New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-06-25
MONDAY MORNING, JUNE 25, 1866.

try as better than a national bauk note, and no
possible harm can be done by forcing banks too
poor to redeem into liquidation, and giving the
public legal tenders in place 0f their notes. The
volume Of the currency would not increase by the
process, and the quality would be improved. Tts
best evidence in favor of winding up large ffac-
ton OF the national banks is found In the fact that
these issues have become SO excessive that they
are loaned free of interest, for to IA days to get
in return legal tenders.
The system will only be reasonably sound when
money IS worth seven per cent. on call in New
York, and borrowers satisfied to pay this rate as a
rule. This rate would not only give soundness to
national banks, but free the country from swarms
OF spectators brought into existence by the issue
OF hundreds Of millions of paper money. An active
ana dear money market. such as would attend the
now Indispensable liquidation of a large amount OF
paper credits, would make producers ont Of idle
middlemen and give the internal revenue officers
sOnnder basis for taxation than is now found in
legying upon the profits Of gambling in gold and
commodities stimulated and kept alive by the food
of national notes.
The China at Halifax, with London dates to the
9th brings the following quotations: Consols
closed at 8G@864; 520's G4tGG4},
The Cincinnati Gazette of Friday afternoon says
Some of the banks gained in currency to-day,
and the undercurrent in the money market indica-
ted an easier feeling; but the discount movement
continued to show close market, and rates Of
interest were firm at I0l2 3 cent. in the regular
way. With the plethora of capital in the East the
Western markets must soon ease up. The wool
crop is now moving, and this will draw into the
channels Of trade large amount of currency.
Aside from wool, however, this section of the
country has very little produce to ship 10 the sea
| board. Ohio has been for some time importing
wheat, and hog products are, on an average, as
high here as at New York. Our dealers are find.
| ing a Southern market for their stock. and while
prices at New Orleans are maintained, but little
attention will be paid to New York prices"
The Chicago Tribune of Friday, remarks:
"The banks to-day were moderately well sup
piled with currency, and the money market was
less stringent than for some days past, but it is
nevertheless close, and borrowers have some diff
Guilty in getting good paper discounted. The
bankers are acting cautiously, and at present they
are inclined to contract their discount lines rathe
than to extend. The bank rates of discount il
steady, at 10 y cent. per annum; but the stree
rates rule firm at l(0l3 {3 cent. per month"
DepOSling Public Funds,-The secretary o
war has issued circular instructing all disbursinl
officers Of the ordinance department to deposit tht
public funds, for which they are accountable, will
assistant treasurers of the United States only ant
special government repositories Funds received
for the sale OF public property, excepting the or
| binary sales OF subsistence st0res without unne
| cessary delay, to be deposited in the nearest o
said repositories to the credit of the treasurer
the United States on account of the appropra
tons to which they belong unless they receiv
special orders from the ordinance officer N
transfer of funds from one depository to anothe
| will be made without the special authority of tn
| secretary Of war. Public funds will remain in TIL
| depository until needed for disbursement to tn
| public creditors, and the disbursements from tn
Identical funds received from the depository.