New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-12-01


useful service Something of the nature of our talk
was carried through in England some twelve or
thirteen years ago. -..-..z. -= ..
In the year 1917, during the commercial crisis,
the Government ordered the Bank Of England to
advance on staple articles of produce. The act
was published, advances made on warehouse re
ceipts, principally ON colonial produce, sugar and
coffee, including cotton; confidence was restored,
and only some doubtful, otherwise rotten houses,
expired Or failed. Among them were some bank
ing houses, such as Reed, Irving Co. Many
were saved by this course.
1t will be seen at once that the British Govern
ment in this case, orders its bank its instrument
to advance on foreign and colonial produce; SO
that the value was sustained, which considered
SO desirable for the general welfare, and which
suited SO emnently successful for the great public.
What is now wanted with US is some system,
some mode to maintain the value of our great sta
pie. 1t is well known that Europe and the world
at large cannot get along without it. The English
buyers in our market, even those who have, year
following year, been the largest buyers have no
resources nor means to purchase except through
bills of exchange. These cannot be negotiated to
any great extent The great question propounds
itself, G What shall be done to relieve our factors,
prevent the staple from being sold for less than its
value or sacrifced?n Some movement is urgently
demanded Our market has been at a dead lock
for two days. The Bank of England advanced
on all kinds Of produce under warehouse receipts
and warrants for every kind of merchandise and
produce without any prescribed value. We can
have it different. The value of cotton can be fixed
and appraised and only certain per centage will
be required to relieve factors and sustain the
value. In England the advances were made upon
uncertain contingencies of value and realization ;
here we would have something of real or posi-
tive value, say assessing the cotton at only ten
cents per pound. We can at once send forward
our cotton for sale and consumption. with the GER
tainty that The gold can be returned for it within
ninety days, promising that the Bank Of England
and the good town Of Liverpool holds out.
The talk further was, is there any better way to
assist in moving cotton? English buyers, as we
before said, are powerless even at the very low
price of ten cents for Middling Our exchange is
such that We must watch and depend on the
| caprices, weathercockism, Of New York. Let a
new system be inaugurated. If there is any more
feasible mode than what we have talked of, we de-
sire that it be brought forward.
| 1t will be well for our leading bank managers
| to act at once. Do not let our market sink. Some
| plan can assuredly be devised that will lead to
lasting and good results. Of course, it is well
known that all our banks cannot enter into the
| suggested movement, but union of portion Of
| them can in all probability be secured. Suppose
| preliminary movement be made by some of the
| banks-appointing a committee to consult with our
leading factors, go into figures, make calculations
enter into full talk and details. If the measures
and suggestions should lead to action, the move.
ment would be followed in other cotton markets.
VIII some of our banks take the lead and move in
the matter? We have some further talk, but must
| defer it for want of time to write it out
| On the grand levee there was only moderate
amount of business going on. The packets from
| Vicksburg and the Bends have brought in ligh
cargoes of cotton this week Red river is reported
to have risen and we shall soon begin to feel the
receipts from Northwest Louisiana and Eastern
Texas. While many planters on the Mississippi
river or adjacent thereto have the privilege o
sending their cotton to market at any time, the
planters on Red and Ouaehita rivers will have tc
forward whenever the stage Of water will permit
If the 0peousas Railroad and branches were com
pleted so as TO connect with Red rivar, planter!
could take their own leisure in sending their cotto1
to market. The Yicksburg and Shreveport Rail
road win be Of service te5ea II is completed.
It was rather quiet on Poyaras, Tchoupitoula.
and New Levee streets. There are good stocks o
Western produce on hand, but the demand has
been rather light this week compared to some
weeks since
The mails are in confusion, aud are likely tt
continue SO for ton or fifteen days.