New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-10-01
Ta1lx on, Change.

It is the general opinion on Change that if the
telegraph was abolished or done away with commerce
and trade would be benefited For some weeks now
our community has been kept in almost continual
excitement by reports over the wires Of suspensions
failures pressures and panics in various parts of the
country It is requiring too much for the community
70 credit more than one-half of the reports. We
have It at one hour that this or that firm has sus
pended payment the next hour, q contradictory
account comes, saying so and SO have resumed, with
endless quantity of twaddle, and winding up with
the very exctahle intelligence that the water in the
Ohio river had fallen inch and that whisky was
in good demand in Cincinnati. The telegraph has
been, in our view, the cause Of more trouble and
pressures than were brought about by the elements
ofweather, storms, or real financial troubles in dis
stant parts We may be termed "old foges' when
we say that the submarine telegraph across the At
antic would not of the least service to the
commercial world. There is such thing as going
too fast, which is confirmed by events that have
TRANSFERRED reported to have transpired since last
Friday, the 18th inst. Every person who hears any
tatte report particularly lift is erogatory to this
or that merchant this or that bank, or such banker
goes direct to some telegraph Office, and indes some
street report and it then goes broadcast it were,
over the Union as reliable fact. We have witnessed
panics pressures and revulsons in this section COM
pared which the present blast might be considered
as sixpounder with long forty-two. 1t is pre-
sumed that there are many residents who recollect
the great year Of 1926. The telegraph furnish SO
many opportunities for any eyiLdisposed person to
fabrcate report; and there have been SO many re-
ports received lately forwarded hour and contra
dicted the next that again remind our readers to-
wait their regular correspondence by mail We have
reason to believe that the financial troubles in the
North have been greatly exaggerated ds
The general talk yesterday on Change was cotton
and exchange. It was reported at a late hour that
some Of the Banks had concluded to take exchange.
This did not amount to much two or three Banks
have been purchasing bills every day this week at
some rates or another. It appears, however, the
managers Of the old Banks will not allow themselves,
If it can be avoided to be caught out of rule Whether
the effects of legislative tinkering at the last session
Of our Legislature not felt by the community,
commercial and agricultural, those largely engaged
in those pursuits can answer. Were it not for the
personal penalty our Banks could expand fully three
millions of dollars with the greatest safety As it is
they are kept in strong position without any gen
eral advantage being realized. fg 3Ae
The general talk on Change is Of the most inspir-
ing nature Scarcely individual but considers the
blast as likely to be Of service. Our Banks were
never in much stronger position, though they are
greatly restricted in their usefulness blythe action of
the last Legislature. Is "a.
\ The advices from New York are favorable. The
Banks in that city will not suspend and the Boston
Banks will hold out. !" Ais wel'
4