New Orleans daily crescent., 1860-12-22
gew 0aa Bais Crescent Saturday aotaag asmber 22 1860
Ne6 Orlsans 1ailp Grtstent.
FIsANcIAL AVID coMMERcIAL DEPARTMENT.
gsw 0rlsaas 5tloneu Marhet.
cEEsosHI o,rIsE, 10. 10 canp .treel.

yeloped an increasing good feeling. The calls ON
the banks for discounts show large falling off all
round and, with the daily receipts of coin, it may
be inferred that the crisis is passing without eav-
ing those sad effects which have been predicted
We cannot say there is any regular outdoor or
street money market. Large capitalists, or such
as have been called SO, do not appear to under
stand the true position of affairs. They may pirate
political troubles have only to say that their
money will be much safer invested under South
ern Confederacy than in the Union which s now
dissolved. II they wait till spring time, their money
will go begging at SOLO get. The tonsorial gen
temen are buying their usual customers paper at
the rate Of u, 2@2a Get per month. 1t is mani
fest that the crisis is rapidly passing away Though
there are some parties that viii be hard pressed
for some weeks to come, but by the system Of re-
newing many, perhaps all, the heavy houses will
go through trinmphantIy, as it were. SO far so
good. 1t is about time for croakers to stop their
serenades Northward. The business for the day
closed very satisfactorily
The Exchange market opened dull, with good
supply Of all kinds ofering-about as much as ex-
pected. The counter rate for checks on NewYork
ruled at J2ct. dis, steady and uniform. Outside
rates ranged lower. Many remitters wonder they
cannot realize or obtain New York funds at outside
rates. They can if they will take round sum, and
at the same time assume the risks. Our banks are
something as implied endorsers all the exchange
they buy. Mr.. Jones, who would refuse Mr..
Smiths bill, goes TO bank and buys check,
predcated, as 1t were, at the bank on the very
bill which MIR. Jones refused to purchase. 1t can
not be expected, therefore, that banks can as
sumo risks in these times for the triHng considera-
ton of or ac.; in fact, many of our banks have
not made 5ect. on their general transactions for
some time past-that is, on their inland exchange.
They will do something better in foreign transae-
tions, those which have ordered coin in return par
ticularly SO. Quoting the counter rate on NewYork
at dis, we have to quote outdoor sales and trans
actions at /, lIG1l2 dis, and one bank purchased
at II dis. Other transactions ruled at ls dis for
three days sight, and Il for five days sight The
current rate, however, for AL sight was l0Dlt dis
In time or sixty day bills we did not learn of any
important movements. We quote at from 3A05
4et dis It is useless to be quoting time bills on
Northern cities. There is no confidence at all
eyinced in the future of New York and Boston
finance. True, there may be exceptions, and we
hope there may be- Sterling to-day was not strong
at Yesterdays quotations. We note sales of AL
documents at 96@97, and 1000 bales at 964 clear
bills, bankers credits, at 10020l0l, and there were
several small sums taken between 100l0l00k.
There were transactions at higher rates, but of too
diminutiye amounts to have any bearing on the
general market. We therefore quote as extremes,
966l97 to 1OO@10I. In Francs there were sales at
5.s2a05.7O up to 5.62a. The talk Of the transac.
tons being at within 5.s5@5.65, a tolerable broad
range-5.s2a@562 are the limits.
In Stocks and Bonds we have not much to say.
Bank shares are advancing. Holders are becoming
satisfied that there is panic; that there will be
no panic; Furthermore, that there is no necessity
| for panic. The only SALE to our knowledge, is 40
| shares of Commercial Water Works at so. An
offer of l50 for Gaslight Company was made but
not accepted.
| The uncurrent money market is in statu quo.
| Brokers and dealers are buying at nominal rates
which means at those figures which they think ariL
| pau. The receipts of coin continue on a fine
scale. Gold is coming from all quarters. We
shall give the full details of receipts in weekly
summary. To-day there were received by express
| from New York 100000, part of which was for
| the Louisiana State Bank and 100000 for Mobile
The receipts for the week will foot up over $780,
| 00O and more on the way hither. The currency
| throughout the West is in disordered state. New
| Orleans funds throughout the West are in request
at from Ia@2 get prem, and in some localities
| fact. The state of Ohio, which has heretofore
maintained high credit and its stocks held at the
highest figures, has been compelled to ask for an
| extension. A large amount of Indebtedness or
| State bonds was to be cancelled on the 2Ist De-
cember. In fact the great Republican State of
Ohio is in quasi state of repudation The amount
required was s6,0O0,000, but the Commissioners
| have concluded to let the payments go by default
| until more auspicious period. A bond-holder OF
the so deferred bonds, that are to be, complains
bitterly of the faithlessness the part of the au
thorities of the State in the following plain Ian
| guage:
'The reputation of its obligations by the great
Republican State of Ohio,' in the matter of the
| debt of that State maturing Dec. 81 1850. Thai
loan was redeemable at the date specified or there
! after sat the pleasure of the State" By act oil
Assembly passed March s, 1860, Ohio signified heI
| intention to pay it on the day of maturity. and
| authorized the Commissioners of her Sinking Fund
to make new loan for that purpose; The Com
mssioners accordingly invited proposals for State
| stock to be awarded the goth of November
| The intervening election, however, damaged theii
| prospects. With view of waiting until the
| Financial furry should blow over" the Commits
| sioners postponed the day of opening bids unit
| Dec, l3. In the meantime, money matters become
worse, and now the new loan, and by consequence
| the proposed payment are deferred indefinitely
| or course the interest will be paid until the princ
pal is returned; and the State may claim that as
the latter is payable and after Dec 81, at the
pleasure of the State,n that the commonwealth is
not bound to redeem until it suits her pleasure n
With this understanding the debt might be utterly
| rredeemable; but waving that consideration, it
does appear to that the act of the Assembly and
the subsequent action and advertisement OF the
authorized Commissioners, constituted sufficient
notice to the bondholders that it was sat the
pleasure of the Staten to pay at the date given
and any postponement is a species of repudiation-
suspension at least, of act of justice to the
parties concerned 1t is true that the times made
it difficult for the State to borrow except on advan-
taeeous terms; but the plea that the money market
is stringent aud rates of interest high is never ad
mitted as sufficient to justify the protest of mer
camille obligation; and sovereign State should
certainly be as jealous of her honor as an ordinary
man of business. If the rate was high, the money
might have been borrowed for shorter period |:
but we know of nothing which can exempt State
from paying the market rate for the money neces-
sary to redeem her plighted faith.
There have been no movements in Land War
rants this week. As a new government will take
place in March next, dealers appear to be willing
to wait the future. The Homestead bill has passed
one branch of Congress- which means to give all
the public lands away to somebody. But the
movement will be checked in some way or another
before the 4th of March.
MERClAL.
Market Report of Drake, Kleinwort & Cohen