True American. [volume] (New Orleans [La.]) 1835-18??, 1837-03-29

Laying aside the question OF whether Banks are
really salutary to the public god or not, le, us
pass to the subject of their management. Tn r.
is no greater truIsm than that portion of the Kings
speech on which we commented a few DAYS since
the best security asai',S Encouragement of6ank
ing affairs must cccr te found in lie capacity and IN,
tcgrity ofMose mho are entrusted wih the adn,inis-
tration ofMen', and IN the caution and pradeace of
inc P"ohc' Yes; We may make what restrictions
we please in Bank Charters, but unless spirit cx-
lists in the community, TO induce those entrusc ed
with their care, TO carry out their meaning and in
tent Prndertly, and with view to The general
benefit, it will be found that abuses Of the worst
kind will inevitably creep into the administration
OF monied institutions. Not only nre capacity and
integrity required of those who administer the
concerns OF Banks, but there must exist On tire
part OF The pubic, due degree of caution and pru-
dence. In New Orleans, unfortunately for COM
merce, this public has for years past been narrow,
ed down to a favored few And they have MOI,
been governed By that prudence which ought To
distinguish commercial men, They have aimed
TO control the trade in cotton, and in order to erc;
this, they have knocked n, tho doors of the bonk :
with such zeal and oarncstness, that they have
oeeh opened to them But what is surprising in
these transactions is, that the cotton Spectators
themselves, were guardians of the tanks. When
they asked, they but asked Of themselves and
fhc result was simple enough Even the guards
TO strict commercial dealings were broken down
~ the union of the same interests in the banks.
and n-speculaion. All the restrictions that the
wisdom OF our Legislature concocted and inserted
IN the bank charters, could not prevent this union.
tiook place to the great injury Of commerce
Here again are VIC brought back to the question
the utility of banks. But as we said in the hc-
ginning, we Shall not discuss it. We have colI,,
them into existence, and the main Object sbould
'e ~ oeP'Ne 'hem oil thcir power to do h ,rm
ihey are edged tools, and unless managed care.
in'ly, are capable OF inillciing severe injuries up
ON community. What is to he done! This
question is for the sockhod,r rs to answer. Il,
king Tor granted that the majority of the st,rk i,
our banks is not owned by tic spectators or mo.
nopois's III anyone article of commerce; il remnins
for them TO sever the unholy union that h..
Drought the present troubles upon the communi.
~ aud 10 put into the direction at the next cleo
items, men willing and capable to carry oui ,bc
objects for which thcsevrral banks were created
This theyn,us do, Tor their uwa safety, if tho ,.;,
HAS not extended To the ncart of the v,r;or.
institutions. This they mM do, with suci, snlp-
tary lesson betnre them, il they be true TO their
own Interests We are essentially democratic in
all our institutions. Power confined Ia the few
and exercised for their special benefit, is so climax
i"us Ia the spiiIt OF commerce. thai sooner ar
later 1t will work lis own downfall, surrounded
Us AT Is y the under-curreut OF independent con-
mercial activity. Like the big wave of the sea. il
comes numbering on 10 the beach, where it bursts
tnto million Of rPpIce, leaving the bchoder who
hys from ITS threatening power to wonder Mt an
sudden, and yet So sure result. IL will now he,
come question What The banks ought 10 do ,
Ought they 10 restrain at once, and because thou
sands have gone from their vaults in,o wroDu
eta"neiss ought they 10 produce distress anonu
sae middle aud little dealers Of the city by suc,
csnTs9s Their moic of procedure wil, We fear.
he gaseraed by the interest OF thoss u ko haze e,t
sa'o de zer'cx OF "vcrtraAing and not bv the IN.
teirsts snd wants ii 'ke lIaaiug community ,.Lo
harr hilhsrin proceeded ga q sure basis II i,be
shry ~stl sals e@n;rihate To iaeceaka .,e d.Ecn,-
ues, aatii e"ginerri.i cou6deace set. sc ensie.iv
suspended Sacii an 'ssae brings ia IFS train,
eS'ls 10" well h""~a. The eV;,~,as policy Of ,bs
bank 's'~e.rr straisesc shes sRsy he by HE i'm,
HncHsc abstraction Of capital fraa, their <suirs Il,
1he spectators Ia calfua, is be as !enienf a.
pessibie TO their HtLtogs ia ashec departments Of
sra.ie- ia do awsy ei,!, the ~ Elects of t,ci
-o%n r.iseead'r' iy p ekirg 10 r.-cs,7blisa conf