True American. [volume] (New Orleans [La.]) 1835-18??, 1839-03-02
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SATURDAY MARCH 2, | 500.
CLAY'S
Speech on Abolition.

sS,t5 CLAWS r
Speech on Abolition.
Recently delivered in the Senate of the
United States. For sale at the Counting
Room of the True American Office, St.
Charles Exchange, by the dozen or single
copy
The BANKS l introduced tho lower House y
Mr. Locket relieving the Banks from the consequences ofihe
forfeiture Of their charters, arising from their suspension Of
specie payments, up for consideration in tho Senate
yesterday.
The following proviso attached of tho sections
of the bill:
provided that this shall not be construed relin
qushment the part ohc Of any power and
,hoy which has constutionaly and legally to impose
restrictions Oh said Banks"
This proviso the goes virtually defeat the bin
introduced by Mt Lockett and from wha, 'ear that
body will not recrde from the position they huve sssuod
unless indeed they might bo induced pass b, of ndemni-
" in connection with law authorizing Free Banking This
know the friends Of Free Banking in the Legislature
willing to accept to propose by Of compromise We
say the opponents Of Free Banking the Of con-
Citation forward and your influence to effect the
passage Of the bill for which coptending, and
friends will heal ty unite in supporting the by which
MnKine OF Guy can ~
powers they possessed previously the forfeiture of their
Charters Divide the privileges you enjoy with the commune
large aud Let Mi be placed upon tho basis Of fair and
| honorable competition.
10 the Legislature confidently for that justice which
the people Of other States Of this Union have asked and
promptly received TO the friends of Free banking suy.
the banks the position they
pied before the forfeiture, until the community 10 allowed
the only eecun nnl.te against thelr halefu influence
FREE BANKING.
1t seems to me that the overwhelming competition Of
The free banking system the large scale cnntenpla-
ted will crush the present banks, and greatly reduce
the vulue OI stock in them.
MERcAroR, IN the Bee of yesterday.
Aye, this is the rub, people of Louisiana! The
present banks not content with the immunes they
enjoyed at your expense, wish you to continue in
your former good will towards them and hence their
fea,s that you will open the food gates of competition
upon them. They know that, by the throwing open
Of Banking, they will be confined to their proper
spheres, the spheres they promised KEEP in when
you gave them existence through your representatives.
The composition Of the free banking system will not
crush them, hut it will crush their hopes Of controlling
the trade Of the community, Of reapng where they have
not sown, Of making dividends Of ten and twenty and
thirty per cent per annum, the expense CT the con.
sumer. The Banks feel that their usurpcd power is
about to BIO t'ken from them. They have ridden over
you. people of Louisiana long enough with the rough
shoes Of tyranny. II the present Legislature should
obey the dctaon Of them, it will be your duty ut the
rcxt election to make free banking the test question
and to send representatives who will obey you. The
spirit Of tho age is from the demo minaoa of feud
| alsm or any Of its remains. They who argue that
Banking ought to be restricted, would, il the light Of
the age did not Forbid urge that trade in cotonn sugar
or any other article OF commerce. ought be nrsed in
swoddling clothes too; ought be taken under the
care of The interested few.
Money is commodity is truth that is becoming to be
generally KNOWN and the people calling for free trade
in it, under such restrictions the good of society, and
the interest Slate Banks shall dictate. The editors and
the correspondent Of the Bee in taking against freeing
the community ON the unjust dominion of clique of sixteen
banks and bringing them back their proper orbits whence
they wandered only add another proof the old aage
that powor will always find bonded knesS 1t remains for
the State put end power that ought
exist free community, and when that is DONE its
advocaes will be shaned into abandonment Of their
ophantc Let the question before the people, and
our word for it, they will decide in favor of free banking for
is that will encroach upon tho rights of any
listing institutions while will restore to the public their full
privileges which have hitherto boon invaded by the bank,
themselves.
NASHVILLE RAIL RoAD.-The House of Represent
tatves contrary public expectation, has shown de.
ced disposition give this work of improvement the
go.by. A reasonable proposition than that re-
iected asking loan of million in State bonds, with
ample security could not have been made. This was
offered as substitute for the sinal BILL providing for
tho State uking $3,OOo9Oo of stock. The original bill
is still in the House, For part do think
it would be an nwsc for the State adopt it,
but VIC should have preferred the substitute. However
our anxiety is TINT the RoaA should progress. BY
lending its credit the Company the State would run
no risk and there should be failure to comply with
,he compact, the Suite might then become the chief
stakeholder. But we do not believe this necessity
would have been forced upon the State. All that was
required TO raise upon the credit Of the State suf
cient 10 enable the company to progress with tho
work until the situation of the country would enable
the stockholders TO pay up the calls upon heir stock,
and take such would insure the completion
of the road.
We do any alienation revive the suh,ti
tue in tho Semitic. to pass tho Till before the House,
thorz"g the s"scrpo" s3Ooooco stock tho part
the Stncor whalever amount may 10 deemed adequate.
Louisiana it horscIf permit this maguifco ont
undertaking fall through by the neglect of her Legislature
tho oppostio of individual members. We have
been astohcd to hear that the Rond Ind enemies
who will do all in their power PROSTATE the entcrprsnR
company, who have done much advance il, Let not in
divdual piquc and crush important public
nork.
THE LouisIANIAN yesterday held forth in a most
learned manner upon the :" strong counter current
against ab~cn," which it says "has begun to rise
amoug.t the Federasts,' by which title the Wings
are designated In this articles of the "Theban' who
prcsdes over the dcstinies of that Locooco organ Ell
Moore, Of New York, scompnred MIR. Clay. Credas
Judrus only hear him: ave hive .ot vet peruset
it, (Mr. Moore's specify but that Moore is man
Of genius aid considerable truition We doubt not his
speech will bear comparison it'll any that has been
pronounced in Congress on the subject, and "
mean offensive comparison when predict that in
the essential ingredients of knowledge and true elo
quence, it will be found inferior to the speech of
Mr.. Clay"
Yes, and your prediction will just about as nearly
approach reality, those ofany other wiseacre talking
| at random. But the Louisiunian complains that
cd about, and is not complimented, because he is
loco (uco. 1t excited no surprise. This would not
have been the il it had been whit inferior to
the speech Of MIR. Clay" It would then have been
stretch of craftsmanship and Of elcquence Of which Mr.
Eli Moore dreamed.
We cannot hut be amused the generous hberality
Of the Lousiunan.' lie says Mr.. Clay is welcome to
| all the good it This specify do him, as an
effort to porulurise himself at the souh. The men