The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1869-04-01
gsm Orleaas Muneu Warkst.
oprscxEr oryIcz. No. q OAur sfszsf,
wednesday Evening. March 81. 1854

WEDNESDAY hvonlnx. Aarch d. iooa
We have no change worthy Of note to report 10
the Money market. Gold opened in New York
this morning at 1919, against ISL the closing rate
last evening. At 1890 A.. NJ it stood ct l3l I, and
at P. NJ. il closed at13lA. The sales here to-day
were 5000 and 10000 at 1915, $1,000 at 1917,
s300O $4,000, SIS 900 and $4,000 at 1872, $4,000 at
1924, closing ct l32@ls2{. Nothing reported In
Silver.
FOREIGN ExcHANeE-Hss been quite active to.
day, Is will be by our list of actual transac
tons, but owing to the continued liberal offerings,
rates have undergone q still further decline. The
Gales to. day have been $500 ships bill and fl2o0
bill lading Sterling at 1894, f2l,000 commercial
do. at l39l@l40&, $4,000 and fS0Oo AL do.
ct l404 10000 do. at l403, $4,000 bank
We quote Bank Sterling at l4lGl4li; commercial
do. at l40@l40&; bank Francs at 400, and
commercial do. at 4032@4024.
DOMESTIC ExCHANGE-Alth0ugh the remittance
demand has been quite active to-day the offerings
we're disproportionately large, and IN consequence
rates have still further declined. The following
comprise the principal sales to-day, viz: $50 900
sight on New York at Lis discount; $l2 900,
s25 600, $4,000 10000, $50 600. $4,000. $4,000
lie premium; $50, 600 do. at l6 premium $1,000
thirty days date on New York at per cent. dis
count, and $500 thirty five days date on Colum.
bus, Georgia, payable with Exchange on New
York at per cent. discount. We quote bank sight
onNew York at s@l premium, and commercial do.
at par0l.16 premium.
uHcURRENT NorEs AND SEcURITHs-The opera
tons under this heading have been very limitsd
to day. Nothing has been reported In Stocks or
material change. The following comprise the
total actual transactions of the day viz: $500 State
Notes at ssh $4,000 State Warrants at S73, $1,000
do. at SIS, $4,000 and $9500 City Ten Per Gents at
par, and $2l00 do. at &c. premium.
BOARD OF BRoKERs.-T The sales at the Board to-
night were $500. $500. and $1,000 gold at 132.
SPECIAL DIsPAToHEs.-We are indebted 20 the
Western Union Telegraph Line for copies Of the
following private dispatches received from that
Ne,o York, March $40 A. M-GoId opened
at 1914. 1880 A. M.-Gold 1914. Cotton, demand
fair, prices firm. Sterling at l0s@l0S3. 2M.-
Cotton quiet but steady; Middling at 10000;
Mobile 29l@29}c.; Orleans at 29t@29}c. Sterling
steady. P. M.-Gold closed at 1914. Cotton
inactive. prices dropping nominally; Middling 29c.;
Mobile 294c.; Orleans 294c. Sales 500 bales.
Sterling, entirely nominal, l0S. 3P.M.-Privste
sdvices from Liverpool say cotton is advancing !;
Liverpool, March 3l-11:l5 A. Motion mar.
ket firm; prices shade better, not quotably higher.
Uplands l2sd.; Orleans 125d. 1:20 P.M.-Cotton
market firm prices unchanged. Estimated sales
H. eco bales. Shipments from Bombay since last
report to the 9th instant, "A, 900 bales. 6P. NJ
Cotton market unchanged. Sales to-day 1900
bales. ~
London, March sl-l:2o P. M.-Consols $50
93t. Bonds $50.
buoyant; Tres 0rdinsire lat, Low Middng afioat
at l46A. Evening-Cotton closed unchanged.
A NEW SCHEME OF FNANcE-By a Prominent
Ne,c York Bdnker-It needs but little argument
to make it evident that the government cannot
issue money except 10 payment for services rem
dered to IT, or for materials that IL needs, and has
no right to take from the people more than it re-
quires for that purpose by taxation.
But in the collection and disbursement Of reve-
nue. there is means Of furnishing to the nation
limited amount Of circulating medium that would
be as valuable as coin, and save the people the
necessity of investing that amount of their sccu-
INFLATED property in coin.
At present the government needs about two
hundred and fifty millions Of dollars annually Tin
excess of the sum required In gold to pay inter-
est ON bonds), which might be disbursed Ia notes
of the nature Of the English exchequer bills, rep.
resentng revenue, and receivable for all internal
taxes, which would be Q full and sufficient re-
demption; the bills should be legal tender, the
use Of them as money being benefit TO the nation;
for;thst reason they should not be interest bearing
and II limited to the amount of the annual taxa
ton thdy would not depreciate.
The issue of these bills would enable the gov.
eminent to withdraw the like amount Of the
greenback currency, which, With those that have
been destroyed, would leave about one hundred
millions to be provided for when payment IN
specie becomes possible.
The national bank currency should be re-
deemable in legal tender, or at the option OF the
banks, in sums Of one thousand dollars, In the
bonds of the United States at par redemption
that would always be possible, and IN value
fixed by the amount Of interest payable on the
bonds. With such proviso In the banking law,
there would be no more of these notes In circula.
ton than the people would desire, for any excess
would be converted into bonds.
There IL also another means for the redemption
Of national banks notes which gives them value y
public always owing the banks much more than
the banks owe them.