The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-04-16

California. 1925; Massachusetts. G301 Maine,
412 The tobacconsts number 835, 261. New York
state leads also in this, 46,572; Pennsylvania
has 37,77a, Ohio, "a $50: Massachusetts, ~ $50
The wholesale liquor dealers number 4592;
the brewers $3.50. z
An exchange says Tho formation of an
immense combination III reported In New
York, which is engaged in getting oil the
bonds Of Southern cities In pool which will
then bring suits, and as the Supreme Court
has decided in regard ITO valid bonds that
their payment Is not q matter depending
upon the pleasure Of the corporation, nut
compulsory And rs duty to the creator,
the city authorities must levy the tax nee
essary for their payment, 1t is Thought the
advance In price will be very heavy. me
decision will also apply to all cities and towns
Issuing bonds, SO that what was thought to
be a rather Improbable class OF securities
will become one of the best M-
EThe Minnesota Legislature has passed
usury law which establishes per cent as
the legal rate of interest, except in cases OF
special contract, when the rate may be as
high as 10 per cent. Interest Is not to be
compounded. "but any contract to pay in
terest not usurious upon interest over due,
shall not be construed to be usury." The
penalty is to be "the full amount of Interest or
premium 90 paid, with costs" to DO recov-
cred in an action by the person paying the
usurious interest against the person who
shall have received it, provided that such &C.
tion shall be brought within two years, and
'that one-half the amount SO recovered shall
90 into the county treasury Of the county
where such penalty is collected
number ct leading commercial papers
throughout the country have become advo-
Gates Of national bankrupt law. Tho New
York Shipping List says: Commercial crises
can generally be- traced to o violation or an
abuse of the credit system. The commercial
revulsion OF 1879 In this country was probably
due as much TO- Il not more than any other
cause MI abuse Of credits, and the revulsion
in England Is traceable to a similar origin.
The credit system prevails IN England to an
extent unknown in this country. Accounts
are often suffered to run for years, and quar-
terly or semi-ann payments are considered
as cash. The English banks have for years
bostered up large firms and corporations
that proved to have been honeyeonbed with
insolvency. And when they could carry them
no longer the crash came. the end of which
Is not yet. Since the panic Of 1879, the credit
system in the United States has been
strengthened but there is still room for i'm
proyement It is clear than until men can
trust each other III entire good faith, the mer-
chants and traders of the country will not be
able to reap their full share Of the benefits
e
viessitudes incident to the changes Of mar
kets, to the rise and fall of prices are of course,
inseparable from the prosecution of business.
But the reverses that come of the betrayals
Of trust make their approaches steelthily and
without warning. Under these circumstances,
1t will be the part of wisdom and common
sense for Congress to provide, at the earliest
possible moment, a way to accommodate the
differences between creditors and debtors on
the basis OF equity and justice. In other
words, to enact iudicious national bankrupt
law. -
GRANT AND COTTON IN INDIA.-The New
York Herald Of the eleventh instant says
We publish this morning another letter
from our correspondent accompanying Gen.
Grant on his journeyngs Ia India, full OF pic
turesque descriptions and interesting
thoughts. First of all our correspondent
calls attention to fact that seems to have
been overlooked by. OH historians--namely,
that the Generals last military campaign ap-
pears to have been more extensive i'll its ef-
fects than we had ever imagined that, in
fact, the influence of the Appomatoy affair
reached for 10000 miles away, and that the
fall of Richmond was speedily followed by
the fall of price in Bombay cotton. ut Is
odd" said on Englshman TO our correspond
ent, that,Gen., Grant and Bombay should be
fns t.Nf hal hu
How the General ruined the city. Is further
explained by our correspondent very clearly.
Bombay imagined that the increased exrorta-
ton OF cotton, caused ny the closing OF
chants grew suddenly rich, money was plen-
tiful, speculation became rife, shipping,
financial. land aud railway companies sprang
UP by the score, people expected 600 per cent
returns Tor their Investments, and perhaps
got it until the announcement reached the
distant cottonopolis that Lee had surrender
ed, and then-"panic, insanity and bank
ruptcy.' The bubble had burst.
The PRESENT Position OF THE COFFEE
MARKET. - The New York Shipping List
prints the following communication on the
position OF coffee from well-informed and
conservative party, without, however, indoors
ing it:
The extraordinary large shipments of coffee
to the interior for the first three months OF
the present year. as indicated by the reported
deliveries from our ports of entry, has led
many Interested persons, with whom the wish
is doubtless father to the thought, to assert,
and many others who have not taken the
time to examine into the facts to believe, that
the increased consumption of this article for
the same period OF time has been in exact
proportion to the excessive shipments.
To be convinced that such a theory Is nei-
ther warranted by the facts. ncl supported by
any good reasons, supposjtitous or other
with figures, and to look at the apparently
largely increased consumption OF coffee
through lens, which takes in more than the
mere deliveries of coffee, and to take survey
which embraces larger period OF time than
three months.
Please examine the following figures: The
reported deliveries Of coffee for the three
months ending March 81. 1879, amount IN the
aggregate to 81, 305 bags, against 4Sl. 1913