New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-11-29
Nstp 0rIears 4ailg Crescent.
FINANCIAL AND COMMERCIAL DEPARTMENT.
Bep 0rIsans Monsg NIarkst.
CRksorsT OFFICE. No. 10 easnp strsst
"Wednesday Tveofs,e, Rs,1t 80 Iorn


to say that there Is little money in circulation,
and there would be more il those who held it last
year had il within control The deposits of the
banks are not increasing. There has been a great
deal said Of the curtaing on the part of the banks
during the present month. The returns do not
show that any material contraction has been fol-
lowed up, considering the amoxnt Of produce sold.
\ As regards the Louisiana Slate Bank, we End
that on the 9th Of October
The lima oe discounts Ansi loans was - * ~ 90
Amount Of ESshang time and sight bl 5553s
-. s60ss5io
21i Of November Sigs332s
Amount Of Exchange runuins to
Decrease for four weeks s2s7sT
assuming the exchange amount as lime bills, the
movements for the four weeks exhibit o very mod
crate curtailment. On corresponding grounds we
nnd the Ajax has expanded. during the same time,
over half million of dollars. True, the Ajax is
bound to work when the market declines to 81 pay
ing rates. 1t is absurd for some parties to enter
tain the idea that any one, two or three banks can
control the exchange or money market of New
Orleans. The policy of our banks granting large
facilities and loans to some heavy houses or firms
has been questioned, because in many instances
the course has been productive of no good In
1855 large sums were granted, and the recipients
had afterwards to suspend Tn the fall of 1857 and
in the commencement of 1858 the same liberal
course was followed, bnt it was of no avail. More
recently the same iiberalty has been extended,
and the like result has TRANSFERRED that is suspen-
sion. We begin to think that many parties mis-
understand their true situation, confding tho
strongly assistance from their friends and debt
ora. Whether it is a wise policy to favor large
firms with sums Of from 100000 to 100000 or
more, (and then not carry them through) to the
exclusion OF many cases OF minor houses which
may be suffering, is question that has occupied
the minds Of many bank managers, and has been
the subject Of much talk outside the bank parlor.
The Exchange market was quite active to-day.
The counter rate for checks on New York ruled
from I@5 dis. Outside there were sales at dis.
count for round sums of bank checks ('sbig Iicks)
and still further " great ticks z of double Al sight
drafts at S9ct. dis. Between 100000 and $780,
600 changed hands at 29l get. dis, and at late
hour further concessions were granted by sellers
Three days sight was sold at IL dis. The general
market, however, closed heavily at discount for
sight drafts. In time bills there was very little
doing. We quote from 3, a3@4 and a 58ct dis.
In sterling there were sales of documents at 99
extreme rates from 97t999. Clear bills were sold
at 1901 freely; some at lO1 others at 10ls and
something over for remittance, making extremes
from 1908 up to 102. Francs were taken at from
.65t95.65-extremes running up to $50. One of
the banks was about ordering to-day 100000 in
coin from New York.
Tomorrow, in pursuance of the recommendation
of the Governor of the State and the Mayor of the
city, will be partially observed as holiday. The
Bank Of Louisiana will be closed or partly closed,
and the impression is that the officers Of the other
banks would be glad Of days respite.
There is q sort of mongrel association in the city
of New York, called the New York Board of Cur
rency. The organization is not created by law and
is entitled to very little consideration beyond the
private views and opinions Of its members since the
late fright and CONSERVATION in the New York
money market.
This Board has been taking cognizance of the
state of financial affairs throughout the country
The report of the committee, however, will have
very little influence outside of New York and
when we consider the politics of majority of the
committee are Of the rankest Black Republican ii
will be found the action of the Board will carry
very little weight nor ought it to receive the least
notice in the South, it is evident that it is mere
attempt to bolster up the New York banks The
chairman of the committee is one George Opdyke
former seller and dealer in clothing on Ghartres
street in this good city of New Orleans and the
Black Republican candidate for Mayor of Newly
at the last election; The second name, VIM. Booth
another black sheep, was President of the Amer
lean Exchange Bank the third Joseph Law
renee, was Vice-President of great Black Re-
publican meeting another member, James Gala.
tin, President of the National Bank, was another
Vice President of the meeting, and is not be-
hind any Of the Others in the support of Lincoln and
Black Republieansm generally.
We extremely regret to find one of our former
fellow citizens, Matthew Morgan, member of this
committee. How he got into such anti-Soutbern
company, we should like to be informed. After
reading the report it will be seen that it cannot
carry any weight whatever. It is mere political
chicanery. The following extract will give some
of the characteristics of the entire report We
have merely to add that no confidence no reliance,
can be placed in the New York banks. They are
just as liable to suspend next week or the week
after as they were previous to the 18th October,
1857. We suggest to Mr.. Morgan to withdraw from
the black mass of New York political merchants
There is one remark in the report which we do
not believe has particle of truth in it. Speaking
of secession it says that threats are accompanied
by the declaration Of portions of the public press
that mercantile debts due the North will be repu- |
dated These declarations are trumped up by the
Black Republican presses of the North New York
and given as coming from the South
This pe'y enlightened committee ought to have
known better. Mr.. Morgan ought to have known |
there has not been any expressions of intent to
repudiate. If he did not know, he ought to have
known, and refused his sanction to the ealumny.
We only say, for the comfort of New York,
that the cause of secession is advancing.
From this rapid survey of our economic and
condition, it will be seen that they are
free from every element that could produce or even
aggrayate a financial crisis. On the contrary it is
safe to say that the commercial and financial inter-
ests of the whole country were never in sounder
condition than they are to-day And yet we see
them suddenly parayzed by threats from some of
the Southern States that they will secede from the
Union, accompanied by the declaration of por-
lions of the public press that mercantile debts due
the North will be repudiated.
Let us examine these menaces and see whether
here is anything in them which should deter the
bankers capitalists and merchants of this city from
pursuing the even tenor of their business We
will first suppose that they are made in earnest.
Ind that they will have the power of carrying them
INTO execution.
What would be the effect on the financial and
interests of this city 1t would seri.
,rsly embarrass the houses that have sold goods
10 the 2hch0inp States hnnE