New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-04-06

1 week
An increase in circulation Of .s3A5s
An increase IN short loans Of. 5OO5s
An increase In Exchange OFF, 34S,752
decrease IN s SPECIE OF
decrease in balances due distant banks. als2s
/ The actual increase in long and short loans for
i the week 1851
The old Banks in line s575OO0 which reduction from
last week of s279000 and for the two weeks s615 Oe0
Exchange freely offered to-day some grades rather
fell off in rates. Cotton that has been held here for some time
going forward under the present low freight
Good sixty days bills Northern cities ruled from
and some IL discount and sales repued fair grades lower
bankers go days from 1@I4 sight from S@D4 pre Banks
checking the counter from 7s premium The Banks
hold 70 in Exchange to-day against ST.
last year.
Sterling dealt in at $685. and So remittance Bills
with shipping documents from 71S@l7A Francs without
change
In stocks to-day there sales of 80 Of New
Orleans in two parcels at 100 gross aud 10 shares Citizens
Bank at 1872 net.
Ills fresh in the minds of the community that the stockhod
Of the mortgage stock department of the Citizens Bank
made application the last Legislature extend the payment
oil part OF the bonds issued by the State in the year 1886 10 se
the capital This application made from any inability
want of means the part of the Bank payment
of the bonds promptly but justice and equity
large body of the stockholders will fully appear
from the memorial of the applicants (which been ut
some pains to obtain which will be found below
1t has been supposed by many citizens stockholders
the cash department Of the Citizens Bank signers
applicants for relief and the extension applied the nd
vantages to would be for their benefit the banking
departments gain Thsis altogether erroneous
view, as will appear by reading the memorial. ~.
To understand the question: is necessary that
among the stockholders proprieors Of the old
eghythee believed who any loans or
received any favors their subscription the hey day of the
Banks prosperity and credit from 1886 They never
participants in of the advantages arising granted
by the ctof incorporation although their property
still morgaged while other stockholders did apply for and
ceye great and many facilities in the way of loans dis
counts well other privileges and benefits arising from the
act of incorporation.
These stockholders who received loans paid
dollars per share towards making good of the Bank
prior to the 1850 and to aid in the payment
cest the full amount of the bonds Their property still
mortgaged for these bonds and be aenated the
holders thereof paid in full principal interest They
obtain loan for dollar yet fully entitled TO IT,
although they did not choose accept the time
other stockholders did, which optional with them by the
charter Every candid and impartial mind reading the
memorial will arrive the conclusion that they are entitled
to relief ts
In bonds the State endorsed by the old Citizens bank
will maurethey will be paid OF this has been CON
ceved that these old stockholders might employ benecially
$500 rather might in the State individually and col
lecyely used The benefits would only to these
popretors but would apply to all interests commercial agr
cultural and financial The State, which proprietor
would also come in for share of the gains cosdera
tions we add our convictions that the full can be
usefuy and beecay employed period Of twenty
five years in developing the of growing State
But these propretors do ask for much They only
solicit for the grant Of 000 As this be retained
at the low rate Of Eve per anuum would be
supposed capital be obtained these TERMS it is the
duty Of authorities this place but
that is not wha is desired the money already here
be retained particularly community dependent
in and active capital with the requirements
creasn becoming every day every year. more
extended Our great staple uga would equal in the
success and advantages Of the extension.
The ingenuity the opponents strive con
vince Themselves think the Bank department to be
aided by the granting of the memorial The articles
pact between the stockholders banking department and
the mortgage department reads in artcle4 AS follows;
NJ sums arising from the collection Of any portion Of the
the BENEFIT the banking Tor c department. but M ies ss
sum Ts not nm n spRsa The Of the
securities.
This reads plain any money receipts arising from any
be used for the exclusive the proprietor
OF the old Bank,
In the 1850 there deficit or rather the losses of the
old Bank nearly nine hundred dollars This
amount has been nearly made up by the ability and good
management of the Board of Directors
OF the incorporation and the Bank will be ubundany
to the bonds l 0O falling due in the year 1889 At
the time the memoraists believe aud their belief is ss
tanned by every reasonable mind benefits which they
are entitled 10 place sem equal footing with their
pieors ought 10 be conceded by the Legislature Admitting
for argument sake " it necessary hundred thou.
sand dollars be retained in the for twenty-five years
an interest oil i've per cent? does not and
require that it should BET 1t is supposed community
where capital has been in demand and uefay employed from
time mmemOrRl that this good and
important The holders bonds are we believe per
fectly satisfied and content with them, the faith and
honor of the State has been carefully and houoraby guarded
and protected through its connection with nstu.
tons is in view. the very policy reject the op
portnniy OF extending this oan when the proceeds
prohaby and seryceaby employed promoting the agcu
tura commercial and financial interests of Louisiana
Further entering great aud enterprises
wants of the several railroads. In progress in every section
OF State will call for heavy onays of money more
Can capital be hired in Europe in this country very
low rne OF interest which these bonds extended
throwing aside the yearly expansion of commerce. which
will alone require capital than conveniently
tfoF The great internal improvement system in which the
State largely involved every resident and citizen
teested viii require millions of money carry
fui termination True, Snu0o will so hut little ways hut il
will contribute or the use of will be widely beneficial
The condition of the Mortgage Stock Department of The Bank
on the 18th March, was as follows:
LIABILITIEs.
surplus Or nominal gain 20 ta
nu s5,7l5,856
Bill receivable or loans on stock nv ~
other loans and discounts iii "a
frotesied paper or suspended 3I7
Total assets, s57l5 1856
To the nominal surplus may be added the premium at the mar
ket siueof the 5000 shares of stock held in the baukng de-
partment
After this brief of the very favorable position of the
mortgage department. the by some parties nimica
to the position and prosperity of the banking department. ha
this department be benefited that party to the me
moria be sustained suggest those read thu
memorial carefully Our position is that money
the country retained the rate of 1--we per cent Dol
annn interest every considerations the welfare future
our State ought aid in securing outside claim of tho
emofialisis. The the Constitution fntepaes asi