New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-02-19
0netary and Commercial


i
nartoE or TIE DAILY HEruBItuAHsl
~ TUESDAY BvEsnse. Hebrnary 1s, Aesa
~ active movement in COTTON and nd.
~ ~ our circulating medium from
4 sources have impaired still more ease
n. ,oonev market. The banks discount
.ssssTines Of approved business paper,
- - frea lenders on solid collaterals. On
.,-set good notes, secured to the satisfac-
n fhe lender are readily negotiated at
II = cent a month, and mortgage paper
a71si6 3 cent y annnm, but capitalists
- "a fJart with their funds even for the
anexcepfinnable signatures ut better
.han IL - cent % annum.
\ iiEtle interest has been excited in our
seiai circles bY the joint letter Of the
'ior and treasurer Of the state to the
<rv distffct COMMANDER who Is sup
"A to have pienaEy authority in the
,lsf. 10 relation TO the embarrassed con.
.sn of our state finances. There are
5os objections to both q the. modes Of
& sueaestea in this communication
nst the firat-that OF funding the GER
.1les Of indebtedness and outstanding
49,, III "a alleged that II would be
.ied. As a violation of the pledged
\ n fhe STATE. and may iniure Its credit (,
sSainst the sec0nd-tkat of levying an
tI1Dal tax Of per cent on the assess
i I, .s,nils--.if L admitted that It could not
.,slected i'd time to afford the immediate
. n <eouired, We think that still more
a feaeona may be advanced against
tax. Tha very fact that. the taxes
IA. i6l. 'e2, 63, aud GA, to the amount
x 100 coo were suspended by the last
sture indicates the poverty Of the peo-
+ IA their utter inability to comply with
extraordinary exactions, much less
the heavy tax proposed. The unpaid
referred to above are nearly equal to
4 iofal amount of the certificates and the
Snts. II the people could not meet
F. q even Is late as 1867, Is il likely they
"A be able now to respond to the pro
lew And II the levy were made
"A NOT the actual collections be mostly
= he comparatively few prompt tax.
- in city and country. mostly in the
while the ma GRITTY would be delinquent
could not be made to pay without re-
- to harsh measures, which would
En- be adopted The result would prob
Sc to unjustiy place the sntire burden
ife present upon those whose prompti-
hitherto rather entities them to favor
d io adverse action from the supreme
ofity.
1a, and closed at 139A0I392. The
Included SO, 900 at 1881; $4,000 at
and 5000 at 40; also, ct the board last
Ing, 5000 81 lAQ4. In silver we noticed
81 1900 Mexican dollars at 1881 and
81 ri premium in gold.
I'M movement in foreign exchange was To
extent. but at rather easier rates. The
81 sterling included HSO00 Al. bill o.
~ and clear, at I5230152A; 10000 bill
s3lne st 1854; fl0o0 bin of lading and
clear at l53; aud 82e09 bank &C l09l
+ ahld. In francs we noticed sales o
Al commercial at 3.723, and 100,00(
di5s7a3. 723. At the close sterling wa
Ia a. 1874 1874 for Al bill Of lading,
clear, and 1901 s4 for bank; and franc
.72A for al commercial, and 500
for private hankersi and bank.
5nesfic exchange was N 0derately active
sbnut previous rates. The banks con
ea to check on New York at 81 cen
bupt. and the sales of commercial In
sad Si 81. 900, $35, 000, SIS, coo, $l25, 600
3oo and 81, zoo New York sight takeI
anks and bankers az ll-l6 discount
oQ Boston sight at the same, and $50, 90
York sight tn three sums at
* stocks We noticed sales ct Is share
ent city railroad at $il0, and at tn
last evening rs shares Leuisian
hank at $2s, and 1874 Crescent cit
fl4 and 1901 81 $2s. New Orleans Cit
ad Is now quoted at $ls5@l66.
lY treasury notes were hardly as buoy
ia the large, and ruled at previou
or The small. The sales of the forme
Ia $40, 900. in four or five lots, at ~
aconnt. and At the board last ever
00 at I2a. and $1,000 at Ia, Dealer
nI91 for the large, and 9 for th
and sell at l28 for the former and
~ latter. At the board last evenin
atate notes sold at IS discount; Soc
20. 0gG at Isl; 81, 100 at 2s5. and $500
NothiHg was reported in Bank {
ana notes. They are quoted at S5C
dollar.