The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-01-18

operators, cause an advance In the market. This
afternoon the market was active, and stocks closed
firm, the following being the quotations. United
States SIS, 1874, 90 n Virginia 6's, 7411 q x;
Tennessees, "A "A; Missouri 6's, 67s 6s1<; Can
ton, IA Is; Cumberland Coal preferred, 8 q 9;
Pacific Mail 90 . n; New York Central, 79Z . 80;
Erie, 3SL . y; Hudson River, 47N . u; Harlem,
1871 u; do. preferred. 3e14 . 70; Reading, 1917 .
a; Michigan Central, IS . "a; Michigan Southern
and Northern Indiana, Is "A; do. guaranteed, "a
n; Panama, ll5H q 49, Illinois Central, ssL q
81 Galena and Chicago, 4s14 . "a; Cleveland and
Toledo, 34L 4; Chicago and Rock Island sly
%; Chicago, Burlington and Quincy, ny q.
The Secession Convention Of the State of Louisi-
ana win assemble at Baton Rouge on Wednesday,
Esd inst. II Is assumed, as q matter of course,
that it win at once proceed to vote the State out
Of the Union. The chances are, indee d, that this
viii be done; for in Louisiana, as In other Gulf
States, the power seems to have passed ont Of the
hands of men of property and station to be mo-
nopolized by the class which has nothing to lose
Still, it can hardly be that 30 wealthy State as
Louisiana will be suffered to deliberately commit
commercial suicide without some protest from
those whom that suicide viii ruin. Louisiana, be-
sides being large cotton growing State, ia the
by far the heaviest exporter Of cotton II is easy
to see that the secession of the State is going to
annihilate both these interests-that Of the sugar
planters and that Of the cotton shippers The
sugar crop Of Louisiana in 1859 was worth
about $l2 600 900; the crop of 1860 will hardly be
worth as much, in consequence Of the recent
heavy fall in prices; In 1858, when some $50 600
hhds. were raised, Louisiana received for her SUI
gar something like $l7 .OOO. 900. These figures will
convey ON idea of the amount of money which has
been invested in land machinery, negroes, &C., in
the raising Of sugar in the State of Louisiana.
Under the laws of the federal Union Louisiana
sugar is protected by duty Of 80 per cent.
Though the annual importation of foreign sugars
is more than four times the product Of the cane in
Louisiana, the people of the United States for
many years patiently paid tax Of fifty, and now
pay tax Of thirty per cent on their sugar in or.
der to foster the growth of the in that State
The Louisiana planters have always declared
that this amount y, prgtecuvu was 1naurquuvc,
and that the duty ought to be raised to fifty
per cent, in order to leave q fair profit on
their business; and when the tariff is altered
as it win be this year, no doubt the duty on
sugars will be raised. But what, In view
OF these facts Is to become of the sugar interests
of Louisiana, when that State, separated from the
Union becomes member Of q confederacy we'd
ded to free trade? What is to become Of all the
money invested in land, machinery and negroesa
1t will be idle to expect Georgia, Alabama and
South Carolina to agree to tax their sugar. They
are bent on having it free from Cuba It Is al
most the only substantial gain they can fairly ex.
pect by secession. And If, in order to secure the
cooperation Of Louisiana at the present juncture,
they were to promise to agree to duty on sugar,
the promise would be repudiated the moment
Louisiana had no longer the power to distract the
secession movement. This point is surely worth
some consideration. Then, again, New Orleans
exports, besides sugar, corn, &C., all the cotton
grown in Louisiana, Mississippi, Arkansas
and higher up on the Mississippi river.
In 1869 the exports Of New Orleans were
over one hundred millions of dollars more than
those Of New York In 1860 1t mnst be evident
TO every experienced member Of the Louisiana
Convention that secession is going to stop this
enormous trade, at least for several months. The
secession of South Carolina closed the port of
Charleston. On the day that Alabama seeded
every vessel in Mobile cleared for foreign ports.
After the secession Of Louisiana the foreign trade
of New Orleans will stop until the Southern con-
federacy is recognized by the United States and by
the world. No ship, after that date can sail with
safety from New Orleans for any foreign port.
Wherever she might be she would be lawful prize,
and no one who knows the history of the past can
doubt but under such circumstances, the Gulf,
once famed for its buccaneers, would swarm with
them again. Now, are the people Of New Orleans
prepared for the frghtful consequences Of the sud-
nF ia n uch mn nd aq
theirss DO they realize the amount Of suffering,
confusion and want that would ensue? Or is 1t too
late for considerations Of prudence and profit
The business Of the sub-Treasury was as follows
to-day
Receipts. 1855 90
For customs .'sss.s.s's.ss..ss's,..s o5VW W
Payments. 5000 w
Baance'. 's.zioo,sos 90
The exchanges at the Bank Clearing House this
morning were s22,552, 800 SO, aud the balances
s1,3l6,7l9 50.
An agreement to extend the loan certificate or.
rangement from the lst February, when 1t was TO
expire, to the 10th Of March, has been signed by
all the prominent banks.
The State Of North Carolina has authorized the
Bank Of the Republic TO pay all its coupons when
presented, without asking whether the bonds were
stolen or not
The present rate Of exchange at Chicago is to be
sustained for a short time only. The accumula-
ton of produce there bound Eastward Is large, and
wiz in short time supply all the exchange want,
ed at stiiTlowcr rates.
The Charleston Savings Institution has suspend
ed payment.
The earnings Of the Galena and Chicago Rail.
road the second week OF January were:-
Second week, 1881 .......... .......... FOG 2T1
Second week, 1850. loooo
Increase 81 ,221
The earnings of the Erie road for the month Of
| peeember 1890 xere . s412 722 "a