New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-10-25
Nem @rlfalts GlgIrev Nsrktt.

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Thursday Evening, 0cs. "A 1851
There were some small transactions in paper to
day, mfnitesmal small, we may term them. AS TO
Rates OF interest, or cent. per cent, they may a
well be ignored at once. If parties choose to pa,
24tS36 Vet. per annum for money, or Set pc
day, it is none Of our business. But when parties
who have good and unqaestionable securities sub
init to these exaetions, their future may well BIZ
Il doubted and strictly questioned. Cotton cannot
{ be forwarded to market If il was forwarded il
should not be allowed to be exported, except in
payment for such merchandise as the owners
thereof shall choose to run the blockade with. AS
\ advances on the part Of the Confederate Govern
maAt aannet be expected, the question has been
propounded, . how will it answer for our. Legsla-
ture 70 authorize banks to issue post notes to
the ani0znt Of ten millions Of dollars We never
favored the post note system, but circumstances
alter cases emergencies are arising which render
nugatory NIL previous forms and regarded rules.
We may pirate of gold and silver every minnie Id
the day, but they are not the currency Our banks
are implicitly bound to sustain and aid the general
Government.
TheTs were some transactions in Confederate
bonds. Sales were made, or reported to have bean
made at OBI. This is rather d losing business
for money paid id May last, and is an indication
that There is pressure in some quarters not ex
peeted The bonds Of the Confederate. States
ought to approximate par If these bonds are not
TO capitalists worth par, then there is nothing in
the Southern Confederaey of a financial Character
worth dollar per dollar Admit that the Confeder
ate Treasury. only Id It's infancy, is obliged to
use its credit, which credit, it rejoices us to-
daily enhancing theresis no reason that its bonds
should he sacrificed, though from indications ii Is
apparent that several dollars of bonds
have fallen into the hands of weak holders. This
is extremHy for the Government al this
time. There are spreeedeRts corresponding PheI
Bank of England never redeemed d pound Of its /
liabilities from the year to the year 1921,
at this time does the Bank of England expect to
pay al its notes and credits on presentation AZ
once: The Bank Of England can, or might nav 1T /
intervals, coin Tor all its notes that might he de- 4
iaanded. " requires very little aid from gold and
silver to render the Confederate treasury ntes an
equiv asnt for all uses purposes to Which gold
has been applied II. 5S5 s%eS
Thesaubject on proposition Of our banks issuing
post notes has been preached, In the event that
the Congress Of the Confederate States determine
that it cannot sanction any advance on cotton IL
treasury notes, what are planters to do? How al,
they raise money their taxes dae on tho lat
OF Maysnexsand other expenses, with their cotton
piled up on plantations waiting for the sea ports TO
be relieved Of blockade, of which there is no irrne
liate prospect? An issue of ten millions of post |
notes on the part Of onr banks would be equivalent
to about twenty dollars per bale of cotton assum.
ing the quantity Of cotton raised in Louisiana to be
five hundred thousand bales. It Is not expected,
however, that this amount would be required il
Louisiana not more than one half-the planters of
Mississippi would require the remainder Or a. yroj
rata amount, The cotton interests Of louisiana
and Mississippi are 50 closely identified, SO con.
nected that legislation Of onr State win apply to
both States. In the meantime, it is the abounden Il
duty Of Cur factors and lnaneiers to study well the
question, and be prepared to meet it when II comes
up Tor debate and discussion. The great sugar In
terest i relieved Of all trouble for this season II
isimmaterial aboutthe extent of the crop; whether
it reaches 40e,aeo hogsheads, 450 600 ogsheads or
more or neither il does not 50 over $50 900 hogs
heads Ihe sugar interest is safe beyond all doubt
we hare nothing tosay about stocks and bonds.
There arc no sales 10 our know ledge beyond those
alluded 70, say Confederate bonds Holders Of
State and city bonds filing 10 aink or swim
with the State and city, and ii is presumed the
holders Of 0psiousas Railroad and jackson Rail.
road bonds are willing to embark II, fte u mo