New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-06-12
5rleans 4aiIn Crescent.
sDAY MORNING. JUNE p, 1866.
Pit ORLEANS yflonep gflarRet.

CRESCENT OFFioE, No. "a CAM STREET
Monday Evening, June H. 1866.
Gold market has tluetuated to-day to a
ter extent than for some time past, and the
|ament has disclosed net decline of fully "
At the opening it was very flat at unusually
figures, owing to the advance reported in U. S.
twenties at London on the LIST instant, and to
announcement in private dispatches of de-
I in the New York money market. Subse-
pity, however, it slightly recovered under iu-
gence Of reaction at the North, but towards
CLOSE of business it again relapsed, although it
not afterwards reach the lowest point from
|eh it had previously improved. We subjoin
cement Of the transactions for the day, made
III the order OF sales viz: $4,000 at 1884 $4,000 |
1852; $4,000 at 1874; $4,000 at 1873; $4,000 at |
| ]; $1,000, $4,000, $4,000, $4,000 aud $4,000
|a4 $4,000 at 1344 $4,000 at l34! $4,000
$1,000 at l344 $4,000 at l34I; $4,000 and $4,000
35 $4,000 at 1854 $4,000 at 1886; $4,000 at
5000 at 1871; $4,000 at 1861 $4,000 at 1876
9O at 1856; $4,000 at do. and $40 600 at 1861.
Ia Silver have been restricted to $1,000 Amer.
|halyes at l29, and 1000 Mexican dollars at u
II. premium on Gold. The closing rates this
bang are 136G5l3Gb for Gold, 120@l92 for
|ierican Silver coin, and 1364@l374 for Mexican
ars.
olzIGN ExcHANGE.-The downward tendency
Sfd has affected both sterling and francs to-day,
rates lave declined to very considerable eX.
Out-door offerings were of very restricted
acter throughout however, while the demand
ldnot be reported at any time as much better
nominal. The following are the only actual
tlat have come to our knowledge in an au-
utic form, viz $4,000 at $50, $4,000 and E250O
Isl and flOOO sold by bank at l524. Sales of
ncs have been confined to 10000 at francs for
a. and some triHing lots for currency within the
va Of our revised quotations, which now rule
bellows. viz: Bank sterling at 1520l53. Clear
n l5j0ljl, Bill of ladng bills 141@l+5,
h francs, 3.55@3,5O, and out door francs 1865
|)ouasrIC EXCHANGE There is no variation OF
kind to notice in Domestic Exchange. The
hand for remittance purposes continues light,
X offerings Of private and commercial are still
smaller than had been looked for in view Of
II, arent operations in cotton on Northern ac'
The purchases by banks and bankers since
gst have been confined to 100000 and $4,000.
York sight at sic per cent. premium and
000 at per cent. premium. We continue to
tie New York sight at : per cent. premium at
k, and 3G1b per cent. premium out-of-doors.
AEK NorEs AND SEcURITIEs-The only sale O
Aurfent Bank Notes reported to-day, has beer
n of 800 Louisiana s tate Bank at $50, aud op
tions in Stocks have been restricted to the fol
shg, which were sold at public auction by tn
ariH, viz: I72 shares Merchants Bank stock a
Hid DO. Mechanics and Traders Bank at 565, q
Nh. Bank at 81, and IL, so and 60 shares Ga
I'll at private sale at 1929.
koAnD or BRokERs-At special meeting q
bBoard held to-day, the recently elected officer
III duly installed, and the institution may noI
Regarded as fully under way. We shall note il
bceedings with especial interest, and trust thu
hay become the medium for correcting abuse
Eich have for some time past been noticeable
vi door movements and reports.
EArroxAL BANK CURRENcY-The Gooer11mej
Redeem the Circulation ia Ftll-Gen. f.
Enner the treasurer, has written letter to tt
HI York Herald, called forth by some uniu
dasn in that paper of previous letter on +
Aption of national bank notes, in which
In the eth section of the national currency a
provided that in case Of the failure OF n
Al bank the controller shall declare Il
N States bonds and securities pledged by SUI
citation forfeited to the United States, and t
e shall thereupon be forfeited aecOrdingi
thareupon the controller shall immediate
notice. in such manner as the secretary OF L
lslry shall by general rules or otherwise diret
Nhp Holders Of the circulating notes Of such ass
4i.,,, IA q
OF the United States, and the same shall
IA as presented in the lawful money of the Unit
ties. And for any deficiency in t
&caeds of the bonds pledged by such ASSOCIATE
United States shall have first aud paramou
u upon ali assets of such association
IN seems clear enough that the notes of I
IA bank in liquidation are liabilities of the g
WImant and are redeemable at sight by each a
of the hundreds of designated dcpOsitaries
United States and most people IN commerc
4cles understand this liability of and certainty
W1emDtiOn by the government. The Unit
btes ia therefore clearly legally bound to rede
Ferry dollar of the circulation of defaulting
bnaI bank. The government virtually undertal
at its six per cent. gold interest bearing bond
Id any other of its bonds made OF equiqal
hue-deposited by national banks to secure
1demption of their circulating notes. shall not
reciate more than the difference between 81
II value of the bonds at which they are receiN
id the lesser amount of circulating notes ISL
the bank thereon, and that if they do the 6
nment guarantees to make good the defciel
the noteholder.
1t agrees to redeem all such notes from its Q
inds III the treasury at par, and this, too, whet
be securities deposited for that purpose, with
Inns that may be afterward realized from
ksets of said defaulting banks, shall be sutfC
a not. In other words, the government does
It the capacity of a joint trustee OF the matte
Inks and the holders of their notes to pay
II tT91nt iZn from
securities of the former that it stands as
rfectly secured indorser of every circulating
Eued by national bank. The fact that all natit
nix notes are alegal tender to the governn
all dues except customs, would be sutilc
establish this liability, even If there had
b positive enactment of mandatory charaC
tcl as is contained in section forty-seven of
Nv above quoted. Such is the opinion of
onorable secretary of the treasury, the hon
be controller of the currency, and of every
,1erson with whom have conVersed who has 6
NJ matter attention.
In this connection desire to state another
1t generally understood that is, that on acc
the personal liability clause in the act, on
Eilure of q national bank, the whole cal
Jock . of the bank, from liability y of
hnk to its stockholders, Immediately become
asset " to its creditors.
As an example, showing public faith in
lercial circles and among all classes in the
lty of the system, and how this matter is III
TODD aud how it works, instance the case Of
first National Bank of Attica, New York, W
ailed more than fourteen months since. n
Eas Immediately given, in every possible
hat the circulating notes of that institution "
pc redeemed BY all government deepositarie
presentation, yet to-day the avails of the acc
Aerest alone on the government securities pie
R5S, the redemption of these notes exceeds by
one thousand dollars the, amount of the not
What bank as yet presented for redemption.
1t will not take long at this rate to redeem
Fhole circulation of this bank, without tou'