New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-10-05
5en ORLEANS stE0llep stlarket.
cnEsoEsr arrloE, No. 10 6amp Y

y 3s " /. u
Friday Evaning Oct d 1851. 5
There was no money market to-day The banks
y are diseoanting ANAL sums Of new paper, and
gladly renewing all good paper now 11ataring,
particularly when light instalment is paid there
on. But yerK serious question Is likely to arise
under the ndation Of the factors circular.
There are many planters who make only from fifty
and tess to one hundred bales Of cotton, who viii
be put to much inconvenience for supplies How
are they to pay the impost tax, and purchase the
usual winter supplies unless they can obtain ad-
yanees on their cotton. Factors cannot advance
to any egtent because they have not the means OF
doing SO; they cannot, as in ordinary times, Dor
row from our banks or Insurance companies, nor
can they stand the hgfiTates of nsanee exaeted by
holders Of money. The Government of the Con,
faderate States must come to the rescue. The Gov
eminent has regular agents in our city TO whom it
has confded the subscription Of leans to the Con
federacy without any conditions being attached.
To assist the cotton planters, fhe Government must
come forward bit @ence and advance itsstreasury
notes, say to an amount of ten to twanty fve dol
lars per bale This can he effected through the
agent Of the Government and the factor or nier
chant Of the planter. Ne do not favor nor relish
the idea Of the Confederate Government embark
Ing IN business, Of in the general produce trade,
which eoyers otton. tobacco and rice but neees-'
sity stern necessity oyerrdes all forms and usages
Of commerce and fiBanee in this crisis. The Com
federate Government must, in some way through
its agents, take measures for to advance on cotton
stored on plantations. But 1t will not require a
I host Of office holders to carry the measure, nor
will it be required to snpercede the services of
solitary factor. The agents Of the Government for
receiving tenders ofioans (Messrs. Chas. Derbigny
and James ID. Denegre1 can directly communicate
With the factor of each and every planter, and
make Az required arrangements, which would
amount to about the Same 81 planter borrowing
on his drafts on his merchant. lit is manifest that
some such plan will have to bs adopted. a chief
! feature 70 be guarded against is the appointment
OF hordcs of applicants II, receive shipments and
+ prevent armies OF ofire-geekefs from degouring
the yery substances OF the Southern Confederacy.
There were no transactions in exchange to-day
Ia fac, there ISL no exchange market. iii uneur.,
rent money there are only light sums offering
which are taken by brokers Ut various rates Of dis
count. The Confederate notes are taking the place
Of the issnes Of all banks ana Il about s good
currency as can well be made it ia regarded as the
standard for all transactions. a sale 81 Mexican
dollars was made to-day ct los. I
The firore for small change seems to be abating.'
Hall dollars range fronlq loa Hos, buying rates
The Bank Of Louisiana has issued $4,000 il small
! notes under FIVE dollars. The executive officers
are signing az fast'as possible. IT is not expected
mat man can sign his name more than two thou
sand times per day. With the new Issue of five
dollar notes "a the consederated Treasury, there
VIII be spfaceney Of small change ia few days
The proposals. for The sale u the Commissioners
q the % draining district Of bonds issaed by The
company 70 the amount Of 500, were opened
yesterday. The lowest conditions or tenders were
at par, and the whole amount furnished hi one
party. Our public securities soIaehosFso another
seem 70 hold up very well ia face y. war.