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LATEST TELEGRAMS. AMERICAN FRESS ASSOCIATION. VIA 8. P. AND/IA. TELEGRAPH COMPANY. Specials to thelLedger. Suspension of Banks. NASHVILLE, September 25.-All Na. tional banks in this city suspended at 11:30 a.m. KOITA NEW ORLEANS, September 25.--All the banks here have suspended, but are paying large cheeks which go through the clearing house.
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IN LOUISIANA PARTIAL BANK SUSPENSION IN NEW-ORLEANS. NEW-ORLEANS, Sept. 25.-At a meeting this morning of all the bank presidents in the city except two, it was resolved to pay no check for more than $100. All larger cheeks are to be certified, and the arrangement to continue 30 days. This action is considered precautionary to prevent a drain. The merchants generally approve of the course the banks have taken. It is understood that a meeting of the Cotton Exchange will be called to-morrow to approve of their action. There IS nothing doing on 'Change. There is no unusual excitement about the banks. p n.-The following address was issued by the banks of this city to-day The undersigned, incorperated banks and bankers of the City of New-Orleans, desire to inform the community of The motives which actuate them in partially suspending payment of currency upon their demand obligations, owing to a partial suspension of currency payments by the Associated Banks of New-York and other Northern cities and the consequent refusal of the West ern and other banks to receive checks on New-York, as in the regular course in the settlement of collections made here for their account. It is ascertained that a very large remittance of currency hence has been made upon peremptory orders within the past five days. To such an extent indeed has this prevailed that at the same rate only a few days must elapse before our vaults and the community would be entirely depleted of the means essential to the ordinary movements of trade. At the present moment foreign exchange is unsalable in New-York, and as we derive from this source our main supply of currency, we are now thus deprived of our only means of restoring the amounts lost by shipmeats to the West and the interior. We have therefore taken this step as a means of self-protection, and for the benefit of the agricultural as well as the commercial interests, and as the only means through which the incoming crops can be moved without ruinous sacrifice in prices. The duration of this protective policy is limited to a period of 30 days, during which time we are conftdent that the daily receipts of cotton and sugar will afford us a prompt and ready relief, and compel curreney to seek this market. New-Orleans Nat'al Bank. Citizens' Bank. Bank of America. Union National Bank. New-Orleans Nat. Banking Germania National Bank. Association. Teutonia National Bank. Canal Bank. Louisiana National Bank. Mutual National Bank of Hibernian National Bank. America. Bank of Lalayette. State National Bank. People's Bank. Pike Bros. & Co., bankers. Clearing-house certificates at the rate of 75 cents on the dollar will be issued on sollaterals deposited by banks, and certified checks of the Cleaning-house will be used instead of currency.
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IN ILLINOIS. THE FINANCIAL OUTLOOK IN CHICAGO-SENSATIONAL RUMORS UNFOUNDED-CHICAGO's BANK POLICY THE SAME AS NEW-YORK'S. [BT TELEGRAPH TO THE TRIBUNE.] CHICAGO, Sept. 25.-It must be acknowledged that. notwithstanding the aspect of financial affairs in this city is, on the surface, much the same as yesterday. there has been an important change in the general feeling. Yesterday there was undoubtedly confidence that the unreasonable currency panic would gradually subside, that gradually more and more currency would find its way into the banks, and then in turn they could gradually pay out currency more liberally to every owner of a back balance. But much of this confidence was destroyed by the publication by a sensational sheet this morning of the statement that the Chicago bank had suspended payment. The utter falsity of the statement was shown by the fact that this morning every bank in the city was open and doing business just as they had been doing since Monday morning. The [false report of the suspension of business of the Chicago banks seems to have been telegraphed early this morning to all parts of the country with an alaerity that savors of a preconceived design to force the banks to suspend. At an early hour private dispatches began to come to the banks from everywhere making the inquiry, Have the Chicago banks suspended? The unanimous reply to this from the banks here was: " No; banks all open and doing business as usual." It was too late, however, to prevent the effect of this incendiary report and before noon those effects were shown in the telegraphic report of the run on the banks of Memphis and the suspension of payments by the banks of NewOrleans. The report in question had no foundation except a resolution, not unanimously assented to by the members of the Clearing house Association, at a meeting last evening. The resolution. itself amounted to nothing but a declaration of facts which have been publicly known to exist for the last three days, viz.: that owing to the scarcity of currency the could not pay large demands This not the announcement of any new banks was from for departure, currency. what or change in the feeling of the banks had been the rule for three days. Moreover, it was not the acknowledgment of any secret. The position of banks has been for two same as that of the New-York public's to the be Chicago the days banks; for known that few is, they cannot pay large checks in currency a days until the currency excitement is over. The effect has of sensational reports above referred to been unfavorable to the The in this city to-day have all undoubted the banks situation paid currency to-day. small checks, but as to what is a small check there is on a great difference of opinion at different one bank a small check means $25; at another it may mean banks. probably At of $500, man's $25, $1,000 at one bank means or 10 per cent a or balance, and at another 25 or 30 per cent. As a general thing city depositors have been able to get all the curreney which their real necessities called for. What is to be the net result of this doling out of curby the banks is a point upon which there them- is a rency diversity of opinion among bankers great A few banks that were fortunate enough selves. have a comparatively large stock of currency to when the panic began, and have been exceptionally since, fortunate in getting hold of considerable amounts to feel confident that they can go through meet any. seem and that they will be able to thing, demand their customers will make. But any fully two-thirds of the banks that in with this city it must be acknowledged that they believe that the currency is being gradually driven out, and though perfectly solvent they cannot be expected is do impossible things. Their argument the to currency will not begin to come into that until confidence is in a measure restored, and that the f banks only thing that will restore confidence is for know the banks to cease trying to do what their depositors a impossible, viz., pay currency for all their deposits deal of There is undoubtedly a great into the city to merchants. is at currency once. coming Some can guess of it is deposited by them in the banks, but any man deposit how much by asking himself whether he would currency in a bank now or not. There is, of well course, of the quotable money market now. Borrowers as market. as lenders no for ordinary purposes are out of the D 11 speculation in grain, money is worth anywhere the flue For 100 to 300 per cent per annum, according to from of the difference between the price of grain t tuations and October. The situation, however, is by no of for cash hopeless, even in respect to the continuance 1 means payments on a limited scale for the present hope y currency gradually increasing the amount. The main and Chicago banks now lies in getting currency abated le of the the East. The excitement has much e from New-York, and if the advices from there to-morrow g in be favorable, and the New-York banks respond should the demand of the Chicago banks for currency, to to loss of confidence will be quickly regained made the The clearings of the banks were the last e morrow. without any more difficulty than for the fe to-day, days. There was some talk to-day among nt III three banks of adopting the plan of issuing Clearing-house Ie certificates for the settlement of Clearing-house of but there 18 no unanimity the er feeling, balances, and nothing was done about it. This is 8; W8 difficulty with the Chicago banks in the present they ds great emergency-they are not united. On the contrary are trying to get the advantage of each other. y-
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BY TELEGRAPH THE CRASH. Financial Situation Throughout the Country. List of Additional Fallures and Suspensions. Five Hundred Men Discharged from Employment. WASHINGTON, September 26.-The following suspensions are reported today: Wooten, Webb & Co., Indianapolis; Danville (Va.) banks; Planters' bank, Farmville, Va.; Lancaster & Co., Richmond; Koutz & Smith, Toledo; bank of Ansonin, N. H.; J. J. Cohn, Augusta, Ga.; F. Washington & Co., Washington. RICHMOND, Va., September 26.-The Tredegar iron works discharged about six hundred men engaged in car building. NEW YORK, September 26.-The Sun says Adams' Express Company has carried daily to the interior $1,500,000. The United States Express Company has been carrying out about $500,000 daily. Twenty-four hours' notice is to be given before the Stock Exchange opens. The situation on Wall street this morning presented no new features. Business generally continues in a state of suspense. Foreign exchange has been reduced by bankers to 54@64 for long and short sterling. Gold has been strong, with more activity, and sales were made at 112g. Money 1@1 commission. Several parties are short of gold, and refuse to pay of per cent. NASHVILLE, September 26.-The banks have suspended currency payments upon checks of over two hundred dollars. The Board of Trade approves this action. ATLANTA, Ga., September 26.-At a meeting of the business men it was resolved to assist the banks by free deposits and light drafts. SAVANNAH, Ga., September 26.-In accordance with a resolution of the Chamber of Commerce, the banks are certifying checks, but withholding currency. CHARLESTON, S. C., September 26.The Peoples' bank of South Carolina, Peoples' Saving bank and South Carolina Loan and Building bank have suspended currency payments The National banks and other State bankspay as usual. CHICAGO, September 26.--Five National banks have suspended. LONDON, 4 P. M., September 26.--American securities. There was a large business, with wide fluctuations and much uneasiness, WASHINGTON, September 26.-The Star says that President Grant has appointed Jay Cooke, McCullough & Co., of London, financial agents for the Postoffice and State departments vice Clewes, Haviek & Co. NEW ORLEANS, September 27.-The banks have suspended for thirty days, for precautionary measures.
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# BANK SUSPENSION.-- In another place we give the address of the Presidents of the New Orleans Banks, announcing a suspension for thirty days, and giving their reasons for it. Of course this action will produce its effects throughout our State, and cause great inconvenience and distress, which we hope, however, will only prove temporary.
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The Banks of New Orleans. ADDRESS OF THE PRESIDENTS. The undersigned, incorporated banks and bankers of the city of New Orleans, desire to inform the community of the motives that actuate them in partially suspending the payment of currency upon their demand obligations. Owing to the partial suspension of currency payments by the associated banks of New York and other Northern cities, and the consequent refusal of Western and other banks to receive checks on New York, as in regular course in settlement of collections, made here for their account, it is ascertained that very large remittances hence have been made upon peremptory orders within the past five days. To such any extent, indeed, has this prevailed, that at the same rate only a few must before our would be entirely days community elapse vaults depleted and the of the means essential to the ordinary movements of trade. At the present moment, Foreign Exchange is unsalable in New York, and as we derive from this source our main supply of currency, we are now thus deprived of our only means of restoring the amounts lost by shipe ments to the West and to the interior. We have therefore taken this step, as a h means of self-protection, and for the benefit r of the agricultural as well as commercial e interests, and as the only manner through 11 which the incoming crops can be moved r without rninous sacifices in prices. The duration of this protective policy is al limited to a period of thirty days, during is which time we are confident the daily red ceipts of cotton and sugas will afford us a of prompt and ready relief, and compel eurVrency to seek this market. d CITIZENS' BANK. is UNION NATIONAL BANK. ed GERMANIA NATIONAL BANK. ry TEUTONTA NATIONAL BANK. rLOUISIANA NATIONAL BANK. nd HIBERNIA NATIONAL BANK. isBANK OF LAFAYETTE. esSTATE NATIONAL BANK. le NEW ORLEANS NATIONAL BANK. atBANK OF AMERICA. ey he N.O. NATIONAL BANKING ASSOCIATION for CANAL BANK. MUTUAL NATIONAL BANK. PEOPLE'S BANK. of PIKE, BROTHERS & Co., Bankers. all tes At a meeting of the Associated Banks the held this days, itawas. try Resolved, That all deposits made hereaf ter shall be paid its kind, and that againa previous deposits no check exceeding twen ion (25) dollars will be paid in curren the to any one depositor on the same day. LOWIS SCHNEIDER, inGEO JONAS, and PAT. IRWIN, ons Trustees. mClearing House, September 25, 187 nes
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thrown out of employment, including the body of opera- tives who were most prominent in the strike of last Sum- mer, and who, it may be supposed, drew most largely on their savings to support that movement. The Atlantic Delaine Mills are controlled by Hoyt, Spragues & Co. of New-York, though not run in their name. Messrs. Sprague have shown themselves very chary of informa- tion as to the steps they have taken or propose to take in curtailing their production, and seem inclined to allow the cloud, which Rhode Island manufacturers say hangs over all interests in the State from the enormous volume of their obligations, to put on its darkest aspect. # REDUCTION OF THE PRICE OF GOODS BY BROWN & IVES. The Lonsdale Manufacturing Company, which is con- trolled by the house of Brown & Ives, runs five mills at Lonsdale and Ashton, manufacturing villages in the valley of the Blackstone, a few miles from Providence. Here are manufactured cambrics, Lonsdale bleached shirtings, jaconets, etc., and in these five mills are 144,000 spindles and about 3,000 operatives. These mills are still running on full time and with no reduction of wages or employés. The agents state that they desire to keep with them all their operatives, some of whom have been in their employ 30 years and even more, and have as yet decided on no curtailment on account of the financial troubles. Unless matters soon mend, how- ever, they will be forced to retrench. The reduction would probably be made in the wages rather than in hours or force. The agents assert that the operatives have been getting such very high wages that they can well stand a reduction. They look, however, for an early revival of business. The Lonsdale Company this week reduced the price of their goods one cent per yard. Other manufacturers following the example have given orders to their selling agents in New-York to re- duce prices correspondingly. The agents of the Lons- dale Company say that as cotton is falling ½ of a cent per pound daily, with reduced wages they can make a fair profit at the lower rate. The reduction has not been wel- comed by their competitors, who say that they could keep up their mills at full time at the old rate, but must now curtail. Brown & Ives also control the Hope Mill, at Scituate, which makes shirtings. The mill contains 28,000 spindles and employs 350 hands. They also control the Berkeley Mill, in Cumberland, seven miles from Providence, which is a new enterprise. The mill is now running over 300 looms, and, having a capacity of 40,000 spindles, employs about 400 persons. Here are made fine goods, sixties, eighties, and one-hundreds. The Hope and Berkeley mills are running on full time, and at the latter place new looms are being frequently added. The manufacture of the class of goods made at the Berkeley is said to be new in this country. The same policy will be pursued at these two mills as at Lonsdale and Ashton. Beside these a print cloth manufactory in Blackstone, Mass., with 50,000 spindles and some 600 hands, is con- trolled by Brown & Ives. This manufactory was shut yesterday, partly for repairs, but more on account of the depression. The present intention is to resume at full time on Monday next, but action will be governed by the condition of trade. Belonging to the Crawford-Allen estate, and now con- trolled by M. B. I. Goddard of this city, are the Allen Print Works in Providence, the print cloth mill of the Bernon Manufacturing Company at Georgiaville, R. I., the Woonsocket Company's cotton mill at Woonsocket, R. I., and the two mills of the Smithfield Manufacturing Company, one in Alleaville, R. I., the other in Dedham, Mass. Mr. Goddard also acts as agent for the Fitchville Manufacturing Company, whose mill, at Fitchville, Conn., manufactures shirtings. The Allen Print Works, which have a dozen machines with a capacity of about 15,000 pieces per week, and employ nearly 400 hands, stopped a month ago. At these, as at other print works, a stop of a fortnight twice a year, in the Spring and Autumn, for repairs and preparation for the change between light and dark goods, has been cus- tomary. The time of the Autumn closing has been Nov. 1. The panic hastened the suspension this season, and no time of resumption is yet fixed upon. The Bernon Mill, which has 603 looms, 30,000 spindles, and about 450 hands; the mill of the Woonsocket Company, with 13,000 spindles and 170 hands, and the Allenville Works of the Smithfield Manufacturing Company, with 10,200 spindles and 150 hands, all stopped on Saturday, the 11th inst. When they resume-a time as yet not fixed with certainty, but possibly Monday next-there will be some reduction, probably in time. It is thought by the representatives of these mills that a suspension of a few weeks will be lightly borne by the operatives, but longer idleness would drive many of the French Canadians of whom there is a large number employed throughout Rhode Island-to Canada for the Winter, and cause distress among them and trouble to the em- ployers to get labor in the Spring. The Fitchville Com- pany-whose new works have a capacity of 15,000, now running 12,000 spindles-has made no reduction of any kind. Two hundred hands are employed. At the Ded- ham Mill of the Smithfield Company, now running on full time, are 163 hands and 12,000 spindles. # PARTIAL SUSPENSION OF WORK IN OTHER MILLS. The Albion Manufacturing Company at Albion, R. I., runs a mill for the manufacture of print cloths, which has 400 looms and about 22,000 spindles. It will run on full time up to Jan. 1, as it has contracts to fill up to that time. The Monville Manufacturing Company, whose new mill at Monville, R. I., is one of the largest cotton mills in the country, having a capacity for 100,000 spindles, has as yet put in but 1,200 looms, and has been employing 1,000 hands in the manufacture of print cloths, jaconets, &c. On Saturday, the 11th inst., the mill was closed, with the intention of resuming this week on half time. The Chace Mill at Washington Village, Pawtuxet, R. I., which has 4,000 spindles, was closed the same day. The Central Manufacturing Company, which has a mill at Plainfield, Conn., with 10,000 spindles, is now running on two-thirds time. The great cotton mills at Wauregan, Conn., and at Ponema, near Nor- wich-the latter ranking among the chief mills of the country, and having 72,000 spindles, and the former hav- ing 56,000 spindles-which are controlled by Providence capitalists, have been running on half time since Mon- day, the 20th instant. Their agent in this city, Edward P. Taft, says that the operatives are excellently well sit- uated to bear the reduction, being a very thrifty class, and having saved from 30 to 35 per cent of their abun- dant wages. The Warren Manufacturing Company of Warren, R. I., which has near 60,000 spindles, shut down entirely for a few days, and with the Cutler Manufac- turing Company of the same place is now running on half time. Mills in the Quinebaug Valley, in Eastern Connecticut, which are controlled by Rhode Island man- ufacturers, have almost all cut down their running time to seven hours per day for five days in the week. The owners of the large woolen mills at Woonsocket, R. I., and Waterford, Mass., are now considering the question of running only half time. None of the Rhode Island woolen mills have yet stopped entirely. The closing of a woolen mill causes so much more derangement and loss than that of a cotton mill that the woolen manufac- turers are very loth to suspend wholly, even though they cannot sell their goods. The Greene Manufacturing Company, at Norwich, R. I., which has 25,000 spindles, and makes print cloths, shirtings, and similar goods, has been running for a fortnight on three-quarters time. The Luppitt Mill, at the same place, which makes print cloths and has 7,000 spindles, will run full time to Nov. 1, when it will either stop or reduce. The Coventry Mills, at Anthony village, Coventry, R. I., with 10,000 spindles, making print cloths, will pursue the same course. Many other small mills have either reduced their running time or will do so soon. # GENERAL PROSPECTS. NEW-ORLEANS BANKS TO RESUME NOV. 10-A STRIKE OF COLORED LABORERS.
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ORLEANS. PLAIN COUNTRY TALK. It is in no fault-finding spirit we enter our protest against the action of the banks and business men of New Orleans. In truth, we believed and felt when the notice of the thirty days' suspension was first announced that the movement deserved to be universally censured. Under the pretext (in the words of the official announcement) of benefiting "the agricultural as well as the commercial interests, and as the only manner through which the incoming crops can be moved without ruinous sacrifices in prices," the banks of New Orleans united in the suspension movement. In the light of what has transpired it must seem to have been a "ruinous" policy when the banks resolved to close their vaults. How could the incoming crops be moved without the money held by the banks? And how could the banks possibly obtain relief when there were no cotton bales "incoming?" The New Orleans merchant was bound to notify his agent, or his planter, that he could get no money from the banks to pay for cotton, and this was what came by mail, by wire and by newspapers to merchants and planters all over the country. The news fell like a pall upon "the incoming crops," and the blockade of trade and of the payment of debts, as well as the heated pursuit of debtors, began. The very idea of shipping, or selling cotton without a little money, gave the producer the "studs," and the flow of the staple almost instantly stopped. As a consequence, money ceased to flow from the country to New Orleans. The stream had been dammed by the banks, and no supply went down. And now, in the face of this stagnation caused by suspension of the banks, these institutions have agreed to extend the thirty days' suspension indefinitely. Merchants write to their customers, For God's sake draw no drafts upon us. The man, in fact, who has money in his merchant's hands, has had to pay 7 per cent to have his draft cashed, and instead of receiving $100 on his draft for that amount, receives only $93. If it should become necessary to send this $93 to New York, exchange costs 4½ per cent, (when it ought at this season of the year to be at par, if not at a discount,) which reduces the $100 to $88.22½, making the actual loss $11.77½, or more than 10 per cent on money on trust and for a single transaction. Where does the "benefit" come in in this transaction? This is what we are asked to consider financial wisdom! This is what has been done to move "the incoming crops," and "to benefit the agricultural as well as the commercial interests!" In our opinion this movement has more of the features of a combined swindle in the interest of monied men, than a movement for the benefit of commerce and agriculture ought to have. Why should a bank, any more than a planter, refuse to pay its indebtedness to the last dollar in its keeping? What are the banks doing with their greenbacks? Keeping them from circulation to relieve commerce and agriculture? Or, is this same money carried to Carondelet street, and there invested in the certified checks of these same banks at 7 per cent discount on the face of their own checks? If neither of these means are employed "to benefit commerce and agriculture," then what has become of the currency of the banks? It does not come to the country to help "move the incoming crops." Cotton cannot be sold for money in the interior. It is, therefore, real stupidity in the Manager of the Clearing House of New Orleans to tell the country, as he has just done, that "the only remedy we
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# MINOR TELEGRAMS. Beinforcements are going forward rapidly for the government troops before Cartagena. The British ship America foundered off the Newfoundland banks, and the captain and three men were drowned. The crew were out in a boat six days before they were picked up. Bell & Co.'s tobacco warehouse at Hadley, Mass., was burned Monday morning, with 330 cases tobacco. Loss $28,000; insurance $25,000. In a fight between two Chicago policemen and four thieves, one of the latter was shot. Eighteen lives were lost by a late explosion of a magazine in Cartagena. A Washington despatch says there are twenty candidates for the Kansas Senatorial vacancy, and really but two parties in the State, the grangers and the railroad interest. In Chicago a large meeting of workingmen passed resolutions demanding labor of the city when other sources fail. J. W, Morrison's store and outbuildings in Plymouth, N. H., were burned Monday. Loss $3000. Hayti has a political trouble. President Saget will not vacate the presidency except to Dominique, whom the House of Representatives don't want. Yellow fever prevails at Port Royal, Hayti, among Europeans. George B. Noyes was killed at Manchester, N. H., Monday, by being run over by a load of wood which he was driving. Capt. J. E. Michener, chief opener of dead letters at Washington, has been held to the action of the grand jury on the charge of robbing letters. The Catholic Bishop Queretara of Mexico, advises his people to submit to the civil authorities. The government candidate has been elected Speaker of the Mexican House of Representatives. The banks of New Orleans resumed currency payment Monday. A despatch dated at Rome says that on Monday the Pope delivered an allocution and appointed twelve cardinals. A Belgian pleasant is said to have discovered a substitute for coal. He saturates earth with a solution of soda. It gives a strong and steady heat. The St. Albans Messenger says George W. Jones, a well known citizen of Brandon, Vt., has been lodged in jail at Rutland for chastising his daughter with whips and chains. Six thousand dollars was realized for the Centennial by the Philadelphia tea party. In New York last night Maurice Daly beat Francis Ubassy at a game of three ball French carom billiards, by a score of 350 to 303. Internal revenue receipts Monday were $576,725. David Nesbitt of Lindsey, Canada, was hung Monday for the murder of Miss Hapwood last July. Five or six boys ranging from 15 to 18 years of age were arrested Monday in Schnectady, N. Y., for setting buildings on fire. A lot of striking longshoremen in Philadelphia attempted to get up a riot yesterday but were quelled by the police.
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We learn from the New Orleans Picayune of the 23d that the associated banks of that city resumed currency payments the day before, after a suspension of nearly three months Cotton was pouring in the city with unexampled rapidity, one boat alone-the R. E. Leebringing in last Monday 5741 bales, the largest load of the season. The largest load ever brought to that port was 6500 bales; the steamer Magnolia brought it in 1859.
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# New Year's. Before another number of this paper issues, the new year-1874-will have written its name upon the roll of the century. When the last of its years shall have been inscribed on that roll, when its full list shall have been folded up and laid away for ever, and the spotless new roll of the twentieth century opened out before man to write thereon his history with many a stain of tears, and blood, and fire, then the world shall be just as busy and bustling and just as intent upon its own transient interests as now. But how many of us shall take a part in its busy scenes ? This is one view of the case, but it shall not, by any means, prevent us from wishing a happy New Year now to our contemporaries. The present alone is ours. If people are never content with what they have that is the present-let them at least look at the near future only. There we may find a good deal of consolation apparently in store for us. The hard times are rapidly passing away, and green backs are once more coming prominently before the public. Our banks have resumed payment and we can hardly want better assurance that the storm is over. The safe, skilful financiers in control of them, who so prudently shortened sail in the hour of danger, can be relied on as pilots throughout. Then cotton is commanding a better price and fortunately a great deal of it yet remains to be shipped. Very soon people will find themselves entirely over their panic, their pockets well lined and the spirit of adventure growing strong within them. This will set all the wheels a-going -not only commerce, but manufacture and agriculture and building. Improvements on real estate will go forward once more, and mechanics and laborers find plenty of employment. In politics the signs indicate relief. Animosities resulting from the war are disappearing, and the political corruption which plunged the whole country in debt-not only South but North also-is awakening a storm of general execration that will drive it from its bad and impudent pre-eminence into comparative obscurity. Our Northern brethren begin to see that robbers are not safe agents to employ. A Government which openly robs and plunders a helpless section of the country, cannot be relied on as honest in the other sections. Our beautiful New Orleans is spoken of farther North, even by its friends, as the "doomed city," but their sympathy is probably uncalled for. Rivalry and money have thus far been able to check that prosperity to which nature has manifestly destined our queenly city. So far as capital in its thousand appliances of railroads and canals and banking facilities has been able to supersede nature and its works, so far New Orleans has hitherto been doomed; but to all this there is a limit. There is a period when the tidal wave of natural development will burst all the barriers that human skill can interpose to cramp it. In wishing a happy New Year to our friends, we experience a conviction that a day will come when the royal banner of the world's commerce and the world's wealth, will wave from the towers of the Queen City of the South.