The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1869-02-16
Ghe 8ew Orleans @restent.
TUESDAY MORNING. FEBRUARY ls, 1859.
Hem Orleans yBtuneu Wlarhst.
CRnscxEf OFFICE, No. q OAnp sYHnsf,
Monday Evening. Feb. Is, 1869.

Monday Evening. Feb. l5 l56a }
The money market still discoses increasing
ease. Gold opened at New York this morning a.
l35t, the closing rate Saturday evening. At 1890
A. N. IT stood at 1854. At IL N. IL ruled at 1851,
and Ct p. NJ. 1t closed at the latter Figure.
Operations in this market have been very light
prices at New York. We append particulars of
the principal sales as follows, viz: $4,000 Gold
at sl35t $4,000 and SIS, 900 at l3530l $4,000
at 1855 $1,000, $4,000 and $4,000 at 1851 In Silver
we note the sale of $500 American halves at 1921
and we now quote Gold at l353@l35s. American
Silver coin atll3l2@ls2l, and Mexican dollars at
l3s0l3s3. ---. .--r.r
FOREIGN ExcHANGE-Rates of Sterling aud
Francs continue steady. Offerings of commercial
bills show marked reduction, while the remit
lance demand exhibits but little if any alteration.
The sales to-day included the following amounts
viz: f2000 and $4,000 bill lading Sterling at las
1880 AL do. at 1464; $4,000 do. at 1851; $4,000 Al
clear and private bankers at 1851; fl400 do.
We quote bank Sterling at l46}Gl47i; CONNER
cial do. at l46@l46a; bank Francs at 3.S503. $50;
commercial do. at 3.ss}03 s64.
DOMESTIC ExcHANGE-The movement under this
heading discloses an undated upward tendency,
with fair average demand and moderate supply.
The purchases of commercial to-day comprised
the following amounts, viz 100000 and SOS. 900
az 5000 so S
$4,000 and $4,000 do. at /; $4,000 do. at sic;
$40 900 and SIS, 900 one days sight at Il sis, 900
five days sight at Z; $4,000 and $4,000 thirty days
sight at !; $500 sight on Pittsburg, payable with
exchange on New York, at /; $4,000 sight on
Louisville at 1, and $40 600 sight on Mobile at
discount. We quote this evening bank sight at
par, and commercial do. at 4Gs u cent. discount.
UNCURRENT NOTES AND SECURIrIEs-0peration
In city notes and securities have been very heavy
to-day, with q marked improvement in rates Of
several classes. The market was fairly but at no
time excessively supplied from the opening to the
close of business, and the demand has been active
and general for all leading descriptions through
out. We annex particulars Of the principal trans.
actions for the day as follows viz: sos 900 city
treasury notes at 24l sl25 900 do, buyers option,
fifteen days, at 23l; $40 900 city ten per cents at
943 s25, 600 consolidated old bonds at s0A; 10000
do. at so: $4,000 State warrants at S430854 /;
$1,000 do. at SAG $1,000 do. at $50; $1,000 metro
politan police warrants at SAG 5000 do. at s4i
$1,000 do, buyers option, ten days. at IS $40 900
Bank of Louisiana notes at 81 ; 200 shares Union
Bank stock at s37 76@3S b share; so do. at $3s;
rs do. OF $37 50 $50 shares Canal Bank at $lS Is;
40 shares and 100 shares Bank of New Orleans at
$40 rs so do. at s4l so shares Louisiana State
Bank at s22 rs; rs do. at % Is; As do. at $23 So
and 1900 shares Bank of Louisiana stock at So so
10 share.
BOARD OF BRoKERs-The following comprise
the sales at the board tonight, viz $4,000 GER
tifcates of city indebtedness at 92c. % dollar ;
$500 city ten % cents. at 943. $1,000 do. at 945,
$4,000 do. at IS, $1,000 do. at 954; $1,000 State
warrants at SAT. $1,000 do. at s4l $4,000 past due
coupons old State bonds 50, $500 do. at 80 $1,000
Bank of Louisiana notes at 300; $4,000 do, sellers
option sixty days, at 20; Is shares and Is shares
Union Bank stock at $36 so D share.
SPECIAL DIsPATCHEs.-We are indebted to the
Western Union Telegraph Line for copies of the
following private dispatches received from that
Neto York, FEB. $50 A. M.-Gold opened at
1851. 1880 A. M.-Gold 1854. Cotton market dull
prices lower, Middlng 293c.; Mobile 29lc; Orleans
goo. Sterling ios4@l0Sl IL M-@Gold 1885,
2sic.; Orleans SOC. Sterling steady. 3P.M.-
Cotton market quiet and weak sales 1900 bales.
Quotations unchanged. Sterling steady.
Liverpool, Feb. l5--1l:l5 A. M.-Cotton market
dull. Estimated sales 5000 bales; uplands 1910
124d.. Orleans l2l@l23d. l:20 P. M.-Cotton mar
ket fat, uplands shost 12!d. Other quotations
unchanged. 5P. M-Cotton market dull. Sales
to-day 5000 bales. Uplsnds l24d.; Orleans l2Ad.
London, FEB. l5-ll:l6 A. M.-Consols 93t.
5.20s 764.
CoNsTITuTIoNALITY OF THE INCOME TAX Law
The following is fuller statement Of the decision
rendered by the United States Supreme Court on
Monday:
The Pacific Mutual Insurance COMPANY vs.
Franklin Sotlle.--In this case the insurance com.
pany made their return of income in coin, claim
ing that as 1t was received in that commodity, it
should be returned and taxed in the same. The
assistant assessor, however, reduced it to its
equivalent in currency, and the collector exacted
payment on that account in government notes.
The company refused, and seizure was made,
after which payment was made under protest and
the matter taken TO the courts. The court below
1.-THE Circuit Court for California; were divided in
opinion, and certified the following questions to
this court, among others of less Importance
Whether under the act Of Congress. authorizing
the issue of United States notes, and for the re-
demption and funding thereof, etc., there does
not exist between the government of the
United States and the holder OF such
notes q contract that they shall be receiv.
able, dollar for dollar, as the equivalent of coined
money in payment of duties and taxes of the
character Of those collected from the plaintiff in
this case whether such notes are not property,
within the meaning of the Constitution of the
United States, and whether the compelling OF
payment OF taxes on such increased amount
would not be taking private property for public
use without just compensation; whether the taxes
paid by the company and sought to be recovered
back are not direct taxes within the meaning OF
the Constitution, and therefore not legally levied.
etc. Mr.. Justice Swsye delivered the opinion Of
the court holding that the act of Congress an.
thorized the assessment as made by the assessor,
and that il required the company to pay the
amount demanded and paid under protest. It is
also held that the tax on incomes is not direct
tax, but duty on excise, and therefore within
the competency of Congress to impose and ex
act. The other questions are deemed TO be suffi-
GENTLY answered by the answers given above,
being 10 the first and sixth questions certified
[Journsl of Commerce, 9th inst.
FINANCIAL PROSPECTS, OF THE S0UTH.-C0t0n.
ington Republican of Friday. under the caption Of
our Washington Correspondence the following
allusion to the financial prospects of the Southern
States:
The South, by the by, is just now growing rich
faster than any other section of the Union. That
is so far as the profit of its people from agricu
ture are concerned. Cotton is" certainly king"
again. Now, legitmately, all rejoice to know
that this season it puts heavy profits in ready cash
into the pockets of its growers. The planters Of
Alabama, for instance, are said to have much
more money at command than ever before, &C.
cording to the number of acres they have Guilt
waited. Up to 1869, their purchases of slaves, in
advance of the receipts of the proceeds Of their
crops, kept them deeply in debt. That is, with
their lavish personal extravaganza. As, now,
they neither buy slaves nor throw away money In
ostentatious display, they are.actually sccumuat-
ing real wealth faster than any other sgricultur-
lists on this continent. AS a class they are yet
poor because year ago few Of them had more
than sufficient to keep body and soul together. In
ten short years they will be nsbobs again, in the
extent of their available means, which will 90 into
railroads. mining. manufactures, banks, etc., ETC.
In the course of the next decade, the country will
tal INN all eha