The New Orleans crescent., 1869-03-26
Hew Orleans @unep @arhet.
CRssoKsf OFrIcE, NO. " OAny syxnsf,
Thursday Evening, March Is. 1852.

H.
Thursday Evsning. March Is lssS. J
This market continues steady. We have no
alteration OF any kind to report. Gold opened
this morning in New York at 1911 against 1914
the closing figures Of yesterday; at IL NJ. and at
3P. NJ. when the market closed, il st. cd at the
same figures. The sales to-day were ss follows:
$4,000 at 1919; sl2. 900 at l3l{1l3l5; $4,000.
$40 900, $4,000 and sl3 900 at 1917. aud sll 900
and SIS 600 at 1872; closing at l3l}@ls2. Nothing
reported in Silver.
FOREIGN ExcHANGE.-Owing to the large pur.
chases of cotton which have been made, princi-
pally on foreign account, during the last three
days offerings have been materially increased to-
day. The remittance demand was at no time &C.
tive or general, however. and holders had to sub.
NIT to decline In order 70 effect sales. The
transactions to-day have been $4,000 and $4,000
commercial sterling at 140f; $4,000 and $1,000 do.
at Al; f3O00. fl0,0O0 and fl2,0O0 do. at i4lt to
l4l}; f25.O00 do. at l4ll; f20o0 private bankers
do. at l42t: 80 900 francs and 100 600 commercial
francs at 400. We quote bank sterling at l4l2@
l42: commercial do. at l4l@l4l4; bank francs at
3 3.S7s@3. .964. and commercial do. at A 0l }(1400.
DOMESTIC ExcHANGE.-The same causes which
have depressed the foreign exchange market had
their influence on domestic also, and compelled
holders and drawers to accept lower figures.
Offerings OF commercial sight and short sight
have been increased owing to large purchases of
cotton for Northern markets, while the inquiry for
remittance showed no improvement as compared
with former reports. The following comprise the
principal sales to-day, viz: $6000 $500, $4,000,
$4,000, $4,000, SIS ,000 $50, 600. $S5. 900 and
s45, eco sight on New York at / premium; $50 600
do. 8 l6 to premium; SIS ,00e do. at premium;
SIS, 900 thirty days sight ON New York at Ii dis
count; and s33 600 sight on Chicago at par. We
now quote bank sight on New York at SG9; and
commercial do. at premium.
UNCURRENT NOTES AND SECURITIEs.-Opera-
tioDs under this heading have been of very re-
stricted character to-day, but for correct under
standing of the market we would refer to the fol-
lowing list OF actual transactions, viz: $4,000
IN fra nnfa n.ffo flea 40 af
254c. discount; 100000 do. at; $4,000 State
notes at SS3c.; sl2 600 State warrants at S7fQ
s73; $1,000 DO. at ss; $4,000 six per cent. levee
bonds at 6s5; $1,000 do at 60, and one jackson
Railroad second mortgage bond at $3.50.
BOARD OF BBoKEKs-No sales at the board to-
night.
SPECIAL DIsPATcHEs.-we are Indebted TO the
Western Union Telegraph Line for copies of the
following private dispatches received from that
route to-day, viz:
Neeo York. March 25-I0 A. M-Gold opened
at 1877. 1910 A. M.-Gold 1914. Cotton demand
fair; prices firm !; held, mddling 2sc. Mobile
294c. Orleans 29ac. Sterling l0s49l09. l2M.-
Gold 1871. Cotton, holders ask advance buyers
operate with caution middling 29c.; Mobile 29ic.:
Orleans 294c. Sterling steady. P. M.-Gold
closed at 1914. Cotton demand fair, but at lower
rates; middling 2slc.; Mobile 29c.; Orleans 29Ic.
Sterling steady. Sales to-day 24O6 bales.
Liverpool, March 25-l1:l5 A. Motion mar
ket active: estimated sales Is 900 bales; uplands
12td; Orleans l23d. Sales of the week SO 010
bales for exports 5000 to spectators 10000
stock on hand 25S 900, of which ll6 900 bales are
American. No markets tomorrow. 1:20 Pm
Cotton market firm prices unchanged; Uplands
afost II 3D.; estimated sales 5000 bales stock
afoat Alt ,000 bales, of which 100000 bales are
American. P. M.-Cotton, sales to-day l., 900
bales uplsnds l2i@l2id.; Orleans l216l2ad
London, March 25-5 P. M-Bonds S3s.
HdUre, March 20, A. M.-Cotton market opens
buoyant tres ordinaire l.443 low middling afost
LAS. EyeniDg.-Cotton closed buoyant; low mid
ding afoat l44a.
The NICKEL IMPosITIoN.-The New York San
of the 18th attacks the proposed enlargement Of
the nickel coinage in this wise II Is proposed to
enter upon an extensive enlargement of our nickel
coinage, and the announcement that this material
is to be substituted for the smaller denominations
of our fractional paper currencyis hailed by some,
who seem to be wholly ignorant OF the character
Of the change, as a step toward specie payments.
We might as well call zinc, or iron, or tin specie
as nickel. 1t is nothing of the sort, bat it is
cheap metal. brought into our coinage TO debase
it and TO defraud the public. These nickel cent,
three-cent and ive-cent pieces. we suppose cost
the government fifty copper cents bushef more
or less, and their substitution for the fractional
currency, deprecated as ID is, Is a bad swindle.
The fractional currency is at least a promise TO
pay an actual value, but the nickel substitute is
neither promise nor performance. II Is moth
ing in ITSELF and il is redeemabe in nothing and
Just so far as the ten and twenty-five cent prom
ises TO pay OF the government are paid in it, just
to that extent is the national debt repudiated.
Such an operation is precisely the same in kind as
II would be to pay the greenbacks in pig iron at
things think that this kind Of Is smart,
and cunning method Of getting rid of the national
obligations. We regard 1t as contemplate in the
last degree. II 10 departiBg from the only honor
able method of treating the national coinage aud
adopting sneak-thief policy. II is not as decent
ss open robbery. for the scheme aims 70 ilch
from the pockets Of the public without its knowl-
edge"
NATIONAL FIsANcE.-There are few subjects
which have engaged as deep thought and EN-.
ployed as profound minds Is that of national
fnauce. The art, or the science. is one to which
there is no royal road, as we may infer from the
difficulties which have always beset the path OF
the wsest theorists II is not as yet, whstever it
may be in the future, science as plainly worked
out as the problems of mathematics or logic. At
The time OF England's great monetary distress, in
the beginning OF the present century, IL was not
her historical fDancier, Mr. Pitt, who introduced
the measures OF relief, but private gentleman
suddenly called to the position of chancellor Of
the exchequer. Mr. Pitt had filed this Office for
twenty seven years, and despite his acknowledged
abilities, British finances continued plunged IN
seemingly hopeless confusion. II was not until
the year 1913, when specie psyments had been
the administration Of this branch Of the govern
ment was made. The new incumbent Mr.. Van.
sittart, at once adopted . policy which startled
the friends Of Mr.. Pitt with its very boldness and
theories and went to work upon entirely
new ideas, with the result of re-
establishing specie payments In q comparatively
brief period. The fact and the precedent are in
teresting to rs in these days when the financial
question comes home to every man with more
than ordinary force. The country Is prosperous
and going to be more 90. The signs Of 1t are ell
around us. The four years of war, which would
have prostrated the energies Of another country
for half century. are gradually vanishing in the
dim past, 50 far - Their effects upon our industry
are concerned. Il 10 true there are heavy taxes
and heavy imposts for the general support Of the
government, but wages and salaries were never
% high, while labor in no part Of the world b 20