New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-10-15
Nsu 0rltans 9aiIu 6resttnt.
THE COMMERCIAL DEPARTMENT.
Ysm 0rItaus Dpntg Narktt.

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cszscss1 oys,srs No; 70 Camp stree, i,
The events to-day financial circles great
power conSdenceshake that impair Its
commercial fabric falls through Although there has
great want Of confidence existing to-day does
indicate community is bankrupted early hour
day tho telegraph brought adyees that the Banks In the
city Of York had resolved general suspension. This
however, expected and would have the signal that all
anxiety regarding that city removed. Subsequent the
receipt this intelligence It ntimaed that of tue free
their exchanges this morning. could make their
balances good This followed by report that majority
old Banks declined the notes Of three Of the free Banks
OF this made known the public naturally
became excited and reasoned thus the Banks cannot
each other then the involuntary creditors be
pected to retain confidence" Between IL
the Union Bank aggravated doubt by tee
graphic Dispatch the Union Bank OF Augusta Ga, had
suspended we'll the Union Bank of New York. Holders
did stop it appears to Inquire what Union Bank
whether New York louisiana Immediately started
for street. the location Of Union Bank required
very little extend the rush. and all those having few dollars
Mechanics and Traders Bank also presented them for
payment The feeling began spread and extended to the
Bank Of New Orleans which Immediately closed DOORS
about balfpas 2P NJ In the meanne the Union paid
dollar The MechaDcs' and closed
The Southern Bank did appear have many
calls the public perhaps being that 1t all prepared
1t closed at the usual hour
The Citizens Bank from it's very large and extensive bus
ness great popularity seemed be the general target
Towards o'clock decided appeared to be determined
people began congega with checks for the ord
nary of the day with few notes. among them
people who easily alarmed but the majority Of the crowd
outside was people who merely attracted by
run on Bank many Of which had ntrinscally in
terest in Bank the credit Of CITY, than the In the
moon pomptness and alacy with which all calls
diminished the excitement and after O'Clock the Bank
closed doors having been kept to that hour to
nodate the public 20
The Canal also open till late hour, but calls
made. -.
When We reflect on what we have witnessed to-day
what little substance might say from what
shadow astounding arise, and create panic 1t
hoped when the advices received to-day Of the intended
spenson Of the Banks Of the city of New York. might
consider that the which community have
reny feeling fe three weeks ended and knowing
actually about being realized it hoped
might calmly reflect position and at least devise
onward But might we'll undertake to
the Of the Mississippi river towards the Rocky
Mountains check panic when it gets fairly started.
We advised what the discarded Banks will
pursue As the troubles only temporary 1t is
presumed they will open usual and pay their obligations
they general suspension Of the Banks do anc
pate and believe that OF Banks cannot be broken
let the come to the worst.
We learn Secretary of the Treasury has ordered
600 gold here in the Mint to be used in the purchase
silver andi buons which, suppose not already
transferred will be We hope that discretionary in
structons the amounw be issued increasing fund for
specie investments at least million Of dollars.
nothing to be said this evening in exchange But
among the to-day saying that large amount Of
gold brought from Havana by the Granada to be invested
in sterling exchange Whether is not, could
ascertain.
There was no paper market to-day. An town Bank,
learn discounted nearly 100000 which freely accepted
presume by the discounees
The Bank of New will opened and
usual We believe that in the
twenty days matters will be arranged that will
The dscredg of Its notes. well the notes
Bauks cannot be regarded Of Interior injury
press sudden that strikes every individual
fright. There for real alarm The ccua
is amply secured, and the porte Juie Of the Bank
81, coo, 600, is considered as good any other.
IT, however, citizens think that the country ruined b,
this unexpected uncaled for panic is useless
diate their misconceptions.
The position of the Bank OF New Orleans on Saturday
follows
Liabilities. Assets.
GireslS,on T Bs %
Due distant Banks.... $3.50 Exchange. l46 50
For security circulation there lodged
of the State city and State bonds the
| Of ss2l,0O. ......-.....
The New York Courier Enquirer the 7h ins says
FIsAScAI-The cheering aspect of affairs, which ap
in the early part Of Monday was no, s sustained urn
would show further decrease of loans instead Of an in
s as 81 % ST. an ns
specie coupled with the declaration Of the Journa
and boarded M made yesterday day Of panic
has been witnessed in this or any other country Ever
and reasonable knows, that in reality there is
earthly for the existing state OF things except foo
wicked panic utterly destructive confidence and hi
panic is daily by enseess
When the public that the banks still curlain
instead extending their discounts promised the feeling
became general that what was threatened by the Herald
who publishes the opinions in regard
banking institutions two days in succession
They apply this latitude this time with great force, for
is we'll every individual of ordinary intelligence tina
| the present panic is altogether uncalled for
Letters England show that the extent and magnitude
our panic yet been there compehended for
the 3 u expected whereas has increased
and is vet going on of late date from Manchester
| says:
The American panic also been felt there in limited orders
owing 10 unwingnes of the merchants to purchase unit
thew receive more assuring from New YORK; and the othe
principal cities of the States. As yet however have no
heard of III effects amongst our houses from the panic
much If any thing fear. Many of us having burned on
fingers during railway mania in this country,
we given credit the American houses In fact
they did require it. but have conducted their transaction
with in most honorable and Tadesman-ke manner upo
cash credit terms The general opinion here ase
from agents. is that they have
panic in America. and that the next arrival
| will bring us a resumption
The Manchester Guardian Sept 23d under its London
| market, says
The aspect of the London market is promising for
about millions and quarter there does not az
pear any ground for The nppoon that the directors are kel
to put up the discount Th items q e aon
the of the future the policy OF the her
Of notes being paid in on account Of duties
meet the demands merchants without reducing the Reserv
of in Of the falling of in the bullion
therefore do not anticipate any rise on Thursday next
necessary notice this the possibility
being talked about.