The herald., 1837-05-04

The Express Mail last evening brings us highly
important intelligence from the South Failures and
bankruptcy continue as fierce as ever in New Orleans
The panic is now going up the Mississippi. After all
the large houses shall have stopped the banks will CO.
Who can tell
Correspondence Of the Herald.l
Nsw ORLEANS, April 25 1887.
Another failure, Burke, Walt & Co.-amount not
yet transpired Rumors say 20 millions Burke
was and is President of the Union Bank. At the be-
ginning OF our troubles his house had loan of half
million to sustain him. Carries with him ten or ff
teen houses here andin Natcaez He was considered
the great lion Of the monopolists No one here is
sorry for his fall The gang of cotton monopoliss is
now becoming extinct They have Quilted every
bank in the city more or less and have thousands OF
bales of cotton hafpad for, at rates above 10 cents
If all the present crop now in that city and in the
country were sold at 10 cents cash. ii would not nav
half the debt contracted. The st. Louis steamboats,,
nearly all (which of the largest class have been
either seized for debt or will tie up when they re-
turn, for want Of business. A large cargo Of pork
came down yesterday consigned to a solvent house.
Freight 50, 100 pork delivered $500 paid account
clerk went to get the rest-was told that if the
$500 were returned the boat could have the pork but
that the house advanced no more money for freight
Mess pork is SIS! 1t cost $l9 at least. tits mere
drug here The western steamboats, have aow way
ofproducing anifests Of cargoes for fear Of the
produce being seized for debt Of the br oxen houses
TO which mos of the produce still comes consigned
The Louisville and Cincinnati boats are all sinking
money and their last trips will cease this year in
May, month sooner than usual.
The banks are doing nothing except curtailing and
l,z,. - IL
They offer premium OF p cent for specie and the
cunning get their notes, draw out the silver and sell
it again to them at the premium man by the name
of Kelly has made some S70O already on $4,000.
The news from Texas are not favorable. The
Mexican squadron are capturingou vessels by whole
sale. Will not this be resisted by our government in
some tangible way.
New ORLEANS, April 26.-The news from Missis-
sirpl is of the most dshearening description. Let
tcrs from gentlemen of the highest standing in
various quarters Of that State, tell Of things that
would not have been dreamed Of two months ago
We shall endeavor to give an abstract of the nforma
ton now IN our possession, IN order that the real
state of things may be known.
Negroes that three months cost $1,000 to $500
each, can be bought in any part of Mississippi for
$3.50 TO $500 cash. This description of property whose
increased value depended entirely upon the late
btant prices of cotton, has there come down to
level with the present deprecated rates of the great
staple leaving the unfortunate purchaser minus thou
sands. The loss this kind of property alone, is
enough 10 bankrupt the state. But the misfortune
does not stop here.
The planters had anticipated their crops, and re-
ceived and expended three fourths of their value
months ago. On the delivery OF the cotton so bought
and paid for, they naturally came forward and ex-
pected to mortgage as il were their labor capital and
time for the next twelve months in order to procure
sufficient of the nccessares OF life for the support of
their negroes and to get means for carrying on their
Plantations. pitching their crops, DC. &c. To their
surprise the 4th of March, and its attendant destruc-
ton, can upon all their expectations, and crushed
them in an instant They now left without pro-
Visions and the means OF living and using their indus
try for the present year. In this dilemma, planters
whese crops have been FROM 700 bales find them
selves forced to sacrifice many of their slavesR order
TO get the necessaries Of life for the support
of themselves and the rest Of their negroes In one
instance small planter, whose hopes ran high last
winter and who owned twenty two slaves, sold three
Of his best men, for which he had actually paid S32Q0
for $50 to buy pork and corn fer the remainder. In
nany places, heavy planters compel their slaves to
fish fer the Of subsistence rather than sell them
at such ruinous rates. There are, at this moment
thousands OF slaves in Mississippi that know where
their next mors is to come from. The master mus,
be ruined TO save the wIetches from being starved
The currency of the State is in the worst possible
condition. We the Banks refusing to pay silver
and proposing TO shave Their own paper. gentle
man the other day at Natchez, having $1,000 of the
Planters Bank, demanded the specie for the same.
Ii was refused. United States paper at ! per cent.
premium, or English sovereigns valued at S5 and
current for 81 81, offered Thus is the honest
dealer compelled TO the deprecated rags Of the
Bank, or forced to pay an exorbitant premium for
that which is convertible into par value. We do not
know what this means, but il savers very strongly
of prcying on the vitals of the public at moment
when the greatest distress prevails caused too by
the improper management Of these very institutions.
Our Louisville respondent writes that the Bank
Of Kentucky has madc an arrangement 10 take al par
the notes of the Planters Bank Of Tennessee pay
| able al the Bank of Louisiana A singular crcuni-
stance connected with this step the part Of the
Bank Of Kentucky, will show how apt men are TO
step beyond the rses of propriety in evil times A
merchant Of high standing bought up nearly 900
of the Tennessee paper at heavy discount, day or
before the declaration of the resolution by the
Bank Of Kentucky to take it at par One Of the firm
TO which this gentleman was attached, was director
in the said Bank and 30 the determia alton
was made known, the sellers Of the Tennessee paper
saw the object of the purchaser. great excitement
pfevaled-so much as TO call forth from the Bank
Director a disclaimer Of any knowledge of The affair,
and TO produce prompt refundng Of the Tennessee
paper so purchased. When public opinion can thus
put down unfairness and treachery, il is in whole
some state We hope the people of Louisville will
escape the ravages Of the present storm. They de-
serve excmption.-True American.
Mr. Bennett is Of opinion that there is not specie
enough in the commercial world represent the va
ucs put upon the products Of human labo- according
TO that standard. The idea is certainly plausible
one and that oughtto engage the attention Of the
economist till the whole truth be elected. In l5CO
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