True American. [volume] (New Orleans [La.]) 1835-18??, 1837-03-27
IMPoRTANT FROM NEW YORK.

The Express mail arrived late last evening,
bringing the important but disastrous intelligence
That The J,sEpHs Of Hat city had stopt payment on
Friday tie i7th instant. Thus are worst fears
realized. The agitation in Wall street all the fore
noon of that day very great Al meeting
of the Bankers it was offered ts sustain the house
with one or two millions. The United States Bank
also proposed to lead them q million properly Sc
cured They would not accept, however, till fur
Their alvces fromthis city were received, and they
determined TO cease business till Monday, when
something woad be done deiniiively. The ma
ture of this information will be any thing but
cheering, so that we apprehcnd the very worst re-
Suits. .a.- \
Stocks have gene down rapidly. United States
shares on Friday closed at lt4 Delaware II, 1000
shares sold; Mohawk II; Long Island 10; Morris
Canal 85; Planters Bank Tennessee So; N. ."
Mech and Trad. Bank 85; N O. Gas 90; N. O.
Canal B5, 30 days; and all other stocks in proper
ton.
'sHs Majesty recommends early renewal of
your inquiries into the operation Of the act per-
hitting the establishment Of Joint Stock Banks.
The best security against mismuna cement Of bank
ing affairs must ever be found in the capacity and
integrity of those who are entrusted with the ad-
ministrntion of them, and in the caution and pru-
dence of the public; but no legislative regulation
should be omitted which can increase and insure
the stability Of establishments upon which COM
mcrc;al credit SO much depends
Such is the text which the discourses Of po-
litical economists in England are founded. 1t is
the sound salutary doctrine Of statesmen having
the good of the country at heart. In this remark
able portion of the Kings speech We find much to
admire, and much 10 reflect on. When we look
back at the first alluson of the Ex- President to
the United States Bank, in his annual commune
cation TO Congress, we see nothing for the mind
TO rest on.-no hope that better state of this
currency to be substituted in place of VIVA
was given by that obnoxious institution. We see
in the very language used, tn seeds Of evil gains
the country. How different the re recommendation
Of William! Tacre is something here to reassurt
The lover OF his country that the public interest il
ut stake, and that to secure it from the attacks o
unprincpled monopoliss is the object Of the gov.
eminent. An examination will doubtless be gon
into of the joint stock companies, and thorough
searching one i. will be. l, appears from variou
authorities, that the Bank of England, has by he
and that her connection with the joint stock con,
paHies has been productive Of evil to commerce
But will the English government to punish thi
institution, make war against il and destroy it a
ours did? Will they convulse the commercia
world, and break up the fountains of credit, in OF
der to convince the Bank of England of their ST
premacy, MS Gen. Jack son did! No;-there al
men at The head of affairs in that little island, fl
more patriotic than our ruling power. for the pas
eight ycars,-a dynasty, that all occasion
have professeda love for the people, while in the
hearts they hated them. The utter failure
Gen. Jackson, to substitute better currency tha
that given US by tho United States Bank, is a COZ
vincing proof,o every dispassonate mind, th
sinister purposes entertained against II
Constitution And unfortunately the acts cons
quent upon the crusade agains, that institution a
the positive evidences of the wicked intentions
our late rulers. We were not left to grope in IL
dark. The theory and practice went forth
multaneously, and the country is just beginnir
10 reap the fair fruits of the traierous measures
Andrew Jacksor. We have despot on II
throne, prepared to push item To crisis. Viii
then, England is dong all she can to perpetual
her government, to psescrye her currency, al
easlain her credit, we compelled to witne
the peoples faverites advanced 10 power by dem
gegcal professions, actually undermining Il
walls of constitutional liberty, destroying GU
rency, and running our credit;-nay, we have SET
all this done, and the good, easy majority, sit
and applaud. Mr.. Van Buren, has nothing IL
but rvet the Chains of slavery on the neck Of
people, who submit, to be .Rattered out Of til,
precious birth right.