New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-05-18
Tobacco document, sterling sold at loa01o9a

Tobacco document, sterling, sold at 109@l09A.
It will be seen that Northern funds were as high
last year at this time as they are today, and for
egn was much higher. Remittance rates at the
close Of May, 1853, ruled from ll0S@1l14.
The late 1utter in the London market; that is,
the occurrences from the LIST to the 18th of April
have been charged to various sources. 1t is we'll
known that the Bank of England, during the panic
in 1857, was in pretty tight place that after the
revulsion passed, the governors brought forward
and passed the famous resolution, not to discount
or re-discount for the many discount houses in
London and Liverpool. This movement was u blow
to the great cotton interest, eurtang the opera
tons of importers and SPECTATORS, because if bills
were not discounted, or could not be negotiated
according to the mode which had prevailed for
years, an nnfavorable reaction on the great cotton
market would of course follow. Whatever may
have been the grievances Of the discount houses
who parties to the late milling match with the
Bank of England, it is manifest that their moye-
nlents were the source of great CONSERVATION with
the governors Of the old 'grandmarrn.a The with
drawal of deposits by Overend, Quincy 6 Co., was
between the 9TH and 18th Of April. On the 18th
the rate of interest was advanced to 5 Sact. The
course pursued by Overend Quincy & Co. has
been the subject of many remarks, their action
severely criticised, and in instances denounced in
fact, the Thunderer (the London Times) cudgels
away at a 2:4o pace against the Qnakers; and Mr..
Alderman SaIomons brought the matter up in Par
Lament before the House of Commons, and from
all accounts the withdrawal of these deposits, say
equal to seven millions and half dollars, caused
tremendous excitement, an immensely of talk on
the London Change. If one house by the drawing
out of its deposits can create SO much dismay how
would it turn up if four or five of the large dis
count houses had combined and drew out twenty
five millions of dollars, instead of seven and half
millionsa In what position would the cid lady In
Threadneedle street have been placed? We verify
believe that the rule adopted by the Bank Of Eng
land has been detrimental to the great cotton
trade. Importers and consignees OF the staple in
England have in many instances been obliged to
submit to the Strengthening process, because dis
count houses could not anticipate their bills re.
ceivable and grant advances for temporary periods
Of time or purposes, We are not prepared to coin
eide with the many remarks averse to the course
Of oyerend, Quincy & Co. We do not admit that
they have been connving or guilty Of an outrage
against commercial and financial principles. OF
cluson this point until receive their version
Of Of the boldest, mastery and gigantic move
ments in finance record. The result of the |
satisfactorily shows that the Bank of
England is not supreme; that its dctation can be
averted; that 1t can be attacked through the ram
fications of commerce; that depositors, as with |
the New York banks in 1857, and with some of our
banks in this city in the same year. have control.
ing power, and can at most any moment polish as
it were, the inside of bank vaults.
The House of 0verend, Quincy & Co. has had
large and extensive business relations with New
Orleans. It is now the agent Of two or three of
our banks. 1t will be observed that we take some
what of an interest in its movements, as we do in
all connections, commercial, financial and social
in which and wherever the interests Of our city are
blended.
The following paragraph from the monetary of
The London News of the 18th April, denotes the
action Of Alderman Salonaons, in the House Of
Commons
ma.ion fer return e the issues since anSa5
a1 aa H. e s s r eoo " MI
Alderman salomons This expected n throw light On some
es sSssse sss L io ,S
Which ane lh %eI4 bs 70 settled
ss hs AMY Sss e ss 9eG q Ss
shown however Tat On rsesn. snssa
sa hs 81 os 81 q
ssa sa 81 parties wa
ss % ss ss s Z ~
I snsrisins asce IL may
aas sas s ssa
Il Ia satisfactory the recent incidents M ts