The south-western. [volume] (Shreveport, La.) 1852-1870, 1862-05-21
The Currency.

The great desideratum in our city, at this moment IS
the restoration among OF that degree OF confidence
which will enable those who have the necesares OF lite
to sell to dispose of them those it is matter OF lie
and death to possess them There is plenty Of the
material if the holders Of it would lett 60 Ihey can
afford hold it. in the hope of better prices bile
thew who must have it. sarYe cannot afford to pay
the prizes at present demanded
The great obstacle is that there is money where
with to buy that material for actual sustentaton OF lie
We have no resources us but those which the powers
that hold us to our obedience their authority possess
and the alternative is absolute desuon and It's gaunt
and frightfu consequences Even if the most abound
ing stores of provisions here unless the people VINO
need them have the money Vherewth to purchase them
in such kind as the holder demands, and at his own
prices il clear that they might well not be here at ALL
What then, are to dog The authorities, civil and
military have recommended those who have the neces-
sary articles Of life sell toopen their places OF ousl-
ness and to sell them So some of these have done,
but they ask prices entirely beyond the power OF the
community to pay, and demand the kind OF money IN
payment which is not to be had So that virtually, we
might well be without the provisions and without the
law regulating their disposition.
This cannot last long ando enc branch of the common
council to whom has been left the powers of admins
terng the civil government Of the city has undertaken
to meet the difficulty. The finance committee OF the
board OF assistant aldermen at their last meeting, re-
ported series of resolutions which were adopted and
sent the board of aldermen who, as we understand
it. have vet to act upon the matter authorship the n
nance committee to require from each and every ndl-
ydua or firm who has have issued his or their notes
checks for change circulation statement under oath
of the total amount OF his their issues up 10 the oth
inst Also to require from said party parties issuing
said notes special deposit in the hands OF me city
treasurer OF ample security foran amount equal to that
OF his or their issues abOvesworn to- or such security
in favor Of the city of New Orleans shall prove salts
factory to the finance committees OF the common council;
and to require hesurrende by the said party
parties issuing small notes. the charmen Of the
finance committees OF the common council, OF all plates
or blanks in his their possession which plates or
blanks shall be destroyed by said charmen The reso
buttons further provide that the chairmen OF the finance
committees of the common council shall cause TO be
published the Of those who shall comply with the
above requirements adding thereto the amounts OF theE
respective issues and the special deposit OF
the value Of the security given oprovde for the future
payment of all issues made by said parties aud the
! chairmen of the finance committees Of the common
council are hereby authorised to institute proceedings
through the city attorney, in the name Of the city OF
New Orleans, against any individual firm who shall
hereafter issue his or their notes or checks for small
/ change circulation.
! The council by the same resolutions authorize the
finance committee to issue city notes signed by the city
treasurer and comptroller, their deputies equal in de-
nominations and aggregate amount to the small change
circulation of individuals firms above sworn to and
the payment thereof secured which city shall be
redeemed with the proceeds Of the securities received
from said party parties issuing said small change cir
cuation, and which proceeds shall remain pledged and
be specially appropriated for the redemption of sait
small change circulation; and is further provided that
as soon the city notes ready for circulation the
chairm6n of the finance committees shall give notice in
the public prints that the individual checks
above named no longer currency, and must be pre-
ented for redemption and exchange for city at the
city treasury
The adoption of these resolutions will have the effect
Of concentrating in the city the responsibility now
shared by the issuers Of these mutudinous private
notes. 1t is assumption, in other words of the re
ponsibtes of those who have put them in circulation
SO far as those responsibilities are sound This makes
d currency upon which all who have any confidence In
the credit of this city may freely trade and leaves NJ
excuse for abstinence from the business trans
actions Of life except utter dstrust in the ability
the city to meet its engagements.
/ Who doubts that, it there was something like uni
/ form currency, 4 common medium of change, in oul
city tradesmen would open their stores the
avocatons and in this way aid in the relief of PEG
pie from the embarrassments under which they now
aboring?
Let Us then give this experiment fair trial. 1t NAY
do us the most incredible good. 1t cannot do us
material harm N. o. Peayune, of the Sth inst.