New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-05
LETTER FROM NEW YORK.
New YORK, September 80,

Tie federal government has struck tents
! at Long Branch and returned to Washing
! ton for the winter. General Butler, after
sErrendering to Governor Washburn. in
Massachusetts. fell back upon Ohio and VII.
tied the ''Soidier,' Home" III that State. and
then wheeled into Centra! New York and
told the people there what he knew about
agriculture. Senator Morton. after rally
ing the President and Secretary Richardson
- the rescue on the financial crash in this
! city. held political council with the Re-
publican chiefs at the Fifth Avenue Hotel.
and lett for his home in Indiana. Governor
Kellogg, who .acried here several days after
his arrival, with q large number of Others
FROM New Orleans. has gone to Washing
ton. Warmoth and his friends linger in the
city. running in and out of.town as the
weather permits. Mr.. Weed. OF the New
Orleans Times. ALI avowed friend Of the
Ex-Governor. remains at his summer resi.
dence in Stamford. Connecticut. visiting
the city every few days.
The gentlemen here from New Orleans,
like others from other parts Of the South
and West, came for purposes Of business.
The financial panic. disturbing every branch
Of trade. naturally alarmed many Of the
merchants who came to buy goods. They
brought money with them and securities
and deposited them in the banks Of New
York. and relied upon such means as the
basis of their transactions. The fail trade
was never more hourishing than i. was
wheo the crash came. The mutual Gus
pension Of the banks prevented the visiting
and trading merchants from employing
the use Of his own capital. 1t was delibe-
rately locked np. The failure of the house
of Jay Cooke & Co. and others, flashed over
til. country and reacted injuriously upon
the representatives OF distant mercantile
communities who were here trading with
our large dealers. This produced serious
shock TO the real business Of the city. The
locking up OF money caused the great man
ufacturing interests Of the country 70 halt.
Vast contracts for material were annu!led.
Thousands upon thousands Of citizens. me-
chanics and workinsmen. were precipi-
lately thrown out Of employ, and dreadful
stories OF probable "bread riots" were whis
perei at the stree. corners and discussed in
the public m.rts. These things contributed
TO influence the epeculaters III stocks and
gold TO cease their daily contests. and the
the exchanges were closed. The run which
commenced on many of the banks was
enough to alarm those institutions gene
rally. and justly viewing the desire to
Withdraw all deposits from the banks as
an evidence of fright among the depositors
the officers of these institutions invoked Il
right seldom used. that Of resisting the mad
raid Of depostovs by refusing to pay their
checks in demand for their own money.
This no: only terrified the depositors. but it
paralyzed business. It forced calm and de-
iiberate consideration OF the whole subject
The situation was. indeed. fearful. 4 com
paratively few greedy men had accumulated
vast sums OF money. and sat watching their
opportunity to strike down the best stocks
ia the market - the lowest price that they
nigh: be able to possess them when the
machinery Of the bulls sent them up again.
thus grasping new fortunes in an hour. The
deliberations O: the wiser and more con-
servative men of New York cooled the fired
brain OF the spectators and silenced the in.
sane rawlings Of the panic stricken. This
action OF New York had its good effect
upon every cthe. part o. the country. For
some ten days there has been an almost
suspension of every kind OF
business. To-day. at the veopening Of
the Stock Exchange. the scene was
The ;mpropvieties which have
formerly characterized tho proceedings Of
that board were not observed. The pro-
ceeiings were conducted throughout with
dignity and comparative quietness. and in
language respectable. On the streets. about
the Exchange to-day. the groups of gentle.
men moved and talked more like men en-
gagged in solemn transactions than has
heretofore been tho practice. great
change has come over the face of affairs.
Matters have approached nearer to level.
Every business inteves. in the land has /!
learned lesson by the shock. The ma
.ionai government even has improved by il. !
The causes OF the terrible fall o: credits. /,
every solid and healthy tounda- F,
ton, even to the vaults of London, have |
been SO clearly shown 10 be q corrupt and |
dan gerous system or systems of tran,ac- |
.ions as to expose to view. as the Chief III.
,tigators of them, men whom the nation |
and the world have been taught to look
upon as almost tho inventors OF our re-
sources. the builders of our great highways.
and the sole creators of our tinancia! saliva
ton. The shock has deprived them OF their
masks. and so far as they are concerned the
world will no longer suffer from their
The Indication. a. pcesau: writing are.
hat in the course Of about one week after
he arrival of the large sums of British gold
low on the way. and the payment Of the |
interest on government bonds. and the eX-
,irat ton OF the time 30 which the banks are
low restrained. that there viii be {. large
mount of money in the market and :ha,
" i'll be cheap. Nearly all the commission
cents of Southern and Yves tern merchants,
Who reside in New York. and who We're
upplied with orders 70 make large pur.
bases. received dispatches. when the panic
anne, 70 withhold them. and not to make
nv purchases. These agents are satisfied
hat in few days confidence will be re-
tored By their principals. and that their
rders will be renewed. This will revive
usiness in the wholesale establishments,
specially in the dry goods trade. The last
eek has been very dull among them.
There is every reason to believe that we