New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-02-11

originated from the mere circumstance that the ae-
counts of the parties are full. With the views
taken, or what constitutes the full account Of an
applicant, we do not at this time feel disposed to
investigate therefore, we have merely to quote
that the current rates Of interest to-day were for
Twelve months date Al 10 good ! H.. $40 ~ Get
oiher aal ftssa III. si5 ST.
With the usual tonsorial transactions at from l5,
1s, 81 to "a get, with tile remark that there are
buyers Of paper at 10 to "a get, which, of course,
would be quoted very low in bank, and not coun-
tenanced, but is just such paper as many buyers
and dealers prefer, and will take at the high
figures of Is to "a, when they would discard AL at
9@l0. so much for so much. Our readers
can draw their own conclusions, and consider our
conclusions, which are, that there is a good sup
ply OF money available. at certain rates; but it
is like every other commodity, it must be paid for.
There was stifiening and upward tendency-in
the money market, SO far as applies to Northern
funds. The counter rate at the banks for checks on
New York was / dis; outside, from / to ! dis. !;
sixty days sight ls0l2 dis, for round sums down
to 2@2l for commercial drafts, making extreme
rates of sixty days from IL, 2 ri to p get. dis.
There was some apathy in foreign bills. Some
parties interested in exchange dealings seem to
think that there has not been so much cotton sold
asreported as they cannot account for the absence
of the exchange which it is presumed they in
tended to buy. In sterling, there were transac-
tions in clear bills that u.s. out and out straight
bills at l0T}@lO7s. The market, however, ruled
at from 1919 to 1851. In bills of lading drafts we
40 ~ md f+, -
l07s@l071. In francs, we only heard of light
transactions at 5.2et 5.25i but they were remark
ably light. To conclude our remarks on exchange,
we have only to say there was good demand to-
day for checks and sight drafts, aud that the
market moved along and closed strongly in favor
of sellers or drawers Of this class.
There has been no change III uncurrent money
The offerings continue free, particularly of the
issues of the South Carolina and Georgia banks
which are forwarded here to pay for sugar, mo-
lasses and Western produce, and as we have only
one standard, or one currency here, that is gold
the issues of distant banks are considered a com
modify, and sold the same as merchandise to whom
it will give the most. The issues of the Western
banks have not been SO freely offered this week
the issues of the soil, say wheat, corn and pork
are much more acceptable to our community than
the mutifarious compound which is denominated
currency throughout the West and the basis on
which it is founded, promising that the banks of
some of the most Furnishing States or they would
be fourishing if the citizens Of each State would
not borrow too much money, pledging, as it were,
body and soul for ultimate payment.
The following figures denote specimen of what
is termed free banking; or banking on stocks and
bonds-a system or mode which has attained great
favor in Louisiana. The young State of Wisconsin
has already in existence one hundred and fifteen
banks, organized with capitals in the aggregate of
IS, 595, 900, on which there we're issued by the
authorities, and outstanding on the first Of last
month, notes to the amount of $4,609,0O which
will do very well for young State To show and
convince our readers Of the great inconsistency Of
banking on bonds and stocks we append below
the description of securities lodged with the author
tiles of Wisconsin as security for bank redemption
in favor of bilI-holders. We can without drawing
on Imagination assert that so promiscous au as
sortment of securities will make splendid assemb-
lage for tea or opera party. If such promiseous
securities are received in State for bank circu-
laton, they may be received in another State. In
scanning the details of the table below it will be
observed there are seventeen kinds of securities
including bonds of two railroads, deposited to the
amount Of 1914 49, to secure notes issued to the
amount of s2,s09,A32 These figures are sufficient
to confirm our general remarks in regard to bank
ing on stocks and bonds In fact, the bond de-
posting system has nothing to sustain it, and ought
not to be talked about in the same day with the
suggestions we have made in regard to the amend
ments to the general banking law of Louisiana, Oh
| the banking statute Of the year 1872
The following list gives the basis Of Wisconsin
banking, and similar laws prevail in Illinois, Iowa
and other Western States. It appears the specie Of
the organized banks in Wisconsin amounts to only
| S2s,244. This is free banking with vengeance
1t allows any individual or half dozen brokers Of
spectators to organize shop-it cannot be called
banking-issue promises to pay SO long as bonds
and stocks could be borrowed, and deposited Will
the State authorities.
| Essence of banking in Wisconsin and othe
States on bonds and stocks, as denoted by the de
post Of the following bonds of fifteen States ant
two railroads in the hands of authorities of tn,
State of Wisconsin, and corresponding statement
will apply to other States:
California State socks.7 get. s.S9
| Georgia ACKNOWLEDGEMENTS a aa9e
| Georgia .....''..t.''..t' 10y. .tN,
Illinois .-.*'.'.*''.'... p2 ~
|