True American. [volume] (New Orleans [La.]) 1835-18??, 1839-06-25
TUESDAY, JUNE 25. 1899

me tate cr's's-1he suspended forms-thcir course
efeo"duet-Ai ssissippi- What ought to be DONE Up
10 1887 New reans was the centre Of trade for the
great south west The crisis came and swept away all
Tue attracting power Of trade that rapidly making
US Tie London OF this section Of the Union Our buyinr
merchants were all frustrated by the Suspension If spe
Gle payments and Immediately schemes were formed bv
our neIghhors to prevent the commerce forever from re-
turning to us and TO reduce once flousling cy to
the level ola mere shipping port with few agents to
do the business Of trade.
Tic ten or fifteen Roh>childs Of New Orleans. mil
the houses in their train, could have avcrcd the blow
u'amed at our future greatness by retiring from the
held OF operation aud giving the task Of trade to new
hands, Had bankrupt law existed, the nabohs of
1886 Ind disappeared in the twnkng Of an eve ofer the
disastrous storm Of 1887; and New Orleans would hive
been more powerful than ever. But ro,-,be suspeud.
Gu houses occupied the ground with euacitv that no
power could brenk. They pretended to wind IN the af
lars, and pay of their creditors. How? Bycont;nunp
to do business WHEN all confidence in them was lost onL
thus preventing The influx Of new men and u inc umber>
ed capital The net of tho millisnaire merchants NJ
1887 did more to finish The blow given our p,osper;,v
by suspension, than any other movement that could
| have been devised.
ny their injudcious course OF conduct towards the
'ssssippans, to whom they had in the plenitud, of
their power, but nut in the migh of their wisdom advon
crd millions upon the growing crop of 1897 and oso
That OF lS38,-planers to the defensive and the
consequence even now il, that these very houses hive
moi been able to collect their claims of their Mjssssip;
debtors More than two years have elapsed since The
SUSPENSION and 1t is estimated that ten millions of
dollars are due us from Mississippi alone In the mean
hme we have lost the trade of this state and the course
n fhrc,o Ix,lc s..,. h..
by her attempting to make New Orleans of Natchez
Vickshurg, &c-and to engage the whole cotton trade
through the agency other banks. We see see in wb.,
r"Inous condition her currency is and we sec III. mil
lions We have lost by the embargo laid upon the trade Of
Mississippi by the quundum merchants Of our own
city.
"fhhs from these facts, we naturally ask-ave. the
suspended houses III better condition pay up their
debts than When they ailed' With one exception or
"o Tie answer must te,-no. After the suspension no
'etfem h"en Was made by them Of their 2roftse and
'ofo'y expenditures Indeed i'll many instances ,rv
were increased. We know Of one suspended firm thu,
engaged clerk to wind up its concerns at salary of
s'-ooo per a'nun', lille that clerk enjoying high
salary as public officer. Nor is this said clerk dis
so Tar as we can learn for any extraordinary
ability as fnancier. The rule pursued bv the broken
'' w H"f ""u LIo ana Ill tickle
We haze heard OF but little ifany restriction of pleasures
and expenditures by my of these merchants Tim,
indicate moral determination to do justice to their cred
tors N any and every sacrifice and the prospect now IT,
that every one of them will be forced to suspend arain
when will come seizures, and sheris sales with all
the It ceteras.
Before things shall come to such mitch a, this
ought not something to be done7 The public voice
demands that something ought to be done mne.ioelx.
Mississippi has found 10 her that she can do no
tl'nC against New O'leans. She longs TO cp;ov the |
facilities Of TIRE de with us again. The healthy CONNER
c'al community OF New Orleans itself cut of from
frndng with Mississippi and all through tn. stand ,oken
by the broken houses of 1887. We know. we sneak
the sentiments of all commercial men when W.. NV.
that the suspended firms of 1887, oug,l to convene
meeting and pass resolutions assuring the planters and
OF Mississippi, Louisiana, Alabama and
Tennessee ,has they con visit New Orleans without
mourning the being thrown into prison for their old
debts aud inviting all debtors them to come forward
boldly md without fear and arrange for the settle zen,
81 their c!a'i's against them. Such course of COM
1nctV onId operate like magic upon the feelings onI
'ihnons OF our neighbours this ALL Let the sus-
pended firms withdraw in toto from trade Ict ,bem
1--WE their business to houses ready and eager 10
AXE their Places The planters of Nssssipp are Iord
II WORK determined TO pay to the last farthing Let
'ur broken firms take example of them and bv their
'cts show that The prosperity Of New Orleans which
hey have 80 long retarded is paramount to prvo,c
interest.