New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-11-14
Ueb Orleans 1ailg Crescent.
AED COMMERCIAL DEPARTMENT,
Je1 0rleans moaeu 5tlarhet.

worthy Of record. 4 stray or struggling accent |
ance OF some solvent cotton factor may be met |
WIN now and then al the rate Of l2al5 Net. TFp
to meridian matters and things were progressing
satisfactorily. About that hour there was some |
tremendous Bear accounts received INV ontsise |
parties fthey may be termed) Of a eomUotion in |
Wall street, NewYork. As tie houses ar hrancbeu
Of the old houses Of Brown Brothers a CO. and /
some of our banks did notreeeiye any a1yiees that
would render it necessary for them to Withdraw
from the market exchange in general moved along.
though at low rates. We may expect low rates to
rule for some time to come, or until we receive
soTae three millions Of dollars or more in coin The
New Workers need not attempt to stir up breeze
at this time. If Northern folks want cotton they
must now go to work and bring the coin to pay for
it. The system of drawing bills and selling drafts
on letters of credit the North, authorizing she
purchase of cotton, on credit as it were has at
tanned the eliminating point. 1t works very well,
remarkably well in smooth water, but when squalls
and threatening gales intervene, the question as.
sumes different aspect. Several Of the NewYork
monetary articles of the 9Th and 9th instant are
specuatng on the effects of Mr.. Lincoln's election.
They will have but short time to reflect and me.
ditate on; they will know what the South intends
to do before many days pass they viii also know
send the gold hither to purchase them. 4
The New York Herald, as usual, pirates away
about the Southern banks and cotton exchange
1t also says that the action of the Southern banks
| caused the New York banks to suspend payment
in 1851. Smart sensible, correct and memorizing
writer, he of the Herald. His memory is very
short, rather middng. He says the Southern
| banks caused the New York banks to stop The
baul
their own indscreticn, and at the time Of year,
say in October, 1851, the banks of New Orleans
/ had very little to do in exehange-the market for
cotton had not opened. The panic commenced in
| New York BY the bursting of the Ohio Life Insu-
rance Company, on about the 25th of August,
4 1857. From that time till the LIST December the
banks Of New Orleans had very little to do with
/ New York. But the shoe pinehes at this crisis at
this particular moment and the South has New
York. Wall street and all its collateral connections
on the hip, and New Orleans holds the strongest
position the record. ALI we have to say at this
moment is for New York and Boston to prepare, if
our cotton and sugar are wanted. You must be
prepared to pay for them in hard money. If these
products not wanted, it is unnecessary to make
further remarks.
The Exchange market to day moved along $780,
II
dis, and outside, double All brought 4 dis, with
sales of other good bills at from 5CD1 dis. There
were also sales of bank checks outside at dis,
which shows an Improvement. There were sales
also by one party of 100000 sight in detached
sums at from H-l6@2 and 1916 dis Two round
sums of one day sight were placed at vet. dis.
| We did not learn of any transactions in time or
sixty day bills, and have merely to say they are
4 Tn
against drawers, resulting in sales at lo4a6 Dlo5 for
good bills with documents, and sales of clear at
from lo5@106, though higher rates were asked for
remittance purposes. Francs dull and inactive at
from gG85 IS, and from 533415.27 1-the latter
for drafts on Paris direct.
It is hardly necessary to allude to the fact that
Northern money markets, Northern merchants
Northern manufacturers, Northern capitalists, in
Boston, New York and Philadelphia are something
more than agitated in regard to the action of the
South. It has been remarked freely that here in
| New Orleans the usual negotiations of sixty DAYS
sight exchange on Northern cities have been
greatly circumscribed; that the valued and indis-
pensable products of the South are not to be had
for the mere rendering of bill of exchange at
sixty days sight, as it were. Some of the Northern
letter writers, correspondents of the New York
/ papers appear to be engaged in traducing, of
course, as usual, the movements in the South and
| penny a-liner writing from Philadelphia to New
| York paper, which has been recently started by
some of the would-be pious folks in New ork says
| he has heard of an amusing (if it were not for
possible consequences) incident. Very well put
in, :" If it were not for possible consequences -
| The Philadelphia writer will soon learn whether
| there will be amusement when the usual exchange
| transactions are vetoed. Rice forms very mo-
derate share of Southern productions, which tie
North is SO very anxious to control, and on which
| Its future welfare depends But read what this
peuy-d.liner says from Philadelphia under date of
the I'd of November:
] have heard of an amusing (if it were not for
possible consequences) incident which shows what
a hold the bughear of disunion has taken upon bu-
siness men upon the other side of Mason and Dix
on's line
An old and substantial house in this city sent to
Charleston, S. G., large order for rice with the
usual direction to draw for the amount involved in
| the operation. Instead of the rice reply was re-
| eeived that the Union was about to be dissolved
and if the Philadelphia firm wanted any rice for the
future they could only have it by sending down the
gold 10 payment for it before delivery; SO far all
this disrust is in the South and but little of it
/ felt here, for our people have become used to
threats of disunion and business independence and
they have learned that the great laws of trade will
soon regulate and put to rights all these troubles in
| business circles.
As an addenda to the above, we may add that
there have been orders for cotton received in New
Orleans from Northern places saying, "Gentlemen,
if you purchase for US five hundred bales of
Middling and Good Middng cotton at such prices
as you may deem safe, or that your market New
urleans1 will bear, and draw on me or us at sixty
days sight you will please purchase to that extent
giving timely notice in regard to insurance. and
if it should be necessary to further the operation
you can value on for oneifth or one.quarter of
the amount of invoice at sight" Orders of this
character, unfortunately for the good Black Re.
publican souls in Philadelphia, New York city and
New England, are blocked at this time.
1t is refreshing now and then to learn that there
is institution in the West (outside of the Ken
lucky bank) that make something more than
iguratiye exhibit. The Bank of the Ohio Valley
appears to be sound and strong institution. 1t
has capital paid up of nearly $500 900, and re-
markable it is, there is no circulation. There is
one item. or perhaps two, which are somewhat
clouded. This applies to the items of bills dis
counted, foreign, $29s.57s; bills discounted, do
nestle, 10000
Now, the question is, what are foreign bills dis
counted, when below the items of Eastern and New
Orleans exchange fully detailed?
As this Bank of the Ohio Valley has strong