New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-01-21

Neh Orleans 1ailp Crtsttnt.
FRIDAY MORNING, JANUARY 81, 1859.
Nem 0rIfams Nlonfy Hlarktt.
CREscExr OFFICE. No. 70 Camp street,

Thursday Evening, Jan %, 1859.
The money market moved along calmly and regu-
larry to-day. The FRANKS of Emperor Napoleon,
which were published in issue this morning, had
no effect whatever in moneyed circles. general ex-
pectaton has prevailed for along while that he would
kick up fuss with some Of the European powers,
and the telegraph, as nsuaI, comes freighted with
flaming accounts Of decline in consols, excitement
on the Bourse, and all this and that fummery. We
have 80 frequently remarked on adyices made for eff
feet that it is almost unnecessary to allude to the
subject but we merely suggest of what effect will
war between France and Austria have on American
commerce. American cotton, or our gold mines, or on
the Mississippi river! Just about as much as the
war of England and France with Russia three years
ago. 1t is well known that we did not lose any
money by that war. So if the tyrants, or monarchs
they call themselves, in Europe disposed to fight
let them fight. We do not think that American in
terests will suffer.
There was no increase in the general calls for dis
counts to-day at the banks, though there were only
two banks discounting. On the street there were
several transactions and buyers of paper and lenders
of money did not appear to trouble themselves about
telegraph advices.s
We note the sales Of 900 June and July paper
at the rate of 70 cent? and 800 900 Of January next
at u cent, further sum Of 100000 at U cent,
and divers small operations at 81 @ and 10 U cent
The Bears must get something extra-Emperor Ma
poleon won't work on our money market.
In Stocks we note the sales of Is shares Crescent
City Bank at l03 gross; so do Bank of America at
1881 81 do. Canal Bank at 1861 SO do Crescent
City Bank at l024 As do. Bank of New Orleans at
l0l 20 Louisiana State Bank at the advanced figure
of It's. Also $4,000 City Bonds endorsed by the J..
R. R. at 50 and accruing interest and further sale
of so shares Bank of America at 1885, and 100 shares
Bank of James Robb at par.
The Exchange market was under a lull to-day.
Nevertheless there transactions running up to
nearly four hundred Thousand dollars, by about
twenty different parties The counter rate for checks
on New York was steady at discount. Outside,
there were sales of sight drafts at and per cent
discount-that is, the banks were buying at those
figures, the range being very broad-say from a
per cent. discount. At the same time there were
sales of one, three and five days sight at 1915 and
per cent. discount, and several sums of sixty days
sight at IL and u discount and other transactions at
O. q and 1t discount though there was no press of
offerings; every one disposed to buy could be accom-
modated. Sterling was quiet. Some negotiations
reached contracts at 1o7{ q 1919 for document bills
clear bills 1919 q 1881, and drawers very firm. We
did not learn of any transactions in francs and omit
figures relating to them The banks are ready buyers
Of good bills at rates which they consider will pay
something. But they say it is of no use to work for
nothing as it costs nothing to keep money in vault,
and their stocks generally are appreciated by the
public, as appears by daily sales.
The books of subscription to the increase of capital
to the Merchants Bank now open for the original
stockholders. If they do not desire to take the en-
tire increase they ought to signify their wishes at an
early day, as there are many DESTROYS of becoming
stockholders.
Competition is the life and very essence of trade
We remarked some weeks since on the project of
Bullion Bank in New York, which we deemed a sort
of hybrid of essential service to the public and
giving no evidence of return in the way of profits
as there is no doubt but this scheme may succeed,
and this chen dresse be encouraged. The banks OF
New York City-that is, the leading banls-will at
once organize bullion department, create new
branch of business in conjunction with their regular
business and advertise to open bullion accounts de
chen desse, with dealers free of charge for transact
ing the business. The deposits argent, en- iingot
to be kept nvolate in coin, as in the banque de CHEN
dresse. There are not many banking institutions
that like to do business for nothing. The leading
banks of New York appear to be somewhat uneasy
about the bullion humbug.
The report of the Board of Currency for the year
1858 to the Legislature is before us. The following
extract is reteraton of what we have remarked for
the last year. The propriety and need of Clearing
House has been freely discussed in bank circles dur
ing the last few months but nothing definite has been
arrived at. Two or three of our prominent bank
Presidents have had frequent consultations on the
subject but there is diversity of opinion regarding
fanC ypI,a ia
every Saturday cabs and furniture cars employed in
transporting boxes and bags of coin from this to that
bank, and from that bank to another, and so on till
the entire balances settled conformable to law
We take the following from the Board of Currency
report:
The banks have regularly placed the Board of Cur
rency in possession of their daily movement and
weekly statements, and the several examinations
made by the Board of the books and vaults of the
banks, have proved the statements without excep-
ton, to be true reports of their condition.
The regular monthly reports of the condition of the
banks have been published in accordance with law,
in the State paper at Baton Rouge
Since the last annual report of this Board, the
amount of actual coin in vault of the several banks
has been at all times greatly in excess of the REQUIRE
ments of law, and the aggregate amount of specie
now held by them is more than onehalf of their total
cash liabilities, while their balances of foreign and
domestic exchange are unusually large. This exhibit
OF strength seems to be accompanied with the ac-
quirement Of handsome profits, which has enabled
each institution to declare handsome dividends to its
shareholders and yet further increase its reserved or
surplus funds.
| The sound condition of the banks as well as the
strict compliance by them with the laws regulating
them, will be more readily and fyseen by reference
| to the accompanying statements, viz:
| The banks are compelled by law every week to
pay to- or to require to be paid by each other their
respective balances in SPECIE and in order to comply
with the law, they obliged to transport from bank
to bank through the streets in specie the aggregate
amount due from and to the different banks always
at more or less risk and expense besides much time
and labor is required to count the specie thus chang
ing hands. These difficulties and others consequent
upon the present system of making the exchanges
between the several banks, have been obviated in
| New York by the establishment of "Clearing-
House, with the object Of etfecting at one place the
exchanges between the several banks and the pay
ment at the same place of the balances resulting
| from such exchanges The New York Clearing
House is spoken of in the highest terms by those
familiar with the subject, and similar system it
| has been suggested would be of like utility here.
AS this is an arrangement of obvious convenience
to the banks themselves, they should and no doubt
WILL at an early date voluntarily cooperate with each
otler TO secure the advantages of that system.
BY the provisions of an act to appoint Secre-
tary of the Board of Currency, and to define the
nj Sna q 1oE Al