New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-07-19
Meta 0rIeans stLalleg HEatAet.

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CRESCENT OFFICE, No. 10 Camp street,
Thursday Evening. July Is, ISL
The money and paper market moves along under
great qnietness; in fact, it is extremely doubtful
whether there are any borrowers at over li692 u
OF. per month. There is no regular business going
on that will pay these rates. Il was very quiet in
! and about the banks, nothing going on more than
renewals, with an occasional loan row and then on
the best of nndoubfsd eolaterals. 1t is supposed
that nndoubted does not mean as covering doub-
3oons and Mexican dollars as collateraIs. It
covers, however the shares Of our banks with first
class mortgages on cotton and sugar estates and
solvent signatures. Second and third-elass mort
cages are not deemed nndoubted in war times.
The State Of Illinois, which produces immense
yields Of grain, has been in the New York market
Tor four weeks trying to borrow sl,20b 900 at D
ct After keeping books open for d month and
feeling brokers, not 4 dollar was 3ofered. With
Chase & Linceln's cali for s3I6, 00p,o 900 direct it
causes surprise that Illinois coolly invited
ont Of Wall street without 50 much as an offer at
soc. Oh the dollar.
The stock jobbers and some few capitalists in
Northern States are now ii the position of the boy
in the woods whistling to keep their courage up.
sfhey well know that Seward, Chase & GO. cannot
raise onefonrth Of the amount they want. The
TO come forward, 1t will be wen for them to do all
that they can for from the trannical and desperate
cause Of Seward, Lincoln & CO., the coin in the
banks Of the city OF New Fork Will be seized on.
H she Black Republicans will steal s2T 800 from
Black Republican bank in Wheeling, Va, they
would have no seruples 10 lay forcible hands, Or
say steal The si 100000 in the vaults Of the banks
apf the city Of New York.
Ii The stocks Of the New York banks are declining
day after day. We note sales u Continental Bank
E at 66a the great Bank Of Commerce at 20T5, or
as low as rs get dis, and other greatbanli going
down. The coin held fy the banks Of New York
does not belong to them Foreign bankers and
agents control it, and they have thepower to force
these banks into suspension at any moment We
can only say to them that their money IS safer in
l Europe than in New YORK, and the sooner they
transmit it back the better.
The Exchange market is quiet. Sterling is held
Mt 10 at the banks for sixty days sight Francs at
5.l5-yery little doing outside. Bank checks on
d New York are reported to be aB2 act, We can
not learn that any of our banks are violating the
i laws By having transactions on New York at this
time consequently bank checks are things that
ere. There are no returns at the Board Currency
showing that our banks are doing any exchange
business with New York, II onr banks are receiving
paper from the Western States for collection with
! Instructions to remit in New York funds, they
ought to return such paper at.onee and not in any
manner conntenance an implied Infringement of
the statutes. Remitting New York exchange to
louisville and Cincinnati for Western account is an
indirect way Of aiding and abettng our enemies
The movements in stocks for the past three days
/. have been light. Fifty shares Of City Railroad
Company have been sold at 100, and rs shares at
10s.
The following article on the colonial supply of
cotton, we find in the London Post of the 25th ult
TO the editor Of the Londnn POST.
1t has been stated in several newspapers that
u 40, loco bales of cotton have been received from
ffty-eight new or revived sources. These state
h ments are erroneous.
i bale Of cotton is about four hundred pounds
weight, hut g large proportion Of the so.called
bales are only small sample bags contang few
pounds of cotton. 0f.the remainder 18 924 bales
are from Taticorin, the shipping port for the Tin
& neyelly district; and nasmuch as Tinneyelly cot
u ton has been well known TO the London and Liver
pool cotton merchants during many years, it is false
TO describe that district as new source fsupply.
Down TO the present time, notwithstanding the as
sertions Of the Cotton Supply Association, there.
has not been received as much cotton from new
sources as would find employment for one mode
rate sized cotton mill during the space Of six
months; and believe ] am quite within the mark
when assert that the several cotton procuring
shire are not in possession of as much paidup CAPT
tai as would purchase twelvemonth's supply of
cotton for one cotton mill of moderate dimensions.
The daily bread Of the whole population of Lam
Gashire is dependent to this moment on slavery and
repablicanism in state of civil war for supply of
that staple, q short supply of which Ito borrow the
Language Of prominent member of the Cotton
Supply Association, who, even more than his com
rades has taught the spinners that they ought not
TO become cotton producers) would convert the
manufacturing districts into twenty or thirty Coyen-
frya, as Coventry was not yet twelve months ago.
There is only one power in the State that can set
sle the cotton supply question within reasonable
time: That power is tie public press. Had the
+ public writer's of the metropolis in room where
the Whole cotton supply question could be freely
and fairly discussed i believe they would be able
70 give such direction to the public mind as would
result ~ lever representations by unpatriotic
parties, and more practical action by those who
nave AZ heart the true welfare Of; Old England.
am, sir, ycnr obedient servant,
WILLIAM GRoss.
FarnWaFn, near Manchester, June 81.
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