New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1862-02-15
RESULT OF x BAD POLICY,


i Remarking upon the fact that Mississippi State
Treasury notes are not quoted in the money mar
ket Of New Orleans, the Raymond blinds county
Niss.,) Gazette Of the 18th inst. says: $50
i Seriously speaking, however, we do not see VIII,
d, Funds at New Orleans, as we'll as in Mississippi
/ and all the adjacent States. No currency in til,
Confederate States is now specie paying-and al
OF It depends fer its ultimate redemption upon tn,
favorable termination Of the war. Our State Treas
ury notes are quite as reliable as the Confederate
inotes-quite as responsible as the railroad notes
quite as certain of redemption as the SO 600
small notes now about to be issued by the Govern
\ with suspicions and why are they discredited out
side of the State Simply because they are moi
bGnkabls funds in New Orleans. Induce the banks
O. New orleans TO receive them at par, and IN
stantly they will become as current throughout the
Southwest as any Of the paper issues above emu
merated. As Mississippi is a heavy dealer at New
Oreans and as it is very evident that our Treasury
notes are to become our chief currency, It seems
70 US that an effort should be made to induce the
New Orleans banks to receive them on deposit and
| in payment of debts. The moment such an ar
4 rangement could be effected, our State credit
would be equal to that Of the Confederate Govern
ment, and our currency would be as good as any
1 one would wish. & Ar -
have answered his own question, as he must know
the reason why the Treasury notes Of Mississippi
do not pass as apar funds y out of the State, and
We may say in the State The Treasury notes
spoken Of can, we are assured, be bought at a
discount in the State with New Orleans bank notes
Why is this? The truth might as well be told first
as last It is because Of the reputation Of the
Planters and Union Bank bonds, and until those
bonds are redeemed, or some equitable arrange
ment made looking towards their redemption in
the future, the State will have no credit have
no credit-and the verdict Of her Confederate sis
tiers and the outside world is and will continue to
be that she ought not to have credit.
The Treasury notes Of Mississippi may be as GER
tain Of redemption the notes the State of Louis
lana is about to put forth But they will not cir.
culate like Louisiana notes The notes of Louis
lana will be eagerly sought for, and will pass at
par from the Potomac to the Rio Grande, andfrom
Charleston to Arizona. Why? Because Louisiana
has always kept her faith-has never repudiated-
and the world believes she will never repudiate
under any circumstances. That is what gives Lou
lslana credit. Mississippi having repudiated, how
ever her condition is just the opposite of that Of
Louisiana, and she need never look for par cir
culation Of her Treasury or bank notes until she
Tegains her credit, which can only be done by ar.
ranging for the payment of her repudiated bonds.
People and capitalists NH look at the pastin order
to guide their conduct in the future.
Nj We have no doubt, if the Banks Of New Orleans
would endorse the Treasury notes of Mississippi
ny receiving them as bankable funds, that they
would soon circulate as currency throughout the
Confectionery But our Banks can do nothing Of
me knd-wil DO nothing Of the kind. Their
credit is now deseryedly high everywhere, and
they cannot afford to run the risk Of sacrificing it
by entering into any associations tainted with
public repudiation. Strong as they are-unim-
lpeachable as their management has been hereto
fore--they might lose utterly the confidence of the
public if they formed unfortunate connections. a
"a There y 2 mode, however, by which Mississippi
can reinstate herself in the good opinion Of man
kind, and it is simple and easy Of accomplishment
Let her Legislature, now in session, pass resolu-
tons that shall Ne taken for the ultimate
payment Of the repndisted bonds as soon after the
termination Of the war as possible; and provide,
the question is ever tabe submitted to the peo-
pig, that none hut bona fde tax paying property
holders shall vote upon it, At the first election
~ which this issue was the turning point, the
counties that paid more than three-fourths of the
revenue that went into the State Treasury voted
largely in favor Of the payment Of the Union
Bank Bonds. eaE z 7st*s.'3sa
# Mississippi will only do this her credit will at
once be reestablished. Reputation has been d
mostcostly experiment. It is terribly expensive
Just now. It has cost the State millions in money!
and the loss in character has been measureless,
For Gop's sake remove the only tarnish that rests
upon the escutcheon of as glorious State and as
noble people, in all other respects, as ever ex-
sted. s#s553 \ NJ 4 " ,s.T ,ssS .}