The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-01-05
Fer Orleans MoneQ @larket.
OusJESr 0srI6x. no. " oAxr srRRaf, |
Saturday Evening. Jan 4. 1851.

The most prominent feature OF the movement in
financial circles today has been the failure Of sew
eIal parties heretofore in good standing, to meet
their matuTed notes at bank. This was not uneX-
pectSd, however. and we learn with pleasure that
the shortcomings have been considerably under the
anticipated aggregate estimates Of banks aud
bankers. Money has ruled as for some tine past,
and trust that the falling OF In the LIST and Atm
Of January payments will not materially affect the
business operations Of the future.
GOLD-1he upward tendency Of rates OF Gold
at New York has impaired increased strength to
this market, but the demand and supply are still
light, and operations since our last have included
only the annexed amounts, viz $500 in the
m rning at 1873, $780, $1,000, $500 and SIS Oo) sub.
seqGe5nuy at 1888 $4,000 at 3lGl33s. and $40 009
at l3350l334. Sales Of Silver included $1,000
American halves at l2S, aud small lots of Mexi
can collars within the range OF our quotations
which now rule as follows. viz: Gold l33al33k
lars l35Wl36.
FOREIGN ExcHASGE-The upward movement in
Gold has had resssuring effect on Foreign Ex-
change, and asking rates Of both Sterling aud
Frsncs Lave been decidedly sitter to-day. Offer.
irgs were ample throughout, but the demand was
a. no time active or general, and operations have
been limited TO the appended amounts viz $4,000
and $500 bill Of lading Sterling at l4l1 5000
bankers do. at 1854 $4,000 bill of ladng and
bankers do. at lll40l45l $4,000 bankers do. at
l4j4; $500 do. at l46 3000Of. commercial Francs
at 3.92tf, and 100, 600 do. in lots, at 3J]}f The
ruling figures this evening were l46@l47 bank
3
do; l44@l+5 TOR bill of la1ing bills 3 90D3.S73f.
for hank Francs, and 3.9503.929f for commercial
Francs.
DOMESTIC EXCHANGE Operations under the
above heading have disclosed still further falling
Of TO day. The market was fairly supplied
throughout, but the remittance demand was at no
time much better than nominal, and the purchases
by banks and bankers comprised only the follow
ing amounts, VIZ 5000, sS000 $500, $40 900,
$4,000, SIS GOO, $35 900 and s6j. 900 New York
sight az u cent. discount, s22 900 do. at 1916 y
cent. discount, $4,000, $50 O00 $50 900 and $4,000
do. at e cent discount $40, 900 three days sight
at Il cent discount, $40 900 five days do. at Il
u cent. discount, 600 ten days do. at Il %
cent. die count, and $4,000 FIVE days on Boston at
u II cent. discount. Rates are nominally I'M
changed. and we therefore repest as follows, viz
) u cent. discount at bank and 4C9i II cent dis
count out Of doors for sight checks on the North
CTn cities.
UNcUBBEST NoTEs AND SEcURIrIEs-The move.
mgnt Ia all classes Of the latter still continues
wholly suspended, and operations In Uncurrent
Notes, which have been exclusively confined TO
the issues OF the city and State, disclose an ua.
favorable reaction to-day. Offerings of the latter
have been heavy throughout, but the demand was
at no time active or general, and the total actual
sales ruled in the order annexed, with a decided
downward tendency Of prices viz $500 small
City Notes in the morning at u u cent. discount
$4,000 and $4,000 subsequently AT u cent die
count; $500 do. at y u cent. discount; $1,000 dc.
ats u cent. discount; $1,000 and $500 large co.
at l24 ~ cent discount; $1,000 do. at IL ~ cent.
discount; $1,000 DO. at l2I u cent. discount;
$40 coo do. at Is q cent discounts $500 DO at
l3l II cent discOunt $4,000 do. a! IA y cent.
discount; $1,000 Louisiana State Notes a. q q
cent discount, and $4,000 do. at 27} z cent. die
count.
SPECIAL DIsPATCHEs.-we are indebted 10
TIE Western Union Telegraph line for copies OF
the following private dispatches received over
that route to-day, viz;
Nelg York. Jan. 40 A. M-Gold opened
at 1874. IL A. M.-Gold l3ll. Cotton-market
f m. holders asking liIher rates mddIings Il;
Mobile l7lc.; Orleans l7l; good middings lSl;.;
Lireipool. Jan. A, IL Al .-Cotton market
firm. Uplands 74d., Orleans I'D. Sales II 600
bales. 1:20 P. M.-COtton market active. Sales
1860 bales. Quotations nominally unchanged.
London Jan. i--Coasols 90 5 POS 724.
HAIioNAL CURRENcY.-The subjoined just and
pertinent remarks on the unequal distribution Of
the national currency are taken from the last
number Of the Shipping List:
he unt quail distribution of the national currency
is attracting good deal Of attention in Western
financial circles, aud after an examination OF the
manner m wnich the currency was allotted, the
opinion prevails that the "West has been shame.
fully treated, aud her rights have been completely
ignored The lsst census of the United states
placed the population at 81 443 100, aud. taking
This AZ the basis of calculation the national bank
circulation is equivalent to 80 81 per capita. The
Chicago Tribune, enlarging on this topic, gives a
table showing the amounts that should have been
allotted had the distribution been made pr3p0r-
Tomato to population, and adds " Had the con-
troer Of the currency allotted the national bank
circulation on this basis, the various States would
have been fairly and Justly dealt with. The table
alluded 20 clearly shows the rapacity Of the Eastern
States in gobbling' up the circulation. Massachu-
sets heads the list. Her steal was a gigantic one.
On an even distribution she entitled TO
little over Sll 100000. Her circulation is over
SIS coo 600. Rhode Island entitled 70 81 G8j,-
coo. She has over Sl2 100000. The nine West
eIn tates-Ohio, Indiana. Illinois, Michigan, Wis
consin, Iowa, Minnesota. Kansas aud Missouri
have combined circulation of s53, S00G10 bat
had the allotment been made per capita, their cir
CulatiOn would have amounted to SIS 200, 900. II
we urn 10 the South, its condition will be found
slill more deplorabe. The State of Mississippi
has only circulation Of $50 600, whereas it ought
10 have over 81 SOC 600, In a few months the
Southern States will be all reconstructed; they
will have their representatives in Congress- and
they will demand their rghtful banking facilities.
Their claims cannot be denied or ignored, and
new dis TibutOn of the circulation must inevitably
be made. twill not make the East any poorer TO
give up portion Of her circulation, for she will
still have her capital. II her inhabitants wish to
pursue a banking business, and enjoy the benefits
derived from a bank circular lion, let them emf
crate 10 some OF the Western or Southern States,
where the supply of currency is entirely made
quate 10 their wants.
a