The herald., 1837-04-27
From the south.

(Correspondence Of the Herad.l
NEW ORLnANs, April 1910, A. NJ.
The storm continues, though with greater violence
in the west and in Mississippi than here. Since my
last no failures Of any great importance. Small hos
ses go every day by The board-but agitated as the
public mind is by the loss of Millions they attract no
attention. have seen the statement OF nine banks
here, showing an amount Of S2,5O0,OO0 specie on
hand. The pet Commercial has S4OO 900, and is first
on the lls Post notes are not the thing with US
The City Bank commenced issuing, yesterday, niaety
day bonds at one half per cent dscoant IN exchange
for best sixty day paper As the other banks do not
to the operation the value OF this sort of pa
per Is of course deprecated. Every bank is prompt
ed by the idea of sefpreservaton to get on in the
best way II can, by drawing in their avors and exact
ing as far as possible the debts due them. They all
act as individuals, without reference to the public
good. Some three of the French banks have adver-
sed that they will renew all paper now in their hands
till December nextless ten and twenty per cent the
security being such as they approve. This measure
will reie,e the broken men, but the middle dealers
are all breaking the meanwhile.
| Cotton cannot be sold for any thing. The sales
that are given in the papers not bona hde trans
actions. They mere barterlngs TO suit purchasers
and at an immense loss. If the cotton Of the upper
sold on the Levee to pay freight and charges The
Levee is almost deserted, and you imagine that IT is
midsummer Flur can be had in quantities at S.. Is
a Sc. saw large quantity of bulk pork sold yes
terday at three and half cents round that actually
cost at the wharf seven and quarter cents. In MIS-
sissipsi negroes have fallen to $50 to $500. A
slant draining of specie Is going on in that state The
up-country dealers will have specie In one month
L. -. Tha,r
notes are not taken here in exchange for any thing
They are absolutely refused. All my fears are, that
the western and southern banks will suspend before
the revolution is complete.
Yeatman, Woods & Co. Save gone by the board
liabilities said to be over sl5OsOO0O Their notes in
Tennessee form one third of the circulation There's
ruin for you.
New ORLEANS, 10Th April.-MoNEy MARKET
CITY.-WEDSEsDAy, A. M.-Thngs are in moody
stiffness The disease is working its way into the
vtals of TIE body polite with awful rapdlty. Its
progress silent, but ccrai.. Nothing under heaven
can the calamity from breaking Hp the fountains
o. credit in toto They, once destroyed, we shall be
able to begin on fresh ground and firm We shall be
able commence the new edfice on the foundation
of cdpitai.
We saw Yesterday bill of exchange, drawn by
merchant Of Havana, with four endorsements upon it,
The drawer and two of the endorsers have failed
This is anomaly in the commercial world. We can
have idea OF the mmenslty OF the credit system
when it is known that its operations have been ex
| tended to Spanish town that a few years since
would have laughed AT the idea Of paper negotiations
| The failure of Yeatman Woods & Co. will carry
more immediate distress into the west than any one
Of the suspensions that has yet taken place Their
house occupied very high ground in the confidence
| Of millions Of people. The result will be ruinous in
Tennessee and Kentucky to the poor. Their notes
make up almost third of the circulation in Ten
nessec.
| A constant drain OF specie IS going on in Mssis-
sipp Negroes have fallen to $50 to $780, that form
ery coat sl200 Every species of produce is a
mere drug among the people of that State.
| No sales of cotton today, except few bales aken
in the way of trade, nj nominal prices Ii the upper
country people will continue to force Their into
this market, it will have TO be sold on the Levee for
freight and charges. There is no demand whatever
for the article, at any price Flour, IN quantities, is
saleabe at S575 to 6. We note sales in small los of
| 500 barrels at s6.75 for home mostly. Whiskey
ranges from 80 43 cts. though informed that
We note sales Of 300 bags of coffee at III cts-30
tierces of rice, at 81 cs.-00 hhds fair quality sa-
gar al cts.
The Levee presents deserted appearance. But
few steamboats, lying at wharves, and every
thing more the appearance ofmidsummer than
the activity Of April.
We hear OF no additional failures though disasters
and rumors Of disasters on the breeze-Trt
American.
Our Mobile correspondent Of April nth, saws -
Business in market remains where il has been all
along. Nohng il doing Almost all the houses OF
any note have gone by the board. There are few
left, and but few. Heaven grant that they may
/" ride out the Storm" Our newspapers here seem 10
be rather squeamsh about "lettng OUT who and
how many have failed it u therefore impossible to
give you the exact number, unless goes into the
operation of counting, which is too gloomy business
for me TO attempt just now. The number, howev,r r.
cannot be far either way from one hundred The last
house Of note of which have heard was that of Sol
Andrews, broker, and brother TO the Andrews ofNew
York, brokers. He a director in the bank OF
| Mobile, and being one Of the political clique who
have long managed that ultra political concern to
| their own pleasure and aggrandizement He got i'm
mense facilities nj its counter, and was largely indebt.
cd TO the institution when he "kcked the bucket
| Tbid
THE BAsKs-We regret TO observe in one or two
oil the daily papers accommodation 10 the banking
institutions Of this city TO suspend the payment OF
specie. We regret thus open recon- mendaton of such
| a measure, because the mere fact o. its having been
thus recommended will undoubtedly injurc the credit
| Of New Orleans in Europe and in the northern cit
| les impair the confidence Of our own citizens in the
banks and argravatc The distress of our commerce
We are inexpressbly happy, however, in being able
To declare IN the most positive manner and from the
surest informaon that such step is not at all called
for by the condition of the banks or by the wants of
| ,hecommunity. There is al this time much greater
amount of specie IN the vaults of the banks than
there six months ago and their lab ties have DE-.
creased fifty per cent. Six months ago their specie
hand would have scarcely sufficed 10 meet The hal
Il stM -