The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1869-02-09
grm Orleans yHumeu yRarhet.
cRxscxsf oyvrcz, No. q CAnP sfzEsf, I
M Monday Evening. Feb. 8. 1869.


fact the applications for accommodation would
not absorb more than q fractional part of the sg-
gregate amount Of funds daily offered for dis
count and interest, and the surplus has to be
1851 against 1884, the closing rate Saturday. At IL
NJ It stood at 1855, and at P. N. Il closed at the
same figure. Operations in this market included
the appended sales, viz: SIS. 900 and $4,000 Gold
$40 600 at 1861 also $1,000 Silver at 1924. We now
quote Gold at 135I0l36; American Silver coin at
l320l32a, and Mexican dollars at: l3S@l383.
FoREIGN ExcHASGE-There is no alteration of
any kind to refer to under the above heading.
Offerings have been ample and the demand has
ruled active throughout. The following are the
total sales since last report, viz: $1,000 ships
bill and $4,000 commercial Sterling at lac; $4,000
bill lading Sterling at l46i, fl5,000 commercial
Sterling at 6aGl46i fl2oo bar ban. sight and aaSoo
Francs at s.s2i. We quote bank Sterling at Il7i
@i47S. commercial do. at 14s@i4si, bank Francs
3s5f. - -
DOMESTIC ExcHANGE.-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,
viz |: 100000 sight on New York lone bank to
spother) at 3c. discount $34 900 do. at &C.. $50.
600 and SEQ, 900 bankers do. at 9.l6c: SIS 900,
$25 900, $4,000, $4,000, $50. 600, $50 900 and
$4,000 do. at &C.,; $50, 600 fifteen days sight on
New York at lc. $4,000 and $4,000 fifteen do.
do. at lie. discount. We quote bank sight on New
York at &C.,, commercial do. at 9-l6@5c. discount.
UScURRENT NoTEs AND SEcURIrIEs-The diff.
Guilty already referred to as to the delinestion OF
operations in uncurrent notes and securities daily
increases. Some classes rapidly advance, while
others either stand still or decline. The actual
movement since our last, however, has included
the appended report viz $40 600 and sl5, 900 city
treasury notes &c; $4,000 city cash warrants at 81
$1,000 city ten per cents at s5; $605O do. at 95i
$40 900 six per cent Levee bonds at 65.
SPECIAL DIsPATeHEs.-we are indebted to the
Western Union Telegraph Line for copies Of the
following private dispatches received from that
route to-day, VIZ:
Neso York, FEB. $40 A. M-Gold opened OF
1851. 1890 A. M.-Gold 1855. Cotton market
quiet but steady. Sterling lO9A@llOt. l2M.-
Gold 1861. Cotton market quiet but steady.
Mddling S0Ac., Mobile S0lc.. Orleans 3lc. Sterling
steady. 3 p. Mold closed at 1864. Cotton dull
and lower. Sales 1900 bales. Middling 30lc.,
Mobile sOac., Orleans 30lc. Sterling steady.
steady. Estimated sales $4,000 Dsles; uplsnds
l2ad., Orleans l2sd. l:20 P. M.-Gotton market
Quiet. Estimated sales II 900 bales. Uplands
12l@l2ld., Orleans l2a@l2id. P.N:-Cotton
market. quiet. Sales to-day $4,000 bales. Up
London, FEB. s-Il:l5 A. M-Consols 93I993l /;
5-2O's, 76f. 1:20 P. M.-Consols 93t@934. P. NJ.
Consols 93i@9S4; 5s2O's, 763.
AMERICAN Observation-Disclosures 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 bust
ness" by adopting the pounds, shillings and
pencen Of England, both for currency and &C.
counts. At that period, q Mexican coin-now out
of existence-known as the Carolus pillar dollar, Of
the intrinsic value OF four shilliDgs 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 Ed
rope. The colonisfs did not object TO Its importa-
ton, but were jealous OF its expectation. With a
view of "retainingthe 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, shillings and
pence OF the respective colonies, and hence arose
the pounds. shillings and pence currency" and
pounds, shillings and pence sterling" Like the
Anglo-Americsn bankers of the present time,
who do not recognize greenback currency, the
Anglo-American merchants OF colonial times did
not recognize the deprecated colonial currencies
All calculations with respect to exchanges were
regulated by the nominal par for the pound ster
ling, which nominal par was then reasonable, fol
twas fixed at four dollars forty.four cents and
forty four mills to the pound, exactly four shiliugt
and sixpence to the dollar-the intrinsic value oil
the Mexican coin. .L
The first United States dollar, coined in 1893
made the pound sterling worth 81 so, which valu
alton was equal to four shillings and twopence tc
the dollar. The United States gold coinage Of
1884 was so reduced In value that British SOW
eregn became worth 81 81; and more recen
coinage made the same sovereign worth In Ameri
can gold "a So.
Yet the ancient basis Of calculating exchange
forced upon the colonial merchants by their colo
NAL legislation, ia still adhered to- The premium
on bills on London as now quoted in New York ID
| upon the nominal par of four dollars, Al cent
| and forty-four mills to the pound, and not upor
four dollars and eighty cents, as it should be
| This gives rise to confusion OF ideas, as well
| trouble in calculation. Mr.. Motley, and othe
politicians in America, complain that fve-twentie
| only command seventy-fye per cent. In the Lon
don market, although the bonds OF other countrie
are quoted at higher rates. 70 be sure, nve
| tyepties are quoted at seventyhve, but tnat quo
tatior is upon the old basis Of four shillings an'
sxpence to the dollar. The real and actual pric'
at London is eghty.two per cent. the diiferenc'
between seventy-ive and eighty.two being thu
| difference between four dollars forty.four cent
and forty.four mills. the now mythical value Q
the pound. and four dollars eighty-six cents tn
| real value Of the pound.
1t is wrong that there should still exist an inter
national money of account that does not core
| spond with the money Of account or the currenc,
existing on either side of the Atlantic or 10 an,
part of the world. This state Of things should D.
| rectfed; and now that greenbacks, except II
| California, are both money Of account and cur
| rency in the United States, the change can b
| made with little or no inconvenience. Since III
| American Union was formed, in 1889, we hav'
| had, II will be seen, three values to on
" almighty" dollar. It is now proposed to hav
| fourth value and cause that value to be equiva
| lent to Eve dollars to the pound. This wouls
| make our Z" halfesgle piece Of the same vaiu
as the British sovereign, and our gold dollar piec
one-fifth its value, and within fraction of tn
| value of the present French five franc piece
| Calculations In exchange could then be made upol
the real par and business would be at once simpli
| fed quotations for produce in America and quota
tons for securities in England would be correctly
comprehended. America need not abandon be
| decimal system, nor need England introduce II
America can retain her dollar and England he
pound, the one unit being exactly one fifth tn
value Of the other.
Most Of the recent discussions on internationa
coinage have been embarrassed by the introduc
tiop OF irrelevant and unbusiness-lke propositions
The sugg estion made above. If adopted, would nc
only show that the credit Of United States bond
is better than appears on the stock list, but woul
also bring about q practical International coinag
without the aid of Paris conference, royal CON
| mission or en- international congress.
In 1893, when the first American dollar wa
coined, and when twenty Elizabethan silver shi
lings Of full weight were worth in American silvt
four and eight tenths dollars, there was no col
| ronresenrino the British INIT OF account or Gu