True American. [volume] (New Orleans [La.]) 1835-18??, 1837-04-11
COMMUNICATED.

TIE the Editor of the True Americana;
In an article otsypur. paper Of Yesterday, head.
ed "Memphis Bank" you express some dissatis-
factinn that the proper authority ha d not come for
ward and given direct denial to the charge
which originated with the Com m ercia Herald
hero, thai the notes of tho farmers and Mer-
chants Bank of Memphis were not redeemed
promptly on application n, the Mechanics and
Trsaers' Bank OF this place. Now to the facts Of
the case: The article as above indicated, appeared
in the Commercial Herald: the moment il was
seen, friend of the institution assailed repied
upon the authority of the Cashier of the Mechnn-
les and Traders Bank, that the charge was to-
tally eroundess; this induced relonder from
tue Herald, referring to some flat boat traders
without naming persons, and leaving it in siua-
ton that the injured party had nothing tangible to
combat, and consequently no means Of distinctly
exposing the falsehaod, A committee of the hoard
OF the Farmers and Merchants Bank of Mem
phls were here shortly after, and have been ever
since; and with the fullest confidence in the ability
OF their hank-a firm determination 10 vindicntc
its character and maintain its credit against as-
sauts from any quarter: they have not .ttlt them.
selves called on to ta.,o any public notice of the
idle rumors afloa SO far. But when paper of the
high character of the True American So far coun.
'enances such rumors is. implied in the article
OF yesterday, we feel disposed to make few re-
marks i'll reply to those Suggestions, rather than
anything which has previously appeared: and first
as to the figures furnished in your satcmeni:-
Cash S925, 000 Bills (prima fucla at least) well
secured and prcdicaed on shipments of cotton Of
100000 maturing every day, and the whole run.
ning rapidly TO maturity, against S425, 900 crru-
aton, widely dispersed over a comparatively
wealthy country, whose wants require of nee essiiy
considerable amount TO lie kept suspended in
circulation, and which is payable at point quite
remote from tho place OF it's employment, would
seem to Justify conclusions widely different from
those implied IN your remarks; and in addition
we would state, there ample means elsewhere
to meet every possible contingency.
In reply to your inerrogatory, why an official
contradiction has NOT been given to the rumor, we
say that the best. possible contra dcion, all the
one which the public care one fig for is given cv-
cry day IN the prompt aud universal redemption of
the notes az prusen ed az cordinr to the provision
upon their lace. We who are most deeply intrr-
estcd have t cnqulred into the rens. rs Of their
silence, but can easily suppose that men acting
under the weight Of ufiicial responsibility and bu.
silly devoted to the intsrest of Institutions involv-
ing the wea'th OF whole communities, have but
Nttie time or inclination to engage in newspaper
coniroverscs-but lie and irresponsible rumors,
or in the boundess field Of the abstract subiec OF
b1ntl 20, exchange, the present times, &C &c. II
the press, in the enjoyment Of t,at liberty 70
winch onr country is so famous, must drag GU,
private individuals and institutions from retreats
which prudence, or the folly, if you will of pre-
vions times had almost rendered sacred, it is hoped
that at least the intelligent conductors of it will
perceive the propriety of admitting charge or
inslnuation against them, not fully warranted by
truth, especially at a moment when the duIlesr
comprehension must perceive that n vast amount
OF our commercial difficulties are now the result OF
loss of confidence and breath of suspicion is
almost enough to topple down the strongest pillar
in the commercial fabric. We reiterate the assn.
rance to all incresttd-prcscnt the notcs-they
will be PAID.
RO. LA WRE.NCE, Prcs't.