Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-24
Correspondence OF the Herald !
NEW ORLEANS, Dec

Correspondence OF the Herald
NEW ORLEANS, Dec. H. 1910.
| Progress of resumption in Nets Orieans-Yery
DoubJui-Tioo Parties-Stais Of Trade-Cro,ods
| ia Ner Orleans.
| Under the impression that this will be worth the
postage, in writing il am fulfilling promise made
| you before left New York.
The great subject of resumption, now politics
have died natural death, is the principal subject
| Of discussion here at present. In consequence OF
the silence and of the banks, nothing posi-
lively is known, as to what they to pur-
sue, and it has been with much trouble and perse-
verencc that have been able arrive at the actual
state ofafairs here and probable to be pur-
sued by the banks.
In the first place, there are two parties here
amongst the dealers, and by no means contemplate
in numbers or influence, who do not desire resump-
ton. The first are those who have accommo dation
paper running in the banks; these, in that case
would have to reduce their accommodation paper
much more rapidly than their facilities commerce
would admit of. The others are dealers, and Of
course depostors, who anticipate, when the rivers
RISE TO get dis counts from the banks TO enable them
to ad vance country produce, such as cotton, to-
baeco and pork thereby not only reslisng the CON-
missions, but opening new nections in business
which the late prestratIon Of large houses have
caused to seek out houses TO do their business;
these know well that, in Gaze the banks resume
here, they i'll not be able to get q single dollar
and qucnty that business i'll go into tho hands
of men who can obtain funds from their friends At
the North, East, etc.
This 10 the feeling in the city:
Further-the State Legislation consists Of plant
ers, commission merchants, lawyers, and doctors
prime pxlly and although the crops have been very
abundant for years, most OF them still heavily
in debt to their commission mer chants, for advan-
ces made three years ago. TO buy negroes, Ian etc
These commission houses, again, are indebted to
the banks fer these advances, made TO the planters.
etc. should the banks resume, they will call on the
commission merchant, ey on the planter, etc,
suits must be the result, for neither have available
means, and great distress be the consequence.
Isit probable then that the Legislature will CON-
pei the banks resumed say no; for hould they do
so, they would be emitting their own throais.
The course, feel convinced the banks will par-
sue will be, should the PENS yivanis banks resume
and the principal intermediate banks between this
and them do so likewise, the banks here will wait
some weeks to see the result, ard may decide on
re.uming in April, May, or June next. IL only
partial resumption takes place at the North, they
will not resume here before the next crop begins 10
appear in this market.
The banks here labor under another difficulty: the
Western hanks have for some time, when in posses
sion Of New Orleans funds, remted them To bank
here, arranging thereby for resumption this win
ter Ia case OF a general resumption, they would
draw these funds out speedily, as they would imme-
diately require them II / am correct in my cocclu
sioas, as sincerely believe am, think soon as
the great demsnd for soahern funds in your pl,cs
is satisfied, exchanges will begin 20 get daily,
there has always been mere or less United States
Bank notes received here daily. and until " thia
few days par per cent discount was obtained for
them. The Merchants Bank, wi hin three weeks,
took at par from broker. = 5000, ba. they
stopped receiving tn, m IL or Is days ago; within
the last two days. am informed from a source en-
titled to belief that $40 co., in United States
have come into this market, and yesterday broker
informed me he sold 5000 at Il per cen, discount.
The question is often repeated what is the mean
ing Of ths 10 the banks sendiag their bills here
bay cot on with sgan, or have they granted facli-
ties TO others for that pupOsel Or they sending
their bills here to get them out Of the ray, able
them to use the fuads received for theml
The most admirable sight have seen here is the
St. Charles Exchange, Cor hotei) IL is the most
beautiful specimen OF architectural symsnetry. pro-
portion and beauty, ever beheij set forth ia one
baildine. You may look a, IL daily for a week and
stili hnd some new beauty not beiore sen. II 10
now nearly full-from two to three hundred due
here daily. ! am informed IL j. better kept than any
previous house here. The proprctors are obliging,
attentive men, and oversee every department in per-
son. They, no doubt, will make fortune in few
years.
Milford Of New York opens restaurant to-day, es-
actly opposite the ST. Charles Whilst writing
this see crowds Of hungry and thir.iy niorfals 90
ing in, to show the extent of their friendly wishes
by the quantity they will eon'umc-a' 1t !, frce-no
charge
The crop cf cotton will turn ost an average, not.
standing the hue and cry othe wspspers To the
contrary Cheeting men, whose experience entities
them ts some confidence estimate the crop at fro,a
Tito 1870, 900 bales The sugar crop viii equal last
year. had not the from compelled the planters to cut
down the cane. thereby r.tseipg somewhat it, pro-
dactiveness. the produce v.uld have been greater
thAa last gear.
'Buslne., here IL hot brisk sh6-,s the levee
/. strexed with cotton, tobacco, p0tatoc., aPpie',
slaves, Sc &c. Ole reason y, cottos opened 10
high. and IL is difficult matter 20 get the price
down 10 the limits cf the principal srders here fr"m
abroad A soon As the der-snd for cotton factories
ceases, and news irc-. gland better than thus
far received, IL mast rscede in price. still large
shipments a.e made 10 Europe daily.
This city is over.tocked with adTesiursrs !. ON
almost every part Of the globe all coming here get
business and make money Hundreds will have TO
retsrn minus SIS per week for board, and sundry
unavoidable expenses which few would like TO ren-
der an exact account Of, further than "sundries."
Ionitted 10 inform you, tast fcr want OF current
change, BY courtesy, fve lcsny piece goes .of SIX
pence, and ten pesny piece for one shilling. IL
you get a dollar changed, they give you eight ten
cent pieccs-if you owe q ms dollar, you give
him, " you please, eight ten cent pieces. They
hold pennies, or cests, in the most Thorough cor
tempt II you vast o cigar, needle or aint, &c. ycs
must take enough 20 anovnt 60 six peace, whether
you want them or Motif you want an apple. you
must take enough to amount TO six pence, or pay six
pence for one. q. ID. w.