Litchfield enquirer., 1837-03-23


 again go on. The failures are attributed to immense specrlations in Cotton. We have had in years past large failures, but in con- parison with seven millions they were as rush lights to the face of the sun at noon day.
 ~. Y Express.
 The failures in Ne,o- Orleans, and their con- sequences.-We gave the particulars of the failure of several of the largest houses in N. Orleans, and the fact that large house in this city was implicated in their transactions to very large amount, suppressing, howev- er,.the name of the house in this city. The house referred to, was that of Messrs. J. l.. & s. Joseph & Co.,; and at an early period they called together number of our most promi- nent merchants and others, before whom they placed an account of their liabilities and their means of meeting them.
 It appeared by this statement, that they had accepted for the houses of Herman & Son, Herman & Briggs, and Thomas Barrett & Co. all of whom by the last advices had suspended payment, to the amount of 3D. 500OOO, and that they had forwarded to them upwards of $B400OO0 of assets-making the question, about $2,50O,OOO. They also show ed by their balance sheet, that on the list Jan. the house was worth nearly a million of dol lars. On this representation, MT. Copperth- wait, assistant Cashier of the Bank of the U. States, who had come on for that purpose, of fered in behalf of that institution, the loan of one million of dollars, on condition that the Banks in this city would advance on their part, sufficient to carry the house through its endorsements. It was obvious to all, that 1.-the houses in New Orleans had not suspen- ded payment, or if they should be enabled to resume by the aid of the Banks in that city, the house of Joseph & Co. would not require any aid :; and after mature deliberation, the until Monday, or until more favorable infor. nation should be received from N. Orleans. This advice was adopted by the Messrs. Jo- seph's, and immediately made known to the immense concourse of merchants in the street, who were anxiously awaiting the result of the consultation.
 Putting the very worst complexion on the whole matter, but very few houses in this city would be compelled to stop in conse- quence of the failure of the houses in New Orleans and the Messrs. Joseph here and it does not become community like this to give way to a panic on the first appearance of disaster. Our merchants have suffered much, and uselessly and Wickedly been made to suffer by the maladministration ofthe affairs 1.-the Government; but notwithstanding this, their resources are not exhausted, and taken as body, they are not only accustomed calmly to look danger in the face, but un- shrinkingly to meet it.-N. Y. Cou. of 18th. NEW ORLEANS, March 9.
 The failures continue. To-day two more houses went by the board. What the effect is to be upon stocks we cannot say, but so far as the general business of the city is con- cerned we do not apprehend any serious re- suits. Temporarily slight check has been given to that briSkness in business for which our city has been so remarkable, but a few days will bring it right again. Cotton is at a stand still, comparatively speaking. Noth- ing is recorded by the Board of brokers Some few transactions have taken place out 1 of doors, but they are small. and cannot be adduced as evidence of the state of the mar ket. The general feeling is to hold of under present circumstances. particularly as the difficulties have taken place among the great Cotton Factors. ....
 Money ABairs.-If the merchants of this country were not q race of MEN of high courage, great honor, and unexampled forti- tude, the trenendous shocks they experience every now and then, would make the wnoie community tremble. The Governments strikes at them, but they only bend before the storm' mighty us it is-and the day after the blow they arc erect again; and as firm as a rock. | The Government throws the currency of the ! country into sad disorder. Tho domestic