The New Orleans crescent., 1869-02-09
gsu orleans Huntp @arhet.
CRzsczsf oyrIcz, No. N CAnP sfzssf,
Mondav Evanin1 Yah 1870

ed >ers Monday Evening Feb. s. 1853. J
The money market moves along very comforts-
still very satisfactory, and the accumulation OF
currency is becoming almost insupportable. 10
fact the applications for accommodation would
not absorb more than sfractional part Of the ag.
gregate amount Of funds daily offered for dis
count and interest, and the surplus has to be
partly invested. Gold opened this morning at
1857 against 1885, the closing rate Saturday. At IL
NJ. It stood at 1853, and at P. N. II closed at the
same figure. Operations in this market included
the appended sales, viz: SIS, 900 and $4,000 Gold
at 1851 $4,000 and $40, 900 at 1876, and 1880 and
$4,000 at 1867; also $1,000 Silver at 1924. We now
quote Gold at 1851 @l36; American Silver coin st
l32@l323, and Mexican dollars at: l3s@l3s3.
r FOREIGN ExcHANGE-There is no alteration Of
any kind 10 refer to under the above heading.
Offerings have been ample and the demand has
ruled active throughout. The following are the
total sales since our last report, vz $1,000 ships
bill and $4,000 commercial Sterling at l46; $4,000
bill lading Sterling at l46!, fl5,000 commercial
Sterling at l463Gl46s, fl2O0 bank sight and f2500
bank Sterling at l473, $4,000 private banker's
Francs At ss2s We quot, Sss1 sss,lins 4 l47t
3s5f. = - : -
DOMESTIC ExcHAxGE.-There is nothing OF any
importance to refer to in the above, m ,vement
since cur last. Offerings Of sight and short sight
were Of very restricted character at best. while
the remittance demand was at no time active and
general, and the latest purchases BY banks and
bankers included only the appended operations,
sDother) at &c. discounts sS4, 900 do. at &c.; s5s
600 and $50, 900 bankers do. at 9-16c. SIS 900,
s25 900, $4,000, $45 900, $50 900, $50 900 and
$4,000 do. at &c.; $780, 600 fifteen days sight on
New York at lc. $4,000 and $50, 900 fifteen do.
do. at lic. discount. We quote bank sight on New
York at &C.,, commercial do. at 9-l6@sc. discount.
UHcURRENT NoTEs AND SEcURIrIEs-The diff
Guilty already referred to as to the delineaton Of
operations In uncurrent notes and securities daily
ranf1l aHv NH
others either stand still or decline. The actual
movement since our last, however, has included
the appended report. viz $4,000 and sl5 900 city
treasury notes 26; $4,000 city cash warrants at 81;
$1,000 city ten per cents. at 95 $6050 do. at 95i
$40 900 six per cent. Levee bonds at 65.
SPECIAL DIsPATcHEs.-we are indebted to the
Western Union Telegraph Line for copies of the
following private dispatches received from that
Ne,o York. FEB. $40 A. M.-Gold opened at
quiet bnt steady. Sterling l09a@ll0t. IL NJ
Gold 1861. Cotton market quiet but steady.
Middling 304c., Mobile 303c.. Orleans 3lc. Sterling
steady. P. M.-Gold closed at 1850. Cotton dull
and lower. Sales 1900 bales. Middling 30lc.,
Mobile 303c., Orleans 30lc. Sterling steady.
Liverpool, FEB. s-ll:l6 A. x.-sCotton quiet but
steady. Estimated sales $4,000 Dales; uplsnds
l2sd., Orleans l2sd. lao P. M.-Gotton market
f2i@l2ld., Orleans i2s@l2ld. 5 .x-6otton
market quiet. Sales to-day $4,000 bales. Up
lands afloat l24d.
London, FEB. s-l1:l5 A. M.-Consols 93l@s3l;
5-2O's, 76t. 1:20 P. M.-Consols 93t@934. P. NJ.
Consols, 9St@934; 5:2O's, 763.
AMERICAN ExcHANGEs.-Financial stupidity on
the part Of our ancestors. two hundred and fifty
years ago, has been the cause to succeeding gen.
erations Of much trouble and annoyance. The
people of the American colonies began busi
ness" by adopting the pounds, shiilings and
connts. At that period, Mexican coin-now out
of exstence-known as the Carous pillar dollar, Of
the intrinsic value OF four shillings and sixpence
sterling, was the coin of exchange. and held the
same position in commerce that the British SOY.
ereign now occupies. The Mexican coin flowed
freely into the colonies, and from thence to Eu-
rope. The coloniss did not object 10 Its importa-
ton, but were jealous Of its expectation. With
view of "retaning.the money in the country" they
resorted to futile legislation. In some colonies
the value was fixed at five, IN others at six in
others at eight shillings. This legislation of
course deprecated the pounds, shilings and
pence OF the respective colonies, and hence arose
the pounds, shillings and pence currency" and
pounds, shillings and pence sterling" Like the
Anglo-American bankers of the present time,
who do not recognize greenbaek currency, the
Anglo American merchants OF colonial times did
All calculations with respect to exchanges were
regulated by the nominal par for the pound ster.
ling, which nominal par was then reasonable, for
twas fixed at four dollars forty.four cents and
and sixpence to the dollar-the intrinsic value Of
the Mexican coin. ..
The first United States dollar, coined in 1913,
made the pound sterling worth 81 so, which valu-
alton was equal to four shillings and twopence TO
the dollar. The United States gold coinage Of
1884 was so reduced in value that o British SOW.
ereign became worth 81 81; and more recent
coinage made the same sovereign worth In Ameri-
can gold "a S6.
forced upon the colonial merchants by their colo.
NAL legislation, is still adhered to. The premium
on bills on London as now quoted in New York lis
upon the nominal par OF four dollars, Al cents
and forty-four mills to the pound, and not upon
This gives rise to confusion Of ideas, as well as
trouble in calculation. Mr.. Motley, and other
politicians in America, complain that fve-twenties
only command seyenty-fye per cent. In the Lon.
don market, although the bonds OF other countries
are quoted at higher rates.. 70 be sure, nve-
tventies are quoted at seventy-hve, but that quo
tation is upon The old basis OF four shilings and
sixpence to the dollar The real and actual price
at London is eighty.two per cent. the difference
between seventy five and eighty-two being the
difference between four dollars forty-four cents
and forty.four mills. the now mythical value OF
the pound, and four dollars eghty.six cents the
real value of the pound.
1t is wrong that there should still exist an inter.
national money Of account that does not corre-
spond with the money OF account or the currency
existing either side OF the Atlantic, or 10 any
part or the world. In1s state OF tnlnBs snouiu 10
rectifed and now that greenbacks, except 10
California, are both money Of account and cur
rency in the United States, the change can be
made with little or no inconvenience. Since the
American Union was formed, in l7s9, we have
had, 1t will be seen, three values to our
almighty" dollar. 1t is now proposed to have
q fourth value and cause that value to be equiva.
lent to Eve dollars to the pound. This would
make our hslfeagle " piece Of the same value
as the British sovereign, and our gold dollar piece
one-fifth its value, and within fraction of the
value of the present French five franc piece.
Calculations In exchange could then be made upon
the real par and business would be at once simpi-
fed quotations for produce in America and quota
tons for securities in England would be correctly
comprehended. America need not abandon her
decimal system, nor need England introduce 1t.
America can retain her dollar and England her
pound, the one unit being exactly one. fifth the
value of the other.
Most of the recent discussions on international
coinage have been embarrassed by the introduc
tjop Of irrelevant and unbusiness like propositions
The sugg estion made above. If adopted, would moi
only show that the credit OF United States bonds
is better than appears the stock list but would
also bring about practical International coinage
without the aid of Paris conference, royal com