New Orleans daily crescent., 1866-11-01

bankers now generally decline to bid above 1854
0Dl058 for the June aud July issues, and lOBNDlOb5
for the August series, though an higher was ~
several instances paid for round sums. laF
amount of August series is being converted into
the 5-20s. The compound interest bearing notes
are coming forward slowly and in small amounts
The few lots offered are bought at our quotauohs'
but round sums would command higher n8ufes'
SpECULATIoNs AS TO Mr.. MCCULLooH's FUTURE
OPERATIoNs.-Th New York Post, IN lts lsSue oi
Wednesday, says:
The cessation of interest tomorrow OF the re-
naming twenty three millions OF clearlng-nou
certificates will, it is supposed, cause aeEhspu M
for the repayment OF conslderage p@Le u a. @ ono
unpaid balance OF some iorCy LlAioh' "a 'N'"S
In view of this repayment, the question arises as
to the funds at Mr., McCulloch's disposal. FIRST,
he may, if necessary, issue greenbaGks 70 any Gh
tent not exceeding fifty millions This authority
was given in the law of 1862, to prevent posi-
BILE deadlock if the treasury should be low, the
government credit low, and the demand lor re-
payment sudden and unexpected. None Oh Inese
conditions are now present to excuse or pailiate
any action tending to debase the currency ana
produce any further initiation Of prices.
Moreover such course is forbidden both BY
| the sound views announced in Mr. McCulioch
| Fort Wayne speech, and by the financial policy
laid down by Congress in its adoption OF MIR. Al,
leys resolution last spring, and by the subsequent
law regulating the circulation OF the currency and
prescribing that not more than ten millions shoulo
be Withdrawn prior 10 OCtopeI Il, ahu ioul mn
lions month afterward. In view OF these 1acts
the mscheVOus plan OF issuing currency Is ho1 u
be entertained.
But what is Mr.. McCuloch to do? There are
forty millions, which he is liable at any moment t.
be called on to pay, and this chiefly at New I 1ork
In the treasury report last evening the New ort
balance was stated at one hundred and one mil
lions. How much of this balance is gold we d.
not know, inasmuch as the statement does not, a
it should inform the public on this point. Th
coin balance however, is estimated at eighty mil
lions, leaving only twenty-one millions OF cur
/ rency, only part Of which is greenbacks. MI
McCuiloch, then, having in New York less tina
TWENTY -one millions with which to pay forty mi!
lions, it is no matter of wonder that conslderapl
disuuietude prevails to know to what source n
! will resort to make up the deficiency.
One report is that he will draw on the Nauoht
n banks, which hold considerable amounts ol goN
a errment money and they are lenqing IN SOL
cases go as to stimulate the speculative eGcltl
- ment which prevails both here and at the west !
a less degree Another story is that ne Will sc
! ten millions Of gold. The latter report does NJ
r | seem to be confirmed.
= Although these points are earnestly discusse
4 it is obvious that it. as it is not improbable, u
"a banks, for their own convenience, should choo
"a to- let the Clearinghouse certificates remain wit
4 out interest in the public treasury, none o. tne
h pedients above referred to will be necessary an
- Commemorative no disturbance of the money ma
ket will be induced from such causes.
es Nor need any serious trouble be apprehended
TO the banks should draw out their funds gradual
"a for it is probable they will increase their loans
" the same proportion, and will thus ease the moI
" market almost as much one side as they tlght
es it on the other. STILL there is enough of lnce
ol ol tude to make prudent men wary and Watchlui.