True American. [volume] (New Orleans [La.]) 1835-18??, 1837-03-28
THE CRISIS.

THE CRISIS.
The crisis has come at last. The Joseph's have
stopt. Ever since last January ominous signs of
approaching disturbance in the commercial world
have from time to time arrested the attention OF
the most careless behoder. The 9Th of March
brought with it an accumulation of evils too heavy
to be thrust aside and many Of our first houses
suspended operations in consequence. Day after
day, the Express Mail gave us notice of the dis
turbed condition Of the New York Money Market,
and Of the enormous price demanded and actually
received for the of funds. Passing by the share
that the government for the last eight years has
had IN producing distress in the monetary world,
we come at to the consideration of our own
affairs For the last ten twelve years, mon
opoy of the cotton business has been stead ly
growing up in Canal street, till it has engrossed
more that half the capital provided for the co;n
munity in general by the wisdom of the Legisa-
ture. Nor were their doings confined to the sim
Pile operations of commerce with the article in
pfaessnse, bat they extended to purchases of the
great staple the seed Of Wtics eas not yet planted
In an extensive coton-growing country like ours,
it is not difficult to Imagine the amount required
for such transactions, economically considered,
whatever the amount may have been Its &c ion
% this purpose was tantamount to absolute
abstraction Of 50 much money from the nat
nral channels Of trade. In other words, what
these monopolists advanced the crops not get
planted, and the amount immense, SO
much taken out Of the public pocket. To procure
the means of making these advances it became
necessary to obtain controlling influence in the
Banks chartered by the state government for the
public good. That influence obtained, and
exercised too with high hand How it was OBJ
tanned, it is unnecessary to inquire, the public
well know the means resorted to on such occa :
sions. But we have one fact staring us in the
face, and that fact alone is explanatory Of the
present difficulties. For the last ten years, bank S
have grown up amongst US with astonishing rapid
lty In nearly every instance they were eonceiv-
ed, and their charters procured from the Leeisla-
;ure by public spirited men, and for the attain
ment OF some great public object. No sooner had
fhe FIRST board gone out of office than the means
to which we have just referred, put in power a
clique, one half of whom did not in reality own a
dollar Of stock. Now followed the system of
designations and new and convenient appuit-
ments, till direction was had entirely suited to
the exigences Of the great cotton speculation
Next came the appointment of the EXCHANGE COM
MTTEE, composed at most Of two members of the
aboard, and the President nf the Bank. With the
::::As. .c.ight intentions in the world, comm u
nity has bee deprived from time to time by these
UNJusTIrIABLE EXCHANGE COMMITTEES, of nearly
one-half the active capital of the hanks! And for
what purpose! For The purpose of engrossng all
the trade in Cotton actually grown, and in Cotton
the seed of which was not yet planted The pre-
tence under which millions and millions have
been seized by the grasping hands of the Exchange
Committees, has been, that a diriacnd nusi be Sc
cured. Were Banks created for making money
without regard to the interests of the comm unity?
He whe would hold such ..7tiine is an enemy
to his county and devoid OF the great impulses of
e-onesty. In charerng Bank there is compact
entered into between the delegates of the people
empowered to watch over their interests, and the
body of men to whom the mmunies of Banking
are granted. That compact has for its object the
good of the public, and of the body corporate so
far as they are consistent with each other. Shall
any one say, that it is right to deprive the COM
7sRnity of the benefit of discounts and TO devote
Tens 70 the power Of an Exchange COMMITTEE
A Il &sas good Of fey interested dealers? No man
ESfsRANAsmon sense Will fora moment entertain SO
asssfassso opinion. Aud yet ithas been acted on
XsSs5 -. al ipsurtUu
#sHsent suspensions and deransements!-
5epven! for the good Of the community,
HH}ly so offensive to real comm arcia pros
Il fNst broken up, and henceforth we may
aat pur Banking operations will be carried
erect principles Accommodations will
zH1fed TO the industrious and enerp Using
10 can give security in thrice the amount they
ask and new, fresh impetus will be given to
oil departments of productive labor. No more
will their notes be thrown out under pretence Of
scarcity of money, difficulties in the monetary
world, &c. &C., in order to crafty the nordinate
desires of any monopoly whatever, who can draw
out of the vaults millions on millions, with no 9TH
er security than the minglihg of endorsements
among the persons composing the clique as has
been done IN this city. But before the storm that
now obscures the commercial horizon shall
break away, much suffering we fear will be fe i
by the whole community. Ii would he fur less ii
there were any regulator Of the currency, if Mr.
Van Buren, would go for restoration of the cir
cnlaiing medium TO hcalthful condition. Com
sidering this subject to be of deep and vital i'm
portance to the public we shall ad7er to ii again