True American. [volume] (New Orleans [La.]) 1835-18??, 1839-02-15
THE TRUE AMERICAN.
FAITHFUL AND BOLD,
NEW OR LIE VS.:
FRIDAY, FEBRUARY is. 1880.
EDITED Bv JOssN sBBson.

FREE BANKING No. l0.-lt affords us pleasure to
see the daily growing popularity Of this subject
Among the manifestations ofapprobation, find from
the Bulletin Of yesterday that the editors Of that pru-
dent paper are in favsr Of the system. We glad
have an ally in that quarter, and it is bad index Of
the direction Of the wind Is tho free banking system
10 be adopted by the State Of Louisiana II our egis-
lators are satisfied Of its importance and utility why
delayl Was there ever more p opitious period for
its successful operation, and its bcnefca influence
The Bulletin says that" IL absolutely necessary to
adopt II, Infringing immediate relief to The
pccuniary interests Of the Sta,e and all ofthe western
trade that centres in New Orleans. At this mo-
ment the State Of Louisiana 10 without any banking
capital. and must remain 20 for years come, unless
new established. We have tried those in ex.
stence, and found them inadequate the Of
commerce." The Bulletin further renurks
In fic'. our only resource--our only salvation d..
ponds upon the mmediats adoptio, Of this measure.
There is probability tina another United States or
Government bank will ever he chartered: certainly
not tor many yeurs to come. very intelligent and
experienced gentleman strong advocate and friend of
the old institution Of the first and for mrny years
ms Director in the mother Bank at Philadelphia,
marked to us, NOT many days ago, tina, he gave up all
hope Of ever seeing another National Bank the moment
that New York adopted her present system and he
continued III That system be generally adoptcd-or
even adapted in the states, where the trade Of the
country hnds lis greatest cc.tre-ce hare no fr
! orc the ~ stem in itself removes the necessity.
We have heretofore glanced n, the policy pursued by
banks as at present organized. We explained
that they crippled their energies, by leamng immense
sums to few ihvored inii iduals whom thy W re
compelled 10 sustain thereafter the expense Of the
res, Of the community. Thcss debtors to the banks
have no, been able "puy of their responsible cs-,hay
would be at the mercy ofh han&s it NOT that the
! E. .~1 l.
than their present abb ity to pay, that they have the
banks at their mercy mud to keep their credit alive ab-
sorb all the business which the ban may be doing.
We have alwu held it to be a wrong principle in
banks to concentrate their loans among few they had
better for The safety of,ha institution he generally dis
tIbused. lftcre b. o4ers, they will not be so
| extensive. or so ruinous and overwhelming.
1t is tho province Of banks, to furnish facilities ba.
sness men, and men who want to use money. When
they keep their circulation out in the commu.
nifty, and gather up and grasp their purse strings, they
cease to curry out the principle on which they are
based, and not only to be useful but in fact they
sit like ncub on the country. Are banks discount
ling up TO the wants ofte people-n truth, in proper
ton to thu necessities of trade Ii there an. prba-
biity Of their being in uation or feeling or disposi-
Ton to do SO for long time to come Is there any
things from which slowly convacscing, MS the
whole banking system exists? Hence tho wcc~si1,
ofinmcdute measures TO relieve tho community ant
establish sound and stable currency. Its Of the
most important bills before the Legislature and shoul,
take precedence Of minor which are 80 earnestly
pressed forward. 1t must be supported by every on
opposed to monopoly, and who believes that the devel
opment oflatcnt resources cannot initiate against on
interests. DO tho members of the eoisIat,lre thin
that Louisiana has Sufficient active capital for her i'm
mense operannsl Are they willing to see the rapi'
md energetic strides Of other places from the hopeless
ness of dependency, TO hig, prosperity once more
ind still refuse to apply the the bleeding wound
Of our stated We have not sufficient capital de
welcomed, and must have it. The Legislature hav
it in their power T. adopt most adm able measure
tho most important Of the session. Let them no
shrink from t.eir duty. The State expects it from
them.