New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-12-17
ew 0rltaas Daily Gresttnt Saturday ornin lember L. $50
Nen 0rleans Duly Crescent.
SATURDAY MORNING pEfrurrp - 1asa
Ntw ORLEANS M(oaeu Mlarktt.

to-day, the forepart of which was accompanied
with showers of rain, which, with the advices re-
ceived by the steamer Nova Scotian seemed to
check operations. There is a discrepancy between
the private dispatches and the public accounts as
published. 1t is unnecessary for us to alIude to
them, as all prominent operators in cotton and
exchange dealers are posted up to what is going
on in Wall street and environs, well the move
ments of the old grandmarm - in Threadneedle
street, London.
The offerings for discount to-day were heavy,
very heavy, particularly with the leading banks
half of million was the amount rendered or
offered for discount in bank and correspond
ing amount was rendered in other banks. Up to
the present time our banks have not received a
dollar in the of trade to enhance or increase
the specie basis. Last year the total receipts of
coin at this port counted up to six and half mil
lions of dollars, three-fourths of which were gold,
the legal currency. Up to this time the receipts do
not exceed $3.50, 600; and, of course, with con.
slant and daily drain of the reserves it is hardly
possible that the banks can meet more than two
thirds of the applications for discount
Although there is no press of paper through dis
count brokers, yet they have much as they can
place, that is, of long dated commercial securities
We have, therefore, to quote the rates of l2@gl5
months factors paper at from slls9 Jct. for the
very best selected names; SOLO for good or names
classed as Al to good. Some AL (4t5sG months
date) paper can be placed at sMs!. In second
and third class paper, though the offerings are not
large buyers exact 49, l5@1s Get. We have also
to note that buyers who never look at high grade
and first class securities, unless they can get them
ffairf f,co riolt Asia4
this week steady calls for their change, and have
taken paper at the rate of 2@24 get e month, re-
CARELESS of usury laws, showing conclusively that
money is commodity, and worth just as much as
people choose to pay for it.
The Exchange market followed the weather to-
day. In making inquiries of the transactions, we
were referred to the skies and clouds above which
denoted dull state of affairs. The counter rate
for checks on New York was steady at Y ct dis;
outside double Al, dis; AL and good, 11-16@53
dis. In sixty days there was no change. We CON
tlnue rates for double Al at Il, and AL at 1g@1E
dis: good to fair from 2, 2t925 dis. There were
no important transactions in Sterling. Dealers
were buying clear bills at los ll0sS. These figures
are the average, extreme rates ranging from los
@10sa: and we have also to repeat the rates for
ment bills there were no changes. We quote from
l074@l07I up to lOs There ws falling off in the
supply of francs. We continue our quotations:
5.22s@5.2i4 for AL bills on Paris direct, and ex-
IRENE rates from 5.2S3 Gs5.2O the latter for bank
drafts on Paris direct, for remittance. There is
very little produce going forward or being shipped
for the French empire. There cannot, therefore,
be any great change or variation in French ex-
change.
There were no sales of Stock to-day. We learn
that the Opeousas Railroad has been successful in
the negotiation of 100000 of the bonds of the
company, (S250,000 we have noticed before) which
will enable the Board of Managers to push the con-
struction of the road onward In Stocks in general
there has been a very slight business doing this
week. The season of dividends or 4" flowers" has
arrived, and holders have no desire to sell, unless
at prices approximating the highest of the season.
The uncurrent Money market has been operated
on by the decline in New York exchange. 1t will
be seen that the influence of the great financial
center is felt through all the various ramiications
of finance, bank issues of the West, value of Next
can and other foreign coins controlled by rates in
Wall street. Under steady demand for Mexican
silver for export to France dollars of that k have
advanced to 1O6@l064. The last quotations at
hand from New York for Mexican dollars are l07
and fraction over.
The Money markets in the West appear to be
close and stringent. There is a great scarcity of
even currency, $50 called) that is, bank notes
throughout the West. In Tennessee, particularly
we note many complaints OF a deficiency in even
the small notes of the shinplaster manufactures
This confirms our apprehension of the movement of
the Secretary Of the Treasury and the Director of
the United States Mint, of course, adopted in re-
ducng the price allowed for silver deposited at the
Mint and Branches from 22a@l 81. Over year
ago there was large business going on in Amer |
lean silver coin. Many dealers and country trad
ers far and near, purchased it freely for the pur
poses of currency, which would have effectualy |
driven out of circulation all the issues of the one
thousand and one banks, under the denomination
Of five dollars. We learn that the Senate of the
State of Mississippi has passed the bill for the sup.
preston of all bank notes under twenty dollars.
1t is suggested now that another act should be
passed to regulate the value of cotton, or whether
planter shall receive 10 or Is cents per h. Also,
whether an individual shall give out a note for a
ess sum than twenty dollars, and prohibiting notes
II hand of this sum amount from being made |
There is just as much reasoning in one as in the
'ther. As there are no banks in Mississippi other
han the Commercial Bank of Manchester at Yazoo
lily, which is, however, something of private
there will be great want of change
When this law goes into effect. The suppression,
successful, of bank notes in Mississippi, will be
f greater disadvantage to its immediate citizens
han to outside parties, and while the /" fit - is on,
he suppression may well be extended to notes
f 500, with an amendment that no individual or
itizen of the State shall make or issue note of ,
and bill of exchange, or draft under 500. If
lere are reasons for limiting the amount to one !
I'M, there are equally as cogent reasons in the .
Their. But what will be honorable and lust in the !
;tion of the Mississippi Legislature, will be to h
rovide for the payment of the bonds of the State
sued to the Planters Bank. We guarantee that
lie holders of them will take all the bank notes
lder twenty dollars which may be in circulation, l,
may hereafter be circulated in the State in pay r
ent. =
There has been very little doing in large sized a
nd warrants this week. The demand for the 40 d
ID so acres is in excess of the supply, without b
y advance in prices being realized. r,
The movements in American silver coin have