True American. [volume] (New Orleans [La.]) 1835-18??, 1839-03-26

they hink o. slight fosuds thar ahed have besA
csu.ously s.sd and only estris rssss they zeal too
much respect for him, believe he such can,
siang As the Louisiasea eageeders. =. ,4s
GENERAL BAnxiHo LAw-Ws have, from time 10
time, noticed The croakiwgs Of the New Orleans Bee
against the esablishmentof geperal banking law
and we have advocated the utility and lhs almost
indispensable necessity Of IL being adopted by our
legi lature. We explained the Of the community
which the present institutions cannot will relieve,
and showed that such measure the only one that
promised such assistance would revive past pros.
Perty and give TO our community onward impulse.
N" d,ubt have considered visionary, and con.
de'nned the proposition without giving it proper in
vcsigation. We did not speak unajvisedly. We had
examined the general banking law with close scrutiny
and looked forward to the effect it would produce We
felt assured that it would huve tendency resuscate
aud re inv gorae energies at had been Frustrated by
unforeseen difficulties, and Il which ii seemed to be tho
sole remedy. We saw the advantages that would &C.
crue om il, and earnestly recommended ito adoption
at once, for we did not perceive the necessity Of delay
that would keep the community tied dow their
barrnssents and troubles when reliefcouide secursd
only because the tnid looked upon the proposition
an untred experiment and wished il yet further
tested The great Of New York is receiving the
benefits be derived from the liberal and enlightened
policy under which the adopted ths general banking
aw-wi,hout the hesitation which vii allow all others
10 stride in the advance because it desires how
they may be operated Seine idea may he formed Of
the great benefit she las derived from the following
tract Of the Courier and Enquirer, which says:
.Of the vast public benefits be derived from that
law under the administration Of such safe and prudent
officers the late and present Comptroller, we have
never entertained doubt Without that law, should
not have had The Bank Of Commerce with it's five
millions Of cash capital. CAPABLE of being extended
any time hen the wants of the city may require il;
the North American Trust and Banking Company with
It's five millions secured al esaie and its FIVE mil
lions Of cash capital and the pledges Of Stocks also
capable Of being extended 10 50 millions hen the de-
| mautis Of commerce may require.
liz opinion, the latter company, by means Of its
pledges of state sockt and real estate has accomplished
more town rds our from the late reverses,
than any other measure which has been adopted. by
this means FIVE million Of real estate wor,h probably
fur times the sun) aud millions II state stocks
whit much dormant and useless capital, hive
hern brought into active operation; and its influence
Inns been felt far and vide. I,s hun far ha. hern
marked with great prudence aud foresight, we have
guaranty III the character Of it. officers and directors
,hat it will continue t, be managed with equal ability
OF the Bank Of Commerce, only need say, that il,
direction is composed Of the most distinguished mcr
chants and capitalists in city, and that posses
much Of public confidence any other institution
organized in t.it country"