New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-22
VOLUME .V11--NO. l6,
LETTER sROM NEW YORK.
New foKK. October II, 1879.

New foKK. Octobef II, 1873.
EDrfok REPUBLICANS: a.s1l .. .. ..
The severe crash in Wall stree. to-day is
an evidence that Che financial bottom has
business men. IN conversation this after
noon with an old merchant of this city, an
importer of silk goods, learned that mer-
camille business generally is almost at a
standstill again. The apparent revival. al
luded to in my last letter. was, after all.
only the resumption of orders by merchants
who were here. OF on the way here, when
the September crash came. As soon as
their money and securities were released
from the banks, where they had been
placed for safe keeping, to facilitate, and
not to embarass trade, the large numbers
Of patient walters completed their business
by selecting and forwarding their goods.
The blow at stocks to-day hits the Wander.
bilt interests heavily, and the old man
stag gers under it, too. New York Central
aud Western Union Telegraph began to de-
cline yesterday. but to-day they were men
aced by men offering exceedingly low bids,
but there were no responses. The mar.
ket at the close presented melancholy
scene. Many spectators left the street
with saddened countenances and empty
pockets. ! think the general impression
prevailing in the minds of business men OF
experience and good judgment is that there
will be dull and hard times until spring,
when q healthy level Will be reached. and
business will take new start. 1t is con-
ceded that there will be much suffering du
ring tho winter, that great losses vii! ac'
crue, which ID the natural result of any
great disturbance in the financial and met
camille world. ..r
Congress is soon to meet, and, il the signs
of the times are CORRECT, the people. through
their representatives, will demand an over
hauling of all banking and railroad insttu
tions, and exact every dollar in arrears
from Them; they will cequire the most
searching investigation into past legisfa-
ton for purposes Of land grants to FAIL
roads; they will instruct Congress to grant
no more lands TO hungry, non-productive
corporations, but to preserve them as An
inducement to actual settlers, who will
utilize them for the national good. 1t 10
astonishing with what regard Sen
ators and Representatives view this
hand. writing of the people. There il
no mistaking it, It will be employed
by many of the "back-pay" mem bers as a
means of staving of all examinations in COM
mittees, or agitations on the floor Of the
House of that disgraceful steal. Decisive
action will also be taken early to investigate
the Jay Cooke syndicate; to ascertain the
actual condition of the Treasury Depart
ment, especially the bureau of the Treas
urer; to inquire into the influences which
contributed to force through Congress the
Northern Pacific railroad bill with its
gigantic land subsidy: to learn the detail
transactions of the contract system in the
Postofice Department: to ascertain exactly
the history Of dealing with the lndians, how
the agents are appointed. and who they are,
and who Endorsed them; Co penetrate the
ordnance BUREAUS OF both tho War and
Navy Departmental. and ascertain what are
the influences brought to bear upon che gov
eminent to purchase useless patents, build
and rot; to construct at an expense Of
$50O,000 such stupendous and useless engine
as may be witnessed at Che
Washington navy yard in the bureau of en-
gineerin2; and to institute searching in
vestigation into the intricate mysteries OF
the internal revenue service.
The civil service bureau, a political ma
chine, as now managed, of tho guillotils
order, will have due attention. Applica-
tions to the next Congress for land grants,
either TO railroads or steamship lines. if
made, will meet with little OF no favor
The fever of reform is active in every sec
ton of the land, all over the civilized
world. The Western people, from the
borders of the New England and the old |
Middle States to the Pacific are rising |
su masse to resist the oppression OF the |
Of wealth and power into the !
'ates and monopolize it, to the great and |
enduring detriment of the producing classes. |
The industry of the country is belittled, !
while the heirs TO fortune and the specuIs-
ors in honest labor become iron masters
These are some of ths ihings
bout which thoughtful and earnest people
re shin.ing, talking and acting.
President Grant has taken the iats Mr.
ireeley's advice ana gems West. Most of
is Cabinet have been tarryins il this vi
unity tor some days past.
Ex-Governor Curtin and family have been
ere from Pennsylvania q few days. He
as recovered his health, and is as fierce in
is opposition 20 Senator Cameron and his
oliowers a. ever. He - member of the
constitutional al Convention now ia session in
hat State. The new constitution, when
ompleted, will be submitted to the people.
nd there seems to be no doubt that it will
9 accepted. 1. will contain cautonary
yards for the protection Of the credit Of
ne State.
Southern peopic. a. we'll 10 Northern.
ill be glad to learn that Colonel Thomas
. Scott, President Of the Southern Texas
acifc Railroad Company. il on his way
ONE from Europe in the good ship Penn.
,lvania, of the new Philadelphia line. He
rs made successful mission. Besides |
,ttling satisfactorily at Paris with those
,ldeEs of the stock and bonds of his soad
no were dissatisfied with their bargain
it'll General Fremont, Colonel Scott has
,gotiated loan sufficiently large to war