New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-01-25
Ne6 Orlsans 9ailp Csesttlt.
FINANCIAL ANB COMMERCIAL DEpapTNgNT
NsD ORLEANS atloneu 9tIarket.
cEHsoxsT oyEIoz: No. % CAMP s.ts...

Thursday Evening. Jan. III 1861
The Roney market to-day moved along quietly
Parties VITO have obligations to meet make exer-
tons to Ply them and willing to stand liberal
exactions 10 preference to being saluted by those
gentlemen Ho so very kindly issue their rnssives,
" Be pleased to take Botfce.n The movements in
and about the bsks did not indicate any pressure.
The CATS for discounts were not in excess Of the
income. It is, however manifest, and as we have
before remarked, Ire Intent Of the banks to be on
footing, and IL isintimated they will keep so.
This course cannot Be complained Of. We fre-
guently hear complaints in regard to the eorTse
our banks parsue. These complaints, however,
are expressed by parties who desire TO sustain
their Northern fTiends tbat is To- explain the case
fluffy discounts and facilities are solicited from the
banks of New Orleans to rustain and promote the
business of parties and associates in Northern
States. 1t is the general received opinion and in
which we concur, that copartners Of Louisiana
firms, and those who have permanent relations
with the South, ought to- be present. Financially
speaking, it does not appear consistent or coDmse
i. tant that copartnels of Northern firms should
here in the South be talking SO loudly of Southern
Rights, and their associate and correspondents in
New York and Boston supporting Mr.. Lincoln and
all the tenets of the Black Republican party as in
the cage Of some of our banks, whose agencies in
New York are known to be stepped in Black Re-
pubiicanisrn. ,.@.,.... @-,
The Exchange market to-day was not well sBs-
tanned at yesterdays figures. The counter rate for
checks on New York steady at dis, though
round sums were sold at / discount and outside
transactions were made at sol discount The
banks had free offerings at Et@l discount, which
were the closing rates. Sixty days sight was taken
with little freedom, and we note sales at q
@23 and 9ct. discount Ten days sight II dis.
In sterling there were sales of clear bills to some
extent at lo43, 1o54@l057 to 105s, and document
bills at from 1023@lO33 up to lQ4. In francs there
were reported transactions at 5.45@15.413.
We quote the same figures as yesterday-5.50
1854. 81. .... eM .5
Specie continues to flow in. It is coming in
small parcels, as light $500 to $500, to be invest
ed in Northern funds at from aD1 yet. dis. There
is good amount of silver due from Mexico.
Among the prominent receipts of gold this week
we note 100000 francs Tin gold) from Paris direct
to the Bank of Louisiana 1855 600 in American
gold to T. Fl. Parish. 100000 in gold were due
to-day to the Citizens Bank. This makes $40 900
received this week. Our banks will show very
strong basis on Saturday next.
In our last we alluded to the disparity Of priv
leges between four and seven of our banks work
ing under two different statutes. The act of 1855
is called the free banking law. This is misnomer
(not nuisance, the types said) because there is
very little freedom in the banking law of 1853. Il
has generally been supposed that the constitution
of 1852 inhibited banking in some degree. Ac
cordng to article lls, banking under statutes SINH
lar to the act of 1912 is not prohibited. This article
| reads: -....g
|
Corporations with banking or discounting priv
leges may either be created by special acts OF
formed under general laws bnt shall in both case.
provide for the registry of all bills notes ISSUED
or put in circulation as money, and shall require
ample security for the redemption of the same il
specie. e"
There is no reason why nor wherefore the bank
organized under the act of 1868 cannot be place.
on something of similar footing. The constitu
ton requires that all notes issued to circulate shall
be registered and ample security shall be require
for the redemption. Well the next question ma
be, What is ample security?'' If one third col
and two-thirds short paper are considered as an
pie security by the act of 1912, why may not til
same be deemed sufficient ample security unde
any act passed comfortable to the article l18 i
the amended constitution? The powers granted
the Board of Currency should not be diminished
and events during the past few months warrant I
in making the assertion that under the suspervisio
of the Board of Currency, as administered en-
conducted, no malversation or deviation from tn
statutes could be concealed. 1t is idle, therefore
to say that a modification of the banking act {
1858 would be followed with insecurity or DANCE
GUS results.
The returns of the banks of South Carolina
twenty in all-make the following exhibit for tn
month of December. These banks suspended col
| tba mid IF
5 statement shows stronger position than in til
previous monthly return
e RESOURCES.
Capital ......... S14952 1ecie ..,........ 81