True American. [volume] (New Orleans [La.]) 1835-18??, 1839-01-19
THE BANKS AND THE BULLETIN.

gcd.
THE BANKS AND THE BULLETIN.
The leading editorial Of the Bulletin of yester-
day. appeals to the Legislature, 10 relieve at once,
the Banks, from the penalty they have incurred by
suspending specie payments. The chief argument
urged is, that the community is ground down at
this time, and many Of the first houses, are, as it
were, numbering on the verge Of the crn'e-,
whence will shortly issue the lava.slrcam which
m US, destroy them. The dilemma in which the
Banks find themselves, will not, unless they are re.
lsved, allow them to do aught to Tighten the bur-
then Of the community! This is The subtle rea-
sonng of these institutions, to ward off public in.
dignation whilst they grinding down their
debtors for the purpose of drawing in a sufficient
sum, to build rampant against the approach OF
q much feared adversaries" The money market
is ight-almost, if not beyond precedent. But the
intermediate aclion of the Legislature, releasing
the Banks from the responsibilities incurred by
suspension, cannot enable them to do augh for the
relief Of the community, which they cnnno, now
do, if they only had the will. So far as our &C.
quaintance with this community extends, and so
far have been enabled to push inquiries.
we have no, heard that any Of the Banks have been
injured by their present position or from any fear
or apprehension that they would not be relieved
from all suspicion having forfeited their charters,
if found in sound and healthy condition. Ifany
excitement has been produced, we have heard Of.
none; il has been created by the Banks them selves
and their satellites. They hnve endenvored to
produce the impression Of the inn ediate necessity
Of removing all doubts of their having incurred
any penalty under the late nc. Of supervision. They
ore doing nothing in The way Of accommodations,
but calling in. for the purpose Of convincing the
public of the necessity of immediate action. They
deny having had any unusual run upon them 70,
specie. They have not ,tered groan which the
public could hear, on account Of the four or .fr'
hundred THOUSAND dollar, distracted from thei
vaults for the purpose furnishing the up.river u.
n,h.- h. MI ",;rh .%n h" .;a &c L.-L:-e H. -
capital. Does the community feel n want Of con
tidence in the Banks. or the Banks, want of con
idence in the community! We have heard il
onr general intercourse, no donb,s expressed ahou
the existence Of tho Banks, and vet the BuIlc,i
says: "The objec, of it (he billy i. not to CLAIM
any extra indulgence for the B.nks, or TO depriv
the Legislature Of any control over them, but I
giw confidence in Tie eri,ence Of these bodies and t,
enable them to afford the facilities and acomm,
da'ions for which they were designed and adop
ed" Say rather, to enable them to grind dow
the community and collect their debts by process
of law, to the sacrifice Of property and credi
wherever they may be reached. The fact is the
are crippled-just after the bankruptcy. or si
under the liability incurred by Stalking the benefi
ct the act' they can come upon their debtors viii
bad grace. But lie, the Legislature release ther
now-wi'h preciptancy, and it will he soon fe
the difference between their modesty as it no
exists and their arrogance it would then sho,
itself.
We are not hostile to tie Banks-tley are necc
sary to the commercial relatonp Of the country o,
object is th:t they shall be conducted upon corre
principles, and Stafford the facilities and acconmod,
lions for which they were designed and adopted" an
hold that their condition should he ascertaned, ar
their usefulness be undoubted, before they relieve
aud their charters restored When they are mproper
conducted, they noxious to the community: lih
pnison. when properly administered, they remove, an
are anudotes to Diseases but when ignorantly or wi
fully given, they PROSTATE and destroy.
We have advocated the delay of decision on NJ
| INIT D'CuuSc VIC CuOnOt possibly COnCelt
how the Legislature by the passage of that Bill cou
enable the Banks to withdraw their "PuNcRlNG" Al
paratus from the very vitas of the community. Tn,
have been conducted to be compelled, in their ov
opinion. to enforce such measures to relieve ther
selves. must embarrass the community, and protra
the distress under which it has abored, ii no. increa
it. There are certain restrictions, too, which the
gislature in its wisdom, might wisl, to incorporate
| Noh .rta Ia.
than is now cffared, to make any amendment whit
may to be beneficial in regulating the conduct
= the Banks, financial agents. aud as connected wi
. the interests of tina community.
Iflegisative experience and wisdom, may during t
!, session ascertain hot beneficial provisions may be
corpora,ed in the Bank charters, and to which til
cannot, under existing circumstances object, rep
: senta,ives would feel greatly embarrassed in passi
y this bill hastily and without deiberaron, TO find II
they had lost the chance Of amending, and thst t
y Banks might rrjact any proposition which they m
nuke at pleasure. If we satisfied that no
:, provements could be made in prescribing tho fut,
conduct of the Banks, and that hereafter they wo,
pursue open, LIBERAL and homes, course, and he
N up with their means the Golfers of favored few, to
total ostracism of the mary-that they would not
81 low the blind and infatuated course they heretoi
adopted, to the exclusion Of those principles, VIII
would have given health and ..hndness and prosper
to city, tor what city has the great VIII
commands, and should relieve hersel sooner fir
& temporary though almost overwhelming embarra
ment7) we should not oppose the immediate action
J. tho Legislature the bill. But satisfied II
l. such will not be the case, and pleased at
called for, proper deliheration the subject.
Q | hank ynfueNce-fL ShOuZG be chprked-The upnr