New Orleans daily crescent., 1857-12-28


q. e.
-
u HANKS AND T1aM 14s !1s ~ ssss vE "a e
/ ss s;a:. ~,
Tke ey<ral hankir4 inSti AZ tho city Of New
/ 0fseans hld III thsis ysas ~, Accord'
inx to tl1S oiists NSekly Ratsnnsat the enormous
ndin of tsS lniid1 three hundfedan twenty thons-
S6a Mia I'm u 4nd ninetyslx dollars in sctual
coin! TElS3s u unpres seIensed amount and whle
u ami ample eAtnest d tho absolute impregna-
by II mi financial Gibraltess, il siso proves thAt
1 ~ " y co1dstion 20 furnish large relief 70 i
psensd, md undonbtsdfy the most snaysnt
snelciel commnpity on tho surface Of the globe,
md hat y = Alike nnwise, unjust and impotic TO
ltp p ysst y snm boarded, doing no possible good
sr p the stockholdsls n the banks or the public
a large, when y might be pro- tably employed Ia
lsstny he ono and ausmenting the dividends Of the
othef.
To illustrate s further tho sbility Of the banks 70
extend the relief that is 90 much needed, we have
Only u consult thc of assets and liabilities
Of Tie varon natitntions made TO tho Board cf Cur
rsncy lsst Saturday The resources Of the banks in
specie, paper and exchange, taking the round mum
bers amounted to go 900 600. Their liabilities Also
in round numbers in circulation, to depositors and
surplus Of eisVen millions dollars resources over and
above all liabilities, which ia truly % satisfactory
financial condition Is the most aniquated old fogy n
ne land could desire banks 70 be IN.
Vi The circnlAtion OF the banks il something over
900 900 agAinst more than go 900 900 of coin!
The hena can redeem every dollar Of their crcnla-
ton to-day and stifl retain six millions of gold in their
vaults ~ surpius (For the precise figures Ne refer
hesds which Will NJ found ID its proper place else
hers This y III more than reduction Of circula-
TN of the much talked Of specia basis 1t is ia.
sing the lsver Of paper currency down to an inds.
dnguiahAbe point on ono end and oysrloading it on
NJ Advese end. Nis altogether too much of good
thing and ahould be gotten rid Of with oil the speed
thas y kcompatfbls NTH sscurity. Ii no commercial
mart ii Chrstendom except this are banks expected
u keen mora thx one dollar IN snece "a op in circn-
llion, nor do they do it. Banks gcner1lly have two
IL thrss dollars III circulation u ors o gold in vault
ma such institutions, when properly conducted are
Always saie and solvent, besides being 81 material
advantage 10 facilitating the operations OF commerce.
Hare, howsver, the contrary rule PREVAILS and eur
bank managers with largely more than two dollars in
coin to Of nstes ii general circulation, are con-
tinnaIly pleading poverty and protesting their ina
mp n0bly under 5 pressure that would have pros,
tfatsd any other similar community on earth and by
thus bearing up has incontestbly demonstrated its
aolidty, resources and solyency. II
q u not onr purpose to ungenerously crticisa the
the various Directories have thought proper to
pursue. Nothing Is further from our intention. We
have no doubt their motives are good and that they
kre acting for the best interests Of the stockholders
own Judgments. But We do think they are carrying
caution too far-that what they deem ID nothing but
prudence is the offspring of unwse apprehension Of
something not 1t all likely to occur in the future
snd that this miscalled prudence il not promptly re-
strained within proper limits viii eventuate in de-
pleton Of the revenues Of the banks and much loss to
the mercantile world OF New Orleans. It is not likely
the banks are making much on their circulation just
now.
While the panic existed . rigorous curtalment on
the part of the banks was as proper as it was neces
sary This fact no will deny. The proposition it
involves IS ndisputabe. When people run crazy with
!" panic, when confidence is utterly destroyed, and
when the plainest facts and figures have no effect
upon the public mind -as was the case in this city
for few days fewer notes the staunchest banks
have IN circulation the better. But. when that panic
SsstsaeAAse,
their absurd fears when confidence is completely re-
stored, and when the banks, having withstood the
shock with an impregnable front, have q stronger
hold upon the popular heart than ever, and when, by
no possibility. can there be any danger Of future
runs Of frightened note holders and depostors, it
seems to rs, as i seems to all outside bank parlo
that they should daburse literally from their overflow
ing Golfers, and thus help along mighty trade that
langushng through Its every ramication, because
Of the absence Of that circulating medium which is
70 the commercial system what the blood is to this
physical system.
y The wholesale trade Of the metropolis, as a matter
of course, was the frst to experience the damaging
effects Of the panic and pressure, and tie withdrawal
Of the usual banking facilities. This is always the
case everywhere md will always continue to be the
case everywhere Then came the turn of the retail
ers and small dealers and they had to suffer- it being
out Of the order Of things that the wholesaler could
be injured and the retailer escape injury The whole
saler being unable to obtain the usual sccommoda-
lions, Was unable to extend the usual accommoda-
tions to his retail customers in fact being pressed
to the wall himself, was obliged to press them, in
stead Of granting them assistance We might run
the parallel further by mentioning many other
branches Of business especially the local trade which
have experienced and are experiencing the evil effects
the pressure and which call loudly for relief but as