New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-02-27
GLEN 0rleans lailp Crsstent.
FINANCIAL AND COMMERCIAL DEpARTu1uT,
psY - ,-75 =. -
gtb1 Orltaas Mlonfu alarhtt.
esrscrsr oryIcs, No. 70 Camp street,

rt Saturday Night. feb. - ito
ae'i'!ty IN general business at the date o.
our last weekly review has continued tbrouob tts
week ending tonight. Although there il ~ Il
crease over the corresponding week Of last vear
except IN cotton still liveliness brskness and oaod
feeing have attended the course Of trade a., q,
week. The receipts of the staple have beer On :
large SCALE commensurate, however. only with ,ba
essimated production Of 1850. The gales have Iaa
iafge' ana IN excess of the receipts, reaching sor
tae commercial week $500 bales, making the
sales since the first of the month 2el 600 haIes
This alone has called into reousition large suros ~
money, and without reference 70 large saI.s q
other proaucts, has largely and freely supplied the
machinery OIL finance. There has been some fall.
ing on In the sugar market this week. The entire
safes SINCE the first Of this month were rs 900 bops
heads Of sugar and 1900 barrels Of rnolasses
Hlsh te returns OF these Sales or rather the sales
Ior the season, it would be supposed that the IN.
aeetedness Of the country would be reduced. hut
hgures and results present the anomaly of the
greater the productions of the soil the greater tbe
Indebtedness of the country.
\ - 'ne general wholesale and jobbing business.
say ary goods, groceries and hardware. the sales
nave been free; in fact, business has been aood :.
not, however, beyond or over last season unless
the grocers can claim the privilege. az Il Il a \
mas neen from year to year, that the country ron.
ectea WIN Tie trade of our city receives its sun
Phes Vi groceries from us, while the dealers and
uaoefs 90 North for all other merchandise and re-
CURED supplies It has often occurred that traders
ana dealers IN the country 40 North and purchase
largely on the usual credit system in fact s fnl1
stock oil general merchandise excepting groceries
BRING the goods to their locality realize sufficient
eash rom speedy sales to enable them to come II,
NeH ofeahs ana purchase their stock Of groceries
mere ~ Whefe our grocers have the advantage over
all branches OF trade--their movements are for
cash. Every country merchant coming to New
Orleans makes his arrangements to nav each az
eqnWaienffor groceries, while for dry goods and
olher merchandise Il he cannot obtain from s to IL
mohths credit, he goes North, and nine times out
OF ten obtains all he wants. This of course is all
OWING to the large capital and resources of North
ern Jobbers. In Northern cities thew are eiy;nr
their extended credits SO AS to maintain liz pre
ponderence which has SO long been a steady noint
with Northern capitalists, and Notwithstanding there
has been an immensely of talk and writing about
direct Southern trade, this that and the other.
there are me same quantities Of merchandise pur-
chased now as before the Harper's Ferry raid
In the general retail, fancy, millinery ana local
trade, there is iull The carnival Is over and tho
yotaries Of the fancy shops, of course are out Of
the market, as the phrase is on change. The city
IL, however, crowded with transient residents and
VISITORS. The great Northwestern section Of our
State and Eastern Texas is well represented at this
moment, and will continue for another month nj
least, at the end of which time those connected
with the great planting nterestwill be called home
to attend TO the great next crop, which Is 10 BE- II
rather the seed for one will be put in the ground
whist moving on with favorable breezes and
free sheets in general financial circles. we are
taken aback BY movement in the Legislature. by
the introduction Of bill to repeal tile act " law
exonerating or relieving the capital Of the free
banks from municipal taxation that is, the yearly
levying, say of 1t@1a get more suicidal course
could not well be brought forward at this moment.
Instead of taxing capital the best policy would BE
to invite it hither 1t is with extreme difficulty that
the banks now working under the act of 1853, 1.-THE
general banking law so called) or majority of
them, can work along and pay their stockholders s
Get. per annum. TO reduce this by a municipal
tax to 6a Get, would be tantamount Ia driving
shareholders to sell out forthwith, and send n
majority of the free banks into liquidation. as
shareholders would desire their money in hand.
and hire it out in the open market at much higher
rates Of interest. A more unWise and iniudicious
movement cannot well be conceived than ia vino
the capital of the banks, or taxing capital at all
while it sso much required in this apparently new
enf JeI nd uds,ra
i the great hoped-for emporiHm. An informal IT,
terehange of opinions occurred to-day with some of
the managers OF one Of the free banks 1t was in.
timated to recommend the stockholders to lauidate
in the event of the passage of the bill as introduce
ed. This question of capital is very imperfectly
understood by legislators. For general nforma-
ton we can remark that not one dollar Of capital
Is required to enable parties to operate to the ex
tent of millions on millions of dollars in our mar
ket. All that is requisite is for the wealthy bank.
ers Of Newly or elsewhere to establish an agent
here, take out license and move on their credit
not dollar in real capital or gold is necessary
With our banks stockholders must have something
or equivalent to solid capital before
they can move. It is hoped our Legislators will
pause, and not aid in driving away what little
Sdpltdl OF money Is now employed mere.
The money market to-day was not so flush as on
yesterday or the day previous. The offerings or
calls at the banks dscounting to-day were large,
quite SO. True, there were many balances to be
settled and remittances to be made for the interior
by the several steamers which left this evening.
The weekly statement of the banks shows nothing
to boast of. They are in good working position,
with the deposit line working down daily. Though
curtailment in the discounts and lessening in the
amount of loans and discounts are features in the
return to-day the expansion in circulation is not
met by corresponding increase incoin, and the
increase in the exchange line is a mere bagatee.
The increase in the coin is attributed to
investments in Mexican dollars.
The variations for the week in the bank move
ment are
An increase In specie Of. 506sS
An increase in circulation Of l4liN
decrease In deposits proper Of 6St98
decrease In short loans of Gus 666
An increase in Exchange Of is!,51
An increase in distant balances Of. 16i i6g
he variation in Long and Short Loans for the week
IS decrease oiziil
The movements for the corresponding week last {
year were
decrease In specie Of Sls2 IN
An increase in circulation Of. ~ Go
decrease In deposits proper Of. 4l6s5S
An increase in short loans Of 1isE5o
decrease in Exchange Of 2o6,sis
An increase In distant balances OF, i454z
fhe variations in Long and Short Loans for the week
was an increase Of fsf,ooA
Tho snao;a rauarvaa - the hanks 1ast year at 4 I