New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-12-31
HAVANA CORRESPONDENCE.
Special to the New orleans cresqsnt.i

4 HAVANA December &c, 1860.
4 Mfr. Editor-The intelligence from the United
States and until very recently the unwise and il
liberal conduct of the Spanish Bank of Havana has,
as might have been anticipated, produced panic
in financial and commercial circles in this city,
which, from the close connections of our merchants
| with those Of the outports, has extended itself
almost over the island. The wisdom Of the measures
| adopted by the Government of the island and the
real solidty Of our commercial houses have enabled
| them to weatherthe storm without single suspen-
sion or failure having taken place fact well
| worthy of being recorded. .s.m
| You are already aware of the permission granted
by his Exeeeney the Captain General to the Span
| ish Bank of Havana to issue certain millions OF dol
| lars in bonos - guaranteed securites1 bearing
interest of six per cent. per annum redeemabe at
short periods of time, but this measure not having
been found sufficient to accomplish the desired OBJ
ject-the removal of the pressure upon and tight
ness of the money market-Don Isdoro Wall, the
Intendente General of the Island (Isand Treasurerl
proposed to his Excellency the Captain General,
who is also Superintendent of the Royal Treasury,
the issuing of two millions of dollars in Treasury
bills payable to bearer at sight, which wonld have
the immediate effect of bringing into circulation
some portion of the treasure boarded up in the
Royal Treasury, of no benefit to the public, nor to
the Government, remaining as it did there idle.
meeting of proprietors, bankers and mer-
chants was forthwith convened at the palace to
ensure the more general circulation of the "bonosa
issued by the Spanish Bank of Havana and to take
into consideration the propriety Of issuing the pro-
posed Treasury bills At this meeting it was
agreed that the bonos" issued by the Spanish
Bank of Havana should be received in all transact
tions as specie or bank bills, and q committee was
appointed to take into consideration the proposed
issue OF Treasury bills. Another meeting was sub
sequently held at the palace to receive the report
of the committee, which report was in favor fthe
issue Of the Treasury bills which agreed to by
the meeting, and it was also resolved to request
the Spanish Bank of Havana to receive said Treai-
ury bills to large an extent might be conyani
emit in payment of all notes coming due, to which
request the bank instantly assented by agreeing to
accept one half of any amount receivable by 1T, in
said Treasury bills, whilst on the other hand OBJ
serve in the Didfio de Ia Marina Of 25th inst,
long list of our chief merchants and traders, who |
all agree to receive the 'tbonosn Issued by the |
bank as specie. MM
Al the solicitation Of large number Of the lead
ing mercantile houses of Matanzas, the Bank of
San Carlos Of that city, has been authorized to
issue "bonos" payable to bearer, bearing sper
cent. interest, redeemabe in four, five. six and
seven months. The principal merchants Of Carde.
mas also understood to have requested that the
Gardenas Bank may be permitted to issue "bonosp
upon the same terms, which request will doubtless
be granted. Thus, you will perceive that an auto
cratic Government, at which have so often cav
iIed, has its advantages because under even lin
tied monarchy before any banks could be permitted