New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-02

/ l9i4, which restricts the issues of the Bank o.
| Englsud-a measure which the Times has con
stantly defended and praised even since the pres
ent crisis
1 Money, metallic as we'll as paper, is an instru-
| ment by means of which the products OF labor are
exchanged. Can it be an actof wisdom to restrict
| the use of such an Instrument Is there any more
danger in the free use Of such an instrument man
| Ia the free use of means OF transportation OF OF
| to0d2 The enioyments and progress OF humanity
mainly depend on the products OF labor
Whenever labor increases its products more
| money is needed to effect the exchanges OF Vne
| world. And yet we mud man, IN DIS attempts 70
nuard himself By bis present wisdom against his
lItture folly enacting laws to limit the issues of
| paper money while he fosters and encourages the
/ production and Importation of metallic money,
which is far inferior instrument Of exchanged to
| q sound paper currency, such one as would he
maintained at all times by self.interest under the
beneficial sway of freedom and unfettered compe
tition.
The principal function of banks and bankers is
TO exchange their well known credits for the
lesser known but equally sound credits of their
dealers, or other individuals occupied in COM
merce and industry. Now, when over-production
OF oyer-Tading has created glut OF commodl-
ties and products why should these exchanges of
credits cease or be charged double price? The
banks and bankers at such moments should be
doGbly careful as to the persons with whom they
exchange credits, and as to the securities they &C
cept from them. But when they have done this,
tleEG IS no EXCUSE extra GHdTge IOT VlS ser
vice required of them for they are at no greater eX
pense at such moments that at others, and
when they have taken proper precautions, the risk
instead of being increased is really lessened. IT.
in moment of doubt and fear, banks largely in
crease the rates of discount, it is simply because
they are badly managed, aud the principles OF
banking and money are not correctly understood.
Monetary crises are not necessity. They are an
evil which like every other evil encountered by
man, flows from an infringement of natural laws.
All evils can and should be removed by the study
of these laws, and by conformance to them, in
stead of as at present, attempting to overcome
them by shortsighted. ignorant human enactments
Evil exists in this world mainly as guide to indi
cate to humanity the true path that leads to hap
piness and progress-LN. Y. Com. Advertiser.
THE LAST DAYS OF CONGRESS- New York
News, of the 9th ult., says:
1t il hardly the thing to have jolliication until
one is fairly ont of the woods yet many of our
Wall street friends begin to feel considerable ex
hilarauon at the prospect OF an adjournment Of
Congress on Saturday next, according to the Joint
resolution of the two Houses, with no more harm
done than has yet been accomplished in the way
OF legislation upon financial and commercial sub
lects There are yet two long days after to-day to
the adjournment and those last hurried hours the
amount OF work whiChis crowded through without
consideration, The laws which are made thatnobody
knows anything about until they are upon the
statute book, have often proved the most detri-
mental of any to the public good There are
ingt0n and their activity at this time is not more
than commensurate with the field for their opera
tons which the present Congress affords. We
have heard Of another desperate effort on the
part Of the Wooimen to get some further measure
of protection through before the adjournment, and
though they are on hand at Washington in strong
force, their success is very doubtful. The bills
eheeting trade and finance which are before the
conference committees are likely to go according
to some party accident.
The Chicago Tribune, of Wednesday, says:
There is no change to note in the conditioned the
ness is daily becoming more apparent. In nearly
all branches of trade deposits are falling off; but
the demand for discounts is less active, and the |
market is easy at 10 per cent. for prime paper. |
There very little doing on the street in second
class paper, and rates are almost entirely nominal.
The market for eastern exchange to-day was very |
firm at par buying and lilo premium selling; but |
the supply is wholly inadequate to the demand, |
and our heaviest bankers have still to express cur
rency daily to New York to maintain their balances
there. Round lots were sold among bankers at
soc. premium per thousand, but there were very
few sellers.
The Boston Traveller of Monday evening says
81 The money market continues well supplied with
capital which is readily obtained on good col
laterals by approved borrowers, at six per cent,
with occasional exceptions both a little below and
above that figure. The banks are lending chiefly
on call but individuals are disposed to grantlonger
time. The discount market is rather inactive, in
consequence of a scarcity of desirable business
paper for sale. The stock market is steady at the
quotations, but not very active except for the
public securities, which are in quick request"