New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-01-05
WHAT TIE MERCHANTS THINE.

for theis malfeasance 90 theiy vital inter
es:s.
! WHAT TEE MERCHANTS THINE.
The local politicians of the Democratic
party have never been able to discover
but two causes tor the depression of shei,
interests. These are Republican gov
eminent and high rate OF taxation. I
they had desired perfec. accuracy they
would probably have limited their answe,
to The first named season. Partisans oil
all degrees OF ability and responsibility
have come forward as willing witnesses &c
I testify 90 this monotenous theme any
time since reconstruction. We have
| shown repeatedly that they we. in error.
and cited as conclusive that all the money
| involved in the politics Of this State. in.
Guiding salaries OF public officers and
| their perquisites, does not sum up five
per cent Of the interests vested in COM
merce and the productive industries. That
while the business Of politics has been
| overdone. the more important interests
have been neglected. and more people
have been ruined by idling about waiting
for an Office or some sort OF public en-
ploymeDt than have suffered by embark
ing in legitimate occupations.
In this connection We consider the
sworn testimony of several merchants,
bankers and brokers before the congress
sional committee as very much in point
and corroborative Of the position we have
attempted to maintain against the OPPOSE
ton politicians. There have been, so far,
more politicians than merchants examined
by the committee, for the reason, we sup
pose, that the committees appointed to
bring forward testimony prefer the sort of
evidence they are likely to give to the far
more practical views of business men.
But few good samples have been oh.
tanned, for which we are duly thankful.
Mr.. Highly says:
Has had large intercourse with the
business men of the city; business condition
OF the city is unfavorable; the causes of
this is manly owing to the want of con.
fdence in the administration; the bar at
the mouth Of the river also has something
to do with this; produce finds other outlets;
has sought them because Of the uncertainty
CT being forwarded from this port; the
Texas trade has diminished of late years;
the depression is more attri butable to these
latter causes than to the character of the
government; these reports Of outrages
have had the the effect of keeping men
away who otherwise might have invested
their capital here; witnesses business has
been gradually falling of.
General Bussey says:
New Orleans as depot Of supply is not
what it was in former years. This is owing
to the sections formerly supplied by this
city having railroad connections with other
cities. More money is lost to this city and
to the people of the Mississippi valley in
ono year: owing to the Instructions at the
mouth of the river than would build the
Fort st. Philip canal five times over.
The levees are in such bad condition
that unless the government gives aid, in
less than five years there will be no levee
system-they will have to be abandoned.
The only striking feature in the financial
policy or the State is the funding system
and the reduction Of taxation to fourteen
mills on the dollar.
Mr.: George Jonas. p:esiden: OF the
Canal Bank:
The present lack of prosperity is owing 60 |
many causes. A good deal OF trade has |
been diverted by the construction of rail.
roads from other cities into sections former. |
y supplied by New Orleans; want of con.
hdence in the present state of the govern. |
nent. and high rate of taxation. There
IS a general opinion that the funding board |
will fund fraudulent bonds. such as the two |
million and half issue to the Chattanooga |
.ailroad. Ii there was confidence that the |
'unding of bonds would be honestly done, it |
s measure that would be Endorsed by |
very one.
Mr.. Oglesby, president of the Louisiana
National Bank, and one of the most active
nd intelligent fnanciers in the South,
ntertains views somewhat Mt variance
With the ether witnesses upon the main
question:
Has no hesitation IN saying that the fin an.
ial condition is better than in thirty-tive |
ears before. This is because everything is |
n a cash basis. The shrinkage IN business
J owing to the fact that there is no Gisposi.
ion to sell ON credit.
In times past there was a very general
redit system, and in consequence there
las financial ruin to those who made al. |
ances: touching the improvements at the
,outh of the river, Is not particularly in /
lvOr Of either scheme, the canal or lefty
ystem, but would like to have both. so |
nat if one failed could fall back upon the
Their; it would enhance the value Of corn !
reduced in the West materised, because ,
would afford ready outleton, European
larkets; knows Of no bon6nd I,ned by
Governor Kellogg; knows of n lterprises S
" which bonds have been app ypriated by {
is administration; asclibed the depressed
)ndltion OF business in . very small degree
} bad legislation; the leve6, system has
zen quite a burden to the sople; if the
wees were kept up the sugar crop, instead :
being 10, 900 hogsheads, wot lid be 800 600 ] l
Dgsheads; thinks the govern; raent should G
Itend aid in making the LEVIED system more
'rfect: property has decrease, ! largely in {
,iue because New Orleans, as distyihut. I
z point. is not what it was formerly
There were others who leaned more TO
e Democratic side Of the question. but .
9 think the evidence given by the gen. :
enan above quoted from would be amply :
stained by a large majority Of the really :
dependent merchants Of the city. 1t
II be seen that some of them incidentally
insure the government in general terms.
lich is probably intended as timely =,
ncession to obstinate constituents. But ,
ne OF them cite any specific act which
ey condemn. while several Of then, {;
ow their approval Of tho funding act, ,
iich indeed q oomm;ftaa Of tho Cham,