The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-03-09

we present below.
In the dry goods trade a hopeful feeln
prevails and the weight of opinion anon
merchants indicates a tair and safe business
1t is thought that the condition of the conntr
has not yet improved sufficiently to as,if
hopes of a very large business
The depression Of the iron and railroad in
terests initiates against the employment 0
large numbers Of consumers in some sections
and the crops peculiar to Kentucky, Ten
nes5ee and other States have been 50 indiff.r
eat that large dem md from the Southwes1
cannot DE looked for, while tia Sou'h is no
IA Condition to operate with much liberal
lty. lhe west Will require a great MANY
9ooas, and VIII be able to pay for them be
You'd any reasonable doubt and fair busi
ness IS expected from the Middle States. The
package trade in staple cotton and WOODEN
| productions, which was q1ite "a ,tye in .Ianu-
airy, became sluggish in February, and ruled
comparatively quiet during the greater part
u tnat month"; IN consequence OF diminish d
| production at the Ii Ills on account If the
short water supply and difficulties atten ling
the receipt and shipment Of goods
Inc 1obblng trade-althou3h opening two
or three weeks later than usual-has com
menced with fair prospects, which will prob
| any be realized, IS stocks in the hands Of
| retailers throughout the country are excep-
tionally small. The importing trade has
| thus far been quiet, owing to the cold weather
which has prevailed, but leading British and
Continental importers consider the outlook
as promising Staple linens and white goods
have already commenced to move, and some
lars Q sales Of fancy silks and British dress
fabrics have been effected. Stocks of Cent?
neutral dress gods and woo!ens are smaller
than usual in first hands.
Drawers Eioht IN Ston n (,l,acL
The London EcOt,OHli5t reports a late declS-
ion Of the English Court Of Exchequer Cham
Der, as follows;
The decision is 10 the effec. that q check is
to be treated IS any Other Till Of exchange,
rendering the drawer liable to be sued upon
IT, If unpaid, BY nuy bona .tiie holder, who is
not affected by an Equity attaching to the
party to whom or on whose account the check
was given. 1 The circumstances OF the present
case were that the plaintiffs, being the BANKERS
OF Messrs. Lizard, who failed two years ago,
pressed them for payment Of their overdrafts
or tor additional security, and when doing SO,
on the eve OF the failure, received from them
an order on the defendants to pay the amount
Of two bills for E20OD, for which urier the
defendants gave the plaintiff, the check now
~ question, which the latter Immediately
placed to the credit Of Lizards account.
The defendants, hearing meanwhile that
Lizard had stopped payment, instructed their
bankers not to pay the check, upon which
the plaintiffs Immediately sued Two points
were thus raised one, whether the exchange
of the order from Lizarii on the defendants
for check by the latter was a consideration
between them and thu plaintiffs; and the
other, whether the plaintiffs had not in any
case good title to the check, even if they
had received it direct from Messrs. Lizard,
on the ground tha', being given for an an zee
dent debt, there was a valid consideration
which prevented them from being affected by
the equities attaching to L;zardl. Tie cour,
below had given most att -ntion to the first
point, holding that the aiving up
OF the order on the defendants to
pay the amount was valid con-il ration for
the check as between the plaintiff, AMI the
defendants; but the Court 81 Error nov went
farther, ami decided, with reference to the
second point exclusively, that "a nego-
table security given tor such a pur
pose is conditional payment
Of the debt. and being taken by the creditor
as moneys worth, is truly his property
rs the money which ii represents would have
been if paid III Bank of England notes or
coin. The defence had been that d check was
different from bill Of Exchange at however
short date because in the latter case the
creditor gave delay to his original debtor, and |
this was a consideration emitting the cred- |
tor to proceed against the drawer while there
was no such consideration III reference to a |
check payable Immediately but the court it |
will be seen, refused to recognize the dis
tinction, and has placed a check on the same
footing as other bills Of exchange 1t is to be
perhaps, that the cour. was not
unanimous, Lord Justice Coleridge having
dissented from his colleagues in an elaborate
Judgment on the ground that q check is not
a bill of exchange, but an instrument sui
JeneriS; but the common sense Of the matter
8 SO plain that we hope there is no chance
If an appeal or an alteration of the law as now
settled.
Money Panic in Canndn.
The following IS Toronto dispatch Of the
ID inst:
The Globe in It's money article this morning,
Jays severe contraction in the money m lrket
If the Dominion has been going on for .
couple of weeks past and has considerably
damaged commercial matters. \ tighter tine
or money has not been seen in Canada for q
ong while, AID good deal Of suffering aud
larm has been the natural consequence. To
he unparalleled severity OF the present
winter ia Canada may, no doubt be attributed
n large degree the sharp character Of the
present monetary pressure. Large sections
# the country have been blocked up with
now for weeks the roads impossible, the
ssAAAothN'
he country traffic almost stopped. Vast
torres of grain and clttle, and other farm pro-
luce, which usually find the easiest way to
market in the winter months, are still in the i
,arnS Of the farmers and the warehouses CT
ountry dealers.
The bank notes which the sale Of these pre- '
ucts usually circulateG throughout tie land u
re still in the vaults Of the banks, and the '
'ant Of foreign drafts, which their storage at
hipping points usually secures, las caused .
erious inconvenience IN monetary circles. y
mother cause of this sudden pinch is TO be n
,und in the working Of the legal-tendef
ystem Of the Government currency, which
as been in existence tor some years past the G
fleet Of which has been to reduce the specie d
eserves in the vaults OF banks and substitute I
gal tenders rs the main reliance for the re-
emption of bank notes and deposits. Nari- L
Us incidents united 10 create q demand for :
old Tor foreign shipment, and tie stores OF u
gal-tenders III the vaults OF the banks were