New Orleans daily crescent., 1861-09-18

The wise and patriotic determination planters of the
Confederate States sell until the Blockade of our
ports raised deprived Government resources
could otherwise command from the disposition of our great
staple To supply the carrying the war vsced
agnins the United sste the Confederate Government
other Governments under like circumstances been
forced to resort to It's credit which credit upon the wealth
Of the people of the Confederate States. s...-
The Govesnen has judcosy determined TO sspe one hum
red millions Of Treasury Notes secuted by direct tax upon
the property of the people, and the redemption OF the notes
certain as the property they represent the banks of the
Confederate staes except those Of New Orleans Mobile
receive these Treusry Notes debts due to them
and them Quito their establishing currency
of real value which meets all the public order
that these banks might be enabled conduct their business
sNe the Treasury Notes currency they have
been obliged suspend specie payments because unless the
creditors of the banks ress the Treasury Notes
could not be taken by them in payment and would thus fail to
answer the Purposes Of currency. t, '.s'l''-
The Banks of IousaSa however fobider to suspend
specie payment and Legislature unlike that of the other
States is without constitutional right to egaze suspension
As Treasury Notes nt be below par and hence cannot crcu
cate like bank notes while the Banks continue to nay specie
one Of two results must tolow Bar be Obliged
redeem all their notes snd all their deosors eon
then be utterly e to their oans or they will have
suspend If the Banks refuse receive Treasury Notes aud
continue to pay out oon the entire planting
State dependent the ability Of commission merchants
10 obtain facilities from the Banks in order furnish plant.
with their usual supplies will deprived OF the means
soey necessary 10 meet the current Of the year.
while the Treasury Notes would subject to constant eure
citation, and the Confederate Government
impaired thereby To consequences that will prove so
disastrous to the whole people, recommend TO the several
Banks of New Orleans immediately suspend specie pay
ment. ' '. s 7~= .-"'z'a-
In recommending this to the Banks nm well aware
that they incur the risk Of forfeiture of their charters from
which neither the Legislature the Executive can relieve
them.
But the Legislature can refer the whole subject people
Of the State, such time as their wisdom thew may think
and the people, in Convention assembled will decide
whether the forfeiture of their charters the Ranks shall
exaeted or relinquislied. r.
ihe Banks are now in condition to pay all their liabilities
rapidly they be presented their counters and not
outstanding The suspension of specie pnyneu hereby
mended they maintain position Sc strong that when the
period for resump ion arrives they embarrassed
even Hconyenianced by paying every dollar in coin
rs the spirit on the Constitution and the laws State
regulating the Banking System regards the pill holder as the
creditor first to be protected additional restriction pro-
posed which looks directly TO his interest in order therefore
70 secure the p>ompt redemption of the the
and to preserve their present pegnable the
sumption of specie payments shall be advisable the
banks will observe he following regulations: y
The circulation chartered bapkthat H. tbs
Canal iens Bank Louisiana and the Louisiana State
Bakshall not exceed the actually held br
them respectively and the circulation of the shall
be restricted te of at present depoed with
the Auditor Of the State and in accordance with existing
I'd The suspension of specie payments will not
with the weekly and monthly returns Board Of Currency
with the fundamental rules governing the Banks not in on
position to the recon1men endation herein made.
3d. The Banks will receive depesau in payment of debts
Them e notes of the Confederate States of and
pay them out at their counters
m The usual weekly must be made through the
oo OF currency anu All balances paid in Confedeates notes.
or IN com. THOS. Q. MOORE
| se16 2p3t Governor.