New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-01-28


the banks for the year, and the remark by mem
Der thereof that the returns to the Board of Cur
rency were open to imputations, has occasoned
some surprise in bank circles We think that the
insinuation will be relieved cf its foundation as
soon as the committee enters on it's duties.
We have no important change to notice in rates
of money and paper. and have to quote
gsrss to ts t. sn5 %cns e saas
Twelve months g seeona mi third ca;s S
tirst-eiass mortgages say on productive pro-
secondeIass mortgages az
To the rates we have to add the tonsorial hinges,
say for paper maturing inside Of six months 49, 20
@24 get We have again to repeat, that there is
no real scarcity of the dross that it is to be real
lied by paying the usual usance. which means from
10 to rs Get per annum. Loans on productive
real estate can be realized or borrowed at from
81 to get.
The exchange market was rather inactive than
otherwise to-day. The counter rate for checks at
the banks on New York was from to dis. ac-
cording to sums Outside, the rates were from
to dis. Some of the very best of exchange was
sold early in the day at dis, which make general
quotations from /, a@5 dis. In time bills there
were several transactions, among which we note
thirty days. date bills on New York at get. dis,
and sixty days sight from II to get dis. and
good and fair names from 2t, q to 81 dis. In
sterling there were no large transactions. Some
small amounts Of clear bills were passed at l07s@
l07a; extreme rates ruled from 1919 to los. The
advance asked yesterday could not, to the full ex
tent, be realized In document bills we note sales
at 1063@l0T; the range Of rates was from 1864 to
107a. Drawers, at the inside figure, were few and
far between but the advance realized yesterday
was only partially maintained. There were larger
transactions in francs We note sales of 500 900 at
$50, and 100000 at 5.263. We have to advance
rates to 5.32, 5.30@5.25, the bulk of the large
sales being at the rate of 5.264@5.25.
There has been some falling off in .uneurrent
money or distant bank notes, though some dealers
say they have had as much offered over the counter
as desired. There has been some excitement in
Canada regarding a batch of banks lately started
There are many persons following the business of
banking in Canada, that is, it is termed banking
who are not prescriptions in their proceedings
or manner of conducting business ething SINH
lar to the operators in wild cat currency through
the Northwestern States There are, however,
veryfew notes from Canada finding their way here.
We incidentally allude to 1t to show the proneness
and disposition to create a fictitious and worthless
circulating medium. Banks of issue, or rather
shin plaster manufactures, continue to increase
and multiply in Wisconsin and Illinois. a majority
of these issues is altogether of an rredeemable
character. There are now in the State of Illinois
one hundred and five banks, and it is talked of
there will be fifty more organized this season. No
State cannot meet their debts; they are eaten out
by hordes of mushrooms, called banks. These
shops have been brought into existence by the
facilities granted under a general banking law Of
the State, which authorizes any individual who can
raise few State Bonds to follow the profession Of
banker or maker of currency. The capitals
range from $4,000 up to 100000, with one OF
s650,0OO two of $500, 900. but the majority being
under 800, 900, and located in every part Of the
State and when specie is demanded by note-hold-
ers it is rendered and counted out in many in.
stances in dimes and half dimes, occasionally there
may be few half dollars rendered to help out. 1t
is manifest that free circulation of silyer~coin
would force all these obnoxious shops, with their
worthless issues into liquidation, if Congress should
pass the bill introduced two years ago by Senator
twenty-five dollars, and the Treasury Department,
or the Director of the Mint rescind the order re-
ducing the rate allowed at the mint and branches
for nil deposits of silver for coinage and recoinage.
We have nothing later from Tennessee regarding
the action of the Legislature in the banks now APP
plying for re-charters, as people will have banks
directly indirectly. As for what are termed free
banking laws, requiring stocks of State or public
stocks to be lodged in the hands of delegated
officers as security for the issues it has nothing OF
soundness or true banking to recommend it, though
the general banking law OF Louisiana, otherwise
called the free banking law, it has nothing really
commendable in its results or workings when plac-
ed in juxtaposition with the system of one-third
coin and two-thirds short paper, required by the
bank act of our State of 1912. The coin basis,
either one-third one-half, is the only true and
sound mode of banking for the present age. Sup
pose there were no stocks, on what would the
security basis be founded? It was evident that
during the panic in the fall of 1857 the securities
lodged in the hands Of the Auditor at Baton Rouge
were as useless as so much blank paper. Bhold-
srs looked no farther than the bank counter for
their Dues and majority of them would as soon
had a good commercial note out of the porte-feue
of the bank as to look or depend upon the Auditor
of the State at Baton Rouge In fact, bill-holders
do not, nine times in ten regard the words secured
by .spledge of public stocks" with only mode
rate degree of public confidence. We shall have
something to say on the inequality of our two
banking systems.
There have been received this week sl65,0OO, in
Mexican silver, which have been taken up at the
rate of 1861. In land warrants there have been nc
changes. The demand for the small issues (4O ant
so aeres) is free.
We append our usual weekly quotations of coli
and uncurrent bank notes. being those of JOIN
Wood Co., Camp street.
American half Dollars, old coinage. .l1s@2 Bet prem
American quarter Dollars old coinage,.,.I OILS prem
American SILVER, new coinage 5aG9 discount
Mexican Dollars, sold for @h1s prem
Spanish Pillar Dollars. as prem
rive Franc $50 NSs
Savereigns