The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-03-02
arrived at, but that he did not wish to have
anything to do with it.

lolana, that we did not feel that any agre
ment made in Louisiana would be carried o.
by the Republicans there, unless it met vii
:. his approval.
After considerable conversation. the Pres
dent said he would consult Mr. Wheeler an
Packard, and would do what he could to aid
!. settlement, and suggested that we should Sc
Mf. wheeler at once upon the subject, sta
ing that he had great confidence in the jude
ment and fairness of Mr.. Wheeler, and ha
0 no doubt he could approve any settlemen
: made with him.
Mr.. Wheeler called upon the President, an
returned to US with the information that til
President was thoroughly in earnest in ap
proving the Wheeler adj ustment, and woul,
see thai it was carried into effect.
l Your committee urged upon Mr. Wheele
the proprlety OF all the seven members Of tn,
Congressional Committee acting in tue arbi
tratlon, and asked if an extra session would
be called if his proposition was accepted.
Mr. Wheeler assented to the seven members
acting as arbitrators, provided they would
consent to remain and serve. Your commit
tee visited these gentlemen, secured theil
consent and telegraphed you the fact
Mr. Wheeler telegraphed to Ne. Orleans
concerning the extra session, and subse-
quentiy informed US that the same would be
called, and we promptly telesraphed you that
fact
We desire to say to this Caucus that your
committee earnestly represented to the Presi-
dent, Mr.. Wheeler, Senators, Members OF
Congress and the press, that your Caucus
assumed no jurisdiction over the election OF
1872; that the people believe that Gov. Ne
Emery was the legally elected Governor OF
the State; that they would not admit the
legality of the Kellogg government under
any circumstances; that the election OF
1872 was before Congress and before
the country, aud the Conservatives
Caucus had no control over the question :
that they could Only bind themselves as to
their course as Representatives.; aud that they
did not assume to represent any gentleman
concerned in the election of 1872 and no
member OF this committee, dutin9 our STAG at
Washington uttered a word not consistent
with tins declaration. Col IlchaIie and NV
self We're violently opposed to the Wheeles
compr mise in New Orleans ard opposed it
earno sly and aealously il Washington, until
"-, when, after long consultation with
friends at matured Judgment i1a AMI ont Of
Congress, the commit . united in i dispatch |
TO your body, advising the cept4nce OF the |
Wheeler proposition as the best adjustment
possible to be made under the circumstances |
1t is Cue 10 she Caucus and 20 ourselveo
that should explain the grave ons;derations
that induced me as an agent to ,trs that which |
was personally Obnoxious to nae, and known |
TO be in opposition to the views held by thou
sands Of the best and p4rlst at my fellow
citizens.
When I left New Orleans believed chat
the outrages upon Louisiana had reused the
people OF the North and was the main cause
Of the tremendous change in the public SEN
timent against the Radical party and the ad-
| soon found that the Louisiana case was
but portion OF the great Indictment framed
oy the American people; that whilst it had
assisted IL awakening the people Of the North
10 dangers that we're then threatening them
yet it became my belief from intercourse with
persons from all sections, North, East and
West, that had the Louisiana ease been the
)niy charge against the Administration it >
you'd have been left free to deal with Louis
ana without the exhibition Of serious opposi-
ion. 1t is true that large number OF the /
people of the North believe that we have
,een outrageously dealt with, and desire to {
ender us justice, but that sentiment is neu-
rallied by the Misrepresentation Of parti-
ans, by reports of lawlessness violence and c
lisoyalty, which are being made by Northern t
politicians to ALLEVIATE Northern sympathy, in d
rider that the Southern States may be left .
inder carpet-bag rule.
Imitation, growing out Of the war, created S
speculative feeling amongst the people. 1t
vas common to see vast enterprises inaugu- C
ated, whereby millions were drawn from \
Europe and disbursed into the channels of b
rade or circles of finances. Giant corpora I
ions, with rapid strides, pierced the wilder ?
less of the West, spreading a vast network a
f railroads from the Atlantic to the Pacific
t seemed as If Young America had carte b
anche to draw upon the Old World, who v
)oked on with establishment at It's rapid ]
rowth and progress. Railroad and mining o
took operations, as the Memphis and FL c
'aso Railroad and the Emma mine job, struck p
blow at the credit of American corpora il
ons, which stopped them from procuring Il
lrther funds from the money centers of the e
'orld. Suddenly checked in their wild career
f extravagance, the bubble bursted. d
Tricked and deceived by unworthy enter
rises, foreign capitalists refused further C
oans and the stream of foreign capital that q
ad long prompted the enterprises of the
ountry was cut off The tide turned, aud Il
lstead of two hundred millions flowing into p
he country and passing into the hands of the v
eople, one hundred and fifty millions per Il
ear had to be taken from the tlade and com
lerce and sent across the sea. s,
The Panic Followed, IL
I'D with it fell many of the largest financial II
I'D industrial firms of America. 81
Others struggled along badly crippled; and
theirs who were free from speculative obliga- a
ons, or had foresight to prepare for the
orm, are running under furled sails until s.
uiet is restored.
The great manufacturing interests also suf-
red. Iron, which formerly sold at $50 per al
,n can now be bought at SIS or $50 per tor, IL
nd works are only running with reduced
,rces. Salaries and wages have been reduced
lroughout the entire North fully forty per a.
ant and one million operatives are out Of ~
mployment, clamoring for bread. The NUT :,
rings of the Commune already threaten one - -
the great cities of the North. Real estate
IS declined in price from twenty-five 10 fifty !"
Or cent III nearly all the cities. ~
Seventy-ve railroads have passed into the y
ands of receivers, unable 10 realize the cur
mt expenses and pay the mortgage or inter Il
t due the foreign bondholders. The people q
ready greatly burdened to meet their obiga- e.
ons contracted in prosperity, and those /.
lowing out of their vast national debt wit u