The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-07-04
CIRCULAR.
New ORLEANS, 25th May, 1S3.

NEW ORLEANS, 10Th May, 1851.
0TAFTER the exposition made by us
on the 1st July, 1887, Of the princles upon
which We had determined to conduct our bu-
siness, you will doubtless be as much sur
prised to be made aware of our suspension,
as we are mortified to be obliged to confess
it. We think ii is due to you, as friendly
to our firm, and to our own character for In
,egrity and good faith, TO make such expla-
nations, as will convince you that our en-
barrassments originate from no other causes
than those, which, situated as we were, mus;
necessarily have actuated us; motives, TO
have yielded TO which, may give cause to
impeach our judgment, but which should af-
feet US in no other light. For the confidence
reposed in us from the origin of our firm, we
have TO tender our warmest acknowledge
rnents: it has more than fulfilled our aniici-
pations, and to be insensibe to it, We should
be indeed upgrateful; nor do we for one mo-
ment permit the belief, that you will think
us so.-Our business has been Of the safes.
character, and we question very much If we
shall eventually suffer the loss of one single
dollar by it. The leading, and indeed, We
may say the only cause of our embarrass-
uiCIl-s bC iOUtit liSt
led By feeling of sysnpa by for cur senior
partners and tseir eadorsers, and unwilling
to see them constantly annoyed and harras-
sed by the unsettled business of our prede
cessors, (the late firms of BULLIFT, SIIPP 6
Co., in this place, and of SHIP, FERRIDAY
81 Co.. in Natchez,) we have impruden;ly
yielded TO the suggestions Of Impulse; and
have advanced to these firms more largely
than we should have done. The amour;
which VIC have thus locked Up, and entirely
unavailable until tie coming season, is but
little short Of $500, 600, which is abou, equal
to our Capital paid in and our prof's.-Nhen
we take into consideration. the fac: that our
profits have never been extracted from our
business, further than was necessary For our
personal charges, we can safely assert, that
the return of ono half ofthe Loan would have
placed us hey nd the reach of accident.
During the seasons Of 1888, and 1899, BUL-
LIT, SHIP 81 CO., have had agents con-
sianty employed in endeavoring to collect
the accounts outstanding in The upper coun-
ties of Mississippi: and of the very large a
mo.nt due there, it certainly was not I'M
reasonable to suppose, that a sufficiency
would have been obtained TO enable them tc
reimburse Us in the amount necessary to our
preservation. We have, however, found il
Impossible 10 replace any portion of,he large
amount thus loaned, without struggles and
sacrifices, which. perhaps, might have car
ried Us through, but which would certainly.
IN the other event, have deirac.ed from our
ab,iity to meet our own engagements. I'M
| der Observation-Disclosures we have adopted the
alternative, which seemed TO us must likely
| to accomplish the end we had in view, that
of paying every one of our creditors in full.
I'VE do not entertain doubt but that the
coming season will enable US 10 liquidaie
tisfaGtorily and completely every demand
against us.-We have been thus candid and
explicit, because conscious Of no wrong in
tent, we have no hing WHICH We could de-
sire to conceal. Looked upon in strictl,
mercantile point of view, we know that we
are liable to blame; but the error has arisen
from an oversanguine expectation of reapins
sufficient from the means of the old firms t.
! repay US. The people of Mississippi have
been SO much pressed by the coercion of The
law in favor of creditors, who were unwil
ling or unable to defer their collections, tina
they have not had it in their power TO pa,
those who have been less peremptory in thei
demands. cannot conclude this circula
without repeating that we feel indehted to on
friends for the entire confidence which the,
have evinced in us, aud that We shall settle
our liabilities as quickly as possible; at thu
Same time remarking, that all the avenues o
negotiation being closed to US at present, W.
beg our creditors to wait until the new croI
begins TO come into market.
6, We are, respectfully, -
your obedient servants,
BENNETT, FERRIDAYS 81 CO.,
i w. s. r. FERRIDAY g. CO., Nascaex.
! June 90, 1899. TIT