New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-08-30
ON CAR0HDE1,ET STREET,

taxable signs of exhaustion, and here and
there dealer could be found full of the
spirit of testiness concerning the quota
tons of all the papers. 1t seems pity
that certain individuals can't have the con-
troll and profits in all the trades effected
upon Carondelet street, and at the same
time be allowed to report, edit and mani
pulate the daily press with reference to
operations in securities, "fancies" and
gold. In no other way could they be any
thing near satisfied. They would be better
pleased if the press would either pay no
heed to their doings, or drop out of exist
ence. But this og-in-the-manger, cur
mudgeon tendency is not participated in
by the great majority of the habitues of
Carondelet, and, as a rule, there is nothing
pleasanter than half-hour's chat with the
brokers at the close of the days work.
The money market continues to increase
in tightness. The banks are doing all
that can be reasonably expected of them
in the way of accommodation to regular
depositors, but their managers are bound,
in justice to stockholders, and with a view
to the real interests of the business of
New Orleans, to be very circumspect in
the matter of loans at this time The fact
is, that our merchants have been generally
overland to their country friends, and
the banks can't be expected to shoulder
the whole burden. Factors, in their anx-
iety to prevent trade leaving New Orleans
for other commercial centres, have offered
too good terms to customers. They will
have relief when the crops pour in, but it
hardly admits of question that they would
have been much better off if they had
continued in full force the cash system in
vogue few years ago, and given vent to
their enterprise in favor of New Orleans,
by uniting, Chicago fashion, to draw
trade here by furnishing it with
increased facilities in the way of
railway communication with the interior
The Northwest is preparing to absorb the
Texas trade, which by virtue of geograph-
ical location belongs to us. The bad
debts made in that country within few
years back would have gone far toward
connecting this part with the heart of
Texas. Memphis draws trade from us
not because Memphis merchants are more
generous toward planters, but for the rea-
son that they have increased their railway
connections. But it is apparently waste
of time to offer such suggestions as these.
Our traders are bound to travel in the
ruts made by past generations, no matter
how deep, devious, and Doggy they have
become. The rest of the world may pro-
gress at what rate it chooses. We stand
ON a firm pedestal of obstinate indifference,
and resent suggestions of improvement.
The advertisement of the city authori-
ties for the redemption of consolidated
seven per cent bonds, forms quite
topic of conversation, as fifty thousand
dollars of them are to be taken up, and
this is but the beginning of scheme of
reduction which the Administrators pro-
pose to accomplish 1t is noteworthy that
this is the first attempt for several years,
on the part of any city authorities, toward
an execution of the State laws providing
for gradual reduction and ultimate ex-
tinction Of the city debt. These laws are
comprehensive, and form an able system
of finance; but they have in past years
been treated obviously. We are glad
that it is the intention Of the city govern
ment to observe with strictness all such
mandatory provisions, and this, Of itself,
is guarantee of safe management here
after. If we have understood the funda-
mental rules upon which they have
worked, they are these 1. Cash for all
current expenses. 2. The payment Of all
obligations coming due during their term
of Office. g. Strict compliance with State
laws providing for liquidation and reduc-
ton of back debts.
Such policy faithfully carried out will
eventuate in the rise of all classes of city
securities, and a feeling of confidence in
the future
The announcement which we made on
Sunday, that Messrs. Flanders, Walton
and Cavaroc stood ready to perfect the
blank assignment upon the new three
million issue of bonds, had good effect
on the market, for it is now recognized
that there will be no longer two classes of
these bonds. As we before remarked,
there never was really any difference, but
capital is proverbially shy and super
stitious.
The same remarks and reasoning will
apply to the older issue of bonds, signed
by Mayor Hoyt, which have been fully
recognized by city and State, and interest,
back and present, has been acknowledged
by the present city administration, while
they were never repudiated by any other;
and payment of their interest was only
neglected by the last government in COM
mon with pretty much all other obliga-
tons, good and bad. The Mayor Hoyt
bonds are as good as any others.
Two thousand dollars new city seven
per cent bonds sold yesterday at TO-, and
$4,000 Of the same brought III. Three
thousand dollars seven-thirty city certifi-
Gates changed owners at 49,; SS0Qsnd
$1,000 Metropolitan warrants sold at SO,