True American. [volume] (New Orleans [La.]) 1835-18??, 1839-11-05

Uj'Wc not Loco Fcro's it is well known but W,
have ojcc lions 10 resort 10 cncmies, when
| learn instruction and wislom. So, have cx
tracted the following Paragraph from Loco Focu anti
Gle, which appeared in the Loco foco Lou,ianian o
Thursday last. llconeSpo"ds precisely, in the main
with the opinions and arguments we expressed in oul
last, and for which handled w,,hont gloves b,
one of The nsovent concern here spokenof
Oh that the Presidents and Directors of the solvent
banks would listen TO the words of truth, shake of all
fear, and act with manly ndepenlcncr in relation 10
the i'll managed and insDlvent cubuSses that are the
CAUSE OF MUCH, IF NOT ALL THE PRESENT dis
TREss-Ihe day Of settlement and liquidation must
come, and the lonserit is DELAYED the greater will he
the losses TO be sustained.
Suspension resortel in order TO save some of
the banks from The necessity of closing their doors
this is the only trIc cause Of the measure The suyrn,
institutions, which nppchcnd no such cntastrophe to
themselves were induced TO acquiesce in bv the far
OF losing the sums which the others are indebted to
them, and IN the meantime they incur the damage and
Disgrace OF a step, which they would gladly avoid while
they are aware that it cannot the purpose in
view, and that LATER the los must inevitably
fall upon them. They suffered themselves 10 be drns-
ged INTO sitnaton III winch they cannot make good To
their Stockholders Of dividend and arc ubliurdt
pay their creditors nine dollars in on the amount Of
their promissorv notes. The in>olvcnt banks ao, D,,
operated upon by the fear of SIM. the amount Of .I.
due 10 lem by insuv"m NJ uses, woS,, cuo,l,u,Is and
uuluM t borrowings mainly the cause of III. rrr
sent fnam ia! crisis, and the embarrassment. of Tin,
banks. some OF the nS"l'ent houses Stockholders
in the iIped banks 10 vast tniGn,t, and il ,u.n,
part OF their immense luHii~ obtained Nv i,dru,
their stock The loHuS in iuStalc, iy xrcpI il
amount the value the stock i'll present. irrr,I
c"ndl ran hutltc nsovrn hpuEr nithuu III they arc
declared from exercising the ii zig .t IF hin
over t-Ilnt u selling ur conveying it-ar still the
nominal ho'cr-, and are priy' d 10 u,run il in the.
whole amount at cle' toms i'r dire ruIS. IS i, The
root Of The cvII. lhc-e VOTES OF in,oyru uuuc,s q
stork effect thee nee OF III The ,nk~ and cont
tUl til management aud polio v and eco, t!i.., t,v
are conducted III such manner I.r"uol" e iu-
cCu interests Ui thrSe vino c,lui the m, III de ii nee of
justice and nod faith, the disgrace ct the l,,iu,
the des ,cnH ot their credit aud The Naturalization o
the funds entrusted 10 lhrin ny the lest + TN, ,tu, h.
holders.
Thus all the financial distress Of the cum,runi,, j.
traced Ia the sinister influence Of ,It dozen H. u.
ken ms upo the banks These trukcn ms e, Iri
tht lnsOvenl bunks of whusc 'i they Irav" .2I-t!.
pruc pal canS: the n<olt eut hukS coulrui lh suv,1
banks through the apprcArmSi0nS of the Lttrr that
general resumption u specie payments ud disable
The ptherS from paying their nnrs But il The evil wrre
caused and il IL be continued by the iESu.vcmr ior,s
PLAIN at the rcucd, tie nds Of The ipsulvr,,
banks. DISCO all cnnreXiun With usi;t lrlous Tim,
are unable Ia redeem their ublis lios-lr,,c Them In
their late, and 90 I" work, ch On prurrr tuud.-
Tins Is the first sitp- is indsrensaic-und ~ i,b6ut
II nothing will avail to cslue SQUAD 10 The cur,,
t, confidence To the banks. True it viii he n
'earchng aud lerril lie application Tie, wounds of
-onc institutions. But Is II not itpriaivrii dem ud,d
by regard public welfare, aud to the lrie nie rest
Inc stTkl,lIsr-l he mSosouI houses " in ury,, /
rlg their close without cucrciun of some !
Nihd aud IN The meantime they supporting st, le oI
'Ntrasagnnt living, hnt is rapidly constantine Irs,I
tSsrts that ought I" he in the han, of Ilr rrd,tur,
he lot and uhel read estate purchaser. with ulunr,
tAhrd hN lits banks Vet pay able, are ,rri, rrrra,;
IA Aa'u', wIle III" Interest t,CUmnl,lr- AT cumu,umI
ao-io' The Doc utc renewed w til, addition u the