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

FAlTAyUL AND BOLD.
M W OR LEANS:
MONDAY. MARCH Is, 1889.
ECLIPSE CouRsE...The Spring Races thi.
close theday We notice that there four entries made
for this days nit Of which crack nags Good sport
may be expected The knowing loss which to
choose We have some of them and expect finer
sport than has been en 'yed any preceding day. "
FREE BANK,sG.-7Ac Bee.--Onr noighbor
teens determined to confouni the Michigan and
the New York Bank Laws TO suit his purpose al
though in almost every particular they are dissmilar
If he wishes to establish the fact that the former is UNI
safe is readily granted. Butwe do contend, and have
satisfactorily explained, that under the New York sys-
TEN, and the one here recommended banking companies
are safe. for unlike those of Michigan they have prop
erty to a full amount pledged for the redemption
Of their entire circulation in of failure This is
part of the subject on which it is unnecessary to have
many Words nor should notice it at ALL only it may
be proper toexpose the pcrnacious efforts ofhe Bee
create false impression by assuming false premises
and drawing deductions tlcrefrom. Nor need we go
further establish that fact than tn, frs, paragraph in
Satursdays Bee. 1t suys:
The explosion of the banking system eff Michigan,
y no do! very annoying to those who advocate the
free banking law. The banks of that State should
ta'ny have held out uu tho whole Union got itself r
Eetrevahy involved in the nroec TO avoid the argu-
ment which the disasters Of the Michigan system afford
against free banking told that under the law Of
Michigan banks could issue notes without OF
capital. 10 this assertion oppose the language Of
the commissioners report, which says 1.-THE loan of
specie from established corporations became nrdina,
~ Haihc anu INC same money setin motion mnmbcr
Of institutions. Specie certificates rerfed by on acre
&0eF0 HhGrG erhlb3fPH. IN nc o
ceedlngy unlike that specie certificate verified nv oath
would have been exhibited if the banks allowed
issue notes without one ounce Of capital"
What are the fnctsl We hay, shown ,hnt the Free
Banking principle Of Michigan is totally unlike that
New York-,he former throwing OPEN the privilege Of
banking to all. but not npeng those who who should
use the privilege to in tn. hands of the State as
trustee sufficient of real estate or prorertv TO
lquidate the whole of their lab ties in case the law
should be infringcd But the Bee says:-
To avoid the argument which the ,lisnster. of the
M.chigan system afford against Free Banking, we ar.
told that unt er the law of Michigan banks could issue
notes without one ounce OF capital. To this assertion,
we oppose the language of the Commissioners Rcport
which says:-"Ths loan of specie from established cor
pOfatious became an ordinary traffic. and the same mo-
neg SETH motiom Number Of Institutions. Specie rer
&C." '''e"'
Let the reader remember that these italics are of the
Bees own emphasizing, and tlat with cunning which
deserves no little credit the writer made the CSC" con-
vey the cenlinua ton of the sentence. which to sober
judgment might confirm our rostuate, that these Mi
ch'gan Banks "had not of capital" Let it
also be remembered, that only three days before the
whole extract from The commissioners Report was
published to sustain the Bee, Which being explained
that paper has resort to garbe sentences to keep its
head above water. But here is the whole of the SEN
sehee alluded to- OF which The Bea gives only much
as suits its own purpose -
"Specie certificates, verified by oath wer. evcrv
wheie exhibited, although these very certificates had
Oeen cancelled ut the moment of their creation, b,
draft Tor similar amount and yet such snbrerfiges
were psrnacous'y insisted upon fair business tran
aactions sanctioned by custom and precedent Stock
noles were gwen inr subscriptions stock and count
Cd as specie, and thus not of rcn capital actually
existed, beyond the small sum paid in BY the upir6,
and unsuspccting farmer and mechanic, whose e
savings and honest name necessary to give conf
denee and credit"
Now, we would ask, does the Bee stand convicted
OF an attempt 10 impose gnrbed extract upon its rea-
oers' which ii the whole had been published would
have proved The weakness Of the position on which the
writer relied! The truth is, that paper is opposed to
the system of Frea Banking, even though it should he
'ncontrovely proved 10 be the best and safest and is
content with the present Banking System, "al,hough
sometimes small loss may be incurred" We hone 10
see some energetic member move to take up this subject
in earnest, yet during this session.
democracy ILLUSTRATED. The iJous, of Re-
prescntaves refused on Thursday last to spread on
Inc Journal, long aud elaborate l. from Hon X. C.
Nicholas, giving the why he could not comply
with the request of The Legislature OF louisiana in The
support Of National Bank. 1t has been doctrine of
the Wings, that instructions not in accordance
with the genius of our institutons-exccpt they be such
As may be given upon local question INCH has arisen
during the absence Of the representative and the merits
o. which 1t is supposed he does not thoroughly under
STAND. But It has been leading and characteristic
feature OF the democratic party according to their own
daily professions, that the right of instruction belongs
70 the people, md is ore which they should never be
debarted from exercising through the stubborn refusal
81 representative to obey Their is, "obey or
res'gn'-tat is in theory, but reduce it to practice
ana unless the instructions tally exactly with the demo-
cratic representatives. peculiar enets he refuses
to obey, and is equally unwilling to resign.
The resolutions conveying to Mr.. Nicholas and his
colleague, MIR. Mouon, the of the people of Loui
sana on the great national Subjects which divide III.
two parties were passed by large mnjorles in both
Houses and SO far w, able to Judge, fully met
appreciation Of the great BODY of the peopls They
wore thrown into the shape of request, not only be-
Of instruction, but also cut Of respect the Senators
II it be necessary the Wing Legislature of Louisiana
ran, and will instruct her Senator's how thew nre IN
act, to comply with the sentiments of Me Stale. ri
they Will not act from gentle amonition of the course
they are expected to pursue, such instructions will he
given, as will force them obey or resign or to nc
knowledge themselves to the principlcs of the
'Oi disnnt democracy.
We do not consider that Col Nicholas and Mr., sIou
lon nave beer instructed, is insisted on bv the Beef
eut the sentiments of Louisiana have been pretty
plainly indicated for 'hcit especial encfi: They nre
imply requested fer reasons explained above. We
heartily join in the surprise which our conr,mno,,r.
Expresses in the following parug aph:-
There ia one cniions point in Col. Nicholas letter
the report OF its contents be accurate nu onp,ar
hat he is opposed To the eub-trsasury scheme En..
saca be really The case how happened it that his
lame was found amorg tie ycaS " no volei far ,l,o
doPdon OF Mr.. Wri' hts bill which passed tho senate
Y the United States few weeks SINCE THAT Connel
saenolas "s anti subtr asry is evident from his
ste during the sessiOn OF 39 being recorded ag,;ns,
he Fsssa:e Of the bill while his silent but
nsng colleague struck out boldly in favor of the svs
EN-. SINCE then his sentiments have mamie tIy under
one striking modification. Perchance the eonueuce |
Benton and Wright has persuaded him to nhu,e !
onservat'sn'' Whatever be the cause the effect is in
u1HaS'e-ne voted Tor the adoption of the measure,
no why with his vote rig Uttered ir.efragale FEST;
a0ny OF ms change OF opinion he should seek 10 i'm
ress anon the Legislature the belief that he is hns,c
Tue suo' treasury, passes our comprehension"
nut should thls or thing which "thc democracy
IN Do ere te surp'se1 Is it ma tier of astouishmen
~ any who Can call himself supporter of the admin
Van Rpr md H..