Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-09-20

1 saG THURSDAY EyESISG, Sept IS, ls6I.
The following is the proclamation Of Gov, 9looRE
Of Louisiana, Recommending a Suspension % specie
payments by the Banks Of New Orleans:
The wiseand pstriefic determination of the Plan
ters Of the Confederate States t. sell no cotton until
the blockade Of our ports is raised, has deprived
our GOveFnment of the resources it could other
wise command from the disposition Of cur great
staple. To supply the means for carrying OF the
war wsged sgainst US by the Uaited States. the
ConSderate Government, ike. other Governments
under ike circumstances. has been forced to resort
to its credit, which edit rests upon the wealth Of
the people eff the Confederate States.
= The Government has judicioUsly dsteFEniaed to
issue one hundred millions Of Treasury Notes Sc
cured by direct tax upon the property Of the peo
pie, and the redemption OF the notes is certain
"a the property they represent. Al the banks OF
the Confederate States, except those OF New Or
leans and Mobile, receive these Treasury Notes in
payment of debts due to them and pay them out TO
their creditors thus establishing currency of real
value, which meets all the wants of the public. In
order that these banks might be enabled to conduct
their business 50 as to make the Treasury Notes
common currency, they have been obliged to sus-
pend specie payments because unless the creditors
OF the banks receive the Treasury Notes these notes
could not be taken by them in payment, and would
thus fail to answer the purposes of CURRENCY
The Banks Of Louisiana, however, are forbidden
TO suspend specie paynents, and our Legisls ture,
unlike that of the other States is without consttu-
tiOnal right to legalize suspension. As Treasury
Notes must be below par, and hence cannot Gu
late like other bank while the Banks continue
to pay specie, one of two results must follow our
Backs viii Be obliged 20 redeem all their Eotes and
pay all their depositors in coin, and then be utterly
unable TO increase their loans, they will have to
suspend. II the Banks refuse to receive Treasury
Notes and continue 70 pay out CON- the entire
planting interest Of the State dspendenent npon The
ability Of the commission merchants to obtain ia
cties from abe Banks in order to furnish the plan
tiers with their usual supplies, viii be deprived OF
the means absolutely necessary to meet the currGnt
expenses Of the year, while the Treasury Notes
would be subject to constant depreciation and the
credit Of the Confederate Government seriously i'm
paired thereby To prevent consequences thas lFill
prove so disastrous to the whole people, ree1Ia-
ately suspend specie payment.
In recommending this course to the Banks, I am
well swsre that they incur the risk of forfeiture
of their charters, from which neither the Legisa-
ture nor the Executive can relieve them 49, p '-,
But the Legislature can refer the whole subject
to the people OF the State at such time as IN their
wisdom, they may think proper; and the people, in
Convention assembled, will decide whether rhe
forfeiture Of their charters by the Banks shall be
exacted or relinquished, ~
The Banks are now in condition to pay all their
liabilities as rapidly they can be presented at
their counters and notwithstanding the suspension
Of specie payments hereby recommended, they can
maintain position 50 strong thst when the Period
rGsse3 or even Inconvenience BY paying every dol
lar in coin. sssI7 t.-.r sss.l = 80 Il
IA the spirit Of the Constitution and the laws Of
this State, regulating the Banking SYSTEM regards
tbs bill holder as the creditor first 70 be protected
additional restriction u proposed which IoOkz
directly to his interest; in order therefore, to Sc
cure the prompt redemption of the eircula ion Of
the Banks, and to preserve then present imprsgl1s
bic state when the resumption Of specie paymsnts
shall be deemed advisable, the Banks viii observe
the following rppTlafions. IA
LIST. The circulation of the chartered banks-that
is the Canal Citizens Bank of LOuisians and tue
Louisisna State Bank-shall not exceed the amount
Of eein actually held by them respectively, and the
circulation Of the free banks shall be restricted TO
the amount Of bonds at present deposited with The
Auditor Of the State, and in accordance with exist
ing laws. - /
ID The suspension Of specie payment will not in
tertere with the weekly and monthly returns 70 the
Board Of Currency, nor with the fundamental rules
governing the banks not in opposition TO the recon-
nendatOn herein made. sf st Is l'-e5.t
81. The banks viii receive on deposit and IN pay
ment OF debts due them, the notes Of the COniede
rate States of America, and pay them cut at their
counters. 1sa- szr.E
4fh The usual weekly statements mast be made |
through the Board Of Currency, and ali balances
paid in Confederate notes, or in coin.
Il is known that the Banks Rcquiesced in there
commend Of the Governor, and suspended specie
payment on the 10th. This action on their part
meets with almost universal approval
The following statement Of the condition Of Tie (
New Orleans Banks on the EI4th inst, shows that
they are strongly fortified: tk-. =
Short Loans. So S3lI0l |
Specie. IA l7325S
Circulation. exc. --.s..--.e-....... =. 645l.SIG
Deposits .e.-.... .... .-.--..- 1926 ~ I
Exchange. Z. .......... ...,....s.. 343SIC9 |
Distant Balances 500 97I /
Long Loans. s.-s... $50 ...s.s.. 65LT90
The ANNOUNCED ent OF The occupation of Bowling 4
Green and Muldrsugh's Hill, IN Kentucky BY the
Confederate troops, caused a considerable advance
in number Of leading articles. For instance, Rec
titled Whisky sold oday at Coo per gRllan, Star
Candies at 4oe' per d., Coffee 4Jc New Orleans
Sugar I0CglDle, and Soda lee.saa - o A-.sas
superdne Flour is firm at s5S55O, and Extra
s57596OO. White Wheat sOGs5c, Red T5@SOc,
and Mediterranean 7OCG75e.
j At the sale at auction to-day of Virginia manu-
featured Tobacco by Messrs L4SIER, PHIILIPs < Co,
2GO boxes were sold at prices ranging from Toe to
Sc per ID. The sale was regarded as very favora-
bic BY the agent Of the owner. 80