New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-12-29

Ueh Orleans larig, Crescent.
FINANCIAL AND COMMERCIAL DEPARTMENT.
gsn 0rIeans HIuntg IIarket.

|
get. per month. So far as our general money
market goes there is cheerful feeling but it must
not be supposed (rom a large influx of gold) that
our banks can or will expand in their discounts.
Although we have passed through financial crisis,
or are passing through one without any serious
disturbance, we have political question to sur
eount, and il millions of dollars in coin are re-
-. here, it will not warrant our banks to in.
80. their line of discounts. There have been
many 'esaarks made thar s.e oa'ly concentration
of gold ere ought to enable the banks 10 expand ;
but whv eS uand2 for whose and for what benefit I
and what viii be the result? Our banks are now
in strong post ION, able to meet any emergency.
We hope they viii continue 50. True, gold is flow
ing in en- them daily, but that is owing to the i'm
pregnabfe stand whic h they took weeks ago and
as they are now in the aggregate strong, il would
be a most mpoitc NOV ement, wild course for
them to deviate FROM or weaken their present
position. The influx of specie must not be taken
as a superaburdance of money. our banks were
to discount on these receipts they would be placed
hors du combat before thirty days passed. that is,
if the views of applicants were aceeded to. The
simple question is this There ought not to be
so much dependence on the borrowing system in
this community, when the greater share Of the
business is conducted on the cash system. The
movements at the discount boards to-day were
confined to renewals, with now and then a little
of new business in the way ofdiscounts. The tom
serial gentlemen, that is, the 19121 get S4 month
operators, complained of falling of in the de-
mand at their rates. Some mortgage loans, or
rather mortgage paper has been passed this week
at lG5l get per month. Long dated commercial
paper cannot be sold, nor is there any large
amount offering. Whether there will be any new
issues, is question to be regulated by the course
Of events. We note some very singular remarks
in distant papers regarding the commercial and
financial position of New Orleans. How they got
into circulation is not known, but many Of them
are fraught with falsehood altogether
The banks in the return tomorrow will show
strong; in fact, mpregnable. The line Of discounts
will show further reduction and the specie re-
serves an increase.
| The Exchange market to-day gave signs Of q
breakdown, yet AL drawers held on well. The
counter rate atthe banks ruled at 5ect. discount
Outside the rates were from 29E discount for dou-
| BILE AL to l0ls discount for good The movements
at from l9lt were large for the day. Sixty days
sight ruled from 33t932 and yet. dis. Sterling
received q knock-down. We quote clear bills at
l01@l0la; remittance rates 102@l02l. Bills with
documents ranged from 97@98 and SO up to 100.
Francs also took downward tendency Sales at
5.57l for the best on Paris direct running down to
$50, 5.e5@5.T0 and 5.774, making extreme rates
from 5.7I9@15.55. The market was under good
supply for all, and every kind closing in favor of
| buyers - even under the large accumulation of
gold
| The Stock market has improved There were
sales Of Bank Of Louisiana Stock on PIT. Sales of
the free banks at large advance over last sales
The confirmed sales were SO shares New Orleans
Gas Light Company at $50, and Is shares at 154-
rather broad difference, but so the figures to
us given. In Bonds we do not learn Of sale.
We have some very funny remarks Of the course
Of cotton and trade. Some of the NewYork papers
pretend that they have already received pro
gramme of the future of cotton.
The following extract from the monetary article
of the New York Herald of Monday last, excites
our risbe faculties. Talk of selling $4,000 600 Of
State Bonds at par who is to buy them? These
bonds to be sold at par, and cotton al the mar.
ket price is to be received in payment. We never
read or heard Of SO much nonsense in SO short a
paragraph as is contained in this extract:
We have been furnished with the leading points
of the financial programme of the cotton States
1t is understood to emanate from one of the most
distinguished members of the Mississippi delegation
III CUHBEeSS+ AS SOON as tne Ot1eF C0LGOn states
have passed ordinances of secession, acts will be
passed by their Legislature empowering the re-
spectve State Treasurer to issue State bonds to an
amount which it is not expected will exceed six
millions of dollars in the aggregate. These bonds
are to be sold at par, and cotton at the market
price, is to be received in payment. The cotton
thus received will be placed in the hands of State
factor, who will ship il at to market, obtain
ing advances upon it from Northern houses. 1t i
understood that arrangements have already beer
made in New York for such advances. In the
event of blockade Of the Southern ports, or al
embargo on their foreign trade, the cotton will bt
! forwarded North by railroad, and will be shipped
from New York. 1t said that the scheme meet
with such favor that planters in Mississippi alon,
have agreed to take 81 100000 of the bonds, giving
2 their cotton in payment. It is not supposed tina
the first expenses Of establishing an independent
government will exceed the proceeds of thes
bonds Afterwards when the government ha
been established, as the ports of the cotton State
!, are to be thrown open to the world under sys
tenn of perfect free trade, the expenses of govern
ment are to be betrayed by an export duty on co,
ton Such is, learn, the present project of tn
disunionist leaders. 1t is, of course, liable to b
k modified by circumstances and the occurrence c
r unexpected events.
" The movements in uncurrent money have bee
: on light scale. Rates of all distant bank note
g are nominal. Our brokers buy from day to day
. just as they can agree with sellers Western cul
rency ranges at all sorts of prices, from Vet. t
rs get. discount It is conceded that the issues
several of the Northwestern banks, that is, Inoi
y and some in Wisconsin are secured; but we wou
rather have their corn, wheat flour and bacon thai
their bank notes. The Missouri banks are, witt
: one exception, under suspension and money mat
+ tiers in St. Louis are in chaos state.
+ The influx Of gold continues here. The receipt
of Mexican eagle dollars have been light for thu
= week. Rates are nominal. American silver coil
is purchased by the brokers at from l312 59ct dis
I, There is nothing doing in land warrants no
likely to be for some time to come.
The opinion prevails that the great State o
: Pennsylvania is pretty well in debt, owing abou
s37 900 900, which is about three times the amour
of the debt of the State of Louisiana.
! PUBLIC DEBT or PENNSYLVANIA. - Statemen
e showing the Indebtedness of the Commonwealth o
Pennsylvania, on the LIST of December, 1860
Funded Debt, viz:
Pct Loans 400 go O0
/ . Act. Loans. 30 967 .295 u
+ ~ f9ct Loans, .-.,,........,... SSl 30 W
u Pct. Loans. ...+.......... LODGED 90 =.
| Unfunded Debt viz
: Relief Notes in Circulation. %, 402 90
p Interest Certificates outstanding. 1904 20
b Interest Certificates unclaimed. 4.4iS 30
- 12O.72I
Total State Debt Dec. l. 1860 .sa7 $685.
n IL. II. Lonstiale, Son Il Co.'s Weekly Coffe
I Statement.
Arrivals since LIST July direct bags. 135. oil