The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1873-10-31

ORLEANS.
PLAIN COUNTRY TALK.
1t is in no fault finding spirit we enter
our protest against the action OF the
banks and business men of New Or
leans. In truth, we believed and felt
when the notice of the thirty days
suspension was first announced that the
movement deserved to be universally
censurel. Under the pretext Tin the
words of the official announcement) OF
benefiting sstlle agricultural as we'll as
the commercial interests, and as the
only manner through which the in
coming crops can be moved without
ruinous sacrifices in prices - the banks
of New Orleans united in the suspen-
sion movement.
In the light of what has transpired 1t
must seem to have been a s'ruinous"
policy when the banks resolved to close
their vaults. How could the incoming
crops be moved without the money
held by the banks? And how could
the banks possibly obtain relief when
there were no cotton bales ;sincoming?''
The New Orleans merchant was bound
to. notify his agent, or his planter, that
he could get no money from the banks
to pay for cotton, and this was what
came by mail, by wire and by news
papers to merchants and planters all
over the country. The news fell like
pail upon "the incoming crops" and
the blockade of trade and of the pay
ment OF debts, as we'll as the heated
pursuit of debtors, began. The very
idea of shipping, or selling cotton with
out a little money, gave the producer
the ssstuds," and the flow of the staple
almost instantly stopped. AS conse-
quence, money ceased to flow from the
country to New Orleans. The stream
had been damned by the banks, and no
supply went down.
And now, in the face of this stagna-
ton caused by suspension of the banks,
these institutions have agreed to extend
the thirty days suspension indefinitely.
Merchants write to their customers,
For Gods sake draw no drafts upon
us. The man, in fact, who has money
in his merchants hands, has had to
pay z per cont to have his draft cashed,
and instead Of receiving 300 on his
draft for that amount, receives only $93.
If 1t should become necessary to send
this e93 TO New York, exchange costs
1 IT. .,t Hi.
season of the year to be at par, if not at
a discount,) which reduces the 800 to
$ss. 22A, making the actual loss Sl1.774
or more than 10 per cont on money on
trust and for n single transaction
Where does tho "bcncfit'' come in in
this transaction?
This il what VIC are asked to consider
financial wisdom! This is what has
been done to move " tho incoming
crops" and "to benefit the agricultural
as we'll as the commercial intcrests!"
In our opinion this movement has
more OF the features of combined
swinGle in the interest of monied men,
than Il movement for the benefit OF
commerce and agriculture ought to
have. Why should u bank, any more
than a planter, refuse to pay its indebt'
edness to the last dollar in its keeping
What are the banks doing with theil
greenbacks Keeping them from cir
culation to relieve commerce and agri-
culture? Or, is this same money car
ried to Carondelet street, and there in
vested in the certified checks of these
same banks at 7 per cent discount on
the fi,co of their own checks: Ifneither
of these means are employed "to benefit
commerce and agriculture" then what
has become OF the currency Of the
banks? It does not come to the coun-
try to help "move the incoming crops"
Cotton cannot be sold for money in the
interior.
It is, therefore, real stupidity in the
Manager of the Clearing House of New
Orleans to tell the country, as he has
inst done that stthc r,,lx, ,o,rol>- wa