New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1855-12-13
Nes Orleans Ggpneg Iagsst.


| GREsoENT OfFicE, NO. 60 Camp street, !
Wednesday Evening, Dec. H. 1855. T
There long dated paper Offering TODAY but
not sufficient to absorb the money now idle Short dated
that outside of Bank time continues be placed at
per Ct for names longer dated of same character
from S to O. The Canal and Louisiana State Banks dis
counted all that was offered, with triing excep-
ons The general position of money matters continues
Of that favorable character which we have from dav
| to day noticed.
The operations in Cotton to-day reached tolerabe
high figure regards the number Of bales sold in fact
the Cotton market is buoyant, and cotton factors are
about the most independent people encounter in the
daily course of our peregrinatons. 4}
In the Stock Market to day there was some further
sales of Canal Bank. say sixty shares on r. t. and a.
negotiation in progress for lis shares more This Bank
makes its regrur semi-divdend the oath inst which
will be five per cent The annual election Of the South
Bank held to-day which resulted in the return Of
the following gentlemen, Directors for the year 1856
Frederick Rodewald Louis Yoz, James L. Wibray Fer
| dinaud Rodewad, GUSTAV Mltenberger and Thomas
| Byrne, of the house of Byrne Vance Co.
The Exchange market continues to stifen the Banks
were firm to-day at per ct dis New York with one
exception the lthern, which was drawing In the early
part Of the day at q private bankers sold at Il under
good demand txty days bankers bills were taken at
IL and ia TO Ia Tor other grades though of the
Banks only otfsring2 The Banks are buypc sight
l
strictly prime, though drawers ask the market
closing from X to So for clear bills and to Y for
bills with shipping documents Francs firm at 2ss. TO
the latter for first clacs drass on par direct On
New YORK private drawers at the close of the day
asking 4 dis, for sight; x for three days; to Y for
fifteen day. and z to per ct for thirty days sight for
the general run OF produce bills sixty days sight there is
ana rates are firm from Ia to * per Ct dis
With the heavy basis making Exchange and the
" he Rapt, tI,f
features which have occurred for MANY vears of
course it highly advantageous cotton and it is not
the deficiency in sugar exchange which occasions the
singular state of affairs, because that it is more than
made up by the large amounts of cotton bills and We
only the existing state of the market as being
under control Of the natural law supply and demand
In the course OF our duty public journalists we find
OF interest," 70 our readers and the public In general
comment on many operations in trade and particularly
finance TO serutnzs the dealings of the Banks with
the community and the community with the Ranks and
those questions Of Importance which have to be settled BY
appeals TO law are paramount objects Of attention and
when defense is made of usury resist contract
formed IN Loulslana-s defense which would nulfy one
half Of the contracts which daily made and vit;ata
the most solemn obligations between man and man or he
tween borrowers and lenders of money the con-
tracts ana from the Bank Of Louisiana and the
Louisiana State Bank might be sought to be avoided by
Ct interest on long loans by the Of their charters
and the rate having been established by law since their
charters were granted at eight per CT Conceype that
plea entered by Messrs James Connolly s. Co. of this
city in suit brought by the Bank of New Oreans IN
compel them 70 comply with an obligation which they
entered into with this Bank in behalf of Messrs Page
Bacon St. Louis; we, in this column of our psner on
the "a u, commented on the non-payment of the two
notes of hand made by Page Bacon for $4,000 each,
nd th2 1,Darfo ~
their contract with the Bank, referred to Page Ba
con In the following words regarding the plea Of usury
This is singular defense of Messrs Page Bacon who
it is presumed are the real deendants after RECEIVING
S4oooo It time when the business of New Orleans re-
CURED el It's available capital to give dated New
Orleans and in which place the negotiation and contract
was made refuse to liqudate the balance and carry out
the original agreement then cooy assign reason that
the debt usurious and plead the laws of another State
to evade payment Page Bacon have had the rspnta
on of being honorable and high. minded men II thew
desire 70 retain the good nane recommend them to
settle this debt immediately We may 10 again
This has ELECTED from Messrs. Page Bacon the fol-
lowing letter. the singularty of its approximation proba
bly, delayed receipt being Editor and Proprietors Of
the New Orleans ~:
Sr. LOUIS November 80 1856
Editors and Propyeors Of the Crescent Ne,o Orleans
GENILEMES--Iu your money article of the 22d inst
you have called attention to the suit now progress
before the Fourth District Court, entitled the Bang ~
New Orleans VS.. James Connolly g. Co. >,
The apparent particularly with which YOU sneak of
pd
with malicious INTENT and the article is ibelous and
your avermsnts relative to without foundation
and wholly untrue we have to say, that without an ex
pelt admission on your part, and in manner as public
as the beeus article that the written without
knowledge relative to agency in the defence to which
YOU ree that you have reason TO believe and do believe
tha at the time the same written, that had made
no defense whstever in the suit referred to- and that the
defense set up of usury alone attributable to the
defendants, James Connolly Co., shall at once place
the matter in the hands Of friend Hon j. P Bepa
min with instructions to bring suit against you fo libel
respectfully, PAGE & BACON.
at the time wrote the article the impression was
general in the city that the plea usuy was made under
instructions from Page Bacon; apart from this the
inference we drew natural under the circna-
stances We think that person except Page Bacon
will discover in article any evidence of desire to do
them an injury, any malicious intent, and we here
desire to state that such motives governed US We
were acting in the discharge of duty journalists
to keep the public advised Of important matters trans
piring in midst calculated seriously TO affect the com
nereisl character of our city.
1t will be seen that it not with Page Bacon that
were dealing but with the character of the plea by
which it was sought to evade just obligation In
commercial community like it vital Importance
that everything calculated to impair lofty spirit of in
tesrty should be held up to public condemnation The
defense in this case was, in opinion, calculated to
initiate against the public interests, We deemed
proper to call attention to it, We had no personal ends
to serve, we but discharged duty dsvoying on us as
journalists, and We take this occasion distinctly an
neunce that fear OF suits personal
Will ever deter us from expressing opinion all mat
ters of public interest.
When matter Of public interest becomes part Of the
records Of judicial tribunals do any
improprey in placing before readers purport and
progress particularly when consider the defense yio
laes commercial faith and uprghtness yet shall ever
scrupuousy respect the rights and private acts nd