The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1869-11-13
The Southern Bullion Bank.

being Hattering. 1t estimates
that wheat has declined about 40
cents a bushe1 since August, and
corn about % cents, in the Wes-
tern States. On the total harvest
Of the United States - estimated
in wheat at 35O,OOO,OOO Of bushels,
and in corn SOO,OOO,OOO bushels
this decline has wiped out of eN-
istence in round numbers, about
$36O,OOO, 900 of market values, Or
estimated wealth, in these two ar
ticles Of produce alone. Again,
in the matter of the cotton crop,
on September 4th the price was
354 cents in New York against 27
cents now, with the prospect of
further decline. This decline in
cotton since September 4th makes
a difference of about $6O,OOO,OOO
to the Southern States in the
market value Of the whole crop.
[This difference has since been in
creased 10 per cent.-ED. TEL.
The decline of values on the Stock
Exchange has also entailed reduc-
tions in the market values Of rail-
way securities of not less than
S15O,OOO,OOO. These are only a
few Of the items which must be
marked down in their market
value by those who hold them as
collaterals, or who may want to
negotiate new loans on them or
sell them in the open market.
With this enormous decline in
market values-S57O,OO0,O0O. in
these items alone-the present
depressed condition of affairs is
not matter for conjecture. The
causes are apparent and by no
means transitory. The popular
current Of opinion with the gov
eminent and people is in favor of
a decline in the price OF gold
The cotton shipments for the year
are about commencing, which
take the place of specie and bond
SHIPMENTS abroad, and the dis
bursement of about $50, 100000
gold for interest due November
1st, are all in favor of a further
decline in the price of gold. Ii
the price of gold should decline
to 100, which it could do easily If
the same amount Of short sales
y
tenths of those doing business on
a greenbac1 or currency basis
would become hopelessly bank
rupt.
The Southern States can de-
mand gold Or its equivalent for
the cotton it raises. Let every
planter in the Southern States
sell his cotton, if he chooses for
greenbacl1s, but let him convert
those greenbacks into gold, sim
ply because his surplus capital,
when in gold, is Of {, tangible and
recognized value in the civilized
world. With this gold surplus
realized from the cotton crop, let
the Southerners Organize banks
with gold capital to transact a
business i'll gold funds precisely
as before the rebellion. In con-
junction with these banks estab-
ished all over the Southern States,
with gold capital and on a gold
basis, let them estab blish also in
New York a bank called, say '"The
Southern Bullion Bank with a
subscribed and paid-up capital of
S5,OOO,OOO in gold, with the pow
er to increase to $50, 100000, as
the correspondent or agent of all
the Southern banks on a gold
basis. The bills of exchange of
this ssSouthern Bullion Bank' on
a gold basis as before the rebell-
ion, both domestic and foreign,
would command the highest pos
sible credit in the markets of the
world. This EtSouthern Bullion
Bank being free from entangle-
ments Or old cancers from the
wild speculations and losses of
the last ten years, and being es-
sentially American in it's charac-
ter and policy, would command
this market for bills to any extent
it might choose, and would also
stand among the highest, if not
the very highest, in Europe.
A talking match lately came
off in New Orleans at five dollars
a side. 1t continued for thirteen
1,o,,rs tha rivals helm o. q French