True American. [volume] (New Orleans [La.]) 1835-18??, 1839-03-01

lowing article by the priu,cr that we have concluded to
insert ngain so corrected be Ineligible. We
do M, know might be considered quite as mys.
tcrions as our neishbors, to let it pass
MS it inserted yesterday. For their special benefit,
for that their organ Of perception is quite dull
the mace uraces alluded to.
FREE BANKiNe-the Bee. Some time tincc we no.
ticed TINT new contemporaries seemed contencd
permit the subject Free Banking be discussed and
the system adopted ejected without any agency Of
| theirs. We thought i, somewhat singular that they
should suffer aug 1T such vital importa sc 10 strug-
gle on oone, without lending their herculeaa aid; but
when reflected that the Doe is frea to gather no
ney from every flavor but con6ne lis wing to Ger
tain parterres, il ceased be wonder. The fac, is
five have been greatly misnformed, oncycd in
fncnec not uncunncctcd with Of the old Banking
Institutions and s"aying their desnics, has word to
say in the guidance of the Bee. Not that would ill.,
sinuate even for II ,nen that neghbors, who Rro
sponsors for whatever it hears i;s hroud wings arc
governed by free will subjected to absolute
dictaton but we might from the premises, infer that
they listen COUNSEL sometimes, smnnating from The
source just alluded to:
AT length, mons tremuit. Tie Bee has hecn deliver.
cd. With comuendable molesty, its objections to the
Free Banking system, decately stated, bu.
amongst such Of irrelevant NATTER that thew are
completely shrouded in mystery, We gather from
it, however, thai the Bee would have us ait until tic
system las been tried elscwhercor least had lon.
ger trial than til 10 which it has yet been subjected
hefsrc VIC adopt it. 1t is only to be understood from
time and experience These two great inquisitors
alone, discover evils which may flow rem it This
il the Bees reasoning and it declares with admirable
non-conmttaVsm, that it is "ncitl,er tho enthusiastic
par'izan nor unconditional adversary of the sys-
tem.' We understand the manoeuvre Of tho Bee, per
fec,ly. Its kindness i. Of tho Iago school. Willis
it is seemingly doing dsinereste f not trenllrpart
it is endravorng to thu seeds which urc to rise uE
armed combatants gnhSt the me 'surc.
| What ,es the Bee mean by this? "If, as in New
York $lo0,0O0 be til: smallest upon which banking
privileges mny be enjoyed the will be ohnoxiou
to the Lhargc Of bencftting nlone the ars,ncrac an
opuent portions Of society, nasmuch as it would Civ,
an individual possessing 100000 the advantage o
drnwiag ali interest upon two capitals, and exclude al
Tho are not favored by fortune from such ndynnta
ges. To illustrate. Suppose individual no ssesse
Slo00G0 in state stock; he dcposits his scrip with thu
stats comptroller and Is allowed issue noes to thu
amount fsach deposit, it is cenr that he rccg ives the
regular neres. upon his scrip. whilst the sane tim.
-" S'l" VIZ 'S'V"uVe out VI paper lSSuc(
upon that depus-coHs qlenty the revenue accrune
from his capital is doubled. Let it not be said tina
Individuals possessing smaller fortunes could make II,
thu sum by forming companies, each putting in sivrr
proportion of stock for is evident that the large bank
ers would be nb.e manage their affairs more cconom
icclly, and at dninution of profit upon the invest
mcnt that would exclude competition and crush sunni
Ter capitalists II therefore appears to us tia, such I'M
arrangement would Lc odinus pri.cge."->
We advise the writer Of that paragraph to read it owe,
and to thiak again. How $lOo,0oI be mo re econ
omiealiy banked upon the property of sinsle in.
dsidnaf, fhan it ten persons had united 10 ruise The
sunni How could the dividends be create on the ouH
than on the othcr' How could the one capitalist i'll,
si"oo invested, be able stand diminn,ipn of pro-
NJ on the investment which the ten could not abide!
f'''sis worse tlan sophistry.
II Is certainly very objection urged nv ihe
Bee, that an Individual VIII, holds state scrip, drawing
interest may hypoihccatc that hack to the Stats, and
| ny receiving n,,es from the comp tro]ler upon
which u bank draW double reueuur, Sucb
nu arran, "ent would be an di,us pri,i
lcgc' How is it, witou, adopting the law, aud us i,
stands a, frcssn May not an individual budding