The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-09-01
State Consols. Prem. BIDS.

After the surrender of the Packard pretender
and the final settlement of our political affairs
State Consols advanced 10 30 and Premium
Bonds to 49, but have since slightly receded, il
| accordance with the general course of tn,
markets here and at New York.
We have thus sketched those events in ou
political struggle which have had direct ant
potent bearing upon our commercial and
financial affairs. considering them and com
menting on them from a commercial po Mt Of
view. and with a single eye to the welfare o
the classes we represent.
Passing from the political phase Of our com
mercial interests. we find that in the move
ments OF the market for the year our cheering
anticipations ut Its commencement have no
been realized. We are confident however tina
they have only been deferred, and that the time
Is not distant when the most glowing hopes O.
the very optimlsts will be fulfilled, and New Or
leans will actively resume the upward progress
by which she was at one time distinguished
Old Col Thomas Hart Benton, when writing for
the press was prone to small capitals for every
prominent word or assertion mere italics rare
ly satisfied him: In conversation he gave en-.
phasis to the same words and assertions by q
louder tone and more earnest gesture; but he
never was more emphatic. never more earnest
never H1OTS 6UtHuSlaStlc lUHu WHeU speaking Oh
the grand future of New Orledns.
In his eyes there seemed to be but one river
in the United States. The Hudson was mere
inlet The Mississippi was the river; all other
great water courses Of the country were its
tributaries In his forecasting of the future, the
city at the mouth Of this great river was to be
the chief seaport of the United States. The vi
cssitudes Of half a century have since revolu-
tionized commerce, and in the rapid progress
Of railway transportation this great waterway
has been passed by and its real importance
overlooked. But 1t is as much a fact now as il
was In Col. Bentons day. 1t admits Of utiliza-
ton that even he did not imagine. The power
of steam has diminished the commercial dis
lance between its extremities more than half
less than half the time is required for
transportation than was formerly neces-
sary. The improvement. moreover. has
no. been confined to speed. Greater econo-
my has been established in freights, and
they may be still further cheapened. If the ex-
uberant productions Of the Northwest increase
as rapidly as is anticipated, the river will pre-
sent the only sufficient means for placing heir
enormous volume at the aboards, the Ill car
rying comparatively inconsiderable portion.
But unlike other seaports, New Orleans is not
dependent upon the river alone. She has COM
mand of the rail as well; the rail not passing
over mountain ridges and by tunnels pierced at
an enormous outlay but over long line of
level plain, costing for their construction very
much less than the railways of other sections
Cheaper railways can be run at cheaper rates.
We would consequently. therefore. have the
means Of competing with the lateral lines to the
seaboard If the distance of the two routes were
equal. But it lis not. The advantage is in favor
Of the New Orleans lines. AMI even in railway
the lateral roads cannot sue
cessfuly compete with ours unless by running
them at an actual loss. Il is well known that the