New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-12-02

other produce. At this moment there is very little
owing BY New Orleans to Northern creditors-in
faet, the Southwest has no creditors is far
as Louisiana is concerned
There is good feeling towards stocks, and rates
are advancing so with bonds. 10000 Of City
Bonds issued to railroads. were sold to-day at ad
vance over last figures. We also note the sale Of 30
shares of Canal Bank at 126, and some shares of
Bank Of New Orleans at l04 The stocks of the free
banks are on the rise. State Bank has also an mp
ward tendency. There was judicial sale Of stocks
to-day, but some how another it was not properly
advertised, and very few persons knew anything re-
gardng it, Ifpeople desire to sell stocks, they must
give notice through the papers. There was sold to-
day at this sale, on account of an estate, the fol-
lowing
q shares s. Charles Hotel Company at Ii worth r. 81.
10 shares Crescent City Bank at lol24 worth l0i.
sli, worth so
There is something " rong in Our laws regarding
Judicial sales, in relation to the publicity thereof
By the following extract from the money article of
the London Times it will be seen that payment Of
the bonds of the State Of Mississippi issued to the
Planters Bank over twenty years ago, is again agi
tated. We think it is hopeless case however, an
appeal to the honor and justice of Mississippi at this
time may have some good effect and provisions be
made for the ultimate payment Of both principal and
interest:
"A meeting Of the holders Of Mississippi bonds
planters Bank ssue) was held to-day (4th) at the
office Of Mr.. Lewis Il. HaSlewoOd in lOthbury when
committee consisting Of the following named
gentlemen was formed, to agitate on behalf of the
bondholders interests, viz Messrs. Gen. Peabody.
James Gapel. Lewis Ii, EIaslewood John Moxon and
Admiral Best 1t will be remembered that the
amount of debt issued by the State of Mississippi,
OH la tpYesf Rank
100000 sterling, bearing an interest at per cent,
and redeemabe in the years 1871 Lac, 81 6l.-'66
ll This debt was never formally repudinted by Mis-
sissppi although worse fate befe the SIS 100000 Of
debt issued through the Union Bank.
After the crisis of 1857 several Of the leading mer-
chants in New York City came to the conclusion that
the entire system of currency and finance was unsafe
unsound and unworthy of confidence. The report Of
a committee appointed at a meeting held year ago
to consider on reform in the currency was last week
promulgated. The committee at first set out with
the remark that they entered on the duty assigned
them with diffidence, but with determination to
give the important subject careful and thorough
examination. We regret to perceive that after
months Of investigation and study Of the great sub
iect of finance they have only arrived at the follow,
ing conclusions, which they have embodied in the
following resolutions
amended that no bank shall hereafter be permitted to
extend its loans, discounts and other Investments
beyond an amount equal to the sum of its capital
nall Its capital, and the specie in its vaults nor shall
it be permitted to let its specie at any time fall below
90 per cent. of its immediate liabilities exclusive of
its circulating notes. That banks hereafter to be
organized under the banking laws of this State also
be required, bet0rce commencing business, to have
their entire capital paid UP in full in specie and
that all banks hereafter be prohibited from making
loans, either directly or indirectly, on their own
stock,
q That all laws against usury be repealed.
5-That the circulation Of all bank notes Of less
denomination than ten dollars be suppressed by
means Of ajax or stamp duty to be levied BY Con
gress.
4s-That the Government of the United States
through its different treasures receive gold from the
people, and issue receipts or certificates Of deposit
therefor in sums of not less than one hundred dollars
From many considerations, and perhaps, many
conflicting views, with a little tinge of envy and
Jealousy this committee Of renown overlook the best
devised and 9oundes system Of banking in the world
that Of the State of Louisiana 1t will be seen that
the committee recommend that no bank shall be per-
mitted to let its specie in vault fall below 20 per ct
or onefth Of its actual cash liabilities This is not
sutticent-2O per cent is paty amount One
third or 335 per cent, is small enough. No sound
on well conducted bank could complain of this
restriction. The committee in its report, make
some allusion to the banking system Of Louisiana,
but somehow or another do not seem to consider that
it would be applicable to New York, as appears in
the following extract
Your committee have not deemed il necessary nor
eXpedent to place this minimum so high as do the
laws Of Louisiana, because the limitation of discounts
effects the main object much better and dine raoor
to bank profits seems to forbid it for our banks
have not the opportunity of profitable operations in
exchange enjoyed by those OF Louisiana Besides, it