New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-03-26
CagscEsr OFFICE, No. 70 Camp street,
Satfind.Iv Nia.ti. NJ. ~ IL

the fundamental basis of our banking system is
greatly reduced below the same time last year. 1t
is, however, no more than what has been predicted
in remarks at various times during the season.
The rates of money for the general run of good
paper il only settling down to about
rates Of old, say 10@12 fact. Is plainly manifest
that there is spirit of speculation gaining strength
or has been for time past. In real estate say
houses and plantations, vacant and unimproved
lots in almost every part and district OF large
city, in wild lands located in most every part of
the State and last but not least the extraordinary
that is, to increase the area of the culture of the
staple to raise increased crops wherewith to pur-
chase more darlies. The enormous advance in the
value Of negroes is not met with corresponding
advance in the price and returns Of cotton When
negroes were worth only s700@s900, Mddling cot
ton brought se09c. as the average. Cotton has for
two years past commanded and returned l09@
He, and negroes have doubled in price, and cot
ton though largely increased in value only brings
about 80 get. more.
The same figures or relative enhancement in the
price of land uncultivated and land cultivated will
apply, therefore with the general, or we may re-
mark, the natural proneness for mourning obliga-
tions to mature at distant day with the penchant
for Indebtedness, is it to be wondered at that an
increased demand for money and general facilities
should have sprung up this spring Moreover,
there is too much money, too large share of the
revenue and labor returns Of the Southwest spent
and disbursed in the Northern States and Europe
for the general good Of our emporium. And the
travelling propenstes and desire for expenditures,
pomp and show appear to be increasing with each
revolving year
In the great dry goods trade there has been some
falling off this week, particularly with the obbers.
The wholesale dry goods package business is of too
diminutive a character to command more than
passing notice; with two or three exceptions, the
old importers Of British manufactures, cotton and
woollen goods, have withdrawn and given up
the business entirely. The old remark so often
made, will not apply to the general importing d.
rect trade of New Orleans that is, when one house
withdraws, closes up, or ia impaired from COM
mercial revulsions, a half dozen come to take the
vacancy. AS we have before remarked, our trade
requires at least dozen large importing houses,
aided with intelligence, business qualifications and
large capital, to place the general commerce of
our city on the road to that high pinnacle which it
ought to attain. Our iobbing dry goods and hard
ware firms do import few packages of mer-
chandise direct, but the amount of such importa-
ton is mere drop in the well, compared to the
gigantic trade in the controlling element of the
commerce Of the world, which is now centering
and accommodating in the Crescent city.
The advance in the season, the departure of
many hundreds and some thousands of transient
and temporary sojourners, precludes anything
more for us to remark in regard to tile retail
and local trade, than the usual decline for the
season is noticed. The great thoroughfares on
which retail stores and shops are located are beng
curtaed from day to day of some of tlia sssssands
which have formed part of our transsent popula-
ton for the season. Next months Vt Tor the two
first weeks, large GATHERINGS are expected from
almost every section for al ~ tinle ehe laaugu
ration of the Clay mouahaent ana the sports oil the
turf will attract an mmeHse concourse OF visitors.
For another aiestta wiz may expect a good state Of
trade.
The MAX statement for the week, as made to the
Boar of Currency, denotes that there has been
.,,,letf1g Of press for discounts on every day of
tHe week at each of the banks. The applications
have been far in excess of the to grant To-
Any the calls in prominent bank down town We're
triple the income. The daily movements indicates
that they have, one and all, been running close on
the line allotted by law. Though the law requires
the one-third coin and the other two-thirds to be
represented in ninety day paper, and if interpreted
as previous to the penalty act Of hundred dol
lars fine, would admit of an expansion in loans.
The construction now is, and the penalty act COM
pels due observance that the one-third coin must be
in vault at the time, irrespective Of the two-thirds
representation for cash and immediate liabilities.
| Two of the old banks can work along very well
with surplus of, or amount above line running
from sI00 600. The other, the State Bank,
from its large deposit line, requires larger sur
plus and the Citizens, with its great daily move
ment, requires from 4Oo@ s5Oo00O surplus or above
ne so when it is observed the four old banks have
an average of 81 900 above the requirements Of
the law or above line, they are only in comforta'
| BILE working position, neither flush nor short. We
now observe the transcendent superiority, immacu-
late workings of the banking law of 1912 in the
general desire and proneness for speculation and
overtrading, particularly in real estate, which has
been stealthily encircing the minds and controlling
operations Of more than one class Of citizens within
the past twelve months.
| The changes in the bank movement for the week
| are
An increase circulation off,. 6ul
In