True American. [volume] (New Orleans [La.]) 1835-18??, 1839-02-12
GENERAL. BANKING.

son, Esq called the meeting order and ,h. follow.
ing officers were appointed:-
President, Hon. II. A. BULLARD.
Vice Presidents,
Judge E. X. Wilson, of Ouachita.
Gen. II. Sprigg, Of Alexandria.
J. Fl. Caldwell, Of New Orleans.
WIN. Chrisly, do.
NJ. W, Hoffman, do.
Robert Layton, do
Gen. p. F. Smith, do.
VIM. A. Gasquct, do,
John Waddell, Esq. of Nachitoches.
Judgeu. J. Morgan, Ouuchia.
John Gibson and T. W. Collins, Secretaries.
The President explained the object of the meeting,
and gave succinct statement of his views On the
subject.
Mr.. c. Woodruff presented the following preamble
and resolutions, and supported them in able address
explaining fully aud leng'hiy the history and prnc
pies of General Banking
Messrs. VIM. Christy, and Isaac r. Preston nd
dressed the meeting in eloquent speeches.
Mr.. Chrisy presented letter from the Hon. J. NJ.
Wh'e, which, on mn,ion was ordered to be printed
in the Newspapers of the cty.-[We are compelled to
defer the publication of the letter till 10 morrow]
The question was then put, upon the Preamble and
ReS0IuItOns WIZ uuOptSu, US
70 low -
Whereas, experience has long since shown, that the
resources, industry, and enterprise of our people have
demanded, and still demand, for the convenience Of
trade, grenter quantity Of circulating medium than
be, alone, afforded by means of the precious metals
and that mixed currency is the best adapted to the
, wants of on, growing country-and
Whereas, oar Legislature, acting in accordance witt,
those views, has from time to time ncorpora led compa
MES and conferred upon them special banking priv
leges, in order to enable them to supply that demand
and afford to the community pa per currency, which
slo9ld at all ,imes be convertible into gold and sve
| Whereas, i'll the Of events, OK perience In
s!so clearly shown that the credit system thus estnb
lished has not fully answered the end proposed and
present proves itself totally inadequate to supply srl
currency, to the extent which the richness of GU
soil, the enterprise of our citizens and the extent
our agriculture and commerce fairly requirc:-and
Whereas, this inability may be traced among ohc
causes to the mororolism- feature of the system, b.
which, currcncycrcdH has heretofore been enjoyed b.
the Jep "nd consequently excluded from fair comrcti
| ton among citizens at larse,-and
Whereas, there has been and is now being ndoptct
by legislation, in leading sister stu,es u svstm
credit extended to all classes of citizens able or will
ing to- anvil themselves of it, under general bankiu
laws, by the operations Of which, currency or Ban
note credit, comes fairly into general CO mpetion an
by returning to the original principles of Banking
places the whole paper circuion upon basis of dc
posi,es of government securities pledged in the hand
of state officer, 10 the redemption of such eli
cuation, by of which such currency is rcndc,
ed sound, independent Of the aid or manage ment Of III
institutions making tie piedge,-nnd
Whereas, among other advantages such an extended .y.
tenn of credit believed be easily, and most beneficial,
applicable, in aid Of private enterprises having for hc
object the internal Improvement of country or those con
ncc,ed with our domestic and foreign trade.
Therefore Be it Resolved That the adoption of Ccners
Banking Law embracin the the credit .ys
being introduced in of lending sister states
is mpcriousy called for, by all the great interests of tn
whole people of the state of Louisiana.
Resolved further that the members of Legislature nov
session ought justice the interests of their
suen to resolve, not adjourn their present session I'm
I'll this important he fully investigated : uysab
acted upon
Resolved Tha, the President of this meeting do furnish
copy the Preamble and Resolutions sense Of hi
meeting Of the Gcncra Assembly Of our STAT
| now in session.
| On motion. the meeting adjourned sine die
| 7. w. COLLENS, Secretary.
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