New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-02-04

the President of the Board Of Currency regarding
mint certificates whether they would be considered
Is much coin in the assets Of any bank holding
hem. According to the law of 1889, which has been
alluded to in letter from the President of the Board
If Currency to the Chairman of the Committee Of |
he Legislature, we find the following That it |
hall be the duty of the banks Of New Orleans to set
lie and pay the balances due by them to each other
svery Monday morning in gold or silver, and they
shall also publish the gross amount of their circua-
ion, deposits and amount Of specie in their vaults'
We have not space to go into an extended analy- |
sis Of the Bank act Of 1s42 but the chief purport
The correspondence before appears to be eluci-
lation Of the Branch Mint NEUTRALITY-SUSPICIOUS. they
will be considered as coin. We do not coincide in |
the conclusions the President Of the Board has arrived
at because mint certificate under the many changes
and almost daily construction of the law by the chief
Of the Treasury Department at Washington City,
the Director Of the Mint may be one thing to-day and
another thing OBSERVATION-DISCLOSURES, the President
of the Board says he thinks it will be perfectly safe
to allow mint certificates to the extent of 81 600 0O0
If they deemed worthy to be recognized as coin
in one amount, why not in any amount? This is
question Of our own. There are no limits attached
to the amount of gold bank may hold, but the rep
resentative of coin is to be restricted. Them again.
Branch Mint certificates for silver coin and bull
lion to be recognized az coming within the views of
the Board of Currency. The law of 1888 says gold
and silver The act of 1912 says specie. The ques-
ton is if Mint certificates to be regarded as COIN
will they cover gold and silver even to the prescribed
amount Of $4,000 900, suggested in the correspond
regards gold dust coming from California? It
must not be overlooked that the Mint at San Fran
cisco furnishes large amount of coin in place of
dust as heretofore. If our Board of Currency recog
nize certificates for gold coin we desire that Ger
tfcates of silver should enjoy the same conditions as
by the act of 1889. On this question we might ex-
tend our remarks but will merely say, we are fully
alive to the promoting of business, and encouraging
coin to come to us from all parts of the world. We
would look favorably the proposition if it would
not lead the way to deviation from the intent of the
Bank Act. If Branch Mint certificates are to be re-
cognzed for one amount, they can be recognized to
ten or twenty millions of dollars, as well as bills of
lading for coin.
The Court of Claims at Washington has a most i'm
portant case before it at this time, in which one of
our patriarchcal bankers and felowcitizens is in
terested to the amount of two millions of dollars
The money article Of the New York Courier of the
18th ult. says:
The Court of Claims at Washington has before it a
claimant
Richard Irvine, Trustee of the Mechanics Bank,
New York, dgt. the United States. This claim
originated in the loan of $25,0OO,OOO made by the
Mechanics Bank took portion OF the loan under an
agreement that if any part of it afterwards made
at a rate more favorable to the lender, the bank
should secure additional stock to the amount of the
difference between the rate at which took the stock
and the rate of any subsequent loan. The amount
claimed under this agreement is s4S O62 So with in
terest from the 10th day of July, 1914 Mr.. Thomp-
son of Indiana opened the argument for the claim
ant and without concluding, the Court adjourned.
The NewYork Mercantile Advertiser of June, 1914,
says: 1t gives pleasure to be able to state and
we do it authority not to be questioned, that Mr.
Jacob Barker, of this city, has punctualy paid the
first installment of rs ct. his subscription of five
millions to the last loan and that he has half mil
lion of dollars in readiness to pay account of the
next instalment which, by the rule established the
Government cannot receive till next month. If Mr..
Irvine, Of New York, who is one of the Oldest and
most solid merchants in that city and the Mechanics
Bank, with our citizen, Mr. Barker, obtain an award
in their favor, we do not perceive how the Govern
ment can pay them unless in stock, which will, no
doubt, be satisfactory" Part Of the money arising
from that loan used in the defense of this city in
the campaign of lsl4'5.
W. L. ~
Co.'s circular forwarded by the last steamer Of the
25th ult. for Liverpool:
The cotton market in this city, during the past
week, has suddenly shown symptoms of animation
and vigor for which it has for many weeks been Ian
gushing. Buyers have been waiting for decline,
which they considered ought to be brought about by
the more general certainty lately entertained, that
the crop would be large, by heavy receipts at the
ports heavy Stocks unlavorable accounts from Liver
pool and Havre and all the accessories which usually
precede such event but they have waited in vain
and gaining courage from the tenor of the annual
circulars from Liverpool and London they resolved
to wait longer acknowledging by their action the
power of money in the South to be sufficiently strong
to determine the price of this alimportant staple
Nor it to the United States alone that this great
power is directed it is claimed by its advocates that
Great Britain must yield her hitherto acknowledged
supremacy debating the value of cotton through the
action Of her manufacturers of Manchester. Whether
this power shall succeed or not must ultimately be
decided by the unerring law of supply and demand,
but that it cannot be without influence, while the
stock in Europe is so limited and consumption so
great, must be conceded. There appears to have
been an impulse given to the power of consumption
in other countries than Great Britain Judging from
the quantity already exported and taken by own
manufacturers, as well as from the demand which
still exists in all the markets of the South. The
cream of the crop has been secured for France the
Continent, and our own mills. Great Britain must
receive far larger proportion of low quality, Of
which much will be sandy and trashy. Complaints
being received to the great falling off in quail
ity, particularly in New Orleans.
\ We give the above as specimen of /" the talk and
opinions y at present prevailing in this city.
| The buying commenced early on Wednesday last
and the total sales up to noon to-day have amounted
to 1900 bales, the largest weeks work done since
October last. The business has been for domestic
consumers Who doing alargely profitable trade, buy
with confidence for spectators who believe that
higher scale of prices is to be established and
in small degree by shippers who look for some i'm
provement abroad have orders for cotton without
limits Prices have generally advanced, and at the
close of business last night we find it necessary to
ding qualities, and &c. on the finer grades The
cearances during time have been All bales for
Antwerp.
A love sick swain, in describing kiss, says it is
draught which passes through the system like a
bucket OF water through basket Of eggs.