The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-22
Financial Explosions In New Orleans.

This is truly the age of revolution in every branch
Of human life but in none more so than in banking
and currency. We have JUST received accounts from
New Orleans, Of the great bank explosion which
hes taken place in that city. This upheaving OF the
financial revolution has already closed fire banks
and the prospect that ten will give up the
ghost. The following is from our correspondent -
New ORLEANS, March 10, 1872.
Grand Bank ReouIsion in Ne,c Orleans More Bank
Frauds Tsnrs running a,cay-haian Opera-
Irish Repeal.
JAMES GORDON BENNETT, EsQ.:-
DEAR SIR
1t is great pity that there is one to read your
articles the currency, (Which are the best
written Of any paper in the United States,) and so
understand them as to put them in practice. II
some here would undertake to do it, he would
reap more honor in the end than half dozen
fnanciers. AS this is the second commercial point
in the United States it should have solid specie
currency and its exports should always exceed the
imports.
Yesterday the city was all excitement again,
caused by the closing ofthe Atachafalaya Exchange
and Orleans Banks, by the Attorney General, under
the new Bank Law, which will be lquidated by
the Board o. Currency, who are all in favor Of
have been chosen in our whole community. The
improvement Bank has retitioned the Legislature
to 20 into liquidation, which l think will be
| granted. The Attorney General has commenced
suits against all of the other banks that have
| not accepted the iaw-vz: City, Union, Louisiana
Canal and Commercial, all of which will probably
be closed upin few days. The Merchants Bank
has closed her DOORS after being perfectly used up
She trying to get snap at the public pap, but
her wind broke before that stream could be brough
to her aid. Uncle Sam cannot do better than to
leave his money where it is in the Union Bank
Failures are plenty here, but rouges more o.
Yesterday morning the Paying Teller OF the Atacha-
falaya Bank was discovered to be among the miss
ing; and usual in cases, the cashier, clerks
and all, began to overhaul the accounts, when it
ascertained that several individuals, with him
SELF had overdrawn their accounts to the amount Of
$50 to $2O00OOO for which amount he left his due
| bill his securities are not worth one cent, and
some Of them may have had finger in the pie.
So we COVE will soon arrive to such state
that when a man accepts any Office whatever in
bank, he will be immediately set down as rouge
We very quiet people here; the banks can pay
or not, just as they please; it matters not to us If
here, they would all have been laid to the dust
this; while here you will only discover few per-
sons collected together in some shanty, talking the
subject over very calmly.
less said about it the better Cotton dull, very;
flour &c. and dull will be lower with you pig lead,
one OF our great articles, has of late taken new
channel, and some 10 to 1000 pigs have been
purchased for the French market, at 1915 to 81;
whiskey l6:; corn AS.
Theatricals are in full tide just now. At the San
Carlos they have the Italian Opera, which is doing
wonders. Madame ODER Rassi has taken
oles by storm, and 1t is with the utmost dificu ty
that you get seat on the nights Of the Opera.
Mr.. Butter is playing the off Knights, in conjunction
with Brown and Miss Rock. Last night Fanny
Ftz commenced an engagement at the American to
abriaat house. The Dreams is doing nothing of
note while the Italians are at the Saint Charles.
This is great city, and we do things up on the
most approved plan. of late we have had several
Irish repeal meetings; and tomorrow night we are
to have an anti-repea one you see we shall have
The benefit of both sides Of the argument We have
had very serious loss in the burning of Jefferson
College, which was one of the greatest ornaments
TO the State Loss about $3.50, 600; insured for
$62 900, $40 600 Of which is the Ocean Insurance
Company We have here now the most delig htfu
weather, like July with you. River on the stand
More anon.