The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-12-28
Correspondence Of the N: Z. Herald.
New ORLEANS, Dec. -, 1910
Progress of Resumption in .NstO Orleans
Fe,y Doubtfitl-I10o PartieS-StGte Of
Irnde- CROWDS IN .Netg Orleans.

Progress Of Resumption in .Net0 O9eanS-
Fiery Dou5tftl-T5Oo PartieS-State Of
Trade- CROWDS in .Nels Orleans
Under the impression that this will be worth
the postage, in writing 1T ! am fulfilling pro-
mise made you before left New York.
The great subject of resumption, now politics
have died natural death, is the principal sub
iect of discussion here at present In consequence
Of the silence and reserve of the banks, nothing
positively is known, as to what course they
mean to pursue, and it has been with much trou-
BILE and perseverance that have been able to
arrive at the actual state of affairs here, and
probable course to be pursued by the banks.
In the FIRST place, there are two parties here
amongst the dealers, and by no means contempt
BILE in numbers or influence, who do not desire
resumption. The first are those who have &C
commodation paper running IN the Dlnks; these,
in that case, would have to reduce their accom-
mediation paper much more rapidly than their
facilities or commerce would admit OF. The
others are dealers, and of course deposItors, who
anticipate, when the rivers rise, to get discounts
from the banks, to enable them to advance on
country produce, such cotton, tobacco, and
pork, thereby not Hr'y realizing the commissions,
but opening n, " connections in business, which
the late prostration Of large houses have caused
to seek out new houses to do their BUSINESS
these know well that, in case the banks resume
here, they will not be able to get single dollar,
and consequently that business will go into the
! hands of men who can obtain funds from their
friends at the North, East, etc
This is the feeling in The city.
Further-The State Legislation consists of
planters, commission merchants, lawyers, and
doctors principally and although the crops have
| been very abundant for 2 years, most of them
are still heavily in debt to their commission
merchants, for advances made three years ago,
to buy negroes, land, ect. These commission
houses again, are indebted to the banks for these
advances, made to the planters, eet.; should the
bank resume, they will call on the commission
merchant, they the planter, ect., suits must be
the result, for neither have available means, and
great distress be the consequences.
Is it probable then that the Legislature will
compel the banks to resume? l say no; for should
they do so, they would be cutting their own
threats.
The course, feel convinced the banks Will
pursue, will be, should the Pennsylvania banks
resume and the principal intermediate banks be-
tween this and them do likewise, the banks
here will wait some weeks to see the result, and
NAV decide on rssuming in April, May, or June
next If only partial resumption takes place
at the North, they will not resume here before
the next crop begins to appear in this market
The banks here labor under another difficulty
the Western banks have for some time, when il
. ]
to bank here, arranging thereby for resump
ton this winter. In case of general resump
ton, they would draw these funds out speedily
as they would Immediately require them II
am correct in my conclusions, as sincerely be
I lieve am, | think as seon as the great demand
for southern funds in your place Is satisfied, ex
: changes will begin to get worse daily, there ha
r ALWAYS been more or less United States Banl
} notes received here daily, and until within
! few days par IA per cent. discount was obtai
ned for them The Merchants Bank, within
Q three weeks, took at par from one broker, $40,
; 600. but they stopped receiving them IL or l
I DAYS ago; within the last two days, am inform
Z ed from 1. source entitled to belief, that $780,
: 900, in United States mates have come into thi
: market, and yesterday broker informed me h
, sold $4,000 at IL per cent. discount
!. The question is often repeated, what is tn
i meaning of this? Are the banks sending their bill
here to buy cotton with again, or have the
: granted facilities to others for that purpose? Q
: are they sending their bills here to get them gu
> fthe way, to enable them to use the funds n
= cetved fof themS ta