New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-08-31
Neh Orleans DaiIp Crescent.
DEPARTMENT. COLUMNS
Asn 0rleans HIoneg HIaket.
CRESCENT 0gyrcEt No, 70 Camp strsss,

CRESCENT LRYrCEt No 10 camp street. I
Friday Evening Aug 90, 1851.
The usual features Of the dull and quiet season
were observable to-day. So far as the paper mar
ket was concerned, there was not adjudication OF
borrowing. 1t is useless to allude to quotations,
though lenders will nibble at high rates, say 203
Get per month for short dated paper. In other
respects We may say there ia no paper market.
Perhaps the present week has been about the
quetest on record for the past twenty-five years,
barring severe season OF epidemic. The war |
fever RACES high, and occupies the minds of all.
The telegraph communication with the North ia |
now closed, and mail facilities interdicted and
so we must do without. In financial circles the
most important feeling is in regard to the Treasury
notes Of the Confederated States. In all the Con
federated States excepting louisiana they are re-
ceived and paid out the same as gold and silver.
| The banks in Mobile have however, nobly and
| periodically came forward and agree to receive
| the bonds and notes in payment Of discounted pa
! per, while at the same time they meet all their
obligations, say circulation and deposits, in COIN
| This information comes to us through the Cashier
of one of the banks in Mobile to its correspondent
| here. 1t is hoped our banks will act in the same
| way. 1t is not probable that the small amount of
| ninety day paper now held by our banks say SILL
| 100000, would ever all be paid at maturity in
| Treasury notes. Suppose oar banks should re-
ceive the Treasury notes for their discounted pa
per, and then when their customers ask for dis
counts, they pay out Treasury notes for amount of
such discounts There is violation of the statutes
| in this respect, because the act of 1912 was not
| brought forward under the expectation that an
| emergency Of the present character would arise.
The main feature of this prohibitory claim is
tanned in section II of the bank act. But there is
no penalty attached for any supposed OR real viola
ton of the act. The law also says that every bank
on every Saturday, shall pay or require to be paid
their respective balances in specie, and to ex-
| change between themselves each day on opening
their doors their respective notes. 1t is presumed
this requirement is fully carried out and something
beyond because checks each bank are ex-
changed in sterling. But suppose the banks have
no notes of each other, them of course, they can
not exchange every morning.
On mature reflection we have no hesitation in
saying that our banks can receive the Confederate
Treasury notes. and retire their own circulation if
they choose, without the least hazard. 1t is the
bounden duty of every individual, every bank,
every incorporation to do all in support of the
Treasury of the Confederate States Congress has
passed an impost tax, which will be productive of
a revenue. 1t appears to US that our banks can
whereby the Treasury issues can be made availa-
BILE as currency for all purposes. If our banks will
receive them for their porte. feuilles it might lead
to great good Much diversity of opinion will arise
on this point, and it would be unsafe for our bank
to adopt the course Of the Mobile banks, unless
they can be assured of legislative protection. Il
the meantime the brokers have no means to pur
chase 1.-THE of the amount of notes daily offering
9 They may buy $50 or a 800 note now and then
but majority Of the money dealers on Camp stree
+ do not purchase at all; consequently, they have NJ
interest in depressing them. There are one or two
brokers buying, but they can be repleted with al
offer of $1,000, that is, stuffed, the phrase is
i There was very little doing in uncurrent money
The Treasury notes driving all the issues of tn
banks in other parts of the South than our ow
F out Of circulation. In silver coin there are n
n transactions of note. Gold is in some request a
Sc from 2@5 yet. premium. Western bank note:
n, particularly Indiana Illinois, Ohio, Wisconsin an
r. such issues are not purchased at all.
!. There is nothing doing in land warrants.