New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-01-24
Neb Orleats 1aiIp Grssfelt.
FINANCIAL AND COMMERCIAL DEPARTMENT
Nep ORLEANS atuntv 5tlathst.


The general tone Of the money market to-day
was OF general ease and quietness. Ease and
guietness may be embraced under several phrases.
Many parties who DO not choose tic pay extor-
tioate rates of usance, allow their paper qufstly to
go the bull dogs. Bull dogs is synonymous Term
for tis9se partieB WHO hare the authority to say,
Pleaae take notice that John Smiths note, AID
SO, has this day been so proceeded with" or in
other words, bull dogs are the notary publics duly
authorized by commission aRd on. Some Of
them have been doing very good business for the
past two nonths in fact all branches Of trades
and professions must live and while circumstances
have given ne&ares very prolific busineas-it is
only for the nozce-t must be considered thss their
harvest will be brief.
The movements in and ABOUT the banks to-day
were confined to the dscopnting of some Few
paper and the reaewal of good amount Of old
discounted paper, which, it is supposed, is equiva
len5 to new discounted paper.
1t has been proposed that our Legislature
should repeal the general banking law, otherwise
understood as the free banking law, and enact
statutes to conform wish the banking act Of 1872,
| and place all our banks on an equal footing. The
constitution of the State, in regard to banking in
corporations, says THAT the circulation and de-
posts should be amply secured" If then by the
act of 1912 the immediate cash liabilities of four
banks, working under that statute, are deemed
amply and fully secured by one-thrd coin in vault
and two-thirds of paper maturing within ninety
days, it will be difficult to discover, under the
constitution, why the other seven banks cannot by
legislative action, be empowered to work under
the same law, or laws analogous thereto. The
question is then, with some reason propounded,
| 81 Why should not all the banks be placed on the
same footing, or why should there be two statutes
and both applied to purpose?" To call the
| banking act of 1863 free banking law, Or a law
| of equal privileges, is nuisance. There is no
| freedom about it. We shall allude to the subject
again.
The Exchange market to-day was rather quiet
There were offerings of exchange, with the drawers
| asking rates beyond views of buyers. The counter
| rate at the banks for checks on New York was
steady and uniform at discount and if the banks
manage their cards well, they will maintain it at
this rate, and stop any ef1ux of coin. Outside
| drawers can ask and hold at prices to meet their
| own views. Asking rate is one thing and OBJ
7 tanning it is another 1t may as well be minated
to our banks at once that they must maintain their
specie reserves at about what they now are; that
to grant discounts to parties who desire checks or
Northern funds is mpolitic and injudici0us There
fore, the attempt at this time to bolster up ex-
change, or force it above present rates, cannot be
sustained if the banks pursue the right course.
| As the season advances contingencies may arise
which may lead TO a relaxation of these sugges-
tons; and while the counter rate at the bank was
| 1 discount, outside drawers were selling at 5@2
discount, and also selling round sums to the banks
at from 5@l 53ct. discount There was decided
ofish disposition to take time bills beyond ten
days sight; though there was some talk of trans
actions in sixty days sight at from 2I@3 get. dis.
they were too dminutive for quotation. We can
only quote sixty days as being available to remit
tiers at from 29@35 discount, even to act. dis
In foreign the market opened dull, moved along
sluggishly, and closed decidedly flat. There were
sales of clear bills at lO4} up to lo54-the lattel
was the very highest quotation. Document bills
ranged from l023@lO39 with something nice a
lo4. Francs fell off. We note sales by differen
parties of only $50 600 at $40 on Paris direct W.
quote from 5.5o@5. 40, as the range of the market
and extremely dull. Though $3.50 was talked Of
it was too high for to,days movements.
There are some of specie now due. TIL
Bank of Louisiana has 100000 in all ordered fror
England, France and New York. There ar
other sums to other parties en- route. AT all event
the impression is that specie reserves will be wei
maintained.
In stocks there have been some sales. Thre
hundred shares of Louisiana State Bank hav
changed hands during the past six days at $lG0
There have been some sales of free banks on P.
We have dates from New York to the 18th inst
The Herald says:
The ease in money continues, and we hear o
more strictly irstclass paper going at Ttt. Many
good names, however, which sold readily befor
the present crisis at 500, will not now pass at all
This is especially the with houses whose trad
lies with the South. They are now suffering wha
1859. Nothing has been determined about TIL
: Treasury notes which are to be bid for on Satur
day. As the present y 4}ct. notes sell at 2!Q12
), prem it is presumed that the new batch will b.
awarded at 901lO i3ct. interest The security, w
= need hardly add, is undoubted, and the none.
u market tends to a condition of things during whic
l. firstclass 59ct. securities will be scarce. We an
e mex an official statement of the outstanding loan