New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-10-13
Ne@ Orltans Duly 6rsstent.
THE COMMERCIAL DEPARTMENT.,
Nsn 0rltans Nlontv Warkst.

<AAS = A"AA~ANA
a.
Neh 0rltans Mloutu Ylarktt.
Monday Evening, Oct. II, 1857. |
The week with extraordinary talk
much 1t doing good whatever. viii be we'll enough
for good citizens refrain from the repetition Of many
marks which have been made regarding the pressure
moucyed circles existing. There fonndaiionhere
for the extent OF the in fact more
senseess before prevailed this
tmmuny. If to credit onehelf Of what we hear
might reasonably conclude that this community the
brink despair fact croakers would believe
rretrisyaby ruined We unqualifedly there
grounds the in moneyed affairs
people talk about the Banks purchasing exchange and
aiding getting the cotton to market This Is futile. Can the
expend their issues day. and be called coin the
for the notes they have ed the sellers Of
exchanged The Banks have much exchange they
had last year time Some OF them cash balances
hands Of the New York banks and have been requested
them for the present. For fear their checks might
dshonored Banks have reaiued from drawing This
confirms previous remarks that the pressure here II,
owing connections with New York. helped along by the end
less Of twadde repeated the The telegraph
has great deal to for rather parties who have used
for sinister purposes.
There very doing the paper to-day Some
discounts made by the Banks and by renewals of oba
tions maturing, shall the ordeal unframed
The suspension of payment honse Network
connected with CITY, to-day The telegraph
little further and 1t large stakeholder In the
Southern Bank What the Of the telegraph informing
of what knew before7 WE'LL the Southern Bank
Saturday last strong position any Bank the
United States and relatively in stronger position the
Bank Of England Examine the statement, made to the
Board Of Currency Saturday last. It still stronger
position to-day The mischief of is for coakers and alarm
lists there of its they
obtain them 1t supremacy ridiculous hear individual
who has hundred dollar in the world question the
sody of the Banks OF New Orleans Confidence and faith
mains and unmpared Banks The running of the
IF
questioned. ASH
There in Exchange. There life yet
in the market. Some $4,000 sight New York sold
through party at ll prem. There also sales
of short sight pa discount Sales of clear AL sterling
at F@l9s Sales of francs at 6.0O(46lO
There sale Of Mexican dollars PIT. We believe
many before shall hear of large sales
of exchange in New York.
The following the comparative statement Of the New York
city Banks:
e oas g iS ssssS iiseHs 7sis.ias ss7sssss
The last compared with those Of the previous week.
exhibit the following variations in the aggregate:
Decrease in loans and discounts s55 934
decrease IN SPECIE Ls e6Sz
Decrease Of deposits. actual 4l2o4s9
This exhibit has created considerable establishment financial
circles. 1t is the whole much nnayorable than
anticipated 1t will be that the deposits have fallen off
than double the decrease in discounts and that the
gate reached smaller than have before for
Last this time they ten millions larger than
| at the present moment.
New York paper the 9th money article says
improved feeling in Sterling Exchange nasnuch
ss % b and u 9s
however largely Of the demand viii Be
BY purchases Of stocks and produce fol Europe
orders for which are not executed sons
Is from parCls although some prominent drawers are asking
more without making sales
The following correspondence between
gushed fnance of the country will be read with attention at
this Appleton although retired from business
believe feels like many others similarly situated, the import
ance the importance of maintaining specie payments If
gold expected flow into New York. imagine why
ii should not flow into New Orleans
Boston, Oct. lS5My Dear Sir 1t is good many
had correspondence with the subject Of the
arrived Which deep and Wise
MS sh a's the
whole country. Her Banks evidently in Of
brimiu Of fear IN his state things
sai
There be risk in No specie be carried out Of
and put an end to the cry of the merchants fol
and lead her her steps before is late
ana n me see G" n hs
try assuming Of the higes prosperity rgu
lar can f
JOIN A. STEVENS, Esq., President Bank of Commerce. New
BANK OF COMMERCE, in New York,
My Dear Sir fully in your views It is true tha
New York has great responsibility its magnitude is oppres
ive and has been deeply felt and carefully weighed for oD
time.
Our Banks prepared and ready, and will b.
the wise action Of liberal aid the
Philadelphia from the West ana is already its from
Europe.
A California steamer due with about half much
there Some Of our Banks have scarcely
diminished their loans for months. Notwithstanding thei
negborng cities The large Banks have expanded
will continue expand On the system Of d,scounng main
only paper they always have oan When viii
conne short dates and
The of long cedts-credis ramied
degree from which spring most of difficulties! Gu
corresponding Banks in Boston advised that wo will no
press them for their balances. Very faithfully
JOHN A. STEVENS, President.
| NATHAN APPLETON.
The Philadelphia Press says:
The injury that suspension worked against affects
own merchants trading New York buying from Europe
that they either in specie
discount the amount of the difference in
change. There Philadelphia merchant paid in Penn
his who is compelled first
discount before obtaining in exchange for
notes. in the second place. forced to
Liverpool These being the lo1 ruling rates make
against Philadelphia merchant of cent
| this is caused by suspension.
These are ucis they dsagreeable. TIL
knowledge facts mpeed the cebra ed meeting of
Trade advise the propriety of relieving
merchants of the New York bills in specie
this The of anxious solicitude the
banks and the merchants How far these merchant
willing sell cheaper than New York under such cir
unless themselves from protest and suspen
sion, cannot perceive.