New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-09-01

Elanos' s'gs Nm sr cent discount aud commercial
iA5 discount will leans of money pens hs0e s e s'e Oh
4par cent ner month. .f.-.,.--,
G the manic in dstsnt cities. Our absent citizens re
re IN numbers giving dubious and doleui accounts of the
general nancisl condition Of the country Cotton arrived
freely almost ansaeabe SO much SO that factors had
foreign exchange which they passed to the banks
Il ravneut Of deir obligations Parties who had been
oslv dsnouncing banks for their ncapsbiy of pure ~
e exchange extending discounts became still more
Gus enounng unmeasured terms the course pursue w the
banks which afterward proved to have beer ta
on Of city Stocks and bonds almost nualaab1
state bonds eeeded to "A audT5 Bank of Louis aua soe was
sold at 1l5@l20,
On the 18th October wrote folio - ,sThsrs Is vars
little to be said about the market this evening large
share Of community Of at sending to liz avn
diate affairs, watching the tel raphic wires This is nm
necessary, said three weeks that II out
in the city of New York woul suspend and tile advices this
morning state Il had suspended This not unexpected and
tits entirely useless for parties endeayor to create the i'm
preston thst these suspensions expected We have
said all along that should receive the uuayoabe
counts rather that bank suspensions failures In Northern
cities might bs considered Fixed faet'i
The minor banks in New began to close their doors
we'll tReir vaults the 18th month followed
18th by some Of the larger On the 18Th general
commenced all the banks, and Wall excited
locality which resulted general suspension coin pay
ments, With the exception of bauhe Chemical Thus
New York stood bankruped what else could have been expected
ohnve followed the wild and misauagement of
the hanks in expanding discounts the extent OF hundred
and twenty dollars specie basis Of the trng
of twelve millions of dollars and then forcing eurts
and reduction exceeding twenty millions
Of dollars the short period Of eight weeks when the produce
of the country could not be used
In the meantime about the 10Th Of October there had
withdrawal Of deposits of banks
with much of their circulation being presented This
lowed up with considerable brsIness 18Th and 3t On
the morning Of the 1h intelligence received here of the
general suspension of the New York Banks And the
morning. free banks could quidate
with the old chartered banks which led reluctant
the issues Of three The chartered banks
with run, which had already the
Union Bank the Bank of NewOreans and the Mechanics and
Traders Bank, which led close Of tho Of
tuons until the following day The closing of the doors of
these banks forced then by the action Of deposor
the bill holders large did take the
following day On the evening of the l4th the the Oi
GEMS Bank commenced which continued days
which day, the 18th the all til banks
the Southern Bank Louisiana State Bank Bank Louisiana
Canal Bank and GAk Of james Robb. On the Citizens
appeared Of the widest kind and might say the popu
lace those who hada dollar Deposit held note
demented. The brun Of the this Bank what
has not to this day been learned It's great popularity its
successful management its iberaltty The public great
impariag which had attended its the high value of
its stock S60 its with the State through
five millions Of dollars IN bonds be liqudRed unque
tionRble sOlyency-all, all considered naugh
ruthless and unparalleled commenced The 4h of octo
Der and continued during the 18TH the close Of which
day million of dollars paid The annals of
huaace do contain another such instance uuprovd aud
uucsled for assault and which with
promptude aud aaorty Though temporary suspension to
remaining depositos followed 1t must be forgotten that
by epositors alone the panic against this bank mainly
brought about. The will apply the three free
banks which forced temporarily suspend AS to the de-
pastors we haze yet 70 Learn Of solitary ndty 'ua who lot
dollar.
There doubt but the panic received It's chief impetus
from the dscredng Of the Of the free banks on the
l4h twas deemed measure of prudence and safety the
old banks themselves for manifest that they had
they could protect themselves carry their duties
10 their deposors and it was not known what hour
storm might burst q " Coupled with he refusal Of The
ISSUES the Of the oppage Of the banks Of New
York which hand the hour. So much sad
time regarding the compulsory action Of the old banks
in regard the pursued towards the free banks
alluded that Of place remark that
them haa been ii for week days previous the
l4th Of October
Al tue close Of the 18th, was pretty we'll ascertaned that
panic and its 0nhe evening Of that day
we remarked in our monetary column, as follows
The Internal panic which started yesterday our midst with
out j0 cause without reason without shadow Of found
the may be- haTe the sincere qualification
Of announcing that he following banks stood The run and
closing CzenS Bunk Canal Bank Bank Of Louisiana Lou
The New Saving Institution Canalsreet densey
crowded at early hour Il met al obligations according
onc and by II o'clock there not This
cheering The Mechanics and raiders Bank opened and
oirelaoa So did the Union The Bank # New Orleans
RnOued suit of Directors This Singular
r. suppose that the Of the past days will tend
destroy confidence in the future warranted We
der the crisis past that the worst has been realized,
longer the decidsd action of the New York
vii for good has tended relieve the general anxiety
telegraph cndyices received todAy if they
d. understand that improvement has already
ken place in New York Welearn from Mobile tst hunks
that city have thought Of suspeniing This augurs we'll
ut would have been highly gratifying have had 10
ate that all banks had manfuy stood the pres
ire
From this time affairs commenced 10 improve confidence be
return and Nigh say its empire with
many individuals who appeared have been beeft of it.
There however paper money market Some few
ansacon entered into towards the cose Of the month";
rates ranging from 21a per cent per month Cotton
freely, and the prospects for Haering Under
decline in cotton factors did offer the receipts freely
eIuing TO sen large lots 9tslOe which, thirty days be-
re I'm sepember,j commanded I41S@l5c. Exchange
hout any demand only small sums large transactions only
ing made in the way of barter Sight drafts New Yor,
only made coudilonsy that payable in the currency
that city, they sold the reduced OF 34 and per
mt discount Between the 10Th 3Oh Of month"; eight
ndrei and fifty thousand dollars were received which
Gated good feeling. On the last day Of the mont the x
auge market stood 5000 for sterling 8I
NV 70 sights 46l4}6 aud per and mddng
9c The lowest point good sterling bills dropped to 81
s.; francs 6.75(a6 10.
onsaturday the 7t Of October the banks rs follows