The morning star and Catholic messenger. [volume] (New Orleans [La.]) 1868-1881, 1878-01-06


CROP AND ITS BEARINGS UPoN ocA EN
AND FUTURE RESOURCES.
Now will urclasp secret book:
and TO your quick coooeivipG disoontenS
IN read you natter deep and dangerous |
No ona can deny who is at oil familiar win
opr nrssent 6oancial condition as business
.,mmnrity that We are in 3 far less satisfactory
condition financially than we were one So"'
ago at this time. The causes which nave oPe,-
ased this deficiency in our available o"ea
means are very evident to sn lnqnirlng nlnu-
Last YEAR, st this time, We had large surplus
of cash in our banks to meet the demanos VI
busiuess; now there is no surplus, only Dare
aufficienoy to meet the exigencies OF traae' ANU
vbyf We will endeavor to show,
In the frat plsoe, this season Is Blk 10 eien'
weeks behind the last. In other wofos' tne
shipments of sugar and cotton are retaroeo
that lengt of time the cotton crop Is largely
behind, the sugar crop to q much greater pro-
portionate extent. Say thirty thousand hogs-
heads and Q corresponding amount OF moiasses.
Here is where the difficulty lies
st. ios Pss
| So much of the crop as has been marketed ano
ago in value under last season Of at least i'ooooco
Total loss in receipts WV
| This four millions of dollars is sunk-lost'
Tt can never be recovered. 1t is estimated
sven. that ten millions OF dollars weuld not more
than cover the loss of this years crop OF sugar
and molssses soRlissstrous has been the late
f,eeze npou the cane, both standing and in
: wipdrow.
Bnt we will confre ourselves to the consid-
GRAFTON of the first named sum, say Jour MIL
l;ons Of dollars which we are short OF to-day
in onr cesh receipts to this time. The cohse
onepcs of this vacuum is seen and beard d.!
around us. A general complaint exists among
all classes of traders of the scarcity OF none!
| in the hands of the masses. PURCHASES az
small-a kind Ct hand to mouth" bcsiness-
q nothing like as free and ample as they "eE
/ one year ago.
= The demand for money at our banks con
s tiuues especially strong for this reason, neail
- 1st January, when, usually, the discouns line
: | of our bank run down rapidly as cssh increase
, from supar aud cotton receipts, and eul
q rency, flowing back from the country, wnef
It it has been sent in immense sums to purchas
% the cotton crop by factors and country mel
We see none of these taings no0. On the oel
+rarv the demand for currency for the conntr
u st;,l continues. and onr discount lines increGs
10 atbar than decrease as they should. o.
~ dsposit lines are far below last year; hone
there can be no surplus CT loanabie 'onas
the nressnt time, nor indeed will there be Il
the next twelve months. The reaaors we ha'
given above chow why it will be impossible
have money ss plenty and cheap the CONN
year as we had it the past.
~ Doubtless oil legitimate business Will
no enabled to obtain what will be required to
ar along 1fely but for speculation-not dolls
rs. We have now, January, 1875. cay, OF net
e. nosits in the associated banks, So 700 900, wi
IL ooah means of say $3,s0o,o0o, exclusive
,v +valva millions aud half of portfolios.
~ the 9th Ct February, 1877, the same banks III
fft.en millions aud half net deposits and
millions and q half of cash means 20 IA
them. besides about an equal amount OF Pc
- folics.
INC We have but five weeks to pass to make
Fly YEARLY comparison, and it is safe to say
ian think, that the banks will not show relatlV
she any marked difference between this time
r in that. Here then lies the cause of the pies
8 is and future stringency of the money msrkeS
1873. The loss Of the sugar crop makes
ave- deficit in our present available ossh meHI
4 of ssy six millions of dollsrsl
cot We must bridge this chasm 40 soon as posi-
-. How shall we do itf By building the II
Pacific Railroad this coming GUNNER 30
can va NAV reach that Ell Dorado by fall, and
not ~ rav .oprces Of wealth for our
ters 1poraaaa. If possible, our banking capital
8 no from foreign sources at once. By mo
80 oarlv aud sll together We shall neutraliz:
But financial squan, and if it comes go throui
y be without the loss OF cargo or single Snip"'
" in January 4tn, 1910.
ANAL About q month ago the press teleg
wing stated that certain Father titzpotrlcl
ldian Kingville, Ont, who had announced nls
the ton of joining the Mesnoo'StS, nao SOu'
route disappeared IN I'd" nAo'e
and that thers WAS great Indignation ag