New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-03-16
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FINANCIAL AND COMMERCIAL DEpaRTmgsT a.
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Thursday Evening", March IS. lssa.
A good demand prevailed today LOT money, or
rather there were free offerings OF paper Tor Whieh
money was required. The general movements in
dicated that there was willingness to accept OF
the dr0ss at the rate OF get. on the very best Of
paper, that is commercial paper, which would be
and 10 received by the banks having less than 20
days to run. In fact the banks can obtain NIL the
paper they want at this figure though they are for
hidden to demand over s09 get on paper matur-
ing outside of so days, with some Of them having
free tenders at sac act for paper having less than
60 to 90 days to run. This confirms our oftrepeat
ed expression, that our banks were authorized to
hire or loan out their money to the highest bidder
they would have larger tenders than they could
meet, even at the old conventional rate OF 10 oct
which was governed by statutes The stuff called
money, and which ID taken as the standard Of value
ia merely an article of commodity It is worth lust
what 1t will bring or what bidders or wanters Of 1t
choose to pay for it. Therefore, we have only to
remark that the inquiry for money to-day was free
without any large sums being called for: and at
the banks, they had just as much offered al they
wanted. The specie reserves, al usual at this sea-
son Of the year, begin to fall OH, and there il
nothing to afford congatulation IN lie general po-
sition of the banks. They can very safely keen up
the present line of discounts, say $50 900 Ooo but
to 90 beyond depends on contingencies Some
people think that because hundred or two hun
dred thousand dollars in specie or silver is landed
every week on our leyee, that money is becoming
plentier when, in fact, the total receipts Of
these shipments are nsthing more than lust 80
much cotton or general merchandise, as all the
bags ofdolIars received are just like 50 many bales
or boxes of merchandise and offered in the general
market at going rates. Nevertheless, these re-
ceipts and consignments Of dollars, be they deemed
as cotton or money or general merchandise, are
very acceptable tending to enhance the increasing
Importance Of our market as q general depot for
all branches of commerce and trade. We have re-
ceived here the present commercial year over FIVE
millions reported in value as dollars. being over
three fourths of it in silver The general specie
serves Of the banks have not been increased, but
| many advantages and favorable results have been
realized to receivers, buyers, banks and bankers,
| enhancing the Importance of our trade and we
hope the dollars will continue to flow in upon Us,
and they will be met with the highest consideration
and respect. although Mr.. Secretary Cobb and
his mentor, Mr.. Ross snowden of the United States
Mint, Philadelphia, do not choose to allow only
| 81 81 10 OF. for oil deposits at the Mint.
The Exchange market was tolerably firm to-day,
technically speaking. The sellers Bulls had the
call. We note sales Of sight drafts, fair and good,
on New York at from par0 -16 prem. The conn
ter rate for checks at the banks was uniform and
steady at / prem. For large sums Of double AL
there were sellers and buyers at l160t prem.
Sixty days was in good request, and we note large
transactions At II, 15@19 dis, and some choice
bills at 1@lt dis, making extreme rates range
from l@la dis, with few bills under tiger infu-
ences at 1s@l2 dis. In Sterling there were sales
of clear bills at l0s@l0S@ and fraction over, %
well as at fraction below. Document bills ruled
at l07s@l073. We did not learn of any important
transactions in francs, and continue our quotations
| at from 5.22a@5.20, 5.l8a@5.l is. In Bonds there
| were some sales, say $4,000 Opelousas Railroad
/ construction bonds at sOc., and ~, 900 at the
same figure in the course Of being disposed Of A
4 sale of Gashght stock was made At SI7aa, and
higher rates asked Cannot say how high i Will 90
The stockholders Of the Bank Of America con
4 vened to-day in compliance with the resolution o.
the Board Of Directors, and unanimously resolved
" la saS " oufe1t eAA- r.
now paid up, say 500; therefore, the jobbers
and dealers in stocks who have been talking that
the capital of the bank ought to be increased must
consider that there are Requirements and uses for
/ one-horse teams, as well as two horses and span
of four. The term of free banking, therefore, as
/ applied to the General Banking Law and the
| amendments thereto since 1858 are misapplied.
Therefore, it is wonder thatsthe application OF
| the managers of the banks working under the laws
of 1853 and 1865, suggesting that no banks should
be organized unless with capital Of 100000,
destroyed their own prospects for relief, because
there are two banks in our city working under
those laws with capitals OF less than 100000.
We might go on and inquire, what is free banking
what ia the real definition of the word We do no,
ind in the standard works of those old fogy
editions of johnson and Walker anything about
| free banking and the renowned Mr.. Webster has
nothing to say about free banking, not word