True American. [volume] (New Orleans [La.]) 1835-18??, 1837-04-17
Each Legislature for several years has ndded /

Each Legislature for several years has added to
the number Of our banking establishments, with
view OF aiding the community to prosecute their
enterprises in trade, manufactures; and building,
the more successfully. In this way has the bank
ing capital of this city been ,ripled within four
years With an increase of some forty millions
banking capital, it was expected tina, those pos
scssed of moderate means, and by their industry
and enterprise deserving of bank facilities, would
have been greatly benefited by the good inten
tons of our represcutativcs-tha our internal
trade woull have been immensely Augmented
that New Orleans won d have made rapid advances
towards becoming nn importing city, now bidding
lair to rival, at some distant day. the great trading
Atlantic cities-ihat those houses which com.
mcnccd some five or ten years since usder such
fishing a reputation for this city, as matt where
the mer chants and people Of the vast South and
West could have rcsorted senr-a nnually To- OBJ
tain their supplies of the manufactures and pro-
duce OF all countries; thereby making New Or
leans something than the mere depot for
shipping abroad, the staple produce of the West
and South. 1t was to be expected that this
city would have increased TO great extent III
buildings, population and solid wealth. How have
these fiatterng expectations been realized! In
assuming industry and merit have been i'll rcqni-
ted. No species of healthy commerce, trade or
m Mechanics has prospercd. The wholesale grocery,
drygoods, hardware business, &c. have declined
Pass through business streets and seek for
the names ofthose WAC, with capital and great
enterprise were tolng to succeed, five, four, IT
even three years since, not one IN ten is TO be
found. Very few indeed have been uhlc TO nam
tain thenlseives-the rest, ore nft,f the other,
have retired. in disgust, become bankrupt. This
fact nlone, in a place possessed of the natural ad-
vantages Of New Orleans for a great trading city,
speaks volumes. There is some deep seated
radical crilin the body commerce. 1.-the facts are
notorious, and the cause is evident as the sun to
every man doing any regular business in New
Orleans. This dead weight-his incubus whcE,
has so long crushed down the mos, cnterpr,sn.
people in the world, is be found in the BANKING
system asfract.sed IN New Orleans. 1t is an IN.
dcniable fac, that the bank facilities Of the horecs
doing Il legitimate business, have hcen dimin shed
rather than increased. Their capital and infu-
ence have been dpreci ated to nothing by the most
unJusEtiable, partial course which has been purs,-
ed by the banks! They have cramPed the legi.
| mate business of hundred deserving houses,
| asking only for few hundreds on their business
paper, in order to give hundreds Of thousands an
millions to favored few on accomm notation pa
per! The result has been to crush all rcrula r
useful business, and to encourage and support spec
utators and a',arcrs. They have used every means
to force all business through the hands of their
iavon'es, by refusing 10 discount any pa per which
was not endorsed by of the clique ms il no man
was" strons' or verify of credit, except he were
indebted for a million Of dollors This course has
induced astonishing speculation. All kinds of
commodities have beca forced up to the most I'M
natural prices, to the inculculahIc injury of the
producer, the consuu or, and TO all parsons en-
gagged in regular business.
Bnt surprising ALL and utterly unprecedented have
been the prices of real estate held up by the in.
trigues of the favored spectators and bnsered by
the ealrs'ate banks in particular, which have con-
tributed more than any others to produce these
evils. Rents Of stores have become SO enormous
that no usiness based on labor and prudent invest
mcnr Of funds can possibly Justify them. And
! there are now no more vacant lots in the immcd-
ate vciriy of the business quarters than will be
occupied by decent houses tor century to come,
at the rate building has been progressing Sill a
higher rent is demanded for decnyed shed, than
is asked for marble palace in most other citcs-
But even such rents have no, justified the holders
or lots to erect even the cheapest ind of build
| ings, 10 so incredible price has real estate been
screwed! The result has necessarily been a ccs-
satlon Of ba!ding-a cessation ofemmigraiion. M
city uld possibly flourish under such terrible
abuses. But The oppressive bands Of real monied
| nrisocracy have been drawn tight that they
| have broken at last; and the system of universal
| monopoly has received a shock from which, with
proper vigilance on the part of the public, it w.
never recover. Let every good citizen exert his
influence to induce our mex, Legislature to make
| rigid investigation into the past transactions nd
individual accounts of the banks; to annm the
charters of such asshare justly forfeited them, and
to impose such restrictienson the Others any be
left, az will forever prevent n recurrence of the pa
oppressive and the present disastrous times, which
are to be mainly attributed the gross abuses long
practised in our banking institutions.
he oft ha hat al in ,o