New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-12-03

The New York Hsrald vauntingly refers 70 the
alleged fact that the ityssven suspended banks Of
that city have 25 900 specie in their vaults. Il
has been more than limited that very considerable
proportion Of this specie belongs to special depostss,
and not to The banks themselves But, assuming that
does really belong 70 the banks, how do they stand
il strength when compared with the specie paying
banks u New Orleans7 a comparison Of facts
the boastngs Of the Herald IS valueless a. the
idle wind According TO the statement Of last Satur.
day the specie in nine Of banks Of New Orleans
the other two having not yet commenced business
amounted TO nearly eight millions Of dollars. Nov,
tomAke the banks Of New York reIatvslya as strong,
Al ~ coin j. concerned, 81 the banks Of New Or
leans, and proceeding on the Herads proposition OF
rather boast the banks Of the former city should have
instead Of twenty-five millions, something like fifty
millions current coin in their vaults! Thus Is ex-
pcded one Of the principal assertions Of the yainglo
rious boaster Of the Gibraltar Of the commercial
world.n II q
The reference to the banking institutions Of Eng
lane, France and the other States Of Europe, is
par with the restjust about devoid Of fact. But,
for seliconsttuted champion Of suspended banks
banks that topped over OF the very beginning Of the
commercial crash-banks that were so weak that
they couldn't meet run Of forty-eght hours dura-
TO stigmatize other financial systems as rotten
Is the very heighth Of impertinence.
But, continues the Herald, pursuing untruth with
perseverance that would be admirable in truthful
cause & The Banks Of New York are now the only
sound financial institutions in the world II suspen-
sons Of specie payments-i deranging the currency
sof continent if dragging hundreds of solvent in
sttutions down to their own insolvent level-and if
giving forth no earnest Of an early resumption of
debtpaying to the public the New York Banks
the only sound financial institutions in the word'
then they are individually sound, sound as drum,
hollow log, ora questionable saddle Of mutton.
The Banks of Mobile never suspended specie pay
mens any Of their liabilities Does the editor of the
Herald consider them sound Evidently not, for he
asserts that the suspended banks of New York, are
the only sound financial Institutions which exist
anywhere But three of the nine banks ofsNew Or
leans suspended temporarily, and all are now paying
specie, and occupy positions that are mpregnable,
yet il the proposition of the Herald be well founded
they are not as g sound as the banks Of New York
because they have not repudiated their obligations to
the public and their customers and suspended! If
they would only suspend, perchance some portion Of
the responsibility exclusively enjoyed by the sound
financial institutions of Gotham might fall to their
share. NIX ". .s,4. IA 4 ,5f, 800 E, 5,5s &. !.
With one recommendation of the Herald we cor
daily agree, and hope it may be carried out at an
early day viz that the Banks of New York ssat once
resume specie payments.n If they, and the Western
banks would only resume, the Banks of New Orleans
would be enabled to afford that ample relief to the
commercial community it SO deeply requires But
until they do any great expansion the part of our
institutions Is out of the question.
The products from which the Herald is going to
make New York "the leading commercial metropolis
of the world do not happen to be raised in its sec
ton Of the country. It's premises being wrong, it's
conclusions must also be wrong ]" We have the cot
ton, corn and coin in abundance, quoth the Herald.
Not so You haven't any cotton at all. All the cot
ton raised in slave States and without cotton your
commercial fabric would quickly fall to pieces.
Perhaps you'll lose the cotton sooner than you I'M
agne As for corn according to the last census the
slave States raised three or four millions of bushels
more than the free States and nneenths Of the coin
comes from California. So it appears that the three
great products by means of which New York is to
be transformed into the leading commercial metrop
oils of the world, are not indigenous to its portion
Of the confederacy, and the two most important of
them cotton and coin-are liable to be turned into
other channels any year. Should disruption ensue,
the cotton Of the South will not be employed to build
up the mercantile greatness of New York as IT now
is; and all farseeing men admit that the probabli-
ties are ten to that California will set up for her.
self within decade, and if she does, she will GER
tainly take care of her own native coin, and build
herself up by the use of it-not New York.
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