New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-07-12

New YORK MARKET.-The latest Evening Post
at hand remarks as follows:
The three per cent. money market which ia pre-,
dcted from the pouring out Of thirty millions more
OF greenbaC6s seems less improbable when we re-
member that besides the nine and three quarter
millions of gold interest now being paid out of the
treasury, the currency interest on two hundred
and twenty millions of the second series of seven
thirties will fall due on the 18th, while month
later still larger sum will be due on the three
hundred millions OF the seyen-thirtes OF the first
series
The heavy disbursements during the coming few
weeks from the treasury are also expected 10 in.
crease this ease. At this tranquil season of the
commercial year much less currency ill suffice 10
transact the business of the country than will be
wanted three or four months hence. The supera.
bundant supply Of currency now atfOat in the
channels Of the circulation stimulates the move,
ments of capital, lowers the rate of interest and
Is giving at present very great degree OF case to
the money market.
The inevitable plethora in the money market
may also be increased by the heavy disbursements
of the banking, railroad and other corporations on
account of their July interest and we can scarcely
doubt that an impulse will be given to speculation
the effect Of which may be seen by the upward
tendency in the prices Of government bonds, Of
merchandise and probably Of gold, railroad shares
and other securities.
TIE NATIONAL DEBT.-The Jnne report of the
national debt, it is said, will not be published until
the statement showing the operations of the treas.
ury for the fiscal year ending on the Both is com.
pleted. The reduction of the principal of the debt
during the month of june is said to be about thir.
teen and half Millions making the total reduc
ton IN the maximum principal of the debt due
since July l, 1850, of more than hundred millions
STATE BANK-The winding up of the State
banks of New Hampshire, which is made compul
sorry July LIST, will remove over 81 900 900 from cir
oulation in the State.
The Boston Advertiser refers as follows to the
recent action of the association banks of that city
in modifying previous vote, whereby the notes
OF State bank bills were not to be received on de-
post after July The consequence of the
first action was to create considerable distur
bance in the public mind, inducing in business
circles general dstrust and refusal of all the
State bank issues. The cause of this unnecessary
annoyance is now entirely removed by the recent
action of the banks but as the general public Is
slow to become acquainted with the change and
to comprehend that its effect is to restore the
whole matter to the position in which it originally
stood before any action at all was taken we agar
refer to the matter and make the following plaiE
statement. The National Bank of Redemption al
heretofore, continues and will continue to receive
Tor redemption the notes of State banks not alone
Of massachusetts,, but of all New England and al
the banks at Boston will continue to receive OF
deposit, as heretofore, the old State currency
thus. as before stated, placing the whole matter al
it originally stood.
OF the present panic in London the Economis
of the 23d June says
"lhe speciality of 1866 is that we have bat
euouSA vi Heatly enough bullion, enough or nearly
enough capital, and yet we have had a manic al
severe as 1871, and more severe than 1887 AS n
the bullion, the facts are clear. We have nov
fl480O 600 bullion. We have never had less thar
Ell 500 600. In lS47 we had only IS 3l2 OOO Tr
1857 We had only &6,484, 900.
g In comparison with former panios, we baf
much bullion, and we have very often had iast
without panic. As to our capital naturally the
test is not so easy. The bullion in a country is I
thing to be easily counted the capital is 40 dis
persed, so multifariOus, SO involved that Won can
not detect it in ITSELF you can only judge of it bv
its effects. But it is certain that nowhere, either
in England or in the world are there signs of any
sudden, enormous and astounding investments
Foreign trade and home trade increase steadily
as they ought with our augmenting population
charging wants and growing means. A grea
number of little railways have been made in the
country, but not of any sufficient magnitude tt
tell.on our capital. The capital expended upor
railways open for traffic was:
1862 " AZ AZ Io2 5S
1851 .'.''.- 9 9h5 5 dez9
steady and important, but in no respect unmau
ageabe increase. The amount of capital invested
IN companies is considerable. but not alarming.
me amount OF capital paid up in public com
palles' including premiums, was:
E F:s & go ?59 81 81
Total f63 205, IL
an amount large indeed, but not terrible. if there
be any sort of approximate truth, and no more
than approximate truth is in such case possible
in the estimate that our savings would amount ia
&l3O,Q0OOVo annually; On the face of the matter
too, these companies have done so little that thev
can hardly have trenehed on our. national capifSf
"But credit may be injured even though capital
is not exhausted, and though bullion Is kept IN
adequate supplies, There are, so to saw the nbvs.
ical clements of credit, but there is moral eYe.
ment besides. 1t may be that the persons who
are most largely in credit, and who most largely
use their credit have given occasion to distFqst,
Confidence is a feeling generated at first by the
display of sound Judgment continued often by