New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-10-18
Neh ORLEANS DaiIp Grestent.
FRIDAY MORNING, OCTOBER IS, 1861.
TALK ON 'CHANGE.

fRlDA4 MOkNlNG; OCEObiR ~, lS6l.
..- TALK ON 'CHANGE. 20
The flags were tremendously quiet yesterday.
Not ripple was observable among the habitues,
and as for a breeze, there was not the least sus
ceptbty Of such an occurrence. The most I'M
portant movements cOgnizable nowadays are
concentrated in and around the custom house
building. The movements of tile Naval Commander
are inquired ater on the flags on the corners, here
and there and everywhere. The battle of the
Passes is still talked Of There may be another
battle to talk Of in day or two. In the meantime
matters and things in general move along calmly.
The non-receipts Of Gotten are testing the owners
Of cotton presses and warehouses, cutting up at
once the expectations Of all those connected with
the draying and carting trade. There was some
talk that oil the cotton lately on the market had
been withdrawn. 1t is talked about that all old
cotton is est It may have been sent to Mexico
and it may not. The cotton presses and ware
houses show very meagre stocks In fine, hardly
a talk on cotton coHld be raised yesterday, but
there was.a good deal Of talk on Southernism and
Northernism; Of some traders now sending their
wives and children to Northern States to the care
of Black Republican connections and friends. If
this were solitary instance it would hardly be
worth talking about, but there are so many in
stances and go many cases that it would be unjust
to discriminate, and we will class all alike. On
Camp street there are cases coming under our
animadyersion. The money, however, to support
their families goes out of city, and is known to
be dsbursed through Abolition hands to the ad-
vantage of rabid enemies of the South, and agents
of Northern and foreign firms inclined to press
our citizens in the collection of debts due their
principals. For instance, there was some talk and
possibly sharp comments in regard to an agent of
a foreign creditor of one Of our citizens, the
creditor residing in Germany, and the debt being
something under 5000. The agent would not re-
new, but put the parties to some inconvenience,
and forced the payment in full. Whether at the
current exchange in London or not, we cannot say.
The forcing of the payment Of this small sum to
the payer in these critical times was deemed of
sufficient importance to elicit the inquiry, whether
these agents of the German house can be con-
sdered friends of Southern interests, when there is
not bank in this city, or respectable capitalist
but what will renew any obligations they may hold
particularly where the interest and light curtail-
ment are paid
Such talk as this brings up the sequestratiou act.
and during this crisis it is well enough for every
debtor to foreign creditors to understand his
rights. The question is asked, it a debtor should
be compelled to go into liquidation from the ex-
treme pressure of the times and the impossibility
of realizing his assets, whether tue Confederate
Receiver is authorized to accept of a surrender of
property in behalf of such debts as may be due to
enemies. 1t appears to be the general impression
that the indebtedness due to Northerners or enc
mics is by the act of sequestraton transferred to
the Receivers. If, as the case may be, there are
debtors who cannot meet their obligations, and
the majority of creditors, or even a minority of
resident creditors are willing to compound Or
compromise, how will the Receiver act? Will
he consider himself fully authorized to accept
surrender Of property according to the fnsovent
laws Of Louisiana, and grant discharge, par
pdSsu, with other conditions. Many obligations
and debts due Northern enemies were entered into
contracted previous TO the declaration of war by
kangaroos Lincoln, Seward & Co, under the sup.
position that all debts now DUE or such as have
fallen due since the 2lst of May last, are by an act
Of Congress to be transferred to the Confederated
States. Debtors will, of course, govern themselves
accordingly. If they require extension they should
at make out blan, and after attaining the as
sent Of their local creditors apply to the Receiver
to accept on behalf of such enemies debts as are
entered on the bilan. 1t is presumed that the Re-
ceivers have no desire whatever to press debtors
in fact, our belief is that they will grant all rea-
sonabe time and indulgence to those who unfor-
tunately may be placed in a tight position.
There is some further legislation required in re.
gard to the sequestration act. It is undeniably
reasonable that in case of bankruptcy and insol-
vency that the Confederate Government should
chora oil, that iu IN will, oil
assuming in the premises that the Confederate
Government becomes a creditor by the operation
Of the law of sequestration. Possibly from the
very few insolvencies and bankruptcies which
have occurred in the South during the last ten
years led to the view that there was no necessity
for any special clause in the act In all probability
this important proviso was overlooked. Congress
will reassembe next month, when an amendment
can be passed to the act.
While talking Of sequestration we are asked
about the large amount of notes and bills of ex-
change held by Virgil Mcknight of Louisville, Ky,
against Southerners the impression is general
that the amount exceeds five hundred thousand
dollars. Mr. Mcknight is President of the Bank of
Kentucky, these notes and exchange belong to
him or the Bank of Kentucky. He is represented
to rabid Lincolnite and one of the strongest
enemies of the South. OF course, though residing
in Kentucky, he is an alien enemy because he has
so expressed himself. We also learn that the Bank
is an out tand-out Black Republican. We shall be
glad to have denial or exposition of the present
status of this bank and President Mcknight II
will be very comfortable prize for receiver Ward
to secure the half million of dollars of President
Mcknight. Was not President Mcknight for some
thirty-fve or forty years largely engaged in the
steamboat business on the Mississippi river? Quicn
saJe?