New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-09-23
CORPORATION SMALL. NOTES.

Of the case WILL we are persuaded, prove that the
1 policy of the Common Council has had its origin
in the best Of motives and that it win eventuate
in the promotion Of the general good.
There Is not a man, woman or child, in the city
Of New Orleans, who has not since the suspension
| Of specie payments by the banks, encountered
| Inconvenience, loss and annoyance, on account of
| the scarcity Of small change, to greater or less
extent. The trouble has been equally apportioned
70 all classes and conditions and is universally IN
derstood and appreciated. Hence, comments on
this particular point are unnecessary. stl +
The question then arose as to the manner Of sup.
plying this deficiency of small change indispensa.
BILE for market and other purposes; and it had to
| be met. There was little or no time for DELAY.
Silver change, which was redundantiy abundant
on Saturday, became as rare as true religion in
Abolition preachers pulpits on Monday. It had
disappeared with celebrity that was truly miracu-
lous. But for this there need be no especial won
der, as all history shows that the precious metals
invariably disappear from public gaze and public
use the very instant that any of their representa-
tives, no matter what the combination of circum-
| stances, cease to be actual positive and easily
available, gold and silver facts. Therefore, while
the action Of our Banks, in our opinion, was alike
eommendable, patriotic and wise-while their sus-
pension does not impair their solyency in the
smallest degree-and while they are entitled to,
as they do possess, the undminished confidence of
the peope-stil there is no denying that their act
produced the comparatively small, in general
sense, but Individually large Inconvenience under
which the community has labored. $50
Some of the old Banks are preparing to issue
small notes. They are entitled to the thanks of
our citizens for so doing, and the quicker such
notes are put in circulation the better. As mat
ter Of course, the one, two and three dollar bills
will be regarded as just as safe as the fyes fties
and hundreds Of the same institutions. The fact
is, our Banks are as impregnable as the Rock Of
Gbralter, SO far as absolute solvency is involved,
and everybody knows il. IA s.
In the meantime, however, circumstances rem
iered it proper and necessary that the Common
Council should take some action in the premises,
looking alike to the public and municipal relief,
The Legislature of great city-a point more I'M
portant than all the other cities on the coasts of
the Confederate States--could not well remain in
active or inert under the pressure of such an emer
gency. The credit of the city is, or ought to be,
just as good and rank high as the credit of the
State or any banking corporation, for the simple
but sufficient reason that all win be utterly bank
rnptn the enemy conquers, and all will be abso-
lutay solvent il the Confederate States are victo
rous, Of which there is not shadow Of doubt.
The fact should never be lost sight of that the TIL
jnmpho of our Abolition enemies involves the utter
destruction of every property franchise in the
South. The millionaire of to-day would become
ibeggar tomorrow under the system of wholesale
confiscation the AboItionists declare they are de-
termined to enforce. .@ t
There is another fact in connection with this pro-
posed issue of corporation notes of small denom-
nations, which we will proceed to make public,
and which, according to opinion, fully justiss
the course Of the Common Council, even suppos-
ng, for the sake of argument that that course re-
qnired justification. The disasters incident to the
times have had depressing effect upon the Treas
ury of the Corporation. The usual receipts have
not been fully realized. Besides at this season of
the year, it is well-known that accommodations
have been asked from our banking institutions an
cipating the fall revenues, to enable our civic af
fairs to progress smoothly. Heretofore there has
been no difficulty, and at the present time the ex-
igencies of the corporation are smaller in amount
than they have ever been during the month Of
September, since the Act Of Consolidation The
financial condition of the city is better than it has
been for years. Butt the absence of the usual
facilities--the sources from which temporary re.
lief has been obtained having been closed against
them-the authorities Of the corporation propose
to borrow from the people of New Orleans, by
the issuance Of this currency, without interest,"
smaller sum than they have been in the habit of
borrowing from the Banks of New Orleans paving
the usual interest. 1t seems to us that this is
sanitary mode of proceeding, deserving praise |
instead Of condemnation. Then, again, under the |
ordinance of the Common Council, these notes are
not intended for, and cannot obtain permanent
circulation They are receivable for all taxes due
he corporation, and the moment note is paid in
is cancelled, and neue Teissted. This fact should
not escape the attention of our citizens, as it
proves conclusively that the corporation, instead
'f contemplating perpetuation of the shinplaster
ystem, proposes its extnguishment, so far as it is
concerned, in a very few months. These notes
will all be paid in before the month of January ex
pires, and in the interim the public will be ac.
'ommoaated, without any risk or loss to the tax
payers 49, 9.F uet ,ns5 r III
The objection that the corporation has no legal |
light to issue these notes is a valid one No man
u the slightest intelligence has the smallest doubt
IN the subject. But, it must be borne in mind that
hese are extraordinary times-War times--that the
reedom Of millions Of people hangs vibrating in |
he balance-and that such measures as clearly ad-
vance the public good are jnstifable. All our
people, as far as our knowledge extends, Justify
he action of the banks. The banks, to advance
he general interests have violated the Constitution
i the state-the laws of the Northumberland
heir charters land a Convention, at a large ex.
,ense, will have to be called to renstate them,
Who blames them? Nobody. Everybody praises
hem, They have done we'll. and they will be sus-
aimed. But, we regretthat many persons who sus.
ain the banks complain of the Common Council,
Then nothing has been done which was not in.
ended to promote the general veal The Legis
ature cannot legalize the acts of the banks! The
legislature can legalize the acts of the Common
;onnca. Why, then, justify the one and condemn
be other2 There is neither fairness nor consist
ncy in any such proceedings. The policy of each,
our deliberate belief, has had its origin in the
urest Of intentions and we entertain no question
nut that the future will demonstrate its wisdom.
TALK ON 'oHANGE.
Saturday ia generally a day of selling and there
J but little inclination to stop on the several COR
lers for confabbing. But the depression of trade
nd daily increase of liabilities caused good
=