True American. [volume] (New Orleans [La.]) 1835-18??, 1839-03-12

We do not know how any opposition can be raised
Some allow their lcal preudices to jnundice il to
blind their Judgment and would sur this great State
,rork to fall through because it may be found con-
veaicn to pass by their very door. In their sefshness
they forget that they here legslate for the
Whole State not for any particular section in con-
Ac;ion witt, State interests. We shall keep" the run
Of all such, mud their local legislation shall not b for
gotten.
Let the bill be cnnvassed-it will he found that it
provides for future surveys md they be reported
for sanction. No unconditional route is assumed We
trust that the best and most desirable may be selected
whether il cross Muncl,uc lend around the end of
Lake Maurepas. We say. that much depends on the
passage Of this bill. II is the entering wedge to sys-
TEN Of Improvements that will rebound to the wealth
and glory Of Louisiana.
FREE NEGRoEs.-n our paper to-day, publish a
law OF Alabama, recently passed. which has fur its OBJ
Ject 10 restrict free negroes om terng and remaining
in that State. The law is being enforced, and ordes
Of free negroes will be compelled to leave Alabama.
That they will swarm in upon U.s. there eau lie ques
ton. The contiguity Of New Orleans to Mobile, and
the facility Of passing frem city another, will
point this out 10 them almost insncvcy, as the locus
quo will be to their advantage, to take up future
residence, for the purpose Of making either honest
living or for committing depredatons and practising
their nearious designs. Unless provision is made
TO guard us against such incursion, shall soon
be overrun by these Alabama exes and outlaws. AL
ready ore they coming in on u.s. We are informed that
no less than frc landed from one boat on Sunday
last at the Rail Road terminus. 1t is impossible to
say, what number may have arrived on other boats, or
how many will CONF, unless restrained.
We publish the Alabama law, for the purpose of d.
recting the attention Of Legislature The subject,
that they may adopt similar measure, take such
steps as will from this evil to which
openly exposed There is no reason for putting this
OIL IT IS OF vast Importance, and the benefits of such
law, il not the necessity, apparent that
not conceive of any opposition which be brought
to bear against it. Let it be classed among the "acts
passed" of this Session.
FREE BANKING.-We sec that our neighbors of the
Bee are still oundsring in the sea Of error, into which
they have fallen, this subject. We have never seen
more forcbv illustrated than by then the wisdom of
the remark, that it is better to say nothing upoa pro-
position which you de cot understand, or whose merits
you cannot comprehend than to write whole columns
of learned that will only have the effect of
betraying your ignorance of the measures apon which
you wish TO most intelligent. Now the disnifcd
aud supercilious in which the Bee treats the
subject Of Free Banking, might induce the casual and
careless reader suppose the editors really had in
vestgated the matter. But to the eye OF intelligence
and him who strips the outside drapery from tue mis-
shapen skeleton they have dressed up the deformed
stomy of their argument is plainly dscarnible.
The Bee insists upon drawing contrast between the
real esuts banks that have already been establish 3D. BY
special Legislative enactment, and those which lnuv be
established under general law, when the principles
upon which they all based, are the same 1t saws
"rhc banks in question issue their circulation upon
specie basis For although The metals procured
upon mortgages, the issues Of those banks are predica
ted upon the metals and not upon the mortgages-The
metals were obtained from Abroad and it is perfectly
competent for any individual having property to mort
gage that property for money and take stocks in bank.
ing institutions with the proceeds. In the case Of the
banks alluded to, the state in aid of individual
credit and issued her bonds payable at distant period
Of time upon which bonds the specie or lis eouiya lent
was obtained, and upon which the banks commenced
business"
Have VIZ not "many time, and off, shown that the
Banking Companies which may he established under
general law, will "ssue their circulation uron specie
basis" Is it not feature, that their circulation is
made dependent upon the of specie which they
posscss7 Cannot they obtain the "metals upon mort
cages" well though they were incorporated bv
special acs7 The only difference iha, exists between
them is, that one is incorporated under special and
the other general law. Specie must be obtained by
both before they can commence banking operations.
They both have property the basis of their circua.
ton in they do mt comply with the requisition of
law, which provides thut they shall haze a certain
amount Of specie, AMI when they fail to Keep on hand
that amount, their operations shall cease and their pro.
party be Appropriated to the liquidation of their debts
in specie.
The hypothesis Of the Bee is, that the Free Banking
System does rot contemplate the retention OF anv spe
Gle basis Of crculation-tbat the sole basis of the
scrip which the companies may use as notes, is tho
property pledged. This ia false position as we have
shown for they compelled by law to issue upob
specie basis, and when they fail to redeem their notes
in specie their affairs once wound up and the
specie its equivalent made of their property, for
the benefit Of their creditors Cannot the Bee under
stand the plain and simple nct that reat estate is ov
the ultimate and not the immediate sccurity7
We do not know thai> i is necessary to follow the
shallow assumptions Of ,hev5see. The writer for TIM,
paper has originated his pra misses error or wifuv
assumed them; and his course of reasoning VIC do not
think will have til. effect Of convincing my one of ,he;
correctness unless his self get the be,ter
OF his judgment. We cannot, however forbear making
the following extract Of argument which he seem,
fully 10 rely, uhanswerabe in sustaining his posi
tom
"Upon an n,estgation of the amount of loss upon
bank notes thr"u: hon the United States since the sus
pension, will be found that il is so small as not 10
weigh in the argument in favor of free banks eye did
they possess greater security which is desired for the
ultimate pay aent of their issues than the present
banks"
The "head and 'front.' Of his creed is here set forth,
He is opposed to Free Banking because he is satisfied
with the present banks; and although small loss mav
have heen experienced upon their notes. that is no rea
son why system should be established upon which
there would be no loss! We must confess this mode
Of reasoning does satisfy u.s. let him be never SO
much convinced He is evidently favorable to mono
polies and monopoiists; although he takes covert
way Of declaring his opposition law vi ch shall
remove tile restrictions uron banking and make il free
We in hopes that this subject may not be neglect
ed by Legislature. 1t is one to which their o,ten
ton cannot be too frequently directed. Their State
needs the application OF aordnary Efforts to advance
it the station she ought hold and to effect this
Than ordinary capital is needed. Under free
banking law, the latent cai al of the country will be
Developed aud there will be no issues without cores
ponding basis. Consequently there need be no appre.
ension Of another great revusion The monixd affairs
Of the country, some croakers would vatcinate.
The depression which still hangs like an incubus upon
all occupations, would be removed aud our country
spring like hgh-mettIed courser, from The stand, 10
highest prosperity.
BLAIR and Rives have been reelected Printers to the