New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-09-17
Pfoclamatxomb by the Governor.

The wise and patriotic determination Of the planters of thu
Confederate STATED sell cotton until blockade of our
ports raised deprived Government of the resources II
csud otherwise command from the disposition Of cur great
staple To supply the for carrying on the war wseed
against by the United sstes Confederate
like other Governments under like circumstances has been
forced its credit which credit rests upon the wealth
of the people of the Confederate States
The Government has juieousy determined to issue one hun.
bred millions of Treasury Notes. BY direct tax
the property of the people the redemption of the notes
as certain as the property they All the
Confederate States except those Of New Orleans and Mobile
receive these Treasury Notes of debts due to them
andpay them out to their creditors thus establishing
Of real value which meets all the public In order
that these banks might be enabled Conduct their business
make the Treasury Notes common currency they have
been obliged to suspend specie payments because unless
creditors of the banks Treasury Notes these
could not be taken by them in payment would
answer the Purposes of currency. ., ... wa.
The Banks Of Louisiana however forbidden suspend
specie payment and our Legislature unlike that Of the other
sates is without constitutional right egaiae suspension
As Treasury Notes be below par and hence cannot cc
culao like bank while the Banks continue to pay specie
one OF two results must follow OUR Banks will be obliged
redeem all their notes and all their depostor in coin aud
then be utterly lie to increase loans or they will have
TO suspend Ii the Banks receive Treasury Notes and
continue to pay ont eon the entire planting
State dependent the ability the merchants
10 obtain facilities from the Banks in order furnish plant
with their usual supplies be deprived of the means alb
soutey necessary 10 meet the
while the Treasury Notes would b, subject to constant depre
eaon and the credit of the Confederate
impaired thereby To prevent consequences that will
disastrous to the whole people recommend to the
Banks Of New Orleans immediately to suspend specie pay
nen'.
In recommending this the Banks am we'll aware
that they Incur the risk of forfeiture of trer charters from
which neither the Legislature The Executive can relieve
them.
But the Legislature can refer the whole subject people
Of the State such time their wisdom they nav think
proper and the people, in Convention assembled will decide
whether the forfeiture of their charters by the Banks shall be
eSacted or relinquished.
The Banks are now in condition to pay ali their liabilities
rapidly they be presented al their counters and not
whsandn the suspension OF specie Payments hereby recon-
mended, they maintain position Sc strong that when the
period for reumpi ion arrives they viii be
even inconvenenccd by paying every dollar in coin
AS the spirit of the Constitution the of this State
regulating the Banking System regards the hode as the
creditor first be protected additional restriction is pro-
p1sed which looks directly to his interest in order therefore
osecure the omp redemption of the circulation of the banks
aud to their mpgnabe state when the re-
sumption of specie payments shall be deemed advisable the
banks will observe the following regulations:
LIST. The circulation of the chartered banksthat is the
Canal Citizens Bank Of Louisiana and the Louisiana State
Bauk-sha not exceed the of coin actually held by
them respectively and the circulation of The free banks shall
be restricted to the amount bonds at present depoed with
the Auditor Of the State and in accordance with existing laws
I'd The suspension of specie payments will not interfere
with weekly monthly returns to the Board Of Cnranc
with the fundamental rules governing Banks not in on
position to the recommendation herein made.
3d. The Banks will receive deposit and in payment of
due tem the notes of the Confederate Suites of America and
pay them out at their counters.
4h. The usual week must be made through the
Board of Currency and a. balances paid Confcderaes
or In Jin THOS O. MOORE
sel6 2p3t Governor