The New York herald., 1874-10-10
NEW ORLEANS FINANCES.

Unparalleled suffering Of the People OF
thu City-Harvest OF the Pawn
brokers-Orixin Of the Dime alty, . nd
Means Of Relief.
NEW ORLEANS Oct ?. 1874.
For several days HERALD representative has
devoted his atte ntion to q thorough investigation
Of the financial condition OF the people OF Louisi-
ana, and the causes which have brought about the
present great depression. In that time he has in
tervIewed BANKERS, prominent merchants and
business men OF nearly every class, and has heard
what appear to him honest expressions OF opin-
Ion. free In all respects from party bias. Almost
from the day OF his arrival your correspondent
has been assured that the suffering At presentex-
listing among reputable people is without q parallel
IN the history OF the state; that hundreds
have means TO purchase their daily supplies,
are entirely without employment and absolutely
bankrupt. These unhappy facts my inquiries but
TOO iuy verify. The sales and pledges OF personal
property during the past summer exceed in num-
ber anything heretofore known. Prominent
auction firms assure me tnat almost from the first
OF June choice articles OF furniture, an easy chair,
handsomely carved table, and eften, alas rose
wood bedsteads, armoires and bureaus have been
sent to their msrts to provide means sufi-
cent 70 buy food. The tales they tell
oil elegant houses. stripped oy piecemeal
OF almost their entire contents, OF the
bare drawing rooms, parlors and halls, OF
nmlies q year ago IN comfort able circumstances.
VINO now sleep IN pallets on the floor and whose
tables limited 70 the coarsest and cheapest
food, would excite the sympathy OF the bitterest
opponents Of this unhappy community. So gen
eraI have been these forced sales that two OF the
largest houses ip the furniture trade, one an I'm
mense manuiaclurer from the West and second
who has been prominent here i0r over thirty
years, have gone out OF the business. Choice bed
steads OF mahogany and rosewood, which i've
years ago sold readily 1or $50, command at auc-
sion to-day 81 and s., and all other articles OF this
character are drug upon the market.
PAwNBRoKERs,
those sure indicators OF financial stringency, offer
even more deplorable facts. 'Slr,n said one OF
the chief men IN this business to me to-day, "a
great majority OF this community, OF every class,
have pledged every article OF value tney possess.
During this summer we nave received visits rom
hundreds who never before IN their lives saw the
the inside Of pawn office. Not only are they Ut
terly unable 70 redeem their pledges, but they
have ceased paying the interest, and what they
now are to do God only knows Had there been
any money at all in circulation this would have
been the most prosperous season Tor we have
had IN years. As things are, IL Is the
worst. | have now locked up in these sales
$4,000 worth OF personal property on pledge.
no longer receive interest," many ol the articles are
forfeited, and my ready cash is exhausted The
only ones / know who appear to have money are
the negroes and ward politicians The small gro
GERS who carry on retail business in rear OF the
city are daily brought In contact with poverty
equally narrowing One whom your correspond
dent saw, gave q credit Ia small sums amounting
10 $4,000, and finally went 70 protest and was
seized By the SneriG 1t would be useless TO attempt
any exargeration xnere suffering is so OBVIOUS,
and IL " ~ more With q nope OF ascertainlng the
origin of the dificuty ana tke means 70 pe
adopted for It's ultimate relief that the inyesiga-
lion was undertaken. The stagnation whlcn 70
a greater or less degree has affected the entire
country has been necessarily ielt mere. Inc trace
oi the past year has been limited Planters weie,
In great measure, denied the customary spring
advances, and were forced TO practise an econ omy
sucn as has not oeen Witnessed IN years. Inc
wages Of sgrcultnrsts were materially reduced,
and in most cases arrangements were made TO
divide tne crop WIN laoorers. This step natu-
rally reduced the amount OF sppplies TO the coun-
try, and tn consequence thousands engaged in the
handling OF freight found their employment cur
tailed. Repairs to machinery Kl the country
were confined to those absolutely necessary and
the local work not DeiDg sun1cieDt 10 employ all
of the ioundries they were forced ~ reduce the
number OF their empoJes. fullY one thousand
houses have been vacant year, and far greater
number have either been seized for tfhe npay-
ment OF taxes or their rentals nave been collected
by the Snerin. One OF the wealtniest and most
enterprising merchants here informed your cor
respondent that not twenty-five per cent Of the
real estate OF New orleans when taxes, lnsurA nee
and necessary repairs are deducted pays 81 Of rev
cnue and thata great majority OF landlords wou, .
giadly let their property or the mere paI ment %
nave been made during the present summer and
the impossibiiity, under the circumstances, Of
naintefs. slatsrs plasserers house carpenters and
loiners wholly without employment ln addition,
multitude OF people derive tneir income ron "a
ana nniiic schoola clerks IN the vartons depRrt