New Orleans daily crescent., 1861-10-26
;gslu Ofleafs Hlonep MarAef.
canseEsr l,rsloE. No. 70 Camp 4 ], !

CREScEET ~ "a
5ss stJbs& I'D Friday Evening, OFT. q. 1861
Notnlng indicating paper market was observa
There is great activity for the tnass il
ana about the sugar depot The transaciioJas il
+ moiaaaes are large, with something Of a gorres
pending movement in the finer qualities of sugar
Walie LOW qualities of sugar are YerysduH OF sale
Asfhe IN these staples are confined to
cash there has been more money brought into cir.
culation this week. Currency is increasing from
day 70 day, and should the Confederate Congress
ne1tlnonth take action on the suggestion to ad.
vance 70 planters on their crops, there will be re-
lief Afforded. But the dependents on this measure
y are somewhat taken aback by the letter Of tile
Secretary Of the Treasury, Of the 18th instant
wherein ne says, in answer to an Inquiry whether
the government could promise material ala 10 the
planters, = chat the action of the Government IL
settled BY the constitution. No power is granted
70 anys Department to lend money for the relief Of
any interest. Even the power Of Congress in rela
tion 70 money lis confined to borrowing and no
clause can be found which would sanction 50
stupendous scheme as Purchasing the entire crop
Of cotton to aid It's oRasrs.n On this point Mr.
Memminger ID correct. Il would be departure
from al sound principles Or tinarce aud trade for
the Confederate Government to enter the market
ma buy the products Of tie country. The grover
of corn, The raiser Of pork and the cultiyator Of
sugar may one and all, ID the event Of reyerses
appeal ~ the Government for relief. The Question
then arises, to what course Or to whom shall our
factors and planters look for relief OF course. we
must look To our own State Legislature The Goy.5
eFnpr can call the Legislature together imme.
diately after The election next month. If our plant
ers and factors should increase their liabilities to
the banksAsay $40, ,000, ,e0e- they will not amount
toss Haueh a. they were in March; 1860, when they
reached sso,Ooo, 600. Has not the country, con.5
neGtad With New Orleans, the same resources to
meet 900 at this time, OF viii Ii not have d,
one9s of tWo years hence, that it had la 1862
aasEeiese' Jet Us put our own shoulders to the
wheel, through our State Legislature, and devise
Means 70 meet the exigencies of the crisis. Don't
aAieW ourselves to be approaching Richmond peti.
tioning fog relief At the time the indebtedness u
our eommunity was $50 500 eco, there was sneeie
in vault to the amount pf $l3 079 afe AMI, n crc,
tion of nearly thirteen and three quarter moss "a
dollarssay sla 726, ,554. During the war We m,,st
regafd the specie reserves as non est but ii viii no
veil to comprehend our position in the event Of
peace and q return toecoin payments, prernisiue
that the loans of our banks are expanded len nil.
lions Of dollars to sustain the great cotton interest
under the restrictions Of all shipments and exnor
fation.
There has been nothing done in exchange this
week worthy Of quotation. We have nothing be.
yoad q little retail demand to comment on Ster.
ing ana francs are held atfabulous rates. In do.
nestic exchange there have beelasme light trans.
actions on Richmond, the selling sate Of checks
being par.
n and about the brokers and money dealers
here have been transactions il gold and silver. At
he office Of John Wood Il Co, several movements
n gold have been carried through at is Oct prem
telling notes and buying rates on terms agreed on
ver the counter The demand for gold is for Ten
lessee TO so into Kentucky for investment. Silver
aatat 500 got. prem. In bank notes Of Virginia,
Forth and South Carolina, Georgia. Tennessee and