New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-03-06

To the Editor of the Crescent-In this morn
ing's issue of the Bulletin l notice an editorial
headed 6 New Channels of Trade and after I
having carefully perused it, some several times,
/ venture to ask the use of your columns for
the purpose Of comment thereupon. '-1
1t is, of course, a matter Of no little concern
to one whose interests and well-wishes are in
timately connected with the prosperity Of New
Orleans, that every effort and every nerve should
be stranded in the endeavor to advance her
future, so that she may be enabled to at least
compete with her Northern rivals.
The purpose of this communication is rather
to provoke discussion than to enter into an
analysis of the many and varied forms under
which the subject presents itself; and without
further remark, will proceed at once to ask
the Bulletin a few questions, which are pertin-
ent to the subject.
After true and elaborateIy written preface,
as to the benefits of internal communication be-
tween city and its tributary country, the Bull
letin remarks: 4aI1 fl4as
awe have before US yet stronger illustration
Of the efficacy or potency of railroads in trans
muting villages into towns, and towns into
populous and wealthy cities. Chicago is a hy-
perborean city, situated in the ice bound regions
of Michigan, twelve degrees of latitude North of
US. Let us see what progress she has made with
all the disadvantages of position and climate
against her.
ssTwelve years age Chicago contained a popu-
lation of 5000. Nowit has over 60000t ss
"Twelre years ago, eight to twelve days pas
sage between New York and Chicago was con-
sidered quick, time in the most favorable season
| Now two days is the average.
. &Fifteen years ago. the people of Chicago
bought large part of their breadstuffs and
provisions from the States of New York, Penn
| sylvania and Ohio. Now there is exported from
that city, each year, 100000 bushels of grain
| and 10000 barrels of beef and pork
| ssBy what magic has this wonderful change
been effected: The mystery is easily explained
| ssSix years ago, Chicago had not single foot
of railroad completed, and only one in contem-
| plation. Now it has 482 miles completed in the
limits of the State alone, and over 1000 in pro-
cess of construction. On the 1st of May next
there will be daily leaving and entering the city
of Chicago forty eight trains, making in all
ninety two trains per day over the roads, to ac-
commodate travel and commerce.
| Now, then, it becomes matter of more than
little interest to ascertain what influences have
conspired to transform this woodland hamlet
into great, thriving and populous city.
Mr. Editor, Chicago is nothing. 1t has no
right to call itself by the name of city. Every
house, every foot of railway, every motive of
prosperity has arisen from another source
And what is that source New York is the be-
ginning, New York is the end of all that calls
itself by the name Of Chicago. The first ques-
l ClOus buen, tuat L WOulu hSh Ine Dullet1n Is,
/ 1st. Why is it that New York has deemed it
necessary to build up Chicago.
I'd. How is it that New York has found
means to devote to the enhancement of another
city?
Sd. Is it not for the reason that New York
: has deemed it her interest to build up tributary
cities, that she has advanced her capital and
her credit in order to realize at future day
the reward of her enterprise
And the fourth question that l have to ask
is the most important of them all.
4th Why is it that New Orleans cannot COM
pete with her Northern rivals in the onward
career of prosperity and progress'
| MIR. Editor l have no further question to
ask; but before close this article would like
to make few remarks which, it seems to me,
closely touch the material interests of this city
The rapid progress of the Northern and sea-
board cities is owing to one cause, and to one
cause alone, and that is their system of credit
1t has been said that no city can prosper with
out sure and rapid communication with its
tributary country. This can only be effected
by railroads. Hence it becomes matter Of
much concern to ascertain by what means such
a system of communication can be established
Let examine this phase of the question. In
New York, merchant, being convinced of the
necessity of some particular line of railway
projected in the great West, subscribes to the
extent of $50O0 Upon this subscription he
he goes into bank and obtains loan of $500
thus enabling him to meet the full amount OF
subscription and the consequence is that the
road is built, and he not only derives the bene-
fit of it but has absolutely conferred q favor
upon the community at large. This, sir, is a
transaction occurring every day of the twelve
months in New York.
Now let us see, sir, what is the case in New
Orleans Your correspondent is n subscriber
to every railroad that has been projected within
the limits of our State. His instalments upon
the subscription to the different railways have
been promptly paid, up to the present day, And
Now, sir, what figure would l make in ap-
plying for an advance upon these instalments tc
J any one of our Banks'
Suppose, for instance, that l apply to Mr.
Rathbone, the President of the Canal Bank, fol-
a loan of $1,000 predicated upon a deposit Of
$2500 of paid instalment upon my subscription
to the New Orleans, jackson and Great North.
ern Railroad Company. What is my answer
sHave you got any good paper to sell at pei
cent. a month";" And so it runs, sir, through the
whole course of trade in New Orleans.
Another instance: The writer of this article
to-day collected a draft of some 500, drawn by
f q Tennessee house upon house in New Orleans
in favor of o house in Baltimore Now, sir
! why is it that country house should go to Bal
timore and buy goods upon the acceptance of a
+ New Orleans merchant will answer my own
merchant can buy his goods upon six and twelve
months, whilst in New Orleans he has either tc
pay the cash or to give something that is consid-
cred as its equivalent.
Another instance: A sugar specnator will buy
one hundred hogsheads of sugar upon the levee
II l will buy from him say twenty hogsheads, which
expect to sell to the county, He ships the re
mainder, say eighty hogsheads, to Northern
1 market; and then it is sold to a merchant from
St, Louis, upon six months time, for his unen
dorsed paper; whilst l am called upon to pa,
for the twenty hogsheads within, say tel
days time! Monstrous
But, sir, I will tell you why this is the case
There is here most suicidal law, and one tina
will eventually degrade our city into village
: which compels our banks to consider all pape
having over ninety days to run as dead tceight
, whilst they are allowed to buy exchange at an
u date, say even twelve months, and call it more
: able! 1t thence results that it is to the inter
est of the buyerhere to ship to a Northern port
in order that the article shipped may come INT
n direct conflict with the interests of the bona M
IS merchant of New Orleans
d had intended, Mr.. Editor, to comment IL
some measure upon the monetary articles tha
: appear from day to day in the Delta and Plea
6 yune, but | find that this article has alread
extended to so great length that forbear-
~ further than to remark that they are simpl
: ridiculous.
J. should be glad if this article should |