New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-08-07
Nsiu Orleans 9ailp Crescent.
Y,ERAR TN1ENT COLUMNS
'Ate OrIeals Muaag Ilarkst.
CRESCENT OFFICE. No. 10 Camp street,
Z T,,ne,lnxy Esa,,;ns- k,,s,,,st Z, ISf

E. ,lUt
Tuesday Evening, August 6, 1851 s
The banks were jogging along in a very quiet
way, so very quiet that it would hardly be known
there were any sach institutions in existence if it
were not for those somewhat tasty pieces of pa
per about % and inches, notifying soand-so of
Fissiyes requiring looking after at such and such
dates On the streets we did not learn of solitary
transaction. As the banks are renewing all natur-
ing obligations which they hold, aud capitalists are
doing the same particularly when the /" toll " is,
with cnrtaiiment OF s or 10 vet. paid, there is
very little press on the market for either long or
short loans. There is no business going on that
will justify more than 10 to IL get. usance. The
debtors to our banks have paid up with remarka-
BILE promptitude. Since the first Saturday in April
last--a space of time of say seventeen weeks-the
reduction in loans and discounts amounts to
ALI 900, and assuming the payments outside
have been to three times the amount, or say six
millions of dollars. On the other hand the banks
have paid IN the meantime their creditors say to
bholders, TT2 900 to depositors S., zoe, 2s7
total, 81, 562 COO.
There was nothing done in Exchange to-day be-
yond some light sales Of sterling at ITO, and francs
ON Paris direct at sos at the banks.
Occasionally we obtain an inkling of what is
going on in the foreign money markets, The Gin
cfnnad Enquirer, of the 10Th, furnishes us with q
little inkling Of that market. 1t is manifest they
are pretty hard up in the West; that no one can
borrow money except those that don't want it I;
that the bankers Of the West are losing confidence
in the ability and credit of Seward, Lincoln g.
Chase's Government. Treasury notes of the old
defunct are declining daily. Capitalists do not ap
pear to come up to the rack to help old Abe and
his minions. In two days the sales of Treasury
notes in Cincinnati were only ten thousand dol
lars
CINCINNATI, July 49, 1851. Currency, at all of
the principal houses, has been accommodating during
i the past week, SO that to-day, when compared with
the same time last week, money is easy. But this
increase of currency has not relieved the market to
that extent it would have in ordinary times and
now, all the week, although bank managers say
money easy, IT has been with the greatest diff
Guilty that borrowers have been able to get their
wants supplied. If the story Of those who need
money to carry on their legitimate business be
worth repeating and we think it is greater trouble
never was experienced in supplying their pressing
wants before. Brokers have offered during the
week, and in fact day hardly passes that they are
not on the street with just as good outside paper
isis usIaliy offered, without being able to make
sale even though in some instances large rates of
discount would have been eheerfully paid But on
the other hand, bankers say they are buying all the
strictly hrstclass paper offered at 10@l9 get,
which in reality means when Especial customer
needs an accommodation he gets it, but when
et.toc 10y q 1iu llak6 an ap-
piication for money, they are politely informed
they are taking the offerings only Of customers,
Ihere - no use trying to disguise the closeness of
TIE money market or rather the total want Of CON
1dence in the ability of borrowers meeting their
at maturity and just so long as the pre-
ssnt unsettled condition of political matters CON
Il thine will the money market be as now. The
banking community are fast losing confidence in
the ability of our managers at the head of the Gov
eminent, and are almost unanimously of the opinion
that few changes would result henefcialIy. They |
are TO single man for supporting the Government |
70 the fullest extent, but see good reason for
wanton cri6ce Of men and money. It is d fact |
beyond contradiction that capitalists before thew
are willing to invest money, must be made per
ieoty satisfied that they at least not to be the
losers, and under present circumstances they if I
we may be allowed to judge from their actions, are
not convinced of this very important truth 1t is
all well enough 10 talk of the patriotism Of monied
menf and that they willing, yes anxious TO in
vest their last dollar and beggar their children in
order to sustain any great measure or bring about
any result but in order to test them to
their fullest capacity, let some scheme be devised
ike that recommended by the Secretary of the |
treasury, aseheme that some objections can be |
raised to- and paced before them and see how
soon they en- tnsse will look for the opinions of
me best inan ciers In the country by which to be
guided. If Treasury notes be put on the market |
fQr sale which all will tell you are very safe invest
inents, and the price at which they can be con
yerted Is the one at which capitalists are willing to
buy at. II they are to be converted into exchange
On New York, then the rate current at that city /
would perhaps be the price at which they could be
sold az Az the points where they would be offered.