New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-06-29
Wsm 0rltans Nlontu Narket.
CRESCENT OFrIcE. No. 10 Camp street,
Saturday Evening, June q. lS57.

OBHSOENT
Saturday Evening. June q, 1857.
This week has been noticed being ghtest the money
market for two years To various attributed
change which has taken place BY parties
to investments in cotton by others large mpoations
attempted pecula1ionsn breadsu with the
men In coffee. This last operation could any
teral influence se.. The main to
the millions Of dollars deficit In the general
sugar crop Of last season. though In the aggregate ootngs
the general Of both cotton and sugar the will
greatly in Of last year the proceeds Of
and those Of another Then smother important
movement in the West particularly in St Louis has had much
to do in drawing coin hence The organization Of half
Banks in that city from the close and intimate commercial
and financial relations existing between this city and that been
in adding the demand for discounts
this market They have also calls for other sections in the
West The movements Of the Treasury Department in entering
the market tender and dealer in exchange also had
its effects
This law created by the last Legislature in regard the
Banks hangs incubus like NIL their proceedings. Slight
draugs Of coin the be extremely chny of
the contents Of vaults they cannot be epenshed unless
great and Inconvenience before January
next If the two million Of capital which has been
Withdrawn from here during the past fifteen months had been
suffered remain its benefits might be realized this moment
The absurd laws taxing capital anticipated and good
which has been subject to the burden removed in
advance though only small share Of real active capital will
actnay contribute swell the finances of either city
The intent Of the law has developed its injurious effects To
the amount Of capital will have to be added the five hun
ed thousand dollars Of the Citizens Bank in the
Of year redeem the bonds the State The
linaes for this payment will early day
and will the community possibly In this
constant decrease Of foreign capital the policy last L
atue in refusing the application of the stockholders of
mortgage department Of the Citizens Bank the pay
ment of the bonds we'll be questioned We think the
Legislature ought to grant the memora hearing
cede to their DESIRES All branches of trade and and
particularly the agricultural interests benefited by
retention Of this five hundred thousand dollars the
low rate Of FIVE interest," and holders
of the Banks will readily the arrangement
rests and prosperity Of the community require that should be
accepted. Common Dictates if capital where is
much required in this State be had five per cent?
ought be secured The present position Of the money
would require that this question should receive the
favorable There has been but little capital
brought into city for past The stockholders of the
Southern Bank the last they having added the
active Of the city, If the Banks being orga
nzed could add likewise, would be we'll In the enhanced
valne Of money in Northern cities and Europe
strained to the admission that additional capital will
city for employment This makes the position of the Ci
sens Bank stockholders of interest
Banks organizing will retain accumulated wealth
aud capital in midst The views citizens
of Banks in addition to these already organized
avagan We have Banks enough. We do desire learn
Of either public private Twenty millions capt
tai is as much can get along with. Il
In the general department of local trade the dullness OF
has been apparent this week sales dry goods
groceries and coAeoman merchandise have
the season Tor sales may bo said be fairly Some orders
io uses are reeeeu ohy ~hch tend 10 Keep some
trades moving We learn that the credit has been
greatly extended the present among merchants
whchi believe confirmed by large country
offering in the Market We that the system has
been abused The planness Of money the last season.
the end Of February did, in all probability, give
enlarged Credits We sincerely hope advan
tage will arise from the lberaly granted.
onr general accounts from New York favorable
the in the money market which attended
business in that emporium during the past months If
bears had their sway they would panic and cause
general smash up or crash at
Tho movements today in market ndicate considerable
some high grade passed 1e2 per cent
aud operations performed higher good
prime high l3l5 per The of
the Banks, made the Board of Currency morning
much more favorable than anticipated, particularly specie
reserves, which show an increase for the week. 4
The following are tile variations Z. lY ~ Il