New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-02-13

cured by deposits of State and city bonds to the
amount of $34s 900. This is the bank that the Ca
nal Bank equvocated so strangely a few weeks
since--not only equiyecated but also Tilted the
Board of Currency. The jilting propensties of our
Camp street bank are said to be very strong. The
position of the Crescent City Bank to-day was
stronger than the Canal Bank. The Canal Bank
on Saturday last had demand liabilities against it
to 81 1877 900, with coin in vault 81 AS, JOB, with
heavy exchange balance away off in New York,
London and Paris.
The Exchange market was lively in some re.
spects to-day, though at declining rates. The
counter demand for checks on New York was light,
but large outside transactions in sight were made
at Get dis, with the banks buying at from 31g
dis. An active demand prevailed for sixty days
sight. Large transactions were made at 2tt@2t
for high grades, and sales of other grades at from
23@l24 dis. Foreign fell off Good clear spnners'
bills sold at l00 and other grades at from 1Ol
l02@l02}, with selected or prime drawers asking
l03@l039. Remittance rates range higher. Doc
ument bills varied, ranging as low as 9S3 600, and
running up to l00-almost dead lock in some re-
spects. Francs dull 100000 were sold at 555;
small sums on Paris direct JAS; extreme rates for
commercial bills from 56o@5.5O.
Stocks and Bonds quiet. Bank shares are i'm
| proving. The Directors Of the Levee Steam Cotton
Press Company have declared dividend of f9ct.,
payable on Monday, the 18th. This makes % fact.
paid by this company within the last eighteen
months. Cotton pressing must be remunerative
| business.
The Legislature of Tennessee has entailed on its
State lasting dishonor. At the recent session a
bill passed sanctioning and legalizng the sus-
pension of coin payments on the part of the banks
until the lst July, l862-a period Of eighteen
months. A law also enacted prescribing the
manner in which debts shall be collected. All
| judgments and DEGREES which shall be rendered in
any of the Courts of Record shall be stayed for
| twelve months, and where executions have been
issued and already levied on stay of six months.
Such legislation this is unaccountable with good
| prices for all the productions of the State, and
commanding gold in hand. The State of Tennes-
see may now be considered in quasi state of re-
pudation. To carry out still further proclivity
towards disgrace, the following law has been pass
ed, granting the shin.plaster of 1887 to be re-
| vived.
It will be observed that the section of the act of
1860, requiring the banks of Tennessee to pay into
the Treasury of the State, while under suspension
one-half S9ct. per month, or yet. per annum is
| repealed. The Bank of the State of Tennessee is
| also authorized 10 ISSUE lOLeS OF Inc QenOmnatOnS
of less than four dollars. Tennessee is now at
liberty to embark at length in the manufacturing
of paper money. Whether the banks will avail
| themselves of the privileges remains for the future.
Tennessee, by recent accounts, is represented to
be Union State. The following law is proof that
it has unionized the banking system, and the col
lectons of debts. Debtors, or the people, have
proceedings stayed twelve months. Of course, the
| H.,
sures equitable and uniform, both creditors and
debtors are in a state of " staying"
Be it enacted by the General Assembly of the
State of Tennessee, That such banks of this State
as have accepted the provisions of an act, passed
| February Sth, 1860, entitled an act to reform and
regulate the business of banking in Tennessee, and
| are conducting and shall continue to conduct their
business under the provisions of the same, and all
other banks in operation and doing business at the
| time said bank code was passed, on the 9Th oil
| February, 1860, are hereby permitted to suspend
| and remain in a state of suspension of specie pay
ment until the LIST of July, 1862 and the provisions
of the 18th section of said act, requiring said banks
to pay into the Treasury one-haf of one pct. per
month, while remaining in suspension, be, and the
same is hereby declared to be imperative until the
LIST of July, 1862 provided, that on and after the
LIST of July, 1862, the provisions of said section
shall revive and continue in full force and effect
Provided, also, that said banks may pay out the
, | notes of each other, and of their respective
branches provided further that nothing in this
act shall be construed to effect the rights of ndiyi
, duals against such banks
SEC T. Be it further enacted That the penalty
3 of said 18th section, already incurred by said
\ banks be- and the same is hereby released to said
banks, from the 26h November, 1860, to the time
l this act becomes the law of the State.
SEC. 8. Be it further enacted, That all the 9Th
section of said act be, and the same is hereby de-
clared so far as said banks are concerned, in
operative, until the lst of July, 1862 except SO
much of said section as requires that the issue OF
said banks shall not exceed in the aggregate two
dollars of circulation of actual paid in actual
, paid in capital stock: provided, however, that
from and after July, 1862, the whole of said sec
ton shall revive and continue in full force and
effect.
SEC. A. Be it further enacted, That it shall be The
duty of any bank in this State while in suspension
to make weekly reports to the Supervisors o
Banks of the amount of specie and specie funds OF
hand, of the discounts and renewals, OF notes ant
bills, and amount of exchange sold and it is here
by made the duty of the Supervisor to publish thu
same at least once month for public information
Il Sec. S. Be it also enacted, That SO much of sec
ton four of the above recited act, as to prohibi
any bank to commence the business of bankin
with less paid capital stock than 100000: pre-
! vided, however, that no bank shall commence til
business of banking with less paid in oapit'
stock than une hundred thousand dollars.
Sec. G. Be it further enacted, That the Bank