New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-03-18

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FRIDAY MORNING. MARCH Is, 1859.
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Another day of Indictment weather has, in some
measure retarded outofdoor business. It, however,
had no effect on the money market. There are
plenty of borrowers at the present low rates Of
usance and our banks might loan out the last dollar
in their vaults if managers felt disposed it would
not however result in any good. In the paper mar
ket there were some sales of long dated commercial
securities at 81 and p cent, and some mortgage
paper, at and two years, at y cent, and few
tonsora transactions with some parties who desired
to leave town to go home and attend to planting du
ties, which will be the great feature of pursuits for
the next 60 days.
We notice the passage, by one branch of the LIE
gisature, Of act to carry out fully the 18th
section of the act of 1s42 to revive the charters of
the banks, requiring the balances due from each
bank on every Saturday to be settled in coin. This
has been the course pursued for months past causing
an immensely of trouble and labor, and falling
Saturday, the day of all others when most every
planter happening in the city prepares to leave, and
day the most commanding in commercial circles |;
but to the officers and employees the course pursued
has occupied the greater part of the day. much to the
inconvenience Of customers as well as labor The
passing and changing, exchanging and re-exchang
ing OF gold, requiring cabs furniture cars and drays
to assist in transportation every Saturday from this
bank to that bank and vice versa has been about as
amusing farce for months past as the greatest pa
tron of comicaities could DESIRE On some SATURDAYS
the amount exchanged to be counted, recounted
then extra counted and reextra counted has amount
ed to eight hundred thousand dollars To obviate to
do away with these useless and nonsensical forms
bill was introduced before the Legislature to author
ize the Secretary of the Board of Currency. sworn
officer of the State to take cocnizance Of these
weekly balances, to give his checks between the diff
ferent banks-that is draw his check on the debtor
banks in favor of the creditor banks to cover the
pectve balances these checks not to be transferable
This is very simple and safe proceeding not at
tended with the least hazard and will 20 far to facili
tate business particularly in our community where
years business has to be performed in eight months
We are gratfed to learn that the bill passed the nm
per House. and will in all probability PASS the lower
House to-day, though strange to saw. IL meets with
some opposition. We should like to see some of
these very strong hard money advocates with a
check on one of the banks requiring gold for $40.
OOO and witness his discontinue when the amount
is shoveled out to him. and he stands at the counter
three or five hours counting to ascertain its
ness. We think if he was in hurry he would take
certified checks. We were witness. a short time
since, to Government draft for $a5 900 beinp maid
in gold dollars, which required some hours tn re-
count This, however, could not be avoided. because
the Treasurer had no larger coin,
| The Exchange market moved along quietly to-day.
the counter rate for checks on New York was dis.
under steady and regular enquiry, with sight selling
outside to some extent at dis, five days sight at /
dis. sixty days sight ls@l2 and II dis Very little
good exchange to be had at the latter.
In Sterling the rates were firm Mt 1895 InSI tn mo
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line dealers rates were from l0S3 to 10Sl, and re-
n,ittapce at 1oaIMlna Daalars oro d.,;ao5,,, n, u,
'i " esNSAo'' ieAAsiS "Ae oceiueuly ohisli
when asked los4-some OF them not on the track at
all. In document bills we heard of sales in fact
the weather was against all documents entirely too
damn some narties regarding war as inev;tahle Inn
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