The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-05-26
HURRA FOR A SOUND CURRENCY

Sight exchange on Ns,r York par 10 per cent premium
HURRA FOR A SOUND CURRENCY!
Yesterdays sun rose brighter than usual, and Look
ed down upon the broad lands of louisiana with a
smile that gladdened the hearts of all good citizens,
and men were observed TO move upon the dull earth
with hghtsome step and heads erect.
Yesterday was memorable day. IL will be re-
ferred to hereafter the epoch Of +" honesty" re-
turned to Louisiana after FIVE years absence. Sc
zen out Of the Ten SURFING banks made grand effort
aad paid their obligations in The legal money Of The Re
public.
1t was a remarkable day. too, for the signal piece
of treachery TO sacred promises on the part OF the
State ank Consolidated Banks. These institutions
soemnly agreed Saturday last to pay coin yestef-
day, but the directors reconsdered that PROMISE and
refused to come up to the rack"
Nothing daunted by the desertion Of these two
George Staneys, on the morning OF the battle the
City,
Commercial,
Union,
Mechanics,
Carrollton
Canal
Louisiana
Banks marched out in solid column, ind opened their
vaults to their creditors
Had the three Banks down town, now known by
the significant title OF the State of Consolidated Clli-
zens," done their duty TO the public, resumption OF
specie payments would have passed oh as an ordinary
occurrence. But II proved otherwise, not IN conse-
quence OF any doubt on the part oI the holder OF
notes but IN consequence OF scheme SAID TO be set
on foot by the State of Consolidated Citlzens, which
paid out the notes Of the TesumIng institutions to an
army of FaiHfiS To 90 up and draw the cash for The
purpose OF rtplenishng the vaults OF the SAID state,
&c he appearance of these gentlemen IN such
numbers alarmed temporarily, The unwary, and the
crowd in the Union, City, aud Canal Banks increased
up to one o'clock, when people having got wind OF
the movement of the estate, &c, fell OH and for
TWO hours thereafter great Indignation was expressed
by the bySanders and the citizens generally. Ihe
main point OF attack was upon the CITY Bank, whose
President is regarded with especial horror 10y state
of Consolidated Citizens" The common talk among
those citizens was "Ah, ah, we have got The damnen
Yankees the h y at last. The Citizens Bank will
give Peters hell to-day, the Consolidated will follow
and the THIRD day the State will close
his ca eer with a "sockdologer. Ihis IS evidently
the feeling at he bottom of this whole affair, but II
has failed, and will fail most nlserably The Seven
Banks will pay their debts let come " hat may The
people with them, heart and hand.
Al an early hour, the notes Of the Estate of Com
solIdaed Ciizens" offered IN the streets and in
the brokers Offices at all sorts OF discounts. Actual
sales were made as follows:
Citizens Bank notes, 10 TO Is per cent. discount
Consolidated +" 10 to Is
State Toto ID 80
yesterday they regarded with great suspicion.
The Citizens Bank committed gross violation d
Law in paying out Tnirj Municipality Shinplasters
yesterday at her counters in exchange for her own
notes. lhls was tn game played by the BursfupS,
when they were driven to the wall They say that
the Citizens paid cur $40 600 of this t-Osh IN the
course OF the day, and i, is known by he name
of G tizens' b aux currency.
The State Bank did large business She paid her
notes under five do lars in coin 1t was disgrace to
see wealthy conc, I'm palter in double seuse, and
treat the pubic so scurvily, The Consolidated threw
herself upon her reserved rights and refused TO re-
deem her notes in anything. She Considered them az
above table Will show.
Considerable quantities of specie drawn our OF the
coin paying Banks, by The Inhab ants of The region
Of lies trols Banques, deposi ed, II Is said, IN
those institutions on special dcppsle.
The notes of The state Of Cons Us aud Ciuz ms,
were repudatsd by the seven specle-paying Banks,
and refused in payment of debts
On comparison Of the best information out DORIS,
il appears that some Sl50,000 in coin were paid out
by the seven Banks, but chiefly by the Union and
City, at which dead set seemed to be made But
what are Sl50,0uQ to these Institutions They can
and will pay out if called on ten times that amount
They stand the rock Of truth and honesty and not
all the enemies of sound currency in the world can
overthrow them
The amount Of coin received on deposit by the Sc
more the deposits will exceed all that has been paid
out Public confidence is with the seven Banks, and
in their march they will not leave Nesge oil IRE
deemable paper behind them.
The Courier Of last evening French side) asserts
that /" confidence is the basis Of human affairs" Tc
be sure it is, but Banking affairs must rest upon the
basis of coin before confidence IN them can exist
No talk, no argument Will sustain the " Irois
Banques" against Banks which pay their debts in
coin.
The Plaquemnc Gazette gives the alarm against
Consolidated notes Ii says that that section OF the
State is flooded with this paper, and remarks that an
enormous flight of Exchange and Atchaialaya Bank
paper prec eded the destruction of those institutions.
The seven Banks paid out coin yesterday with the
utmost alacrity and promptudc. No let or HIN
drance was made to billholders and depositors, bu
all were Immediately accommodated This IS the
way. Men or Banks who can pay their debts have
nothing to fear and the seven Banks fortunately
in this category.
Immense quantities Of sight Exchange were sole
yesterday, on New York, at par to one per cent pre-
MUM.
To people, abroad we have but one word to say
and we think we have right to say IT. Tor we have
been alone in our advocacy for resumption in this
city and gave warning always where there was dan
ger Our word is !" Stand by the seven specic-pay-
ing Banks of New Orleans. If you doubt them, try
them and they will dssipate all doubt by paying you
what they owe you. They resolved to pay they can
pay, let come what may. If the three repudlatet
Banks the c. c. $. do not clme in, their notes will
be at 80 per cent, discount in weeks time. Trade
has already felt the benign influences of resumption
People breathe frecr. Confidence has returned The
People Of New Orleans have sworn eternal enmty
to rredeemabe paper currency, and they will foster
the seven honest con-paying Banks, and the law and
public opinion will prevent them from ever suspend
ing again"
Hurrah then, for sound currency
From The Philadelphia Ledger.