The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-01-12
MIR, OGLESBY'S EXPLANATION.

Editor Of the New Orleans Bulletin:
have read alr. J. H. Ogle5by's explanatio
OF the testimony which he gave before til
Congressional Committee with much after
ton, but cannot perceive that his explains
ton is at all satisfactory. He says that it wa
not hi, intention to imply that any prosperit
existed here; but he says that he intended
say, :. that We were sOunder than ever before
our business il less in volume, sounder il
character" and this soundness OF business Il
explains Try saying that great deal of on
business Las leen taken from US by rail am
river. | am entirely at a loss to comprehend
what Mr.. Og.esby means. He says we are no
prosperous. but have a sounder business thai
ever before known.
Now, if sonndness of business is a good
thing, it must be an evidence or at least a
precursor Of prosperity. He certainly I'M
plies that soundness OF business Is desirable
but yet he attributes it to our loss OF trade by
rail and river. Carrying this logic to Its
legitimate conclusion, the more our trade
leaves us the soander our business becomes.
Evidently the confusion OF Mr. O5lesby j
ideas has produced its natural efect-lnco-
herence Of language.
He saws aqain: "AuoLhcr cause for shrink
age given BY me, the natural one conse-
auent upon transition from credit system
to one OF comparative cash. But he is silent
1pon the causes of our substitution of a cash
tor a credit system.
/, not this very change an evidence OF our
unprosperous condition?
4 mans credit is measured by the marketa-
bic value OF his property when this depre-
ciates his credit depreciates in correspond
ing ratio when his property so depreciates
in value "a to become unstable his credit
ceases and he must do his curtailed business
layi ic ar,I
1t is truly deplorable. A cash business,
although not the cause of our unprosperous
condition. is an evidence Of it; if it brings
"sounder" business to the merchant, it
brings limited business, absolutely ruinons
to many, and infinitely worse, as every mer-
chant can testify, than a large business with
its chance losses, which o merchant of inteili-
gence can reduce to a minimum, not matsri-
ally affecting his general prosperity.
Mr.. Oglesby apparently deprecates credit,
initiating agains. soundnes, of business.
He should, as imam OF ordinary intelli-
senco, know that the relation of debtor and
creditor is coeval with society when it has
made one stop from utter barbarsm towards
civilization: and although susceptible OF
abuses, is yet the means OF greatly increasing
the productive industry of 4 community and
consequently adding to its prosperity. This
is too obvious to need explanation, yet it has
apparently escaped Mr.. Oglesbys attention,
as he evidently regards as a blessing that |
which is an evidence Of our misery.
aIr. Oglesby is seeminly ignorant of the |
fact that excessive taxation is alone sufficient
to account for our want Of prosperity. Does
he AZ an intelligent merchant, late President
of the Chamber of Commerce, not know that |
the value of property (not to be con sumed) is |
measured by its revenue, and that taxes |
State and municipal levied upon this city, |
exceed the revenue of it's property; and, con-
aequently, have almost destroyed its value,
10 that it is merely retained in the hope that
it may eventually be remunerative? Does he
not know that an additional tax upon proper
~ affects its valne, not in the proportion that |
it curtails its revenue, but in a much greater
by the general fleet which it has
upon business, in rendering property either
or rentable ut greatly reduced
figure The elementary principles of po-
itical economy and every day experience
alike teach this.
But perhaps Mr.. Oglesby's failure to tes-
ify to these facts before the committee
might not be owing 50 much to ignorance, MS
4 Discrimination to reflect upon his political
friends, to whom the present condition OF
Kings is due. This solution will be readily
accepted Iy those who believe the hitherto
statement, that Mr.. Oglesby
ooasted that he did more than any other man
o keep Kellogg in his seat; and who know
lim as the Intimate associate and warm
riend Of the unprincipled and brutal enemy
If this people-PhiL Sheridan.
LOUISIANA, |