New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-03-27
Ueh Orlsans 9uilg Crestent.
FINANCIAL AND COMMERCIAL DEPARTMENT
JEep OrIsans m0utg Ytrarket.
CREsGErr OFFICE. No. 70 Carnp stree

| CaEscsrr orFrCE. No. 70 Carnp street ,
| THe4day Evening. March H. 1851. /
| General dufetreas took command Of the money
forces to-day This has been expected for some
days past. On inquiry at the usual places for in
formation, were answered quiet, dull nothing
Offering; in fine, the month Of June is apparently
at hand. The banks were not pressed for dis
! co1nts. Or the street there was nothing beyond
soEHs small sales of paper at the rate of l001f u
| CT. Buyers continne to intimate that they want
strong paper, and strong paper is something that
I bank managers ought to eIGcidate. We have time
| and time known that TIE term strong paDer
has beer misapplied. we hare known our banks
| to be caught very frequently with thei porte
feu.f'es well stocked with strong paper strong
paper, understood the strest, is something of
an igsus tdttsus. There thrte four saes of
| mortgage paper within the range Of 10 f9ct. The
supply of money to loan on mortgage is large :;
parties who loaa on and invest in mortgages will
not look at commercial paper at any rate. TIE
rates of interest at this time higher than at
tais time last year, as this day one year ago we
qroted salesof commercial paper at st2sl0 and u
Get
There a very cheerful feeling observable
with the settlement Of the bank question by the
Convention. It now remains for the Legislature to
carry out the wishes ard requirements of gar com
mercial, financial and agricultural communities
all are blended in the banking system of our State
The article Is of TIE Constitution Of 1852, relasing
to banks, reads as follows:
ART. 118. Corporations with banking or. dis
counting privileges may be either credited by
special acts, or passed under general laws; but the
Legislature SHALL in both cases. provide for The
registry Of all bills or notes issued put in cir5n
laton money, and shall require ample security
for the redemption of the same in specie.
The above article has been abrogated, and an
ordinance has been substituted, which gives the
Legislature full power to grant charters, but ali
such charters it is presumed will be in conformity
to the statutes of 1912, with the amendments. The
ordinance reads as engrossed
AN ORDIN NEE Relative o Bsnkirg.
We, the People Of Tie State of Louisiana in Con-
vention assembled, do declare and ordain, that
ticle Lis of the Constitution be so amended as to
read follows:
Corporations with banking or dscounting priv
ileges may be either created by special acts or
framed under general laws; but the Legislature
shall, in both cases. provide that before the bank
can go into operation, two-thrds of the capital
thereof shall be paid in specie, and the balance
within year thereafter. No bank shall issue
notes exceeding in amount, at any one time, three
fourths of the amount of the capital thereof paid
in, or of a less denomination than ten dollars.
That the cash liabilities Of each bank shall always
be represented by at least one third in specie, and
the balance in good paper, payable in full at ma
! J
issue from its counter any other than its own
notes."
1t will be observed that the paper system of
banking on stocks is done away with. 1t will re-
eve the banks organized under the law of 1853
Of great incubus. A question arises whether the
ordinance applies to the banks now in existence.
Can the old chartered banks be compelled to re-
tuce their circulation to three fourths of the CAPT
tai paid in, if they feel disposed to test the right
Of the Convention to pass an ordinance which
bears something of an et,p0Ste facto'
From the ordinance above we perceive that any
privileges to be realized, the banks will have to
apply to the Legislature for charters. We do
not think that present institutions will reap any
great advantage from the action of the Convention.
The ordinance is very obscure. 1t comedies every
thing to the wisdom of the Legislature.
The Exchange market was very steady to-day.
In some quarters there good demand for
sight on New York at s@@ premium. The bank
rate was uniform al J. Outside sales ranged at
from y04 to premium. Sixty days sight at l0Dl5
| and discount. Extreme rates for sixty days
quote from 70ll9 discount When quote lie
| i discount for sixty days, we do not mean bills
that can be cashed in New York at f}ct. per an
mum. Sterling took another leap to-day. Sales
| were made at 10780Gl074 dealers buying rates
were l064@lt75 for clear bills. Bills of ladng
were taken at lCGi. We quote extremes from l0B
Wl0G!. There were sales of francs on Havre to
the amount of 1000, payable in Paris at 5.26{
100, 900 in one bill Paris direct at 5.25 and
small sums at 5.300l5.274 for other sgnatures-the
sales ranging from 5,35@5.25, which were the
closing rates.
We regret to learn of the loss of the ship Judith
from Calcutta for this port. She struck off Cape
st. Antonio and at last accounts was regarded as
a hopeless wreck. Her cargo consisted of gunny
cloth and bags, valued at nearly one hundred
thousand dollars Vessel and cargo insured here
in New Orleans. The Confederated States lose by
this occurrence about fifteen thousand dollars
which would have occurred duties on the cargo.
The following figures give the value of imports
and exports Of the leading States for the last year.
1t must be taken into considera ion that in the
| amount of exports from New York 2G9O0 600 Of
the amount specie, while the experts from
| Louisiana agricultural productions.