New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-12-23
Nem Orltans lailp Cresfent.
FRIDAY MORNING, DECEMBER %, 1859.
gtu 0rIeans Nlonty 3tlarAst.


/ csEscxsr OFFICE No 10 Camp street.
| Thursday Evening. Dec. % 1859.
| The movements in the Money market to-day were
confined to some sales Of long dated paper at the
rate Of 5000 get for choice, with good grade not
80 high on the ladder of fame az to be cIassed on
the highest roll, but believed to be intrinsicay as
| good, being sold at 999a and 10 yet. 1t will be
unfortnne for borrowers If they allow themselves
to be taken in by temporary buyers of CONNER
cal securities, that u.s. the come-to-day and go-to
morrow operators. In this good city Of ours at
| this moment there are all classes and grades of
operators to be found who swinde and defraud the
city out Of taxes and licenses, cheat the State of
its dues, and laugh at the credulity Of borrowers.
| These sort of shavers ensconce themselves under
the wings of brokers, and deride our statute with
as much effrontery the greatest rouge and noir
devotee in existence.
| The offerings or calls in the banks to-day were
large, being double the income of each, which re-
suited in large sums of paper being rejected. We,
however, suggest to all borrowers, do not be
| alarmed, there are causes for heavy press !;
yet it cannot be disguised that those who disre.
| garded our admonitions, weeks and months since,
Will and must feel the effects of the temporary pres
sure in the general money market. We call the
pressure temporary, for the course of finance will,
in all probability, be the means Of gold being sent
hther to meet the requirements Of commerce.
The course of Exchange will undoubtedly be the
means Of bringing gold from New York, bnt we
think the prospect of gold coming from Europe is
in unison with the weather for the past three days
dark, cloudy and decidedly cool.
| The general Exchange market opened heavy to-
day. There were transactions in sight funds, bank
| n1o
l5-l6 dis. This Immediately knocked down good
commercial sight to 1@1t dis. Over the counter
some Of the banks held at 3@s dis, but these were
obsolete rates before the close of business. We
quote bank checks from i@a discount over the
counter. Outside from a95 for double AL to 10
Ii discount for good to fair. Sixty days sight at
all sorts of prices from 2, 2a@25 discount. Two
round sums of $4,000 each (choice names) were
taken at n dis In Sterling the transactions were
limited. We quote clear bills from 1919, l0s@10st
and document bills 1O7@lO79, with much debate
and contention arising in regard to document bills
from great delay in delivery of cotton from the
presses. These complaints appear to be accumu.
lating from day to day, and interfere greatly with
the selling of bills and the realization of the pro-
ceeds, as all buyers of this kind of exchange are
not possessed of so much of the milk of human
kindness as to allow buyers to draw for the value
of thousand bales of cotton which may be two OF
three weeks getting on board of ship. OF course,
with the decline in sterling, francs were effected
We have to quote some sales on Paris direct at
5.25@5.233, and other points 5.30Gl5. 264, max
ing the extreme range from 5.3O@5.233 SO those
old citizens of our good city, who spend as much
or more Of their income in Paris than they do in
/ Louisiana, can now remit at low figures
There were received by the steamer Cahawba
yesterday from New York 5000, 900 in gold. 1t was
part of the amount ordered by purchase of the
Mexican dollars which were alluded to some days
since, and does not add anything to the specie
basis of the banks. In fact the banks were to-day
running down close to the specie line allowed by
1 law.
There were no sales of stocks or bonds to-day.
Messrs. Palfrey & Co. will sell on Saturday the
oath, at the st. Charles Hotel Exchange, variou:
kinds of bank shares, bonds and miscellaneous
stocks in general. 1t being the first public sale o
this season, bargains may be realized, and it viii
be well for all stock and bond dealers to attend
i A Northern paper, in commenting on the large
importations from foreign countries, gives some
items which may be brought home to the South
1t is manifest that there is money by 80 get
now owing by the Southwest than there has beer
since 1887, and though private debts are never re
pudiated or wiped out, as in other sections of the
country, yet there has been too much money spent
lavishly by the South in Northern States. The
South, however, has the ability and the will to pay
if not one year, the next But in other sections
| they wipe out by assignments la New York.
The "reminiscences 1857 are not pleasant to the
the losses S Of the year 80 nj, that find difficult
New and ah
s Every Individual Spending sf f9sc is' Hn
II Ts son but es ess sn
gpGi m popaGon than either the East
the the West ought to have taken, millions
ss s. f' %isRs St sss
r ss s a n Gf sn pn pGvg
ssgendurs Of the Tai,ed States pa9iicuars
excessive snte thereto BY Immense exp ese ~as 1
F SIS 3 s Of swns an land
.s g. %s %Rs s es
s$ %sS
dsHa, Section asse' .y pn s
hes assn %lisas is5 about s5
s R 81 ss ,i
during those years Of land % moderate estimate
s s y sgss 's
of R s
jewey other During the halcyon years 1855
1856 july 1851 it is related of the of nrge
York lace and embroidery holse that their orders from their
pay bills, all after that prof! Is it surprising the
West could not Its debts This rich to pluck ont of
would believe easiy this years import.
There already indications of large spring import-we
greet them It is difficult TO account for it Perhaps each
neighbor crippled sick of the trade will
goods thereby offering chance TO him of large profit large
importation Whatever be the of the trade
dealers will probably gain MUCH and can lose but little BY
adheng the principles that they have their
business operations this The West since 1857 has
prudent and economical it previously reckless and
large demand for articles Of luxury for that
the land and railway Of the from 1852 1857
his calculations, destined to be millionaire shortly
The disease deepscaed and general be
These crude hints written bring the whole
Of foreign before the serious consideration
study the subject for themselves. Every bound
in justice himself study revew what has been written
8ebieh NJ the Mlarkets.