New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-01-18
Ntn Orlenns 9aiIp Crescent.
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FINANCIAL AND COMMERCIAL DEPARTMENT
B@ ORLEANS EIoueg 8Iafhst.

I GjSsW W"Astss SEsoSIts sGtstsssSss
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/ qinisday Evening" ssu II, i3sI. 8
1 The movements in financial circles To-Day can be
| sammed up IN very few words. Attic prominent
bank--t1e regular dleount day-tfe calls on Offer
ings we're MOI mp to The income, and the bsnk in
question was largely in Mfe, say nearly Sl2
All TIC banks are now On a war footing, ana are
likely TO be maintained in the position. There will
be no borrowing of money from them to travel
Northwsyd to Europe tais spring Th eTeforc,
our coTae-to-day and go-tca1norrow citizens car
make up their minds.for shortcomings they rely
on our baalfs to aid teen out.
On the street to-day genera inactivity, as re-
CARDS papor,, ruled ssprerne. The note brokers
complained and some OF them sad twas awful
hard to dispose of the best Of commercial pepper at
If7ing rates, which mea2a 12@I5 get. for short
dated paper. There are occasional mortgage loans
made at I0@12sq9et. they must not beeonsfeered
as having any bearing Oh the general market
Among the toneorial dealers there i. very little
| inquiry dor money, and the usual exclamation,
:" Hard times,'' can be very well applied to the q
as get. per moath capitalists or lenders. The
mass of this class Of borrowers have for months
| been endeayoring 10 solve the question on how
little money can we go WITH or how light bor~
rowing will serve our business.
| There were four days later ad7joes from Europe
recefged to-day. They were too contracted to OBJ,
| tain credit Whether the trouble Of boarding the
steamer paid we shouldthink very doubtful. The
| Asia is due at New York, and will place expect.
ants in possession Of the latest adgieas-that H. up
to the 5sh inst. Attending the absence of later
advces from all parts was general dissemination
towards large transactions, and the day closed re-
markably quiet.
The Exchange market offered nothing for re-
mark. The counter rate for checks on New York
was steady at J dis, and outside rates were very
firm at &, EE15 dis. Nothing doing in time bills on
either of the great Northern cities. Sterling was a
blank to-day, with only some light sales for re-
mittanee at 1041. We quote extreme rates from
l0l9, l02l6GlO31 dealers buying rates for docu-
ments and clear: other movements from ls4, 1049
@l05, according to sums wanted.
Private dispatches from New York dated yester-
day. 10TH euote Sterling there, best bills, at l053
@IGG1; Francs, 5.35055.323.
| Our Stock market is fiat and inactive. We only
hear of sale of Canal Bank at the low figure OF
l05a Insurance Scrip is freely offered; the issues
OF $50, $50 and go are selling round at soc.
It is not often that merchants and others in the
South are RECALLED, as it were, with reports of the
banking system in the great West The State OF
Illinois has been and is now overrun with banks
which in reality are entaiing curse on the State
for what does the great agricultural State of Iii
nois require of over one hundred banks. We give
the names of eighty. In the State Of Mississippi
there is not bank of existence, excepting th'
Commercial Bank of Manchester, located at 1azo'
City, which is a private concern. Its notes are
however, redeemed in coin on presentation, Will
the notes of the Illinois banks detailed below ar
deemed currency in the great center of the West
St. Louis-passing however, at from S1l0 7act
dis for gold. But read what is said in the grea
mart, Chicago, of their trash and currency, fror
the Chicago Times. The times are tight through
out Illinois, and will be tighter before they ar
easier They raised good crops in the State las
year. and all now to be done to realize good price
and cash returns is to send the produce to Ne
Orleans for shipment to foreign markets. With a
their grain, valued at two hundred million dollar
there could not be raised in the great State Of III
nois two hundred thousand dollars in coin to pr
tect the one hundred and thirty banks, and y
! they talk in Chicago of subduing the South |
| force of arms. Fudge! .-. .a.....,M
If the Illinois banks will retire TO Act. of tht
outstanding circulation, there will be but little
s position on the part OF private bankers to for
; them any further at present, and their remainl
6 circulation will again be received at as fayorat
I rates as it was before the commencement of
q panic In the meantime we hope to see the prop
II steps taken by the people throughout the State
I have the present banking law so to comp
4 those who engage in banking to conduct their bu
% ness in such manner as will not only give SEE
e rity to the bill holder but be credit to the Sta
10 1t is disgrace to our people that a State viii
- has this year raised S2000000 600 worth of surpl
produce should have bank circulation which
: only worth 90c on the dollar. And while the pr
pie are seeking an amendment to our banki
. laws which will in future protect them from hea
3 losses on their currency by depreciation in
value, we trust they will also seek to remedy s.
10 greater evil by curtang their expenses sufcien
to turn the balance of trade in their favor. 1t
useless to disguise the that great as have be
Ii our exports Of produce, onr imports have be
>, still greater and so long as this state of things
50 lists we shall be rendered tributary to the East,
Il the financial condition of the West must take
tone from Wall street. But let our people pract
little selfdenal, and they will be able to thr
II off the yoke of Eastern capitalists and become III
tiers of their own financial affairs.
The following figures denote the way banking
% conducted in Illinois. The stocks deposited
circulation may be worth 100000. on the doll
The coin on hand to meet deposits and circulat
% is about Zoe. per dollar Illinois money sells
. this market from 2O@25 get. dis.
II Stocks deposited Ampul
Is 5 security notes