New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-07-28
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rle movement in financial circles to-day has
closed no variation of any kind that calls for
so.sl notice The Gold market opened very Cat,
Z assumed some little frmness on receipt OF adj
es showing an advance III rates at New York
Tia supply however, was SO far in excess Of the
tsomaa0, from the opening to the close of bust
aess, that no peroeptible Improvement in rates
as at any time noticeable, and, in fact the latest
s we're effected at a decline The total out
sJor safes have been restricted to $4,000 and SD,
Gle ii l1s5 $500 ana 600 at l4s4; 5000 and
$50 ,oB0 at l4sA; SI4,5O0 sold By a bank az 1884
5000 at las, and $1,000 and $500 at l414, Sales
SjIper included $500 American halves, at 40, and
SEQ Mexican Dollars at $50. We now quote Gold
l47sG6l4s3. and Silver at I396BI4i Tor American
Coin. ana l5iCnl52 for Mexican Dollars.
FayF,eN sAssE-There is no marked altera,
tion Il, nf,fice il the movement in either Sterling
~ l7ranes Outdoor offerings show some trifing
increase. but the demand, which is Of very
limited character is mostly confined to bank bills
and bins Of fayorite private drawers The only
sales that have transpired to-day were $500 and
EI2oo Sterling at 1853; 41Oo0 bank do at l64
100000 bank Francs at S4Of.; and SOo0Of and
ss0GOf. private do, at 3.50f. We still quote as
follows, viz: Bank Sterling I6l@l6S, clear bills
A5os4AoVs Ulll VI ldullb bllH l0oN91oi JAIN ANS
4. 45Ms. 40f., and outdoor Francs 3.573@S.50f.
DOMESTIC ExoHANGE-There has been an i'm
proved inquiry at bank for remittance purposes
to-day, and moderate increase in offerings Of
commercial. Rates have undergone no alteration
however and we therefore repeat previous fig
ures, as follows, viz: % cent. discount to par
at bank. ana lQ95 U cent. discount on the street
for sight checks on the Northern cities TIE
purchases by banks and bankers to-day have
been in the following order, viz: 100000 New
York and Boston sight in four lots, at ! y cent,
discount $50 900 and $4,000 do. at q cent dis
count $4,000 one day do at the latter figure, and
$4,000 and s25, 900 fifteen days sight at y cent.
discount,
UscrRRENT NOTES AND SECURITIES only
outdoor sale III the former that We have heard Otto
day was $4,000 Louisiana State Bank notes at 983c
Some heavy operations have been reported in
Stocks, however as will be seen by the subjoined
statement, viz $50 shares Louisiana State Bank
at 27; IS ditto at the same 90 ditto at 275 IL do.
Gas Company at 1884. and 10, rs Is aud 80 ditto
City Railroad Company at prices that have not
4ranspired. There was no business transacted al
the morning session Of the Board Of Brokers, and
transactions at the evening session have been con
aned to sales Of $1,000 and $1,000 Gold at las.
PAYMENT or THE PUBLIC DEBr.-T following
Is the text Of tie bill designated A bill for the
payment Of the public debt'i as proposed by Mr.,
Sherman and adopted by the Senate on the 9th
inst:
BE it enacted BIZ tie Senate and Rouseof Rep
Feseatdtiues of the United States. In Congress as
seat5ied, That in Ian Of the sinking fund contem-
plated by the fifth section of the act entitled san
Oct 60 authorize the issue Of United States notes,
and for the redemption of funding thereof, and for
funding the floating debt of the United States"
approved February rs, a. D. 1862, there shall be
annually applied to the payment OF the principal
and interest Of the public debt the sum Of $780,
100000, which sum is hereby appropriated for that
purpose, out Of any money not otherwise appro-
priated, and SO much OF said as is not requr-
ed to pay the aeeTuing interest on said debt shall
ne applied to the purchase or payment OF such Of
Che public debtas the secretary Of the treasury
shall from time to time direct.
SKc. z. And be II further enacted, That for the
purpose Of enabling the secretary Of the treasury
to prepare for the funding or payment Of the out
standing treasury notes bearing interest at the
81 seven and thFee-tenths per centum per annum
holders Of such notes are hereby required to ad
wise the secretary OF the treasury In such manner
ca he may prescribe at least four months before
he maturity of such notes whether they elect
Lhat such notes shall be paid at maturity or shall
he converted into bonds Of the United States com
monty designated as fye-twenty bonds, and the
light on the part Of such holders of converting
such treasury notes into bonds shall be deemed
sad taken TO be waived as toeach and every note
10 relation to which notice shall not be given as
above prescribed and the same shall be paid at
maturity in lawful money the United States.
Sec. Z. And be ii further enacted That all
Flaney received into the treasury Of the United
States for duties on imported goods shall be espe-
eially set apart and applied 10 the purposes fol-
loving to wit: First, 10 the payment Of SO much
Of the interest Of the public debt as is payable in
coin. Second to the payment, as it natures, of
the principal of the public debt. Third, to the
payment Of such appropriations BY Congress as
are required to be paid in coin. When the amount
Of coin in the treasury exceeds $50 900 600, the
excess shall be sold in open market in the city OF
New 7 ork for United States notes, under rules to
be prescribed by the secretary of the treasury,
and the notes received therefor shall be Cancelled
SEC. 4. Aad be it further enacted, That from
and after the first day of January, Ammo Domni
1867, the lawful money 70 be held on hand by the
National Banking Associations, under the thirty
first section Of the act entitled tan act to provide
a national currency secured by a pledge Of United
States bonds, and to provide for the circulation
ana redemption thereof, = approved June 3, 1864
shall not consist in whole or in part of interes
6eariug notes or bonds a6
The New York Tribune thus comments on Thu
above bill:
One feature Of Mr.. Shernan's scheme of nationa
finance strikes us unpleasantly. He evidently cal
cuiates on perpetuatng the difference between
coin and 'slawful money for number b
yearS, We do not assent to this and we trust the
country will not assent to it, We are confident
That We might even yet, return 60 specie payments
next Christina BY a vigorous, resolute effort
Coy. Chase says, 81 the best preparation for re
sumption is TO resume.n WHAT'S the use in count
ing dollar 81 40 to-day, $ii60 tomorrow aht
Ssa 81 next day And then these vile shinpasters-
&re we never 10 be rid of thems
C0AyERsIoN or SEVEN TH1RgGEs INTO FIVE
TwRKFTEs.-The Commercial Advertiser has til,
following on the Senate finance bill.
TIa ohvarr,raenf LET ie 0pnara1lsy ,,.naY-,.. -,
parenily from the Senate finance Bill passed ges
terday The provisions of the bill requiring fou
mouths notice from the holders of seventhrties a
~ whether they desire the notes to be redeeme,
at maturity or converted into fve-twenties, 81
.scltea much disappearing comment; and alread
the policy of testing the law III the supreme eonr
in case Of its adoption BY the House, is bein
discussed.
The effect of the measure will be TO depreciai
materially tile value Of seven-thirties during til
lass fonr months previous to maturity, Pariie
desiring TO sell them can give no satisfactory ey
dence Of having notified the treasury as to thei
ultimate disposal and they viii consequently hav
20 be sold il uncertainty as to whether the GOV
eminent will receive or convert them.
Tie proposal il severely commented upon as ii
xolying most understandable breach Of fat
with the public creditors. and as tending to NJ
settle confidence IN all the promises made by til
government upon the face Of its obligations.
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Commercial 9ntplIiagare.
CRssoEnr OTYlon, No q cAsp s4axsr,
Friday Evening. July n, 1854
IN