New Orleans daily crescent., 1860-12-07
Usd 0tIsans qailg Crsstsut.
rl1AHY.-.- ,r1a0~- 80 c"myRBGAL DEPARTMENT.
Nstu 0rLtans 1IoMeg TLarhst. IT.
onzsossz o,ylez. xo. % Camp street

OF cOtGon lactDT9 VINO have not been placed in
funds by the drawers Of the paper which went
over. As before remarked, our community could
get along very wen with all its local paper, but it
is the outside collections which causes the main
trouble. As regards the paper which Is held by
private capitalists, a majority of them are willing
TO reneT-most Of them at the same rates of in.
teTest at which they bought The original paper;
some others having no compunctions, seem desir-
Gus to exact Shylock rates. As there Is no busi-
ness that viii justify 2@S get. Ssmonth, even for
reneTes, it would be far preferable for aceeptors
and makers to refuse such exaetiens, and await
more auspicious times. 1t was complained Of that
one house which has suspended had $4,000 to its
credit in the several banks. But this money (these
balancesf did not belong to the makers Of the
paper which went to protest, but were the pro-
eeeds of produce to be applied TO the purposes of
the owners Of such produce, and could not be di-
verted or used for other people. Although the law
does not recognize any distinction of factor or
debtors balance in bank or elsewhere, yet II would
be most unjust and wrong act for factor to
take the proceeds Of AS cotton as it were to pay
BIS obligations, expecting that would send his
cotton forward in a day or week. The agony OF
going to protest having been experienced BY some
twenty-five to thirty houses or firms, large quan.
tity of cotton has been withdrawn from market
and to be held for higher prices than 9@9A cents,
which cotton is worth just as much as il was sixty
days ago, say 1O48l02 cents.
Many arrangements can be entered into between
debtors and creditors, which may prove beneficial
to both Under the strongest belief that the pre-.
sent crisis will rebound TO the financial, CONNER
cial and political strength of the South, we do not
discover any grounds for excitement or agitation.
Although the general impression is that there is
no money market, yet it appears there are nego-
tiations going on for small sums at from 2035 5ct
per month. Nor is there so great a scarcity of
precious metals, or American silver coin would not
be drug at 13N12 T9ct. discount, at which rates
there were sales to-day. True, there might have
been scarcity of the regular standard gold being
our standard. We, therefore, have to quote silver
at the foregoing rates. There were received to-
day from New York $l50OO0 say 100000 to the
Bank of Louisiana and s50,0o0 to private house,
which went into the Citizens bank. There is more
on the way hither.
| At the meeting to-day of the Board of Directors
of the Bank of Louisiana, Mr.. Auguste Montreuil
was elected Cashier to fill the vacancy occasioned
by the resignation of Mr.. E. ]. Tebault, who was
compelled to vacate from protracted ill-health
under which he has suffered for months past.
Mr.. Montreuil has been acting Cashier off and on
for long time, and carries into office many years
experience in commercial affairs.
I The Exchange market was not so well Supplied
to-day, yet there is sufficient exchange to meet the
demand. Sterling for remittance was taken at 99a
@lo0 for dealers rates buying rates ranged within
| 95@97. Document bills may be said to be doubly
nominal. Some parties have purchased cotton
4 without taking the precaution when and how to
place their bills, consequently they are getting into
| fix.
| In francs there was very little doing. We quote
from 590@5.s5 up to 5.e0@5.75. The counter ratt
for New York funds was from a0Dq discount, but
very light demand at either rate. Outside the rat,
ruled at get discount for good and Al to 14@1.
discount. There was not much offering. Th,
offerings were however, fully and above the de
mand. Other than some few sales Of ten days sigh
on New York at u discount, we have no transac
tions to quote. We can quote ten to thirty day
sight on New York from 2024 up to q discount
Three days sight II dis; sixty days sight, no quo
tations.
The recent suspension of the banks of Memphis
has not been productive Of any good in fact, the
merchants of Memphis are complaining, as they dc
in all cases where there is a fatering or breach O
| faith. The banks of Tennessee, excepting the ole
Bank of Tennessee, have led off in violation O
confidence, tending to disrupt and break up al
| punctuality in commercial and financial engage
| ments.
When banks (publie institutions) violate ths
laws, as 1t were, suspend payment under no rea
pretenee, as in the case OF the Memphis banks the
mercantile community has an example and pre-
cedent for following the same course-suspend
| As the Memphis banks have taken the start, given
the initiative to general suspension, we do not sec
| ti,n=r,a ,saF4 4t,otn i
| than follow.
A communication in tile Avalanche, OF the 4tl
inst, speaks of the position of money matters in
Memphis as follows:
MEMPHIS, Dec. 8, 1860.
Mr.. Ed1oi'-A week has now ELAPSED since Inc
banks in this State suspended the payment o
specie, and we wish to inquire why they did SO
| Was IL because they were weak in means or was
it for the purpose of placing themselves in posi-
ton that they could relieve, to some extent, the
| pressing wants of our trading community? The
latter was regarded as the reason for the suspen
sion. Our Chamber of Commerce came forward
promptly, and by resolutions, assured the people
who held their notes that they were good beyond
a doubt That assurance was proper and well
timed, and no doubt contributed TO the confidence
of the people who hold their notes that they would
| be all right in due time.
| We should regret to have to change our good
opinion Of the banks in Memphis but as yet we
have not seen or heard of much evidence that they
have contributed their means or credit to relieve
stood up and met their engagements in the face Of
| the tightest times ever seen in Memphis. To what
extent this is due to the liberal u policy of our
banks, those who are actively engaged in business
can answer. To what extent have they discounted
during this week of suspenson7 Have they moi
had offers of, and even been begged to discount as
| good business paper, and as good bills as can be
made in these times of trouble and uncertainty
Do they intend to draw their strings even tighter
and force many of our best business houses to pro
test2 They have refused to bny bills at short
| date on the North or on New Orleans to enable
purchasers to come forward and relieve our cotton
market of the large stock which has accumulated
/ Is such o course either wise or polite under the
circumstances? How strongly it contrasts with the
course of the banks which have recently suspended
in other cities. In Baltimore, Philadelphia, Rich.
mond, Charleston and other places, they stepped
forward promptly, and relieved the wants of such
| of their customers as were entitled to relief. Are
our merchants not as deserving and as reliable as
| elsewhere? Do our banks not reap large profit
| from the deposit accounts of our merchants in
flush mes? II so, is it not their duty to aid and
assist them when their wants require it, and they
have the ability so to do?
=M CONNIE RCIAL.
Market Report of Drake KIeinwort &, e,ohen