New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1862-05-02
FRIDAY MORNING, MAY 2, 1862.



The public mind is greatly agitated on the sub.
ject of our currency, and much difficulty is ex-
perienced in discriminating between good and
worthless paper. This arises, as a matter of
course, from want Of confidence in those who, at
time when the necessities of trade demanded it,
tookupon themselves the responsibility of attempt
ing to relieve the wants and supply the convent
ences OF our commercial transactions. That too
many engaged in the issuance of their individual
paper, there is no doubt, but that they, for the
most part, were animated by honest purposes, we
sincerely believe. That the whole face of things
has been changed by recent events does not now,
we think, render them less responsible for their
redemption, and we would urge upon our COM
munity to continue their confidence in all who are
known to have sufficient basis for their redemption
IN real estate. 1t is possible, and indeed most
| likely, that in case of panic and successive run
upon any one even the best would have to sue
cumb for tue want of available funds, notwith-
standing their landed property might cover their
liabilities by double the amount A wise discrim.
ination is proper to the safety of every ones inte
rest, but the almost wholesale rejection of the
shinplaster currency by great many individuals
will certainly increase our troubles and eventually
create the panic which all should seek to
avoid. If panic ensues all suffer to more or less
extent-not only he who has put forth his paper
upon the market, but the distress occasioned to
the poor and laborng classes would be deporabe
indeed.
The Committee Of Public Safety, with commend
able foresight, has undertaken the of discrim
mating between good and worthless issues, or per-
haps, so fa., has only undertaken to recomme nd
those known to be issued upon solid basis. We
would suggest, in furtherance of this course that
those Of citizens having paper in circulation
repair al once to this Committee, and by inds-
putable proof OF their property interests in our
| midst, establish at their claim to the conf.
dence of the community. This course, we have no
doubt would rcestablish the full current of COM
mercial convenience and relieve the anxiety of all
| parties interested.
So far as our knowledge extends, City and Con.
federate paper have suffered no depreciation with
all true and rejecting persons, and venture to
predict there is little possibility of any such event.
| But the denomination of Confederate bills renders
| them nconvenient for small transactions, and the
issues OF the city are in such demand as to be
| scarcely attanabie. Confidence in one another
as well in the City and Cunfederacy is all tina,
is needed, and, word for it, future will ye,
be bright and cheering in every respect.
/
THE TIMES THAT TRIED MEMS SouLs.-It is a
familiar maxim that :" all history repeats itself, u
and this saying has found in second war OF in
| dependence reproduction alike curious mere
| matter of enquiry and instructive-especiallyi in.
| structive-as establishing the grand results which
| may be attained ny people animated by heroic
| impulses, and determined to be free. In the war
| which followed the " Declaration OF American In.
! Dependence the armies of the colonies were
poorly appointed, badly armed and, in short, in q
condition of general poverty, far more severe in
| its privations than anything which has yet been
exhibited in our campaign. Among the many
1 and affecting disadvantages says Lee, imposed
on the American General the insufficiency Of ths
| implements covering our powder was not the least
there existed another ground of disparity, which
continued nearly to the end of the war, interorty
| of arms, some of our musketry were withou
bayonets and not q single brigade had muskets O
Il the same calibre." With this disparity in mum
bers, and deficiency in arms, with powerful navy
then, as now, to cooperate with land forces the
enemy from Ticonderoga to Stone, had series OF
successes which, excepting the disasters to Bur
| goyne at Saratoga and Ferguson at Kings MouR
| tain held out the most abundant promises of sue
cess to the Royal cause. The enemy possessed al
our sea-coast, and with two powerful armies oper
ating in the interior, both North and South as
subjugation and reconquest of the revoted colonies
seemed inevitable. Germantown, Monmouth ant
Brandywine on the North, Savannah, Augusta
Stone and Guford in the South, not to mention
other equally disastrous reverses in both sections
seemed to leave little further to be done to afec
the policy OF the British Cabinet; and yet, atte
all these great losses, after the occupancy of al
our chief towns, when the end came, it found the
colonies free and independent" with recognized
nationality and selt:achieved freedom.
Norfolk Day Book
| Mr1T.Vy ExEcrT1oN-A corresnondent of tn