New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-12-14
Uefu Orleans Dailp Grtstent.

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| WEDNESDAY MORNING, DECEMBER IA, 1859
ytlu 0rltans 1lontg Nlarktt.
/ CaEscEsr OrrIcE, No. 10 Camp street. /,
Tuesday Evening, Dec 49, ISse (
Inc demand Tor money was pretty active in bank
anu 'ne offerings FOR discount were large, in fact
heasy' something approaching half a million in one
pahk' and large offerings for what the banI,e u !
nave over Tomorrow. On the street or outs;de n
Dank there was more paper offering. partcn,arlv
Oh hfssciass signatures. The supplv NJ mone, Z
however, yet free. 1t Is surmised that r,anv
are preparing or anticipating for the st and LII ~
January. we observe no great evidence to sustain
tese views for there is no increase IN the deposit
he' nor IS there any timinuon in the lire Of bills
receivable or curtaiment of discounts.
We observe that many journals in the North ave
congratulating the public and felieitating them.
selves and holders of the securities or bonds iss,e
by the State of Mississippi in favor of the Planters
Banks; that steps are taken to redeem them, prin
cIpaf as well as coupons. We regret to say, and
that with extreme modification, that the honora
bic, inst and sound views and recommendation OF
Governor McWlllie met with no response from the
Legislature; that the stigma of reputation still
rules supreme in the Councils of Mississippi IeeisIa
ton. The Planters Bank Bonds were recognized
ny the constitution adopted in 1882. We begin
to think it is hopeless task to entertain that inst
ice will be meted out to the holders of these bonds
IN 1854 and 30 the State Bonds of the State of Mis-
s'ssippi We're held at premium Of 10G825 yet,
and now a Mississippi bond, either ernanatfng from
the State itself or from any organized association
OF incorporation, would be hooted at on auy North
ern or European Stock Exchange In fact. the
great Mississippi Central Railroad, of which there
mas been so much said, could not raise funds last
spring only in this city, negotiations of which were
carried through by the influence and exertions Of
three or four Of our old and respected merchants.
VINO nave peen Tor many years connected with
hisslssippl ny commercial interests; and the bonds
oi thls road drawing seven get. per annum in
terest were sold at discount of Is ssct., and vet
we learn that efforts are to be made to construct
railroad from the sea shore to jackson. called the
Ship Island Railroad, to cost somewhere between
Six and seven millions of dollars, and it is contem
plated to make beginning ON this road with
about 100000 private subscription to the stock
ana something OF the balance of the cost is to be
realized from proceeds of sales of lands. The
Ship Island and Gulf Railroad looks very well on
paper, and could no doubt be constructed out of
some OF the millions Of dollars which Mssissippians
spend from year to year in jaunts to Northern
States and watering places, supporting Northern
magazines and newspapers as well as disbursing
many thousands of dollars in Europe. But the Ship
Island Railroad will never reach finish on sub.
scrlpnons of stock, or by borrowing money on the
usual terms, based on the general credit of the
State.
The Exchange market was well supplied to-day,
still sight funds on New York were well sustained.
and rates were firmer than on yesterday, say an
average of an 18th in favor of sellers and drawers.
Ile counter rate for checks at the banks was "a
yet. dis. Outside bankers double AL 9@s dis
count; good commercial from l1-l6@S dis. OF
course, there were the usual offerings of Georgia
and checks of other distant banks, which could not
be placed at the same. In sixty DAYS sight there
were sales at l5@l1 for best, to 150l2 act dis
count for good commercial bills, and 2, 230l2s for
good to fair There was very little Jockey ex
change offering. This description of exchange
meets with many knocks and rebufs, as it passes
through the arena of negotiation. In sterling the
offerings were free, with sales of clear bills at 1854
0l0os, and two or three transactions at 1854,
Dealers, however, were not willing to allow over
lOS4 We have to quote the extreme range from
and document bills selling at lO7l@
los, with other sales at 107111O75. High margin
and low grades of cotton composing the basis are
not freely taken, and it is with difficulty that
buyers OF cotton unknown in the records of finance
Or on the minutes of the bank parlor can realize
with facility under the great redundancy of ex.
change now offering from day to day in this
market.
In francs there have been several transactions. |
Double AL on Paris direct at $40 to the extent of
100000, and other good names at 5229, with some
ales at 5.27a, which established decline, and
makes the rates of fair to good bills 5.2755 225.
md choice 5.2l485.2O These last rates were for
exceptional signatures
Stock market fiat, with downward tendencies.
some holders prefer to pocket the dividends rather
han to accept any great reduction from last sales
1t appears that in England they refer back in
hef statistics ten years, as appears by the follow
ng hgures of the Bank of England report, say cir.
ulatlon, deposits, specie, ETC., on the opening of
$40, lS5S-'59 The price of consols is also taken
hto consideration, as also are the prices of wheat
nd foreign exchange. But the foreign exchange,
owever, does not apply to the United States. This
ountry is ignored when foreign exchanges or
alliances are talked of; moreover, it will be OBJ
erved that the price of wheat has great deal
more to do with the finances of Great Britain as
'ell as Europe, than most people imagine. The
rice or value of wheat has very little to do in this
larket OF ours, that is, New Orleans. 1t is mani
'st that our money market is not governed by the
ely or price of wheat 1