True American. [volume] (New Orleans [La.]) 1835-18??, 1839-01-16
WEDNESDAY, JANUARY Is. 1899.

OuR News Room the corner Of ST. Charles |
and Gravier streets, received yesterday a" aces
sion OF English papers to the large list il had b..
fore on file, besides the New York, Baltimore and
other papers. The latest slips are placed on the
bulletin boards far tn benefit Of subscribers.
We have no. YET been able TO MAKE our arrange
men,s for regular report Of the Senates pr"ceed
ings. That Of the House will be found as full and
accurate as may be furnished by the State paper.
Free Banking No. 4 In explaining the prin.
ciples and features Of the general Banking Law,
which it 10 proposed shall be esta bshej, We calI
attention to the following extrac, Of letter from
distng ushcd New Yorker to his friend in This
city.
''The public have been attracted for 10 long a
time to bunk note credit, and laugh. TO believe i,
the great good enl Of monopoly legislation, tina,
the people will scarcely be brought to believe that
there are any other forms Of credit equally impor
tant I" q trading and en,erprising community. !
will therefore, procee,', first TO examine this frn-
'ure Of the law. The right and duty to furnish
currency has always been conceded 10 govern
men'; aud hence coins hive generally borne The
stamp Of authority. The prsciuns metals have
generally sten made tie standard. and BY common
| consent contain more intrinsic valuo for currency
than any other thing; hence their among ali
nations, where law is disregarded or trnde little
| known. Good government is the result Of nu.
'nal confidence between the governors and the
TO transnor, Inc ny.c;nns m sais IN d; n,ces
| ia danvrrons n md .xn.r.,. I'D In q ,rad;nu c,m,
| munty Is onerous beyond endurance. The first
regular Bank Of deposit and which still exists,
was established for the custody of the cash Of the
| merchants and Inhabitants Of Amserd,m, and is-
sued certificates Of deposit, which were in the
.s,mili,u te -, r. nk ,,,,s. Far ,he.. 4o,,.;,, nc
specie he deposi,m r,ivsd M ;n,s,os, bsc,uss
the s.old md ,;iser was snnnns.dI,o hs s,wax. in
| pussession of Ibs RonL ~ be r.,urn.d ,n NISSAN
tuon Of ,hs .cs,,ibca,. c,.d,, ,h,s y" .s.u,,od
| a c,r,uIo,inn In ,h In rs 49, a; ,,.'I
| This WIS tho Hr., ,,s, I'll a., -. .s,ahI;.h n,r.,
| cnrr.ncy md !, ,.;"i 49, IEI H.
lion and sun,nr, ~ -. .,,v..,",4n, Th;. n.;n,;
pIe of d.pn., has haa. 6a,,,.d dnw, -. H., Is. d.
| jny feature ~ ali Ranks .nd !, ia nnv ,ssr,.d
| and asserted tina, ,L. ,,r.,;,m, .,.I. a.. ,I...
ud de,osi, in R,nl, sn 49,, 80 ,%e ,,.aad ~ ~
bill hb der. Ind, ~. ro.on, ,,sn"a,;o, ~ ,"-
Banks This deno.;,;. f',,;,., -. r..s,,I, w. w.
| in The u,,er ;n,h,,;,. ~ a.. p... - 49,
circulating MIA. T,; =" ~ 49,
orjuna,.s !, ,;.t ~ ~, s'"s''e :
the vas, f.ld c,r a'; " CONSEQUENCE
c,nn,rv. n,v.r" .''p'se a." '''''as"y 10 '''s
peouIe r,nu,roL ',,,." e"7uv ''"s'".er '""'
by ,he n,.c;n,. '' '. ,"''e"'y '"a" WIS a"'loeu
haa,e, ,f "'.'"tei Nv "cc lucy "'c''Po'"te"
privileges IN .nat I ".'n '"e"' p"'ucu'a'
fho ,,,Jl,
has since occu,;oJ "u 10, ~ ~" ~
our lev,sl,,;v. n;o '"' ~ Nv" " '"e June OF
shade and rba,.",a. I,, " ," '"s." ~ .se.
effect. or ,er.,a,;' Wy" ""a'te' "'''"''
| our so,.ty E,n1 ,. ,rr :, W Nv '''' "'''
of bci,.r I;n a. WI, 80 " ~" "s ''-
our n.n,l.1 n WY =: '"e s!letsJ"no p"zeo oy
toward, mo 80 .y".';, w. "'s' 'f''"snoe s'eF
snccul ds,,s;, ~ ~ ~, 'e4"','
Comutr,II.r sc ~. ~ " w.. "'n's " Nv.
on ,he can;,.i ,r .o'.' =" . ps' 'e"'
.
,ns,,u,ions fa;, ~. s""I WIZ" ":y .. 'le:e
S,.,e s,nrt. w., :, U.S. ,u"d - Nv" ."ses eo II,
it naturally srm,h ,nrs,. ,h,, r. :. .,.c;,I ,a.;,
Of per cent, invested IN State stocks gives conf
ue" . u. me currency thn deposit ct 100 per
mad. reou;r;n, Lanas u' '.,,i H. ."e ~
the full amount of the bills issred 1t is rrue lho,
the h"nk OF Amsterdam received nothing bu,
swer m l,r; 49,, :" w.. ,""' :. W.. ",' "n,
and silver. Uur people r-qu,rr larger amour,
''r 'he common traffic, and besides, the precious
sra;.;rn, j., u" '',x '".a Nv" reasons are
I'm of government. STATE sncks are e.riiv md
certainty convertible INFO specie, and the hes,
A. - " '.n". :e'u''''e' NOW 10 our INV -
srncks with public officer and certlfcate of de
post. IN the 'sinHitude OF Bank notes. signed BY
."e o'l P'fol'er or ''"e1 once 10 peLcct paper
FREE bccou,r ,hc cnrrsncv 10 mad. .scnra ,",,I,.
out the aid of Banks. 1t viii lie observed .ha,
pe"al law, as well as tho s'tety fund, were made
~. mn, r.o.,Jo w. "" "'u "' o"e' e.eu"'s
| drd tor. Indeed, nil the n.wers ard rights rom
ierred by special md exclusive legislation upon
D""Ns' were '" ehao'e 'n' m 10 m""tan SOUND
no, rron;,ed 10 n,n,.c, nd su.,., ~ o,.r,s,a,,
they mus, cease and again be FREE for the US.
| II fh. L..
t.a ""u ,"peu'e"ey u opening the ooor 10
W. .I.n
E,,,, b,,
'"N r
rons,, \. o,,h,.a :"r.. .
"''"e" We u"uotto. mere Is much Inform atlon
up"" the principles and na'"re OF banks and bank
ing :" general +" he found in The un"ve extract and
those we shall give hereafter. The writer project
ed the Stree Banking Law" which has l,esa adopt
ed IN NV York. That great comm ercAl state hi 8
seen the advanag sof The 81 slem-,hnt II 10 a sys.
tenn which will most rariAly deyel"pe energies
which nigh, slumber for y.ars-if in fart. they
could, otherwise, ever be called ont.
Que of the creates, advantages which will sul,
from the adoption Of the Fee B,nkiny systsu. is
the confidence which would be f.I, i, ,,o .,,
cy. Real ss,nte would be hypothecaied. TO Twice
the amount OF The capital, and personal ur,ner,v
to ,hret or tour times the mount, which thu s,a,e
would! old for the benefit of III. cred;,,r ne II j.