New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-12-09
ON CAROEDELET STREET.

It is tiresome to repeat the daily story
of the dullness which pervades Carondelet
street, but the fact is SO conspicuous as
to be about the only observable feature
of the street. It is noticeable that the
same stringency in the money market
prevails in other places as well as in New
Orleans. For instance, the Chicago
Tribune mentions it as being the most
prominent financial feature in that part of
the country. Its remarks on the subject
apply here as well as there:
Even such merchants as have an ample
capital of their own in their business feel
the strain, and those whose capital is small
compared to the amount Of their Outstand-
ing accounts, and who depend Oh prompt
collections to meet their maturing 1iabili-
ties in the East, find themselves in trouble.
In situation like the present, bankers
naturally feel indisposed to help any but
those whom they know are able to get
along without help; so that while the banks,
as general rule, are yet pretty well sup
piled with loanable funds, they hold on to
them, and>a great deal Of regular merchant
paper at sixty days, or thereabOut, is de-
clined and the banks feel more disposed to
lend their money on collaterals. 1t seems
probable that this will continue to be the
character of the money market until the
pork and grain yet in the hands Of the far
mers shall come to market more freely
than now, and so set the capital in circula-
ton that ia yet in products in the country.
In this agricultural country the farmer is
the first debtor in the whole circle Of trade,
and when he defers the payment of his
debts, the whole line of middlemen have to
wait.
Substitute COTTON" for "pork and
grain, and the above is an accurate state
ment of our situation. There are indica-
tons that the pressure here will soon
abate, but the market does not yet re-
spond to them. The deposits are increas-
ing in our banks; cotton must, hence
forth, come forward in liberal quantities,
and the New York papers mention that
large amounts OF currency have been sent
to New Orleans. Let us hope, therefore,
that the crisis is mostly over.
A good deal Of agitation pervaded
Carondelet street yesterday, in conse-
quence Of the intimation that the city
government will charge brokers, next
year, license of $4O0. This is looked
upon as simply absurd. It is far in ex-
cess of legitimate tax, and much beyond
the means Of many, who, were it not for
the appalling prospect of such q pay
ment, could 60 into the business, and thus
by their activity and industry facilitate
exchanges. The effect Of so enormous
an assessment is either to drive men out
of the business altogether OF TO force
them into sort Of illicit traffic. It is
bad policy in every point Of view. A
small license would produce more revenue
to the city than large one, and would be
collected with much less difficulty. To
impose such tax as $500 G. year looks as
though the authorities considered the
business of brokerage q kind Of nuisance,
which ought to be abated. It is only
another illustration Of the unworthy and
fallacious prejudice which regards this
class of dealers, as in some mysterious
way responsible for fluctuations in
the currency, for money crises
and all sorts Of financial evils
whereas, in fact, they are Of great use in
bringing buyers and sellers together, and
in SO facilitating exchanges as to over
come portion Of the inconvenience and
embarrassment which is felt at just such
times as the present. Their industry and
information are Of vast use to many, who,