New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-04-24
Neh 0rlsans Bully Crsstsrt.
TUESDAY MORNING, APRIL "a, 1860.
TALK ON CHANGE.

TUESDAY MORNING, APRIL d, 1860.
TALK ON 'cHANGE.
-
The movements for this week have commenced
under rather depressing intelligence from Europe.
The America, from Liverpool with the weeks in
telligence, was announced. As her advices were
expected to be of the purport they are, they had
very little effect on the general market. 1ester-
day, about meridian, later accounts, brought by
one of the militia steamers the Austrian) en- roue
for New York, with Liverpool dates to the lzth
inst, were received. 1t appears she arrived OH
Cape Race, and sent her accounts ashore. 1t tlooks
rather suspicious, as it is well known there were
dispatches received by private parties which were
not received by the Associated Press. For IN
stance on Thursday, the 18th inst, at the meetng
of the managers of the Bank of England, it was re-
solved to raise the rate of interest to get There
were no quotations received yesterday, though
there may have been some coming over the wires
last night. But take all the published accounts
together, and they are SO confused as not to COM
mand more than moderate share OF credence
therefore, the effect ON the flags of rue Carondelet
yesterday were not Of very telling nature. The
most important talk yesterday was Of further re-
ducton in freights-that cotton was taken for Lly-
erpool at l1-32d. This is a low rate, and as the
market for feights is destined to rule at low rat es
for the balance of the season, we can expect that
tobacco will rule higher, and that Western pro-
duce generally will be greatly benefited. Our
Western friends can, therefore, send forward their
produce under the assurance that it will have the
advantages of very low freight market, both
foreign and Atlantic.
Although the flags of Tchoupitoulas, Poydras
and New Levee streets were rather quiet yester-
day. yet there was as much business doing as last
year at this time. A good deal of produce has to
be received from the great West before the season
closes. The foreign advices received yesterday
are favorable for breadstufs and pork, and at low
rates of freight, there may be some temptation for
spectators or traders to move.
| On tile Carondelet street fags-after passing
views on the paper and exchange market-the
| most important subject was the sequestration OF
the cotton and the default of the buyer The ques
| tion extends in Importance every day-becomes
more complcated-and difficulties arise at every
step taken by plaintiffs, claimants, nteryenors and
| defendants in general. As for the five day lien
law, that may be considered as something OF an ab-
4 stract question. Though most of the proceedings
have been predicated on that law, yet the general
construction of the law has been imperfectly un-
| derstood. When a law or statute is appealed to,
| such law or statute ought to be explicit But as
that is neither here there just at this moment,
| we will proceed in our talk. The talk was, that
the ship William Lord, Jr., which good ship had on
board about the 9TH of this month, or under en-
gagement, 1900 bales of cotton, to be delivered in
the town of Liverpool, Eng, at rate of freight of
about l7-32d. u ID, had thrown up the voyage,
and in part repuliated the engagement to deliver
1900 bales of cotton as per bills of lading. OF
| a,oI aF 4ba tain, apd tn
throw up their contract and avoid their agreement
is not questioned. But the said captain and own
ers have to make the shippers or owners of the
cotton good, and deliver it within reasonable
time at the intended port of destination. How has
this simple question been met, is the talk SURF
enough, how has it been met? By petitions, order.
for rule wrts Of sequestration, and detainers tax
ing possession of a ship and cargo to recover $50
400 or II bales all this that and the other, witt
sixteen to twenty lawyers in attendance. In add
ton to this, two three courts, with the judges
are overwhelmed with litigation mot liquidation.
While talking on this question, we learn that unde
the writ of sequestration and the order to Obtain
some 692 bales cotton; that while the entire carg
of the ship is being discharged, and stored in on
of the cotton presses, shipper of over one
third of the cargo of the VIM. Lord, Jr., does no
coolly and philosophcally, because he has ascer
tanned that the owner of the ship is a man Q
wealth and responsibility, and if his cotton is no
delivered in Liverpool according to the tenor an
condition of the bills of lading, he has somethin
tangible for redress. He, the shipper, or they til
shippers, do not exercise themselves particular
on falling foreign market. He or they hay
drawn their exchange against the cotton shippe
on board the VIM. Lord; the bills of lading hay
gone forward, the exchange will be protected, an
from advices forwarded, the good ship and cotto
n will be expected to sustain and cover the ea
n change. Time passes, and the ship does not Al
rive, and inquiry it is ascerained that she is dt
tanned in the port of New Orleans that the cotto
n has been taken out of the vessel under an orde
and process of the courts of Louisiana, and
stored in the Leyee Steam Cotton Press, liable /
be burnt up at any hour. The talk may be and
/, will be said and the question propounded, VIII
M pays for all this damage, detention, interests
and fall in the price of the cotton? Is the shipp.
or owner of the cotton to bear all these losse.
s The shipper talks that the owner of the ship is
man Of responsibility, and good to him at lea
for 1900 bales of cotton. He does not trouble hir
self, because he thinks and is satisfied that IL
owner of the ship is good. But the owner of Il
ship may begin to think it is time for him to Loo
about the 100000 in value of cotton his ship
captain has agreed to deliver in Liverpool, al
which may be burnt up within day or an hor
IN Though the owner of the ship may hold the shel
OF and the sheriffs bondsmen, and through them e
pect to be protected the question is a very
tricate one, and in our view it is very unfortnna
for all those concerned that the cotton sold a
D. advanced on by every party could not have go
through to the port of destination and there be
y settled, instead of being detained here under Ii
to which has no meaning, nor cannot be construed
ID. giving any protection to vendors under the custc
eat or mode of transacting business in our city. '
in do not intend to cast any reflections the systt
mo of transacting the great cotton trade of our e
,.r porium. We have some further talk on this qu
of ton, but are, compelled to defer it from want
Tho room. ..-=
to
Bishop Horne had his dignity somewhat tax
of down when he took possession Of the EpiscoI
/. Palace at Norwich, in lT9l He turned round up
= the steps, and exclaimed: Bless us, bless /
what multitude of people!n sOh, my lore
said bystander, IS this is nothing to the GRO
Loot Friday tn SOC man han0a1