New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-18
Neb1 Orleuns 9uiLp Cresteud.
FINANCIAL AND COMMERCIAL DEPARTMEFT
UeW Orltans 1loneg Nlarktt.
Gp~'orrr OFFICE. No. 70 Car1p etr.

| Tie chief movement to-day was in and around
the Citizeng Bank. Money was pouring into the
bank almost as fast as it was drawn out in the
panic Of 1857. The attraction was the opening for
| subscriptions to the Confederated States. Seldom
| or perhaps never. has it fallen to the part of the
historian to record the enthusiasm patriotism the
desire to aid and sustain a government as was
evlnced by our citizens today. Among the public
| corporations which came forward at an early hour
was the Canal Bank, which subscribed for $500
! 600: the Bank Of Louisiana and Louisiana State
| Bank tood its quOta-the same igure. There W as
perccpti5ie falte7ing the part Of some three
or four old cotton f&etorage houses. We hope they
will come up tomorrow, their doubtful position
may be heralded to Of the great cotton fields
| Of Mississippi, The present is no time for some
folks to say that they will not do this nor do that
particularly those who have amassed opuIence
through the cotton factorage business 1t was i'm
possible to obtain list Of subscribers at the hour
of closing the books for the day. The books will
be opened again tomorrow, and the many who
were disappointed to-day will have an opportunity
to retrieve their lack, that is, perhaps they will
All DESTROYS of subscribing and aiding one of the
most glorious and holy causes, will do well to ap-
ply early at the Citizens Bank. Subscripto are
received in az small sums as $50.
The movements in and about the banks to-day
were not of important nature. The offerings
for discount were rather heavy than otherwise
but nothing Of an excessive nature as it is pre-
sumed that some parties are easily frightened and
are DESTROYS of anticipating, so az to be prepared
1t is to!eraby we'll understood that our bank man
daors, though not having come to any understand
ing, are greatly averae to granting discounts to
parties who desire to place funds in New York or
other Northern cities. It is about time this game
of something like " hide and -go-seek " should be
abridged that the frequent tenders of applicants
who simulate their views, and say that if such and
such paper is discounted, or if it will be- that they
will take the proceeds in checks New York.
Our banks have innocenty for years sustained
many large establishments in New York, New Jer-
sey and Pennsylvania, through their liberality
The time has arrived for the blocking of this game
| 1t has existed long enough. Let our banks take
literally of the loan Of the Conederated States
The proceeds of this loan will be spent dsbursed
in the South. 1t is simply transferring money from
one pocket to the other
| The Exchange market was inefably dull to-day,
which is no more than expected. The counter
rate for checks on New Y orh fell off to premium
Though was asked, it was merely nominal. Dou-
Bile AL outside bills were to be had at par to It'll
prem. Sales of thu zee days sight were made at 9Th
New York will not be trusted just at this moment
for sixty days. Sterling was heavy. Some good
clear bills were sold at the reduced rate of l0t5
others for remittance ranged from l05300l0G, and
uphill work to realize the figures. We did not
learn of any movements in document bills, and
omit quotations. Francs were heavy at 5.l21@
5.3l rather broad quotations.
We did not learn of any movements in bank
oh 1oon had no
everywhere, though it was reported that an old
distinguished citizen had become alarmed, and was
DESTROYS of selling out and when asked for trade,
bis prices were about 10 get above the highest
sale of the season. There is very lit lie doing in
miscellaneous stocks. Stocks and shares in prva-
teers are attracting notice. The talk is strong for
a sailing party, with good thirty-two FOUNDER to
take an excursion down and about Aspinwall, Or
off Cape st. Antonio. California gold is at par.
| 1t is not out of place at this time to alule to
| position which may arise between parties connect
| ed by commercial ties, between the belgerents
| According to decisions, there cannot be any inter
course between the conteEding parties, even in the
| way of exchange transactions. The great city of
New York has only to declare itself out of the old
Union to maintain its supremacy, commercially
and financially. The following remarks regarding
the illegality of any intercourse with Northern
cities, whom We now look on enemies, are well
to be considered at this moment. We find them in
he Augusta Constitutonalist
1t follows, as n necessary consequence of the |
doctrine of the illcgaity of all intercourse traffic.
without express permlsslOn that all contracts with
the enemy, made during war, utterly void. |
The insurance of enemy's property is an Illegal
contract because it is species OF trade and inter
course with the enemy. The drawing of bill of |
exchange, by an alien enemy, subject of the |
adverse country, is an illegal and void contract, |
because it is a communication and contract. The |
purchase of bills on the enemy's country, or the
remission and deposit of funds there, is danger |
Gus and illegal act, because it may be Cherishing
the resources and relieving the wants of the enemy.
The remission OF funds, in money or bills, to sub |
jGcts of the enemy, is unlawful. The Inhibition
reaches to every communication, direct circuit |
Gus. All endeavOrs to trade with the enemy, by |
the intervention of third parties, by partnerships
have equally failed and no artice has succeeded
to legalize the trade without the express permits
sion of the Governments Every relaxation of the |
rule tends to corrupt the allegiance Of the subject
and prevents the war from fulfilling its end. The
only exceptions to this strict and rigorous rule of
international jurisprudence, is the case of ransom
bills, and they contracts of necessity, founded
state of war and engendered by its violence
1t is also further consequence Of the inability of
the subjects of the two States, to commune or
carry on any correspondence or business together
that all commercial partnerships existing between
the subjects OF the two parties, prior to the war,
are dissolved by the force and act of the war
itself; though other contracts existing prior to the
war not eXtinguished, but the remedy is only
suspended, and this from the inability of an alien
enemy to sue to sustain, in the language of the
civilians a persona stn''di in jHdici0. The whole
of this doctrine respecting the illegaity Of any
commercial intercourse between the inhu btants of
the two nations at war was extensively reviewed,
and the principal authorities, ancient and modern,
foreign aud domestic, were accurately examined,
and the positions which have been laid down
established in the case of Grswold rs. Wadding-
ton decided in the Supreme Counts Of this State,
and afterwards affirmed on error.
Btbiem Of tbe HMrhets.