New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-12-14
Ueh ORLEANS Duly Crescent.
FINANCIAL AND COMMERCIAL DEPARTMENT.
gt1 0rleaus 3floueg JNarAst.
CsxsoksT OyYICE. No. 10 Camp street.
Thurgday Evening, Dec. IL, 1870.


some CHARTERS, but it all dwinded away and the
good feeling which 1t was supposed would follow
the Eurepa's adyices was not actually realized,
that is, the eervescence Of yesterday cooled down
and receded to-day particularly after it was ascer
tanned that the Europa only brought 500, 900 in
specie Perhaps there was no time to make further
shipments, and that million of dollars in amount
will come by the next steamer.
We have alluded to some very singular and wild
reports published in New York papers, The last
rich moroccan from that city says. The merchants
Of New Orleans we're discussing the propriety of /
suspending en- ra,ssse." That We have very often |
to go away from home to learn news of ourselves |
is an old proyerb, and proves so in the present in
stance. They think in New YORK that there is |
contest going on between our banks and the raer-
chants How this belief originated, or from what |
cause It arose, we cannot say. It would be an
endless task to attempts correct all the erroneous
reports which are daily forwarded via telegraph
regarding the financial condition Of our community.
They also assert that all merchants will break,
that is they do not even concede that number of
them will merely suspend with assets from 25050
and 100 get. above liabilities. The New York
Herald, particularly, its jeremiads about
| the New Orleans banks they are not going to
alter or suspend and it is useless to aude to such
| movement.
The Exchange market to-day presented symp-
| toms of languor and dullness. Some drawers held
for rise, particularly in good clear sterling The
| large dealers that were in the market allowed 95
for good clear bills. There were other transactions
entered into and confirmed at 81, 95, 960s989. The
| bulk of the transactions were at 95(196; though
there were drawers at 99G1100 we opine it was
| only an asking price. Other buyers declined to
! buy and withdrew from market to await later ad-
| vices as many of the dispatches received were
looked as very dubious in lights than
There were sales of francs at $3.50 90 and 5.S5,
but extreme rates ruled from 6.00@35.90 and $50.
The demand for New York funds was light The
counter rate for checks was l@5 discount. Out
side the sales were free at discount for double AL
and 3l1l discount for good commercial drafts.
There were no movements in time bills to any mag
nitude. The low rates (3a@41 discount) are very
4 tempting to buyers and RENTERS, but unfortu-
nately they have not the poor consolation of having
funds to invest in and remit.
The general financial position to-day was one of
unusual quietness. There have been no suspen-
sions since Monday last. By meeting the tiger
boldly we do not expect to have many more sus-
pensions of magnitude to note. The spirit of &C.
commodation eyineed by our banks in the way OF
renewing all paper held by them will 60 far towards
ameliorating the pressure.
The following extract from the money article OF
the New York Herald shows how little they know
of the condition of New Orleans; in fact, they are
poorly posted, or rather not posted at all. They
are talking of scarcity of supply of food in the
South, even with the granaries of the great West
/ turning out their contents daily and weekly. Can
not some of the money writers of New York pay
nr1a II
Republicans, and see for themselves They woult
n be able to give more correct information to thei
e readers.
The following extract from the Network Heral
ip is amusing, even under pressure in politics an
~ finance: aQ
The adyices from the South are very diseourae
ing. The merchants of New Orleans, it seems
Ri have been discussing the propriety of suspendin
Of en- nlasse. BY the banking law of Louisiana, til
banks are obliged to hold onethird of their labil
: ties--exclusve of circulation ~ in specie, unde
H. pain of foreiting their charter and other penalties
:, The merchants have had this law thrust in thei
i. faces when they have applied for bank relief, an
have been told that under no circumstances coui
: the banks expand. What final determination ha
To been arrived at we are unable to say, though W
hear that several OF the heaviest houses of NeI
Orleans have failed, and that bankers bills O.
that the contest must end eventually in the susper
= sion of the New Orleans banks, though, perhap!
ag before this occurs, all the merchants may breal
ia From Charleston the report continues to be thg
nothing is doing there is no employment fo
laborers, no sale for cotton, and short supply
l. food on hand Most of the bankers have, for til
er present, ceased to do business at Charleston.
Or Savannah there is small business doing in bills
l00@l02; the bank suspension has relieved til
: merchants but mechanics and aborers are out
en- employment and the supply of food is scanty.
Or Many inquiries have been made of the natur
of the Bank Act passed at the recent session
IN the Legislature of Georgia. 1t will appear that
= complete stay law favoring all debtors is incorp
10 rated in the bill until the LIST December 1861.
re omit Section of the act It also suspends all pr
: ceedings against the banks in Georgia to the l
re- December, 1s61-that is, SO far as the suspense
ii, 1t, of specie or coin payments applies:
An ACT to grant relief to the banks and people
. this State, and to repeal certain clauses of Il
act entitled an act to provide against the forte
= ure of the several bank charters in this State,
an account Of the non-specie payment for a give
sof time, and for other purposes, passed in the ye
|. 1857 and to suspend the pains and penalties il
the posed upon the several banks and their officer
: in this State, for the nonpayment of specie, al
eri- for other purposes.
rs SEC. l. The General Assembly of the State
40 Georgia do enact that nothing in the seventh Sc
. ton of the before recited act shall be construt
ALL as to prevent the banks of the State from sendir
their notes out of said State for the purpose of d
ate counting drafts, provided they shall not directly
/ indirectly charge greater rate of discount thi
bin seven per centum per annum, and exchange n
d3, exceeding one-half of one per cent.
. Sec. 2. The General Assembly do further ena
that much of the tenth section of the before
md cited act of 1857 as prevents the banks of til
~ State from selling any kind of exchange exec
sight checks, be and the is hereby repealed
provided that no bank shall sell any sight chez
~ at a greater interest than seven per cent. per a
ry | mum, together with the usual or market rate
CHI. commercial exchange between the two points
that time, but in no case to exceed onehalf of OIL
per cent. if drawn any point in this State; al
hin charge of greater rate of exchange than the ia
ing or market rate of commercial exchange betwe
cd the points at the time il drawn points beyol
: the limits of this State shall be considered asuriou
. and violation of the provisions of the said act
1857 ; provided, that no bank shall ask and rece
- greater sum than one per centum on eXchanl
from any citizen of this State for bills, drafts
checks drawn on any point beyond this Stat
when the bills of said bank or banks are presents
, in payment for said exchange.
!, Sec. 4. That in the event Of suspension of spec
= payment by any Of the banks Of Savannah, A
a1' gusta and Atlanta in this State, which shall
uz made known by proclamation of the Governor,
" shall not be lawful for any plaintiff in f. ia.
A. agent or attorney, to have the same levied up
va the property of any inhabitant or corporation
i'm this State until the first Of December, 1861 net
ayr shall any OF the property of any such inhabiant
W. corporation be sold under and by virtue of a
such fl. ia. order, or Decree nor shall any perso
.. be arrested or imprisoned under and by virtue