New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-03-22
gem 0ttans Daily Crtsten 1nsda Monna Mareh 22 1859
Neh 0rIeans DaiIp Cr,sttut.
TUESDAY MORNING, MARCH %. 1859.
Nfm ORLEANS Hlontg Market.

Z
Monday Evening, March q, 1853
The money market for the week opens quietly.
The calls ON the banks to-day were moderate for dis
counts as regards exchange there were some offer
ngs, but sellers or drawers appeared to dictate their
own terms. Outofdoor transactions were restricted
by dark, cloudy, drizziing weather. and taking all
things into consideration, languor and torpidty seem
to prevail 1t can only be for the moment. Stocks
and securities have gone up to such high prices that
moderate dealers are forced off the track. Some
holders are taking advantage Of existing circum-
stances and selling out their stocks and will hold the
proceeds to take advantage of anything that offers
on call and short time. We are not of the number
who think that war on the Continent of Europe will
affect American securities more than to enhance
their value. The Bears in the stock market cannot
frighten "old fogies." There are no alliances pro
nor between the United States and the rulers of
Europe whereby financial affairs will be affected in
the event of war. There is gold enough in Louisiana
to sustain the trade and commerce of New Orleans
during war Of five years duration in Europe, even
if Great Britain should be drawn into it. We have
only to suggest to those who consider war as such
fghtul event to abandon their fears and 90 on with
business. The business between Austria and New
Orleans is mere drop in the bucket, the exports
to Austria during this season only amount to three
quarters of million Of dollars. As for our relations
with France, the season is 80 far advanced that
nothing Of real serious nature is likely to turn up
The exchange market to-day opened steady and
strong. The counter rate for checks ruled at 41i
dis. on New York; though was not uniform all
round, yet sufficient sold to make 19R dis. the
figures quotable. Double A l drafts outside were
obtanable at up to the close of business hours.
Sixty days sight was taken at l4@ls dis. all that
offered In sterling the advanced rates of Satur.
day ruled we note purchasers of clear bills at 1883
@lo9. Bills with documents l0sl@los4. Extreme
range from l0s@l0sa, according to margin. For di
rect remittance rates were l09t@1O9i. We did not
ever very firm, and asking l74@5 Is on Paris di
rect. We quote extreme for sixty days sight from
5 2l4@5 133.
Stocks have advanced to high figures Capitalists
are looking round for something to move on. The
most good they can do is to organize and build a
hotel up town. 1t will pay if properly carried out
We note sale to-day of 100 shares Mechanics and
Traders Bank at about l03. In bonds there was no
thing done to-day.
Southern enterprises are looking up We note
with some degree of pleasure that the managers OF
the Southern Steamship Company-the Texas line
| earnings up to the 18th inst.
| The New York Courier and Enquirer, in a late
number, in commenting on the action of our Legsla
ture in regard to banks and the suppression of bank
issues under the denomination of twenty dollars
quotes from the report of the Joint Bank Committee
on Banks and Banking. The paragraph which is ex
traced is from the report of January 1858, not from
the report of the present session. The Legislature
in 1858 did not sanction the report relating to the
| suppression of small notes-that is, notes under
twenty dollars. Our banks have never been allowed
to issue notes of a less denomination than five dol
| lars An attempt was made during the crisis sue.
ceedng 1887 to force into circulation checks drawn
by the branches of our old city bank the principal
bank for sums less than five dollars, but they had
brief existence, only answering the purposes Of
change the same as municipality issues and one Of
the present old banks also issued notes for small
sums, but the managers deeming it very small bust
ness withdrew them at once in 1912. At the recen
session of the Legislature bill was introduced t,
protect the holders of all bank notes under twent,
dollars, which, however, met with no favor, beint
useless and unnecessary-even to the working ant
laboring casses-as no man is required to take
bank note. The contemplated law would have onl,
been an infringement on private rights, as we con
ceive our law makers have no right to say what :
man may or shall receive for earnings. Publ,
opinion in Louisiana long since (more than 40 year
ago) denounced the small note system, and the
small issues of the thousand and one banks which
have existed, or do now exist, never obtained an,
credit in New Orleans; in fact, a person could not
purchase dinner in market with pocket full OF
one or two dollar notes of distant banks. The bank
note currency of Louisiana, with the banking system
adopted, is now the admiration of the financial
world it has been fully tried and not found wanting
Though one plan has advantages over the other the
results and benefits inure to the public at large
morning 81 each retk from tie 4M II September 1885,
Loans and
~, Circulation, nenosiis Specie. nisc'ts. Exchange