New Orleans daily crescent., 1860-12-03
Wsb 0rlsans 4ailp Crescent.
FINANCIAL AND COMMERCIAL DEPARTMENT.
Ntn ORLEANS HInttp Hlarkft.
caEscEsr OFFICE, No. TO Camp street, ,
Ins. I f6ra 4

% 5s4.. Saturday Night, Dec. /. 1860.
The general condition Of finance, commerce and n
trade has not undergone any important variations
or changes for the week now ending, other than /
those which were anticipated. We are not in a 4
worse position than we were week ago, and in I
many respects we are better off than alarmists,
agitators and nervous folks predicted. Those sus
pensions BY the dozen have not taken place in | =
fact there has been only two "letting downs of
any note for the week. The little breeze caused
by the action of one Of the banks at the close of
last week has passed away, and beyond the oft-re
peated Inquiries when is this state of affairs to
endf when viii things improve? how long will the
crisis last? there is not much more thought of.
Much, great deal of the present difficulties arise
from the great improydence and too free indulang
in the great credit system, buying more than we
| earn, dsbursiDg and spending incomes in advance.
| The South has been induced to purchase largely
from its great credit and resources and its prompt
| tude in meeting contracts and OBLIGATIONS; and
| although the credit system Is indispensable to com
mercial and social life, yet it is plain, from the
currences now daily passing, that it has been
abused, systematically abused for years, only tenn
porariy checked by the events in the year 1857
and we again repeat that revulsion of some kind
| was IN prospect, and the present pressure and
stringency has been fastened by the result Of the
presidential election, and change in the political
future Of the nation is about to be inaugurated.
Now, then, let US meet the commercial and finan-
cial as well as political troubles like HgN. 1t has
been noticed recently that many mems fears are
enhanced by the apprehensions expressed by other
men, or one man measures his feelings by his |
nelghbors. III one merchant expresses doubts, in I
sinuates that he is perplexed, and remarks, what
are we coming toy his neighbor measures his |
views accordingly. The country connected with
our city was sufficiently in debt in the spring of
1856 it was then about sl00n00,o COO In the spring
of 1858 the panic Of 1857 altogether forgotten.
Merchants, planters and consumers all, every one
who had any credit used it. In 1857 the same
debts increased according to good and satisfactory
data, fully sic 100000. In 1860 the debt still
further increased Factors and others who were
in the habit of accepting and advancing were in
duced from the large crop Of cotton Of 1858, to
yield to the constant opportunities and solicita
tions of their patrons, the agricultural interest to
extend their assumptions, increase their ebliga-
tions, that those who, in 1858 and 1859, had liza
/ bilitiea extending to say 100000, enhanced them
20 act. or more In 1859 and 1860 the same ber-
ality prevailed; the augmentation keeping on, 50
that at the close of the commercial year 1860 it is
G believed that the Indebtedness to be cancelled
through New Orleans during the years 1860 and
1861 will reach fully sl50800,00O. IS it any won
: der that at this moment pressure exists in our
Z general trade and business? But we will go
little further and bring other appliances to sus-
tain our remarks. How many millions of dollars
have been drawn direct out of the commerce of
. our city and taken Northward and to Europe? How
t, many millions of dollars will be due for those
% large, splendid and costly stocks of dry goods
" which form the contents of those magnificent pala
ces on Canal street and other localities? How
ly many millions of dollars have been paid for the
: gliding, the ornamental tthe fistian we may call
it, the many great and varied expenditures laid
: out the many hundred stores and buildings
Up which have been erected within the past few
% years, and how much of these immense sums has
been paid to the North, without any other return
than laugh at the lberality and generosity of the
" South? Go to the public. or rather the United
States warehouses, and look at the large auanties
- of merchandise, embracing fancy and staple dry
ng goods, general millinery, gewgaws, and all the
owY qualities and varieties of merchandise bought in
Europe. and imported, as it were to pander to the
extravaganza and too free disposition OF Southern
- muuifcence and bounteousness. To be brief in or
- exposition of the foundation Of the present dis
d. turbance in our finance and commerce, we
la, have merely to add that we have been going or
ch reckless and needless, looking ahead with litt
J.. wisdom and less forethought Pay day has come
- perhaps unawares to many. We are not pre-
~ pared and the long and short of it is, we must
For the best we cam and keep at home those seyera
millions of dollars which were expected to be pal
y out in travelling Northward and Europe the comm
season. From present appearances, ii the none
is not retained Voluntarily, our impression is that
men there is any spend it will be kept compulsory
F We again repeat that the present crisis is not alt
gether nor justly attributed to the political cond
o., ton of the country. They can think and act
urn they please in New York; and far goo
. city is concerned, we do not think it desires to
men implicated with the Vaccinations and corruption
re | weakness and unfortifed position of New YoI
banks and Black Republican fnanciers
= In the general wholesale and Jobbing busines
sre the movements for the week have been light. I
and country merchants and dealers, who have or wi
gh pay up last years Indebtedness or who have bee
D. prompt in meeting their obligations, the same fl
. cites as heretofore can be obtained. Our me
|
,e3 to regular and punctual customers and patrons
+ is though there crisis passing. The goods an
dis merchandise are on hand therefore we can wit
o confidence say to prompt country merchants al
- traders do not be deferred from visiting city
sat- the goods here suitable for your trade, and
iae be sold in many instances perhaps ALL very chea
right cheap. In the general fancy and retail trat
q o. business has been light. We fear those spend
Isl stocks of goods required for crinolnedom will me
% with unrequited returns, because general syste
i.- of economy must be followed by the heretofore d
| nff % nj
For magnificent establishments, which in return hay
q aided and assisted lii building up the great metro
:. oils New York.
lean Having daily freely noticed the general mont
sbt market it offers very little for remark this eFeHH
6 There are some complaints that Shylocks are
= the creasng in their demands who in reality have
M! fears OF the payment of any securities or pap
ship they buy particularly when cotton and sugar
sry the groundwork of the debt Not dealer in pap
but what believes in the solidity of cotton pap
eft. and the controlling influence which the staple
pe have. There is no doubt that many capitals
dis have surplus over, and those that have Hai,
NJ that it does not take SO much money to buy pap
" at 25@4 a8ct. per month as tdoes at lD2 t9ct.
ship month. 1t is, however, perceyable that MAJ
eng heretofore buyers of paper are up the tree al
seu will have to stay up for short spell We will
" deayor to assist them in getting into line agai
- The banks to-day discounted little, and expect
now discount little next week. besides renewing
1T of good deal of maturing paper and they may buy
a little exchange. During the coming week th'
- will be receiving, or some of them will gold fro
ship NewYork, and ere long one or two will be recei
ae'e ing gold from England in payment for sterling
TO- change. What profit some OF that exchange W
= pay What is the use Of old Ajax selling its ste
ing aud francs in New York when the proceeds CT
- be received SO easily in sixty seventy days. pl
sr. missing that it would anticipate the exchange
bark London2
ably The weekly return of the banks to the Board
ge Currency shows great strength increased Ia
e week, although there is a loss of specie. Many
- turns of sales of cotton are being made, and t
proceeds are, usual, ordered in both coin al
~ bank notes.
The changes for the week are as follows:
II Andecease specieof... S43l $40
path decrease circulation Of 3lO,g2
atge decrease in deposits proper go 222
70 VI deereasein short loans 6i1 2g
An Increase in Exchange 220636
s An in distant BALANCES of 62
= The variationin Long and Short Loans is decrease
taZ,4h1
- The decrease in specie denotes nothing beyo
YES YES, the ordinary laws of trade, though some few
''sA' nighed folk have drawn few dollars. The spe,
et decreased for the corresponding week last ye
. over half million, as appears by the following
turn of December 8, 1859:
An decrease in specie Of Ss07 9s0
ne @f An Increase in circulation Of 54 4
Ben An Increase in deposits proper 3I i56
An
An increase Exchange 57T 2l2
IT. tIaJa- raw