True American. [volume] (New Orleans [La.]) 1835-18??, 1839-02-13

""V" ""io VI the pnoiic nind a. the sutect u Tree
banking TO use the language Of an address recently
circulated in this city:
"Two of our sister States Of the South
have already followed the noble example
of New York, by adopting similar sys-
tens; and the subject is, at this time, be-
fore the Legislatures of seven States of our
Union; to wit. Mississippi, Virginia, Indi-
ana, Pennsylvania, Illinois, Massachusetts,
and Kentucky, who will no doubt follow
up the system so successfully commenced.
1t remains to be seen whether louisa !!
TIA, in this crisis, will be true to herself;
whether the march ofour State, our City.
the great commercial emporium Of the
Southwest, is to be on'oord or backward!
She is already one year behind her great
Northern rival: and it will not be over
looked, or forgotten, that she is continually
paying an immense tribute to that rival,
IN her exchange operations, every hour
that this measure is delayed. Her fate
is measurably in the hands of our Legisla
ture. 1t is no time for faint hearts, or weak
| hands. The crisis demands action, iznme
aiate action. Louisiana expects every
man to stand to his post, and fearlessly
| pS'AoA III Alo uuly.
In our last number we referred to the views Of Gov.
Sew ri Of New York, sustaining tho high opinion
that had been entertained Of the Free Banking system.
sy reference to the following extract from his
snse the progress and operations Of the Jaw. up to lst
Of lat January, will be seen well his hearty ap
proval Of its provisions and effects.
"Ourgreat city is the centre of American
trade. The state, always solicitous for its
prosperity, is abundantly willing and COM
petent to provide for lis moncyed interests
and secure its currency against depreciation
and loss. This state repels, as she ought,
the suggestion that she consents to be de-
pendent upon the policy or magnanimity of
any other member of the confederacy for
her currency or facilities of commerce; nor
can she be melted to hostile action against
any such member or its institutions. Ii, the
exercise of her constitutional sovereignty
to promote the prosperity and welfare of
her citizens. she asks of the Federal Gov
eminent to be- let alone. She pays as cheer
fully as literally, the contributions exacted,
but rghfully demands that the government
shall consult the public interest by prevent
ing that unfaithfulness of its financial agents
which is impoverislling the treasury and
staining the national character. For the
rest she will, with the blessing of God and
in the spirit of our institutions, depend "a
on herself
Acting on this principle, the state has re-
pealed the restraining laws, and adopted a
system which establishing proper safeguards
business o, Banking by associated individu-
ais, without the special and exclusive fea-
ture of Legislative charters. Under this
law, certificates have been filed by thirty
two Banking Associations, with an aggrc-
gate actual capital of Ss,sS3,l75 Ofthese
ten are located in the city of New York, and
the others are distributed as follows, viz ::
at Rochester, Port Richmond, Buffalo, Lock-
port, Utica, Syracuse, Gaines, Ogdensburg,
Ithaca, Brooklyn, Ovid, Watcrville, Clyde,
Alexander lie Roy, Undertook, Attica,
and Batavia. Circulation, amounting to
81, 900, has been issued by the Comp
troller, to thirteen of these institutions,
which have depositedthe securities required
by law. Of these securities, the sum of
$3l4,oOO consists of bonds and mortgages,
and the residue of stocks Of the states OF
Indiana, Arkansas, Michigan, Maine, Ala
bama, and New York. A safer currency
. than this is unknown in the commercial
world.
These operations are yet too recent and
limited, to enable us to determine the prac-
teal effects of the system. 1t seems GER
tain, that with the general revival of conf
dence in the community, associations under
this law will be multiplied, converting a
mass of dormant wealth into active capital,
giving new impulses to industry, and en-
terprize, and working mighty change! in
the condition of this country.
MArp, GKAs. We are fond of ancient customr, they
the links of union between the past aud he present
they nre mnemonikas Of the o!en time aEe guards
against that spirit Of Innovation which, would class all
phsline and recreation amongst the inventions Of the
Genius Of evil and ride the generous and be RAJ
feelings with the iron heel Of fannacsm We are on.
posed TO all Innovations upon old habits and customs
except that which CITIZENS and mprnves-hnt which
di,ecis to morality without embarrassing and enc u,n
herring with the vain and visionary specula.ious
and trappngs and prulish chow which the phrenzy.
rolling eve" of the fanatic world, alone like to o1l
upon. We in favor of those Innovations which
would cut out roads and canals through The wilderness
and introduce civilization ind culture where savage
flurnesS wis Tue sole tannD'. we advocate tile
vations which will tend to th rapid developement o
the energies Of country but opposed to all
such would suspend destroy the games, and fces
and ,nsmes handle! down as heir-loons by the sircs
Of Lou,,;7na to their sons, and which mark thi
above all offers III the Union, oying in the true
senss liberty OF speech and of conscience Let these
recls of the a,cien regime be punished, aud lose
orr individuality and identity. Formally and selfish.
ness AID restraint will creep in among The pad
lock will ba applied lips and religious euihusi.
asm will soon rule US with rod of IRON: We have
MS much respect any, FIR Religious ceremonies, in
their proper place but know thu, when fanaii.
csm gains the mastery it is the very worst of despo
! tisms.
| We say observs old customs, parade Sundays and
have your amusemen,s Sunday, in times past.
1t is Offering dsrespect to the Great Giver. gve
rein to joy and happiness any Of his holidays.
We like 10 see the freedom Of soul, and The going
forth of the heart, in these moments joyous festivy
when the noisy olli!y bespea!s relief frsm cares
and labors, and struggles of every lay life. Such n
time Of rela xation from restraint, yesterday
Mnrd sras-thc Tuesday after "qniaquas csin,a Sun
dav'' and the day before Asl-Wednesday the first
day Of Lent. Our citizens were all shroring-the
rigid Catholics entering into the gay pastimes with
pardnnabIc holiday, proceeding the enforce.
mcnt of the rules Of their creed which uut the pas.
cha or Easter prccludes them from minglng in ha.
rinu, d;yare;np.