New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-12-17
Ue6 Orleans 1ailp Gresteut.
FINANCIAL AND COMMERCIAL DEPARTMENT.
gtb Orleans flonep alarAtt.

gt@ ORLEANS Hloatp Hlarkt.
oHrs'EsH 9 sataldsI ri sTS. cfp DEP E
In general trade circles a marked improvement
has attended the course of events for the week
now closing. Although there has been no general
relief experienced in financial circles the general
money market is under no greater pressure. On
the contrary, there has been reduction of the in
debtedness to our banking institutions, and the
suspension of payment ON the part Of our CONNER |
cial firms have been for the week few and far be- |
tween, amounting to only five Of note. The very |
good business done in cotton for the week--the |
continued active demand for it-has changed the |
hypothesis Of the crisis in our immediate commu-
nifty. True, the complaints in other branches of
trade are, of course, numerous, as the activity and
extent of sales corresponding with previous years
cannot be expected to be realized We have to
undergo change in our system of commercial and
political economy. The general pecuniary habits
and desires Of our community have to undergo a
change retrenchment has to be called into requi
sition and the spirit of absenteesm on the part of
half the citizens of our city and State has to be
curtaed.
The city is now tolerably well crowded with
visitors, but great dimnution is perceivable from
last year, particularly in planters merchants and
traders from the interior; consequently, the gem
eral local trade moves along with great apathy.
OF course, it is expected that complaints will be
numerous, and all will, of course, be connected or
laid to the present position of political excitement
Large expenditures, heavy investments in merehan-
disc and general extravaganza, which have had
much to do with bringing the country into the pre-
sent financial disturbed state will be overlooked,
and all will be charged to the crisis. However, the
crisis is now impending over us, and all we have to
do is to 60 through without any further murmur-
ing. Financially, we are the strongest community
on the globe. There will be no commercial securi-
| ties issued this season of any magnitude very
doubtful if one tenth of the amount of factors
| paper issued every season will be found afioaf.
THE question is asked, What will capitalists do
what will be the course of their Investments ~ a
fair per centage Of the paper they now hold and
and renewing will be cancelled in part this sea-
son-some share will be paid. The sales of cotton
sugar and other produce for this week amount to
over two millions and half of dollars. The banks
have been paid about three quarters of million, or
say $T7S 1856. Where has the balance of these pro-
ceeds Of sales gone to- who has got them? Our
so-caled capitalists have not over $500 000 leaving
million and quarter to go out of the State-a
good share perhaps into Northern hands. How
ever, it is for to be writing homily, let
us move onward, as we shall do, repudfate extrav-
agance, spending money for fashion sake, and
borrowing from year to year on incomes and crops
to grow. It would be a sad thing to witness this
spring our capitalists and money lenders with
stores Of cash looking for good investments
Already do we learn of o general withdrawal Of
orders for merchandise and Northern manufac.
lures. The usual sums Of money to send out of the
country will not be required. Moreover, the i'm
porters of merchandise from foreign countries are
sending ont very few orders for the New York
market and spring trade. The Indebtedness tc
Europe will be greatly cut down, reduced, and
with the large expectations Of breadstuffs to Grea
Britain the famous balances of trade so called
will be in favor of this side of the Atlantic then tt
bring up the rear strike the great balance comes
in the South with its two hundred millions of dol
lars in cotton, rice and Louisiana sugar to strik
this balance, the greater part of which is now unde
+ control of the South, not sold, not in market w
shall be greatly mistaken then il we do not have
, New Orleans superabundance of money befor
tie the season closes. The firm stand taken by OF
banking institutions, their impregnable position
IN the undertaking which our banking statute
Q require them to follow, the constant and watchfI
supervision of the conservators of those statute.
: relieves the commercial and financial world of an
doubt or distrust in the ability and solidity of on
if banks consequently, as New Orleans is now an
will be the only real specie paying point in the nj
i ton, the precious metals gold and silver will flo
a. in on us, concentrate here beyond the legtimat
wants of commerce and trade, and our inanc
: future will be grand and glorious.
10 The banks of New York and New England ma
'r be considered now in nominal state of suspension
The New York banks have associated togethe
with one exception, to stave off the real hour
70 suspension. When they go, they all intend to g
5, together, and would like to take the Chemic
Bank (the :" Little Soda " along but as I'll
= Chemical has stood revulsions and crises abo
% every seven years for the last thirtyye years,
adhering to coin payments, there will be gree
spot in the desert; and so with New Orleans, |
l., maintaining faithfulness in coin payments, she W
err prove the diamond spot of the country, and t
position she will hold in the broad commerce.
: world will be envable in the extreme.
en- There has been some improvement in the groce
or trade, particularly this week. Many of the whol
sale grocers do not appear to be starving If
IN were not for little shortness in the needul TIN
would be doing, perhaps, well enough tewar
10 making something more than expenses. In d
y goods, business has been dull, extremely dull t
= the large stocks of merchandise on hand. In sho
and clothing some sales are making; in hardwa
an the demand is light but good inquiry in some {
ill partments for what are termed shooting irons.
= The grand boulevard, Canal, has been W
thronged daily. bnt the sales of erinone in genei
an have been much less than usual towards the he
'or DAYS The general fancy and local trade eync
unmistakable signs of the effects of the crisis. 7