nANxs OF New ORLEAN

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MpE June 20. july 26 .4ug 30 Sent. q.
Specie, 9.ai2.a s,2a,7so s2sf,8H 6NsoS7 6,osa ss4
Cash liab


es 2o7ls447 lsso2sa5 Issss,24 il,sl4so7 1866 800
Assets 2299 IL 259362 ll839878 l423428 $50 998
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There appears to be very little variation from month
to month in the items Of specie and circulation Since
August the cash liabilities have decreased ST. aO5
and the cash assets have increased $543b7s showing
decided Improvement In the condition of the banks
The importaons of specie into New Orleans have fallen
OIL very much within the past two seasons Last year
they were only about onehrd those of the year pre-
vious, and this for September they were only
$3l 900 against $49,66l for the same mouth in 1884,
which indicates decrease this year compared with last
fall, as large as that Of 1874, compared with ls4s.


1t appears at present probable that after all that has
been said in the organs in everysecon OF the
country in relation to the changes contemplated in the
most important departments ofthe General Government
there WILL in fact be very ltle any change from the
policy now carried out In relation the tariff the Ca
bine is so much divided that is yet uncertain even
what notifications will be suggested The two great
political parties of the country much divided
upon this question upon Others and there very
little doubt but that there will be votes enough in the
democratic ranks in the House Of Representatives to
prevent any very great alteration in the present act
There are many defects in the existing tariff which
may be almost unanimously repealed modified The
duties upon low priced cotton descriptions costing
less than twenty cents per yard exorbtan and
particularly felt by the poorer classes Our manufac.
lures in the earlier stages their found it i'm
possible to compete with Great Britain in the manufac
ture OF these goods and therefore highly neces.
sary the protection of this domestic interest," to place


very high duty upon all foreign cotton manufactures
costing less than twenty cents per yard The necessity
for that excessive protection longer exists and the
demand for its repeal comes almost unanimous from all
classes There no branch of domestic industry
firmly established than the manufacture Of low pri ed
cotton goods. 1t requires farther support
from Government and foreign manufacturer in the
world compete with those Of this country in this ar
tcle in any market While the glarng defects in
the present act WILL without doubt be perfected we do
not believe that the two parties will become sufficiently
separated to make general reduction in the duties en-.
forced by the tariff bill Of lS42.


The surplus revenue which has accumulated under the
tariff of ls42, the 3Oth Of September ls45
$l0,069,63s and has been since the passage
OF that act, $l2 1857 70 This amount Of revenue has
accumulated under very high average rate of duty and
excessive importations There surplus for more
than year after the act took effect and it was only
when the mportatons suddenly increased that the re-
septs of the government exceeded tho expenditures
When the deposits removed from the United States
Bank to the State Banks the surplus
10 Ss,oos,lsa At that time the compromise act
about commencing, but the average rate of duty on i'm
ports ranged near high at present. and the mporta.
tions ranged from ten to twenty millions per annum
higher than under the act of is4 The surplus was &C.
cumulatng fast had already reached such an immense
amount and was far beyond the expenditures of the
government that distribution was made among the
States and in 1887 the Treasury department was obliged
to issue Treasury notes to meet the demands
upon that branch Of the From 1887 to ls4o
0s6 % in Treasury notes. were issued under the
acts Of Oct 1887 May 1885, March 1885, The govern.
ment has not only been deprived OF its surplus revenue
but has been compelled to to every financial
expedent to meet its annual expenditures, and to
J.ha
Within period Of twelve years a surplus of ten to
twelve millions of dollars has been literally thrown
away the credit of the government reduced low that
twas impossible to contract loan, and the Treasury
department obliged to issue promises to pay until a
loan could be affected which eventually contrac ted
for about twenty-five millions Of dollars and a surplus
OF twelve millions Of dollars has again accumulated.
Within that short period the treasury Of the general
government has experienced the two extremes; it has
been filed to overfowng drained of the last dollar
and sgain filed to the brim. It is possible that the
same vcisstudes may be experienced during the next
twelve years commercial revulsion severe as that
just passed may be upon before are aware of IT,
We stand in position in a commercial point Of view
somewhat similar that we occupied in 1890 ben tho
disposal OF the surplus and the reduction OF the
tariff were agitang the public mind 20 deeply Stand
ing in the same position, be extremely careful
that we do not fall into the and realize the
same results Our banking systems are not 30 much ex
panded now they them but would not REQUIRE
much effort on the part of the leading nancers to pro
duce great and sudden imitation in credits and in bank
issues.


The administration oontempates a reduction in the
tariff and change in the safe keeping and dsburse
ment Of the public moneys Much depends upon its sue
cess in these movements


Old St0cs Exchange.


xT00 State 6's, H l06 50 shas " Am Tr boo II
10000 kentucky6s i0A 100 do lo%
Iod n. al Cant