Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-11

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brings is Of the greatest importance. and am
afraid our beloved country will receive another
shock from which she will not recover very soon.
A yoa will find the particulars in your English pa
All Wednesday we were in sight OF an American
packet ship. also standing in for New York. We
had oar ensign lying for some time, but the Tan
kee would not show he signals and We are the rs6ors
calm, and Of course We left him behind ss.
In cenversaton frequently on board the Liverpool,
found that the Herald il the favorte paper of at
least Two 'n,iS: Il: ThGm We nave I rom
assure you, that both in France and in England,
where have been, the Herald is read in preference
to any other commercial paper. therefore say to
you-go ahead.
Private Correspondence Of the Herad-l
LONDON, Oct. 10th, 1889
SIs:-You have, on many occasions, rendered
wholesome counsel to the United States Bank, and
predicted the consequences Of not following it.
Your predictions are fulfilled before the term assign
cd by you, perhaps, for their accomplishment, and
be much surprised to learn as most people not in
its secrets, that the bills of that mighty establish
ment upon its agent at Paris and Havre, haye actu-
ally been protested for acceptance, and for
patry too about f24OOOo 5000 900 offrancs.
The fact is even so. Several bills drawn on the
House Of Hottinguer & Co, agents aud correspon-
dents ofthe Bank at Paris and Havre, received by
the last steamer, have actually been protested to
that amount. The alleged is that Hottinguers
were already largely in advance and woulc incur
further responsibility unless covered with sufficient
security. Securities were indeed rendered, it is
said consisting both OF state stocks and cotton but
conditions in Of realization terms Of sale
and price, which in the present position of the mark
for some time to come render those, in fact, dead
stocks, OF the nature Of uncomfortable securities
Immediately ON receipt of this intelligence, Mr..
Jagdon, accompanied BY gentleman Of the name Of
directors OF the United States Bank of for Paris.
The result OF their negotiations there has been an
agreement with the Rothschilds for honoring by
immediate acceptance the drafts so held over, under
protest, so that they will not go back. 1t is mere
over asserted in various quarters that arrange
ments have been concluded for transferring the
agency in France to the Rothschilds altogether.
Another version of the story 10, that Rothschilds
have refused the French agency excepting that the
London agency is to accompany it. But these ru-
mors cannot be traced so far to any authentic
source, and am inclined TO doubt whether the
powers or Instructions Of Mr.. Jaudon Mr.. Allsop
would carry them SO far. The extraordinary part
Of the case is that according to the most accredited
reports, Mr. Jandon was so completely in ignorance
oil the state OF the current business md the
ments or negotiations between the Hottingures and
the United States bank that the of the disho-
nor OF the drafts upon him like clap Of thun-
der II i considered exceedingly strange that
person IN Mr.. Jaudons confidential situations high
servant Of the hank in fact-should be held en-
tireiy uniformed eli the general Of its Euro
pean business.
may mention to you that the negotiation now for
some time past in train, for retransferrng the Lon
DON agency to the Earrings, previous TO Mr. Jaudons
hnal departure, had been nearly concluded prior 10
this unfortunate business For the purpose Of facili
tating these arrangements, Mr.. Ansop-now here
It is understood, had been despatched a special
mission, with full powers from the bank at Philadel-
phia As the Barings declined To undertake com
promising themselves to all the extensive engage,
acceptances, and requested that all those might
be otherwise provided for, contract was entered
into. under their auspices, with the house Of Hope
dam, which took large share in the operation, for
the purchase Of state stocks held by the United
States Bank to the extent of e O0O the payment
OF which was TO be made, and 10, IL the contract be
not disturbed, in periodical nstaments Of EJ00 600
each, and with these proceeds the engagements Of
the presest London agency were to be liqudated as
the bills and post notes came TO maturity: Ii is
that il the compact for the London agency
proceed, the Earrings undertake TO make uncovered
advances 10 the extent of f2O0,9OO, but no more
They will make further advances to any extent how
ever, but only condition Of being for them
by valid securities.
So stands the negotiation at present. 1t is belev-
ed that for the sake II getting the agency which is
lucrative one, the Rothschilds are disposed to be
more liberal, but there 10 this disad antage attend
Ing connection with them compared with NE
Earrings. The Rothschilds, eminent a. the firm Is,
are European firm only. and have few correspon-
dents. and mercantile connexions out OF EuroPe;
whereas the Barings are house Of the
new werld, ef the West Indies, all the Americas,
he East Indies, China, &c from the nee the Lon
don agency Of the United States Bank is in the
habit OF being drawn upon, and for which giving
open credits, which must be extremely ssrviceable
10 the United States Bssk and its mercantile clients
In the United States. Mr.. Jaudon has consolidated
universal respect and esteem the difficult crcum-
stances in which he has been placed, and the jeal-
ousy with which his agency has been regarded ever
since his arrival, by the presence Of mind,
IL demeanor and great resources Of mind
he has displayed IL cannot be denied that the spi.
rt Of monopoly and the determined renee of
the United StatesBank with mercantile pursuits and
Q peculations, in the cotton speculation. have
greatly indisposed all the commercial world here
against IT, and particularly all the American houses
and American merchants indiv idually. They have
therefore been disposed 70 exut rather than other
wise, about the discredit into which the bank has
been brought by this dishonor TO its signature in
France. IL would seem from the late continued fall
in the bank shares both with you and here, thst
there were parties on your side who had rea-
forh cls v.cut H.. h~~E T.