New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-02-16
Deh OrIeans Qailp Orestet.
FINANCIAL AaD COMMERCIAL DEPARTMENT
9(eW 0Tltnus Hlontu IfInrket.
CREgcxuT OFFICE, No. 70 Camp ptrcet, J
Fri lev Eyeniuss Prl IL 1851

Of affairs must continue 1t is difficult to arrive at
any satisfactory soluti0n why tho planters draft
who raises only fifty bales Of cotton, given on his
friend Or factor, Who receives in the course Of the
year the moderate quantity Of 1880 bales Of cotton,
should nat be claascd as fancy or Al. However, If
capitalists they term themselves as well as all
dealers in paper, do not c}to0ae to expand il their
views, they can hold on to tieir balances. IN the
meantime, the public, the borrowers on crops to
grow, are testing the great question, how small
and limited facilities they can move on. The deal.
ers in mortgage securities are taking small SUMS,
say from s30000$501O and $40, coo, at i0101I ami
IL 53ct. 1t is useless to alIGde to commercial pa
per, the light as to ignore the appella-
ton of paper market. The offerings in bank are
light, not sufficient in the aggregate to absorb the
income. To keep the line of discounts up, some of
the banks are discoUIltng paper maturing beyond
ninety days.
The small capitalists, the small folks, otherwise
denominated the tonsors, are having very quiet
time They are taking the usual run Of names in
scribed on their tickets at 2924 pct. per month:
and even this branch OF finance appears to be
greatly depressed: in fact, many Of our ct. get
dealers are in a quaHdary they cannot account
for the general stagnatian in the paper market.
The Exchange market commands tho most i'm
portant influence at this time. 1t almost came to
a dead lock to-day. The banks are nearly full,
both in foreign aud domestic. Three banks to.
day, the Citizens, Bank of louisiana and State
Bank held rising Of six aud a half millions. The
return tomorrow will exhibit larger sum than
ever before, and under very tight demand for
checks on NewYorl, the banks which were to-day
buying were few and far between. The counter
rate for checks on New York was steady at dis
though concessions were granted in special in
stances. Bankers AL sight was in active demand
at dis, and for other good sight 5l14 dis. Ten
days sight get dis. Sixty day bills were further
depressed. Sales of fair and considered good were
made at 3l935 dis; AL to good, that is, bankers
AL, ruled from 3lG@2l and q discount. The
most of the business was done at @3025. Sterling
was again very weak to-day We learn that a
Gravier and Camp street bank mustered up and
took bill at 10l. There other sales of clear
at leo, l0l@1Ol3 up to l02l, and some small sums
taken for remittance at higher rates. Bills with
documents were sold at 99}@99 up to 100, the
chief business being done at 80, at which we note
some 5000 bales. The market closed very langud
Francs ruled at yesterdays figures. We quote
from 5.70015.60 up to $751; though some drawees
held at $780, but it was holding against depression
The stock market is under better feeling. The
holders of the free banks are refusing 80, say for
Bank of New Orleans, Mechanics and Union.
The Crescent City Bank has advanced to 75
Southern Bank, none offered 1t is supposed HOO
liz might bring out few shares We note sales
of 81 shares Bank Of Louisiana at 80, and quote
the asking rates at l5l@Gl52. State Bank has been
sold at 1873, which may be called the quoted rate.
Citizens is held at 22i0225: Canal at l07 There
were some tansfers of Canal Bank reported.
In bonds we have not heard Of a sale. Miscel-
laneous stocks in general are very quiet. There is
good business in scrip; buyers are numerous for
certain companies issues. We quote sales of the
1858, 1859 and 1850 at from $1,000 up to 70. Under
| the expectancy of some issue of 1858 being re.
| deemed next summer higher rate is paid.
There has been an improvement in uncurrent
money during the week. The issues of the banks
of South and North Carolina, Georgia and Virginia
are taken by dealers Camp street at from 501S
and 10 59ct dis. according to the amount offered
Kentucky and Tennessee from 3016 get. off; Mis-
souri, about 10 off, except the specie paying Elk
| change Bank of St. Louis, which are taken a from
l012 dis. Exchange in St. Louis on New York il
59ct. prem, the standard being the suspended
| banks of St. Louis. Wisconsin, Illinois and lowe
bank notes range from l5@30 T3ct.
| In Mexican dollars there have been sales al
1888. The receipts for the week have been $l3l ',
| 600. The movements in American silver coin have
been confined to counter transactions, say buying
at 9S5@99 and selling at 99D093. Foreign gold is
pure ased as usual Sovereigns are bought at
from 1901 So.
Nothing doing in land warrants.
We alluded last week to the surplus revenue of
the United States, deposited with the several
States, under an act of Congress of the year 1896
The present Secretary of the Treasury, the humane
and kind Mr.. Dix, (who ordered one of his tools tc
shoot down a revenue officer) has addressed the
Black Republican Governor of Pennsylvania, stat
ing that the money is wanted The amount re-
ceived by Pennsylvania was 81 SGT 600. But Penn
sylvanin cannot pay up. The Legislature of the
great Key Stone State simply authorizes the State
| Treasurer to guarantee the interest and principa
of the bonds of the United States to the amount
The credit of the United States Chat was) is get
ting greatly below par when its delegated tinancia
chief proposes to give security for money Dor
rowcd. We have not heard whether Mr.. Secretary
Dix has called on the Governor of Louisiana tt
secure the States endorsement or guarantee 70
SIT 600, the deposited as Louisianas share o
the surplus revenue.
Pennsylvania, like many other States, cannot re
fuud-reasons the money has been spent, gone
not to be recovered this generation. Lousian
can pay at once, if called on. Mr.. Dix, we hope
will send on a balance sheet of l4ouisana's accoun
with the general or late government of the lutte
States, taking the precauton to give full credit 70
many millions Of dollars of public lands sold b
our late uncle, and for which payment was receiv
in cash.
Treasury DEPARTMENT.
Wa hingtOn Feb. T.. ISL 5
His Exceency Andrew Curtin, Governor of PENNSYLVANIA
SlR-Iu letter to the Chairman of the Commit
tee of Ways and Means Of the House Of aepresen
pnsits of money with the States Of the Fedora
Government, under the act Of Congress at the 23'
of June 1885, might be made instrumental to th
support OF the public credit, by pedE!ng them d
| security for the repayment OF loan ny the Un!Se
States Such q loAu will be necessary in a few
DAYS and the State of Pennsy lvania would gr@atl
facilitate the object by agreeing to guaranty SoHd
of the United States 10 the amount she has Eecelt
l ed ard pledged her faith T., repay. AS the ioa
must be advertised in few days, prompt action
4 Indispensable. | sake the liberty of enclosing
n preamble and resolution, giving the requisite III
oil hcTlty to the principal financial oIliceE of yor
SAate A similar preamble and resolution has bee
introduced into the Legislature of New York, an'
am assured will be speedily adopted.
NJ As the Secretary Of the Treasury is designate
| by the act of June %, lS36. the agent OF Il
| Federal Governments TO call for abe repayment
| the moneys deposited with the States, when direc
), ed hy Congress | have Thought it nor Improper
B. address thi- CDmnnlca ton in regard to the use