The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-13
AUCTION SALES THIS DAY.
=. N 4 B. J. Montgomery ssn Household Furni-
tnra Carpets, Mirrors, Mattresses. etc.. 81 Camp
street
COMMERCIAL MATTERS.

VtCA6SAQA
1t is said that the volume of water in the
Colorado River equals that of Niagara, and
that the current in the great canyon attalns
speed Of from forty to fifty miles an hour.
There is still a very urgent demand Tor har-
vest hands in all sections Of the country,
North and West. Farmers complain that they
can not begin to handle their crops properly
without much greater force than they as yet
here been able to collect.
An observer, who has recently been exam
ming into the causes of various Southern
States defaultipg in the payment of the inter-
est on their debts, has discovered an unex-
planned connection between this fault in Viz
ginia and Tennessee and the number OF dogs
in those States. The dogs are said to average
three to each voter, and he thinks that Q
State supporting SO many dogs can ''hardly
be expected to meet all other current expenses
in tight times like these"
The Connecticut Legislature has chartered
another insurance company with a novel but
perhaps useful feature-to insure against
losses by wind as we'll as fire and water.
The ladies Of Savannah, GA, have formed a
society which prohibits any member purchas-
ing wearing apparel which shall exceed twen-
ty-fve cents yard.
Georgia Cotton Mills.
[Augusta Chronicle, July 81
The Augusta factory, which has been pay
ing regularly since the war dividends of
twenty per cent, and whose stock has sold for
more than 5000 per share, has been COM
PEELED to reduce its dividends, first, We be-
ieve, to sixteen per cent, then to twelve per
cent, and on Wednesday the board could only
authorize dividend of eight per cent. It's
gross earnings for the past six months are
stated in the report at $50, 600, while its ex.
pense account, taxes, interest, repairs and
svs1 Iu kr 10 trrrof ho
company has surplus of 1924, 900 invested
in new mill, which really represents the
profits made by the corporation since
1t has been doing business, in addition to
the enormous dividends directly d.
vided among the stockholders, and
it is equally as true thai, with capital stock
of 5000 900, the company has property which
is valued at $838, 600. These figures show
that the corporation is in prosperous con-
dition, but they also show that it has not
found much profit in manufacturing during
the past twelve months. Graniteville Fac
tory, which has been paying, we believe,
quarterly dividends of four per cent, has re-
duced them to two per cent. This factory is
also in q fourishipg condition, as its recent
reports have shown, but it cannot pay divi-
dends which it did not earn. The Langley
Factory, the youngest of three, but one
which has been most skillfulIy and success
fully managed since it commenced operations,
takes the bull by the horns and laconically
announces that "No dividend has been de.
clared by the Langley Manufacturing Com
pany for the past quarter as cotton manufac-
turing has been Improbable"
Silver Resumption.
New York Bulletin.]
It must not be forgotten that resumption
of specie payments mainly means that mer-
chants dealing with foreign countries may, at
their pleasure, when they need to make re.
mittances, convert our local paper currency
into gold, the currency of the world, at par,
instead of being forced to convert it into gold
at an uncertain ductuating rate of premium.
Now how can the withdrawal of SAG, 900, 900
of Fractional Currency and the issue Of an
equivalent amount of our small, debased sill
yer coin aid the resumption Of specie pay
ment? Our trade dollars, which contain
more fine silver than the Mexican dollars, are
only worth to-day "a to SO per cent in gold.
At the present average value in gold Of our
trade dollars, our debased silver coin is only
worth SO 35-10O per cent in gold. How near
"specie payments" should we be were our
local paper currencies of every kind converti-
bic into debased silver coin worth SO 35-l0O
per cent in gold?
But in the meantime, before resumption in
1879, how long can this debased silver coin
more than IS per cent premium? And when
our fractional currency is cancelled and our
debased silver coin is exported or boarded, as
it undoubtedly will be, what will the country
do for small change? Will not the final re-
suit of the issue Of $4,000. 900 debased silver
coin be that we shall be without small cur
rency Of any kind except our small nickel
coins, and that the people of the United States
will be saddied with the annual interest on
~ q Is T1c;k od III
bonds issued for the purchase OF silver bull
lion?
The fact is, the issue of debased silver coin
in the place Of our present convenient frac-
Gonal currency, which in no way impedes re-
sumption, is like purchasing wooden soldiers
to increase our army, and wooden guns to
arm our fortresses and army, as preparation
for an impending war. How long will the
people submit to such child's play, which is
very costly to them and entirely useless to
the end in view?
Direct Trade.
The subject of direct trade will form one
of the principal features of discussion at the
<'congress of the cotton States" which is to
assemble at Raleigh on the 18Th inst 1t is
still in the power Of the South, by proper ef-
fort, to regain complete mastery of the cotton
trade Even when taken at a disadvantage by
reason of her internal disorders, other coun-
tries have succeeded in making only partial
inroads upon her supremacy, in the cultiva-
ton of this staple, and the fact remains better
demonstrated than ever, that If cotton is not
still king, the Southern States are irrevocably
destined to be the empire of this great pro-
duct. United energies, well directed indus
try. and judicious employment of capital will
ultimately lead to this imperial conclusion.
The Debt of Memphis.
The Appeal says: I'VE find but few to keep
MS company in the matter of debt. San
Francisco, with nearly three times our popu-
lation, owes two millionss of dollars less, and
G.aI .nh bxisx -.