New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-02-01
Ueh 0rltaus 9aily Cresttrt.
F1gAHCraL AND COMMERCIAL DEPARTMENT.
HsD 0rIeaus IE0ntg 8Iarkat.

Ttursdny evening, Jan. 81 1861.
The first month of the year 1851 closes an
eventfuI epoch. Politically our great country is
at SKIES and sevens; commercially, it is in no
more unfavorable position than it has been at times
before; financially it is strong very strong, 80 far
as applies to our good city, New Orleans. Casting
aside general remarks of the position of other COM
munities, we come to our local position. There was
disposition evnced to-day on the part of capital
lists and buyers of paper to relax in their preten
sions. We note sales of good factors and plant
ers paper at the rate Of liz get, and other trans
actions at from 12cDI5 get. The accumulation of
money is going on from day to day, and if the re-
cpients thereof desire to loan it out now is the ac
cepted time. Some good borrowers facetiously re-
mark that capitalists do no more than eat their
money. We have looked over all the venerable
authorities, but we find no definition of the words
eating money. However, as we understand the
phrase, it is not of much use to expand on the
course of capitalists and money lenders. That
there are large sums of money accommodating in our
midst cannot be concealed, and good deal order
ed to be RENTED Northward and to France cannot |
| be doubted.
The Exchange market to-day was heavy. The |
counter demand for checks was light The rate
ruled for checks on New York at discount. Out
cessions. We quote 4@5 discount over the coun-
ter. The buying rates at the banks ranged from
discount. Ten days sight was taken at II dis.
In sixty days sight the transactions were light.
We quote at from 2@2l for the best and from q
| 025 down to yet. for good and fair commercial
bills The foreign exchange market was rather
quiet than otherwise. The principal buyers (the
heavy operators) buying clear sterling at los,
los I@1C53, and bills of lading drafts at iO34G1I04
There were some sales of clear bills reported at
I069l0G!, bat there were no buyers prepared to
take more than $4,000 or $1,000, or some light sums
at these figures. at the same time we have to
note sales of clear sterling at l045-good bills, or
they would not have been taken, and 600 bales
bills ladng drafts at le3 The market for francs
, was heavy. Outside of some purchases for remit
tances there was very little doing. The monthly
income from rents Of some of our quondam citizens
has to be forwarded to Paris, which calls for some
drafts. For commercial and other drafts the rates
ruled to-day from 5.45@95.35, with a downward
tendency. %
Coin, gold and silver continue to flow in. Within
the past two days the receipts have been
From New York 70 ,e Ionans State BANK god slNoo 900
From Paris to the Bank Of Louisiana Gin gold 5oo09 =, -
Front 5f NsT Tor to rFo: II Far gold no &c
From Brazos Santiago, Mexican silver et
Total .s5ls, 75l
There have been other small amounts of gold re-
ceived from other places. There are other sums
expected. The Bank of Louisiana has ordered a
good share of its foreign exchange balances home
in gold and so the gol3 must come, irrespective OF
the old ady's feelings of Threadneedle street, and
the Director of the Bank of France.
We incidentally alluded yesterday to the recent
report of the Board of Currency to the Legislature
and as our remarks have elected many inquiries
regarding the action of the Canal Bank, we are
constrained to publish the extract entire. Pre-
missing that it has ever been the pride and oftness
of the commercial and financial community of New
Orleans that among its great characteristics are tt
be found faithfuneas, fidelity and promptness
verbal contracts and agreements have been car
red out, nor can it be controverted that for de
cades of years on decade of years, but what tn
mere passing of merchants word, without goin
through the formula of writing down every wor
) and figure has been regarded as binding, and 70
the credit and standing of our mercantile and final
cal community, there are very few losses or devit
/ tons from this course on record.
! It is with some degree of modification and grea
regret that we find departure from these charaa
/ teristics 1t will be found on reading the follown
I extract from the returns of the Board of Currenc
Z Promising that the acquiescence in the measul
/ and the implied acceptance of the proposals mao
: BY the Board of Currency rested with the Chi
s executive officer, the President of the bank.
/ now remains for him to explain how he can recol
I Gle his action, his declination of agreemci
s which was accepted and honorably carried out
i his compeers. Possibly we may be doing him i
+ Justice by our assuming that he was the chief act
and adviser for the institution he represents. If
% was influenced by other parties outside of the bar
~ hoIio I'd T. ba1
z of course, he has an opportunity for explanatio
Ii Fortunately, very fortunately for our communi
: and the great Southwest that the course of Il
:. Canal Bank was not divulged at the time, or
i should have witnessed an unusual panic. 1t
~ highly gratifying for to add that the position
the bank requiring the assistance is now of stro
% nature that it is working on tremendously, and
% future is highly encouraging to all Interested
:, On the It'll December last the Board discover
& that the Crescent City Bank was in precario
% condition. In consequence of a sudden withdraw
=, of deposits the specie fell off to $32 347 agair
i Sl35 1872 of deposits and distant balances a
=. 655 circulation. We were then in the We
- height of the pressure, and the Board was UNIV
Il ing to allow the troubles to be aggravated by
bank suspension. Indeed, such misfortune wol
have resulted in panic, under which portion
II the currency might have been dscredted. Wit
portfolio, consisting largely of the paper of 81
% pended houses and parties under renewal the ba
6 meet the incoming circulation and other liabiliti
:, Hence, the Board determined to ask for assistant
Is so as to enable the bank to maintain specie p;
il ments. To remove immediate danger Applicant
u was made to Mr.. Frank Williams President of
. Bank of New Orleans for temporary loan
81 $30,O0O Notwithstanding the fact that the pc
zion IF +bic ins titution rnnld MT ba otTactad hy
run for CON- as it had nearly dollar in specie
Is every dollar Of liabilities Mr. Williams justly
ov preciatng the Importance of avoiding par
a promptly placed the amount at the disposal of
| ity Rank With this Tho bo
o. was enabled to present showing in the publish
'' statement of Saturday, the Sth December, so
30 not to alarm the public.
- The Board, thereupon, desired the officers of
II Crescent City Bank to prepare full and miu
statement of its affairs, to serve basis for ne
~ tating loan of sufficient amount to place the ba
Ato' beyond all danger. The Board then requested
Denegre, President of the Citizens Bank of Lol
lana; Mr. Davis, President of the Bank of Lo
lana; Mr. Lapeyre President of the Louisiana St
Bank; Mr.. Rathbone, President of the New Orle