New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-09-06
Glen 0rltans stlaaeu gglarAst.
csEscEsr orFler. No. 10 CAM

CgEscENr oFFlcE. No, 10 Camp street, !
Thursday Evening, Sept. 5, 1861 :
Not d transaction to-day to our knowledge wor-
Thy Of notice III paper, stocks or exchange The
most Important feature in commercial circles is
what will be the action Of the Confederate Govern
nent in regard to the produce loan It has been
supposed that the Government intended to become
something Of q broker On factor, which would be
on tremendous scale in the receiving and selling
of the large quantities of produce subscribed by
the planters for the Confederate loan; that swarms
of iaers would be Introduced, (taking ad
rantages, Of course) who were to receive the pro-
duee and sell it for account Of Government. This
would, Of course, be the very worst Of manage
ment' But u affords rs pleasure to say that the
circular of Secretary Memminger Of the ed of
August relieves our planting and commercial com.
inunity of al DOUBT on the subject, and viii do
away with the thousands of office seekers who have
been in attendance at Richmond The control of
the cotton, or produce subscribed, is not to be
taken from factors and agents of the planters SUBJ
scribers 70 the loan. They will receive the same
and sell It as heretofore and pay over the proceeds
Of sale 70 the Confederated Treasury and receive
the bonds. For instance, Mr.. A the planter sends
his cotton AZ usual to his factor or merchant, and
when sold nstructs the proceeds Of 50 many bales,
over to the Secretary Of the Treasury. This will
do away with the swarm Of would Office holders.
who have been in attendance and dancing round
Congress and the Treasury Department for weeks
past Moreover it would be an act OF Injustice for
MIR. Smith, q planter, to deliver his produce to some
agent of Government when he might be indebted
to bis factor for plantation supplies furnished TO be
paid out Of the cotton which he gives to the Gov
arnY lnt MaT1u 70. 5odu
act Of the Confederated Congress- and some Of
them may find it ineonvenient to lay out of the
money. Our motive in bringing the question be-
fore readers il to oaway with and obsiate the
thousands Of offee.holders,. which will surely be
entaiedo on the country if the produce is diverted
z from the regular factors.
The following is an extract from the Treasury
circular J
I! is not proposed as has been frequently ex-
planned, to interfere with the usual and CUSTOMARY
arrangements Of planters and others in making sale
Of their produce. This is not necessary It is oniy
asked that each individual shall indicate in ADVANCE
the proportion Of the same which he is willing to
subscribe, the time and place of delivery the fae
tor or merchant IN whose hands 1t is to be placed
Tor sale, and who is authorized to pay over the pro
eeedS and receive In exchange Confederate Bonds.
these bones carry interest Of get payable semi
nation than one hundred dollars, except where the
subscription ID for a less amount; when the limit is
liked at fifty dollars. Bonds are secured, as will be
perceived, by special act of Congress.
q But how is the determination not to forward cot
ton te market until the ports are open? Planters
viii not allow their cotton to leave their planta-
tons until they know how is to he disposed Of,
nor VIII they relish the idea Of being visited by
swarms q ofice'holaers or agents of the Govern.
ment, calling for the cotton subscribed.
There was no exchange market TO-DAY. The
banks sell drafts on London at the best rate thew
can-loT@l0s and 1Os Outside there are no REQ.
Mar rates. Sellers take the best offer rendered
lo3@lo4, OF almost anything above 1922 There Is
beginning 70 be some movements on Richmond
a small way only.
The rates OF sterling in New York on the 2sth of
August were l074@lo72. The New York Herald
in its accustomed way of violating truth and
honesty, says that the new Hessan loan was being
rapidly subscribed for by all classes of citizens
which is only another of the stupendous lies char
aeteristc Of the paper. omitted TO say that the
Steamer Persia would leave for Liverpool ON that
day, and that its lying remarks were intended 10
bamboozle the London and other European money
e,5 arIfafr +