True American. [volume] (New Orleans [La.]) 1835-18??, 1839-07-02
MONEY MARKET

AlCfs NtOnuay Eve.Juiy Il
The month sets in with great heat ,l,oug the wealth
q Is fine and varied with agreeable slow-rs The
hoas and ship carry off daily large quantities Of pass
sss.srs and tbs prospect Of oery dnH summer : now
.sduc.d to certainty. The city remains sss'.hy to
Since the transaction Of 700 bugs ortlina, in
the latter par, vi tbs week, thu market has Ise uie
.aisg. Flour is dul, at "a 50 10 Is, aud resI apon
il u Ne~ York has TO 81 to 100 cents III arrel.
The Lonis'anmn apprehenis trouste among our
ance Of the law requiring the banks make monthly
expose IL the cause Of tie present strnitened condition
OF the money market, and the sign Of an impending
crash in the commercial world as intnaed by this pa
Ter. When the Banks Of New York faithfully compl
% will. the law requiring their monthly statements.
they were IN the most dangerous postum and indeed
t0ey all suspended cash in 1887 Two days at
tes the bank commissioners had certified to their com
Plete solvency. Every man in the country has learned
~ positive experience that all Legislative control over
mnie institutions is mere matter of form. To create
bank and then make laws control its operations,
just like firing gun and endeavorng thereafter to
Neach the explosion to give it an actual shape and
body. No, no,-nothing but National Bank can reg
ulaie the State Banks and Keep them within the range
q their charters, and we cannot get National Ban.
FREE Banking is the next remsdy consistent with our
tree institutions.
isnot fair in the Lousanian to ascribe the
ingly crippled course Of operations by the Citizen $
Bank to the refusal of the other banks publish their
monthly statements-nay, it is sequ,tur. As
well might we say, that the owness Of the western
tcss last season. owing to The refusal Of the Cover
nor to sig N the Nashville Railroad bill.
That banks do discount the paper of the in.
industrious and solvent OF The city to such
amount as to benefit trade we freely admit but what il
the reason of III They in danger of being drainet
0fevery dollar Of specie by the banks of Alabama
mississippi, and by the western traders. They lav
Immense debts due 10 them by the suspended concern
of 1887, and they compelled i. self defence
tain these houses with the hopes OF realizing what
due to them. There is concert of action among tn
banks, for want of n controlling ard superior powc +
compel them to revolve in their proper orbits. And al
this state Of things has been produced by the very part
which Is sustained by the Lou sianian. Let that jour
nal go back to the of. present difficulties
aud 1t vii, not reason with such shaowncss Of
ment as CHI ,racterizes its eifnslons of yesterday.
But in reflection upon the course of policy adopte
by the lOnisanan, are forced to nsk, what is tn
motive! In the absence of positive information, on
opinion is, that there j. something rotten Denmark
The cry nf"stop thief is old use. 1t is natural 70
the inmates of falling honse suppose that every ote
house in the vicinity is falling to for The noise Of III
trembling materials about their prevents their dis
tnguishing whence the confusion springs. TO read tn
Lousianian. we should suppose that another 18th
May is at hand that the whole Of the Banking lnslitr
TONS Of Louisiana ubontto explode Let the put
lie not be deceived.
There is = me cause for creating this huhbub at til
present moment. IT will not be aniss for the melcar
tile world to turn their in the dcc ton of the Cit
Exchange, and ere six mnnths roll round they
see the cause OF all this QUERY against the Banks of
Orleans, OF the pre, ton that "a strange and appan
crisis is a, hand.