they are
made payable. The amount redeemed has not been
over $4,000, since their suspension. Meantime, the
evils of depreciation in their paper has been severely
felt in the west.
In the Bee OF this morning IS long one-slded rig
maroe about the Josephs, and Barrett & Co. Do
set the worthy editor of that paper right. We doubt
whether it is worth the trouble
Notkip d,;n IN nf Dr,c
down to almost notking Produce still falling. The
weather is jast beginning to be warm.
New ORLEANS, May 3d.-A large auction house in
ST. Louis protested the 18th ultimo for So 000
Several other houses protested though they did
not stop payment.
Business in ST. Louis is dull. Money is scarce and
the cry seems to be every where-hard times.
The agency OF the Cincinnati Commercial Bank IS
doing nothing but drawing in their accommodations
The merchants of ST. Louis are all considered SOL
rent and if times do continue in the state
they will and must recover from the pressure
Boarding without lodging has been raised in that
city from sixteen to twenty dollars per month. We
derive the above items from the correspondent OF the
Baltimore Chronicle
Our correspondent from Mobile under date Of May
], writes that the house of Toulmin, Hazard d Co.
has failed for large amount. Nothing but the times
could have moved such concern, II was conduct
ed in every respect within the legitimate bounds of
business True American.
The JosEpns OF New YoRK-The New York
Herald has charged soHe of the newspapers of this
place with having uttered unjust reflections on the
conduct of this banking house, probably IN alluslon
10 article which was published in thc Bee. That
article animadverted upon the violation Of the sanct
ty of private aud confidential correspondence by the
Josephs in pubshngin in mu,ilaed form letter re-
ceived by them from commercial firm hcre-the
part of the letter omitted contained the most important
passage, and its omission operated the suppression
and conceament of fact which gave very different
a Ondu Of hS m
tons with their correspondent. That omitted passage
requested information respecting large sum in cash.
and very considerable amount OF bank stock placed
by the New Orleans house in the hands Of the Jo-
sephs with directions that the stock should be sold
TO the best advantage for the benefit of the house
here. Why was the passage of the letter respecting
this stock suppressed? This question may be an
| swered by asking another-What became of the
stock? And why has no information respecting its
fate yet been received by It's owners7 The truth is
that stock was sold by the Josephs bef.re they
pended payment, and the proceeds were not appro-
prated according either 10 the instructions the
wishes of those who had confded IL TO them. We
believe that other houses in other places Rschmond
| Va, and Charlcston) have similar causes of COM
plant against these very sensitive bankers for misap-
plicaon of the funds arispg from the sale OF bank
stock lodged i'm their hands, collateral securl-
~ for debts, bat 10 be disposed of for the benefit OF
| the owners.
Ii is very easy to assert, as the Herald has done,
that the use made here OF the nlssion OF the most
important passage the letter before alluded to-
bubble and the omission of no moment and inmate
ria Ii may have been mmateral 10 the editor of the
Herald but would its publication have lei the pur-
chasers of the stock which alluded into the
that the gentleman here who owned il, had been kept
in the dark respecting the SALE and that the proceeds
| had not been applied in the manner directed1 Per-
haps when this Of the matter 10 taken, theomit-
ted passage will appear very mmateria to some
| individuals in New York, and to the Josephs them
| selves. II has been asserted, most respectable
authority that when the President ef the u. s. Bank
offered to lend million Of dollars to the Josephs
condition that corresponding securities should be pla-
ced in his hands, the Josephs unable To exhibit
available assets to the amount of 10000 dollars al
| though their debts amounted TO many millions. Thc
| ane cdo,es which we have referred to, respecting
stocks deposited with them from Charleston Rich
| mond and this place, seem to confirm conclusIvcly
the statement relative 10 Mr. Biddle and the assetts.
The article in the Herald, doubt written at the
instieaon OF the yosephs, dwells with seeming en-
phass upon a circumstance TO which II IS their nte-
| rest TO give an exaggerated importance. IL declares
| that the Josephs were liable for enormous sums in
1 England and the United States, on account Of houses
| here This may be-bu single fact will place their
| transactions with one of the New Orleans houses in
their proper light, and give them very different
| face rom that which they wish To exhibit through
the mask prepared for them by Bennett the editor Of
/ the Herald.
That house, since the failure OF the Josephs, made
them formel proposal, IN writing, that if they (the
Josephs) would surrender the cash and stock lodged