New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-10-21
Nsh Orleans 1ailp Crescent.
gtm 0rltans Aloneu Hlarktt. =
FRIDAY MORNING. OCTOBER 81. 1880
cstscEsr OFFICE, No. 10 Camp street,


cREscEsr orr,cE No 10 Camp street
| Thursday Evening Oct. 90 Is59
mere was no money market to-day. No one
appeared to be in want of the stuff; the discounts
anu offerings at the several banks were confined to
a'ini''isheo SUNS from regular customers In the
aggregate, the income Of the banks was not fnIIv
absorbed. outside and on the street we did not
near OF sohtary transaction. prominent broker
who deals by tens Of thousands now and then 70.
marked that he had not passed piece Of uaner The
| week, because he had none ON hand and closed bis
operations to-day by the purchase Of one dollars
worth () Of postage stamps from the agents Of our
respected uncle; and this will give an inkling OF
the general paper market Though we have sup
posed hard money or metallic government at Wash
ington, yet it is manifest, and has been manifested
for years, that the mighty machinery of finance and
commerce cannot be conducted or carried on with
ont the incidental use of paper money and it is
idle for people or Legislatures to think of checking
the use of paper money or bank notes, when let
ter or communication cannot be forwarded from
one town to another without calling into requi-
sition three cent shinplaster. We beg to hear no
more from many of the Legislatures of States about
suppressing bank notes under ten and twenty
dollars, when they cannot send financial, COM
mercial, or social communication, without invoking
the aid of three cent stamp or piece of paper If
the general government has the right to authorize
or issue pieces of paper or representatives of
money, which pass daily from hand to hand as cur
rency, and are used for the liquidation of debts
then it has the right of issuing this meagre SEM
dance OF currency to an indefinite extent. There
fore it is idle for the Tennessee Legislature to be
Wasting time IN connecting statute to repress the
circulation of bank notes within the State for sums
under twenty dollars The Legislature Of Missis-
slpp, two years ago, passed similar law. The in
| tercourse between Louisiana and Mississippi has
! increased every day for fifty years; yet we have
never heard Of anything being offered for sale in
Mississippi, even bales of cotton, but what good
bank notes of the city of New Orleans would be
taken in payment, even for five dollars. It is
laughable to peruse the remarks of Legislatures on
banks and bank issues. In reference to credit or
punctuality of hard money or metallic currency
{see Mr.. Rives' speech of 1884, on a metallic cur
rency) we might refer to Mexico; that is hard
money country-and tolerable hard at that-as
well to the new State of California where, with
all its plentifulness of gold, money, technically
called, commands from twenty-four to thirty and
thirty-sx per cent. per annum interest. This is
hard money with vengeance. We do not want to
witness such better currency in the great South
west or the cotton region of the world.
There were movements in stocks to-day, to
our knowledge. Prices are well maintained. 1t
cannot be discovered what advantageous results
would arise accrue to holders to SELL at this
ment productive stocks, when it is SO very difficult
for capitalists and holders of money to invest at
paying rates in mortgage or other proper securi-
ties. Before sixty day note falls due. most of
banks or the managers thereof, will be consider
ing of the next semi-annual dividends. OF course
these dividends will be as much as the last.
The exchange market the prominent feature of
exploits, at this moment. Bears and the bulls are
plenty, and attempt to gore and hug each other
every hour in the day. That the market yesterday
was entirely cleared of French exchange, we no.
tced in our last remarks. 1t was all for the &C.
count of two parties; and the market having been,
as the phrase is, swept, we have only to remark
that an occasional amount of francs can be picked
up at from 1s2 to 12a. There are very few pur-
chasers of cotton for France at this moment. For,
Notwithstanding the large increase of exports of
cotton, on which our foreign exchange operations |
are based the shipments Of Gotten to France since
the first of September of this year, are only nine
hundred bales in excess of last year, and the
10000 bales which have been shipped are at cost
of one cent per pound less than last year. Some
bills on the outer ports of France may be obtained |
at less rates-say 21l to Is. In sterling to-day
there were not large offerings. Many drawers of
sterling clear bills held high to-day; yet several
good bills sold at 1891 1909 to 1905, also some
choice document bills at 1859 to 100, and frac-
ton over. We cannot quote or note the market all
round as being any way active to-day. There were
some document bills closed at 1854. We place the
extreme rates from los, 1889 to l09-the latter an
extreme rate, and only allowed for drawers well |
known, and a corresponding credit to the drawees |
Clear bill Dealers buying rates l09t@1O9S, and |
bank rates, as well as outside remittance rates. |
4@a higher
In northern funds the counter rate was steady |
and uniform at prem, with good demand for
sight at prem. We quote good to double AL |
sight drafts at par@a prem. Bank checks from
al prem, the latter the prominent rate Sixty
days sight from lt@14, ls@l} dis and short sight,
say from three to fifteen days. at all sorts of price,
from par@atact. dis. ~"
1t appears it takes about five years to settle an
ordinary bill of freight in New York. will appear
by the following judgment in the United States
Circuit Court, in relating to damages claimed by |
the consignees in question lot of lard shipped
at this port in August 1854, board of one of the
Holmes line of packets. By this decision in the
District Court, and confirmed on appeal in the Cir
cult Court of the United States-the proviso pre-
ceding the signature of the captain, contents I'M
known, has very little weight-in fact all conditions
and contracts to be governed by bill of lading
must be filled up in the body of the bill, which is
the fundamental part of the agreement between
the shipper and shippee. There is no allusion that
my of the barrels or tierces of lard were brought
into court for its inspection, as in the wheat case
which we alluded to yesterday, and the stem of the
steamboat mot stern) which was once before our |
State courts.
UNITED STATES CIRCUIT CouRr-BEFoRE JUDGE
OF LARD IN Hot WEATHER.
OF THE CARRIER.-Wm. Nelson ct |
al. VS.. John o. Woodruff John o. Woodruff vs.. |
VIM. Nelson ct al, October 1.-The libel was fled |
in the first by the lbelant, to recover freight
upon a shipment of 1899 barrels and 81 tierces of
lard, in the ship Maid of Orleans from New Or
leans to this port, in July and August 1854 TWAS
filed in the second case by the consignee against
the respondent to recover damages for loss of
part of the lard in the of the shipment Both
cases depend upon the same evidence, and were
hnard touathar IN Cnurt hell in this COurt