New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-09-11
Atau Orleans Nlontv HIarkft.

CRESCENT OFFICE. No. 10 Camp street, I
sfi5g Tuesday Evening, Sept. 10, 1851. S
a#8 The movements in the money market to-day and
for two days past have been confined to some light
discounts at the banks, and some negotiations on
& the street Of 394 months date at Ia@2 and q q
ct. per month. In and about the banks it was
quiet, remarkably so. Al few small checks presented
for payment appeared to be the chief movements
going on.
The main feature Of the financial market is the
future of the Treasury notes of the Confederated
Treasury, They have been received for two days
by one of the banks in payment of its discounted
paper. OF course, this bank, when applied to for
discounts will say, ne only pay out Treasury
notes, which are to form the currency and circu-
iating medium of the South for q space of time.
The old chartered banks will find, on a more full
consideration of the law prohibiting them from
paying cut only their own notes, that the act Of
4 1872 was never intended to meet such emergencies
now rule in financial circles. political revou
. ton was never dreamed of; moreover, the prohibit
lion was made from causes we alluded to few
days since By the very closest construction of the
act OF 1872, it will be perceived that was only in
tended to apply to bank notes embracing the issues
of parcel of doubtful banks, which were used by
the five sound banks in preference to their notes.
n there is any safe currency for general cireula-
ton, it is that of the Confederated notes. Our
banks ought at enee to refuse, decline to receive
all notes, all paper for collection unless the hold
ers and depositors thereof will agree to receive
Treasury notes in payment. They may az well
come to the determination to-day, and lose not an
hour.
The banks in Charleston publish the following
movement and resolution under date Of the 9th
mat: is.s
At meeting of the delegates from tile several
banks of this city. held at O'Clock this day at the
i Planters and Mechanics Bank, , all the banks
beng represented Mfr. Charles M. Furman, the
chairman OF the committee appointed by our banks
q on the 22d ultimo, to proceed to Richmond and
proiier to the Secretary of the Treasury such
further loans as circumstances might render desra-
BILE until the Treasury notes Of the smaller denom
nations could be provided, submitted the report Of
= the committee. the result being that the depart
ment declined the loan, deeming sufficient for the
wants OF the treasury the arrangements made and
n progress for the supply of Treasury notes. I
Whereupon, the following resolutions were mani
mously adopted, viz:
ResolDed, That the several banks in Charleston
q VIII commune 70 receive Treasury notes in pay
ment Of all dues to themselves, and also on depo-
SIT; and Will receive payment in the same medium
10r all paper sent to them for collection and they
hereby decline all collections for which payment in
Treasury notes Is not satisfactory.
Hes0tUed, That in conformity with the spirit and
purpose OF the foregoing resolution all credits will
pc given, and be payable in currency, in which
terms Treasury notes are included.
DANIEL. r aYENAI, Chairman,
We have no exchange market to dilate on.
There are some few small Of sterling balances
to be drawn for, which cannot be placed higher
than @l02-possibly on pinch 1903 may be
realized There are some balances in Richmond
70 be drawn for, or rather two of our banks have
opened regular accounts there, and are prepared
to furnish checks.
There have been some few shares of City Rail
road Company sold say rs shares at I45, and
afterwards resold at $50. The movements appear
70 be regular. In other stocks we do not learn of
any movements beyond few shares of Louisiana
State Bank at 1885,