The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-10-04
Commercial, Financial and Other
Matters.

Yesterday the board Of directors of the
Canal Bank elected Mr.. J. G. Morris president
of that institution, in place Of Mr.. George
Jonas, deceased. Mr.. Morris Is gentleman
that he will satisfactorily fill the place OF the
recent and lamented president
The Bank Of France will resume specie pay
ments January /.
Georgia's crop of dried peaches this year
will be worth S1,50OoOO.
The first hogshead of tobacco of this season
has reached Nashville.
According to the reports of the Philadelphia
State mine inspectors the number of persons
killed in the anthracite region last year was
1898 The average number of tons to one of
these unfOrtunates was 9S, 1853. The number
OF those not fatally injured was 462. The
average number of tons to each of these was
therefore about 1888. The average number
OF tons to both killed and injured was 80. 449.
The following is the official statement of Uni
ted States currency outstanding Old demand
notes. $685. so; legal tender notes, 1885,
year notes OF 1868, $4,000; two-ye coupon
notes Of 1863 $23,95O; compound interest
notes, S293, $50; fractional currency, S1S, 1885,
642 81; total, S376, 154,671 II.
In the absence of accurate information as
to the amount of these issues some inferen-
ces can be drawn from the depreciation OF
these notes. correspondent Of the New
York Times writes that the Odessa merchants
will not give more than 5000 silver roubles for
600 paper roubles That Is to say, one I'll,
paper rouble is deprecated Tx per cent, or
Is worth only 2s1s cents on its face Ameri-
cans who are accustomed to see the green
back price of gold quoted, instead of the gold
stand the situation better from the
statement that at the above figure silver
would be quoted at $50 in Russian paper at
Odessa. The advance from ITO or 115 to $50
4pIPD tL,
the highest quotation Of gold during the civil
war was 1856, and this figure was not reached
until the fall of 1864, AZ months or more after
the commencement of the war. Russian
five months than greenbacks fell in az
months. Ii the depreciation goes on, as it
certainly will unless the issue Is stopped,
Russian paper will become utterly worthless
before two months more have passed away
About the 1st of January last the paper
money Of Russia outstanding was 734, 1872, 600
roubles, or about $500 900. During the
twelve months preceding that date the I'm
perial Bank, which issues the paper money,
lost SB0,0DO,O00 of Its coin reserve. During
the five months following 100000 roubles
more in notes was issued We can only Judge
as to the issues since May by the depreea-
ton, which would indicate an emission of an
amount equivalent to at least $500, 900, 900.
The total paper money of the empire at the
present time is probably not less than $780,
100000.
1t is evident from the statement OF the cor
respondent above cited that Russia cannot
much longer depend upon new issues of paper
:. money. 1t must obtain the means for prose-
Acuting the war in some other way. 1t can no
longer borrow from foreign capitalists, and
home loans have never proved very success
full, Possibly one might succeed now, when
thewar fever is raging so fiercely,. but 1t is
more likely that the government will have to
resort to forced loan. Whether the war
fever Will continue to burn under the assuag-
ing influence of such a measure remains to be
seen, late cable dispatch says that the Rus
slams are making preparations for carrying
on the campaign during the winter. If this
is true, we can hardly account for it except
upon the suppositon that the Russian gov
eminent doubts its ability to provide the
means OF carrying on the war another year.
On no other account would it be likely to in
woke the horrors of winter campaign
supply ana Demand of specie.
San Francisco Bulletin, ODD The quotations
of the morning illustrate in very marked
manner the operations of the all -pervading
law of supply and demand They are as fol-
lows, selling prices:
Greenbacks Observation-Disclosures. 975I
Half dollars ...........,.... gsl