True American. [volume] (New Orleans [La.]) 1835-18??, 1839-02-13
Nelc orleans, February 2l1, 1880

have had the honor to receive your invitation at.
tend the pubic meeting the Arcade on Monday ev.
ening next, with innaton that expected that
| should address them, upo, the public objects for
which they were to be assembled. duly appreciate
The kindness hat prompted the request from yourself
| and others members of the committee l do not fee.
sufficiently domciiiaed in Nav Orleans, to take pnrt
in public meeting the cit=ers convened to consult
upon their particular interests, nor am sufficiently nd.
vsoi Of the situation of tcir baniing institutions to
hazard un opinion. TITS much will venture TO say
that every country Of the world has Apursli,d just
in proportion as it adopted sound svsem of banking
and commercial credit, do know one in the world
from its position, likely be extensively benaGed
as Louisiana, and New Orleans.
This town situated upon of the largest rivers Of
which have any kno wedee, forming the outci #
the vast commerce CT region of Jour thousand miles
in ex'snt, Of unparalleled fertility. is destined to be the
first commercial daput in our country. 1t appears to
me that looking to its past hiso ry, and utr. great,
meas, that there part IF this Continent where the
system Of free ing could be introduced, that pro
misses much advantage to the city ard to the country.
IN ni'iar with tia drnils hn, Il,
apenrS 10 inc, that association of individuals under
authority Of general law applicable to all classes with
the privileges Of issuing notes and discounng pnper
upon tho basis of lands, houses, ind Stocks pledged
half their value, is the most equal, lust and unrx.
cep,ionahl. mo tina, has been devised in the
L. States Banking interpretations arc only enlarged
cnpnrtnershps and ,ie notes depend for their credit
and circulation uron the provisions of charter, and
responsibility of the corporation. The plan proposed
and i'll sfsl operation in New York, has all the
advantages o. other establish "ents free from the oh
noxious cl'rge Of monopoly, and has for is basis solid
capital and properly beyond TIE credit Of the inIyidu-
ais who compose il.
Wien it is considered that the prosperity Of Vance
and Genoa commenced with their banks and that Hol.
Ian an Eng an nlehted to thom for their we nlh
capital, and power, think cnnn,t 10 too f,r il, rs
"b'lshng such institutions upon sound basis in Lou.
suna To lsct it in the present march of improve
men, wonld be to throw away the gifts of fortune and
disregard he bic sings Of Provd nee
would nc have even ventnred opinion upon
such subject If Il connected with Of nb.
sorbirg intsres, in IT,, Sou states. ! alude 10
Internal improvement ana for:ign trade in regard to
which Louisiana is deeply and Immediately in.
,cres'ed than any state in this Union. One of your
committee has manifested ZEAL activity, and ability
his s.a,e and OF all the states Soul, Of tie Ale
sh'ny mounainsthat part the subject will be ably
developed by him.
Ths system Of fee banking consider infinitely
connected with direct trade to and from europe, which
is in my humble judgment, by far the most Important
Pablo Object ever agtaed in the Sou.le RI country.
We have Lren for thirty years. iii state of depend.
encc and bondage, which are bound by every con-
sihera,ion Of patriotism and policy to shake of. The
great planting and producing states lose 20 per cent
upon their productions by an unnatural trade. We
have MSS d to build up by capital cities III other
portions Of the Union whilst we live in ragged v.lluges
anil submit to The Degradation Of having the prncpn,
business done by mcrclnets clerks, MI supcrcargocs
BY sruding the productions nf our country to New
Y for re-shipmen and rcceivcing our imrortnon~ in
the way, pay double freight double insurance.
c"uble st nge, port charges, Wharfage, with all their
incidental expenses. The capital, wealth and tonnage
Ct the country concentrated h7rc, and az per-
fecy tributary to them, as ever conquered Provrce
to Rome. They The ships. conc entrnte the
capital, u,onopoltse the exchanges. and make that city
thnroughflre for individual and mercantile inercon,-
municaton.
1t cannot have escaped your observation that nearly
every large maritime city in Europe, is making efforts
to obtain part of our trade. New lines OF Packet
steamers are established from Bristol and Liverpool,
and will be from Havre and Dieppe. The Sc connec-
lions are no; yet formed and there WAS so fvor
able moment increase the banking capital of thi.
city to an cxten, of forty millions for internal Improves
ments and foreign trade. The spritot enterprise is
excited every where-steam has nnnihilated lime and
distance, and the Southern States it to themselves
to show that they have just appreciation Of the age
in which we live.
lie must be a dull observer Of passing events who