True American. [volume] (New Orleans [La.]) 1835-18??, 1839-04-23
TIL E TRUE AMERICAN.
FArTRruI. AND BOLD.
NEW OR LIE A VS.:
TUESDAY APRIL 20, 1880.

-. TUESDAY APRIL 20, 1880.
THE TIMEs-We do not mean the New Orleans
Times, but the times in New Orleans. and out of it,
Although agriculture has proSered, and abundant crops
have blessed the producer; although convulsion has
occurred Of the usual elements that cause revolutions
IN business and sweep thousands to common ruin:
although our foreign relations are vet OF peac-sbe
nature, and good markets found for our exports,
there is feeling Of dependency and tendency de-
preston, all over the country which is truly to be la
nented The consequences Of over trailing, land the
sudden termination Of what has Leen aptly termed the
credit system, have all been renliz d. We greatly
fear that the worst has not yet come. One leading
cause Of the detection which We have noticed IT, that
men who had been accustomed handle thousands can.
not now collect together fnr tho liquidation o.
their iasolvemcnss, a. Tany units.
The bssks have taken the lead in prostrstng credit
anil in grinding down the struggling spirits Of their
debsovs Instead Of endeavorng to awaken confidence
they seem to he awakened by greedy spirit Of cold
booded avarice, and with The convusive grasp Of the
mse snatch a avery opportunity of reimbursing them
selves, and addn. tn s APPS in their coffors regard
less Of the ant Distress and bitter pangs inflicted
suffering community. Expe' fence Inns taught that
imprisonment does the creditor Of
his debt-nor does tile enforcement Of the rigid rules Ct
law in all secure il. The unfortunate debto. may
be deprived oil the means Of surport-he may be re-
stricted, and his liberty curtaed-he very way by
which he expected to relieve himself from cmbarrass.
mcnt be mpedea, without diminishing III. debit Ills
credit mey he entirely destroyed and he cast upon the
world houseless. eniess man but the suflcrngs
which he is exposed do cancel the obligation, which
he had been aided and encouraged, mi, hit have been
in lime all wiped of, and he replaced in easy crcum-
Stances instead being wunderer, detected and bro
in spirit And this will hold good with the bahks
They are the of confidence. They existi
bu, in tho reliance of the community upon their sdv
ency and ability to meet their engagements 1t is to
their advantage that confidence should be preserved
not only confidence in them, but between and IT an
The question naturally arises, Do they adopt such
measures will teget foster that confidence and
have their operations been Of such tended 10
the relief Of the community and 10 inspire men with
belief Of the integrity, stability and veracity Of each
olHr? We free to say, that far have seen,
the banks have pursued suicidal policy and have been
a curse instead Of blessing to country. They do
to have been conducted with thnt liberal feel
ing which should characterize enlightened age. and
which more than all other would have contribu,
ted to alleviate the blow, which by mismanag cement and
mistaken has been inflicted on the commercial
and in fact every interest They have exhibited III
nudity closrness in their business the first revu
sion, that spread like conngion, and infected the whole
community. instead Of inquiring into the causes sf
embarrassment, and sustaining those whose integrt"
and capacity indisputable they Immediately a.
oped measures which have shaken credit to it's very
basis, and brought ruin irre.revable RUM upon their
debtors. to ''ner own loss, and the distress OF thou
T.. sands.
They terminated their accommodations suddenly IN
on the very heels of almost unparalleled diffusion
uS credit and commenced warfare their debtors, hc
~ must procrasnae the restoration of things and pu
ill., The latter hors du combat They had anos, exhauste
their abilities in countenancing Wild specularons an
q placing their means in the hands of the few to the ex
81 clvsion of the many, when policy would have die
lis tated contrary course. All experience has show
u, That Banks in looming 10 the many OF
* good security and in reduced amounts than in gantn
large accommodations to the chosen few, on no bette
ar security But when they had proved this TRUTH ant
o. the failure of the speculaos to which they had con
rbuled by the free grant of their means they did no
g; adopt the wise alternative left them. Instead Of in
srrng confidence by gentle curalment and such US
d, Of their circulation would have guaranteed the unn
* terur,sd continuance Of business they closed ,hei
excheque and upon their debtors in order as the
Vi said to themselves. Once shake mans creli
who has njoyed Bank facilities and let it be know
that els name is crossed at the green board, and tn
ir whole community that have demands against him, fal
upon him like pack Of hungry hounds, each ON
H. striving 10 himself as much as hs cal
80 from the general wreck.
N We have hostility to Banks They are necessary
especially in country, where commerce is SO argel
~ conducted credit and where must he 20 conducted
'n tor years TO come. Yet cannot be blind the i'm
poliiic manner in which their aairs have been manage
and the large share they have had in embarrassing tn
n H. sl,e
'' to aid We know that they have unnecessarily cur
nd tailed their DISCOUNTS and drawn in their REGULATION
10 time when it needed In New York. sine
the first OF January they have reduced their discount
t'1s millions md more while tie private deposes in
n, creased within the same perid least the sam
fps amount Here is four millions Of money withdraw
'' from circulation in the period of less than four month
hs probably $6O0O000, in commercial city. In GU
:; own city, the Banks have cuItaied their discounts
M Withdrawn from circulation tho millions, and probabl
m"re' IN The same time, and we learn have commence
active operations to coerce payment from. their debtor
,s Already an unprecedented number Of suits have bee
II, commenced, and thu utmost rgor of the law will /
be inflicted upon those who unfortunate an to loo
for gain and received nothing but losses instead Pr
no prrty must be sacrificed and whose activity On
er energy, and knowledge Of business might, nv tme
assistance and reasonable deuy have effected eli
from embarrassment, will be irretrievably involved
ON ""' "esP'"' >o'p"'
how men %!e, ~, -~' ~ n little brief authority" C,
ne prove 80 reereah ~ -rprrous impulses Of natu
~ and be so contrac'et .a"soi policy to ado
the principle. We shall again revert 10 this subject.
no. .
IN DR. CoLLYER's LECTuREs.-A ll-ge audience W
present ut the lecture Sunday evenne-the subj
Of which the reiutnlon Of the OF ctons on Phr
!" n""gy Every one present was highly gratifed-,h.
attention was constantly ,ive,ed by Dr. Cs clear al
ted spirited devel"pemsnt of the subject II seems thai
ap, improves he becomes letter acquainted with II
audience: and the he is heard the better mr., Il
: lectures reished. As prac ical phrenoosst, Dr.