The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-05-26
HURRA FOR A SOUND CURRENCY

count
Sight exchange Nso York par per cent premium.
HURRA FOR A SOUND CURRENCY!
Yesterdays rose brighter than usual, and look
cd down upon the broad lands Of Louisiana with a
smile that gaddened the hearts of all good citizens,
and men were observed to move upon the dull earth
with lightsome step and heads erect
Yesterday was memorable day 1t will be re-
ferred TO hereafter the epoch of honesty" re-
turned to Louisiana after five years absence. Sc
uen out Of the ten SURVIVING banks made grand effort
aad paid their obligations in the legal money Of the Re
public.
1t was remarkable day, too, for the signal piece
OF treachery to sacred promises the part of the
State ank Consolidated Banks. These institutions
solemnly agreed on Saturday last to pay coin yeser
day. but the directors reconsidered that promise, and
refused to " come up to the rack"
Nothing daunted by the desertion of these two
George Stanleys, on the morning of the battle the
City,
Commercial,
Union,
Mechanics,
Carrollton,
Canal,
Louisiana
Banks marched out in solid column and opened their
vaults TO their creditors.
Had the three Banks down town, now known by
the significant title ofthe estate of Consolidated Cl-
Achs, uoHo tnell uuty 10 the puOHc, resumption u
specie payments would have passed of as ordinary
occurrence. But it proved otherwise, not in conse
quence of any doubt on the part OF the holders OF
notes, but In consequence of scheme said TO be set
on foot by the State of Consolidated Citizens, which
paid out the notes of the restnng Institutions to an
army OF FaiMls to 60 up and draw the cash. for the
purpose of repenishng the vaults of the said estate
&c" The appearance of these gentlemen in such
numbers alarmed temporarily The unwary, and the
crowd In the Union, City, and Canal Banks increased
uPto one O'Clock, when people having got wind OF
the movement" of the Estate &c" fell off, and for
TWO hours thereafter great Indignation expressed
by the bystanders and the citizens generally The
main point of attack upon The City Bank, whose
President is regarded with especial horror by estate
OF Consolidated Citizens" The common talk among
those citizens was "Ah, ah, we have got the damne.
Yankees on the hip at last The Citizens Bank will
give Peters hell to-day the Consolidated will follow
tomorrow, and on the third day the State will close
his career with "sockdologer." This is evidently
the feeling at The bottom of this whole affair, but II
has failed, and will fail most miseraby. The Seven
Banks will pay their debts let come " hat may The
people with them heart and hand.
AT an early hour, the notes Of the estate of Con-
sodated Citizens" offered in the streets and In
the brokers' Offices at all sorts of discounts Actual
sales were made follows:
Citizens Bank notes, 10 TO le per cent. discount
Consolidated lo.ols "
State l0tol5 ("
They are tending downwards and at three o'clock
yesterday they were regarded with great suspicion.
The Citizens Bank committed gross violation of
law in paying out Third Municipality Shinpasers
yesterday at her counters, in exchange for her own
notes. This was the game played by the Burstups,
when they were driven TO the wall. They say that
the Citizens paid out 900 of this t-ash in the
course Of the day, and i, is now known by the name
of G items Bank currency.
The State Bank did large business. She paid her
notes under five do.lars in coin 1t disgrace to
see S, wealthy concern pater in double sense, and
treat the public scurvy. The Consolidated threw
herself upon her reserved rights, and refused to re-
deem her notes in anything. She considered them as
good wheat, though the holders did not as the
above table will show.
Considerable quantities of specie, drawn out of the
coin paying Banks, by the inhabitants of the region
of ''les Banques" deposited, it is said in
those institutions, on special depose.
The notes of the estate of Consols. and Citizens,
were repudiatsd by the seven specie-paying Banks,
and refused in payment of debts.
On comparison of the best information out DORIS,
it appears that some $l5O,000 in coin paid out
by the Banks, but chiefly by the Union and
City, at which dead set seemed to be made But
what $150,O00 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
overthrow them.
The amount of coin received on deposit by the Sc
ven Banks, we learn reached 100000. In two days
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 vestge OF ire
deemabe paper behind them
The Courier of last evening (French side) asserts
that 4" confidence is the basis of human affairs" 10
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 " Tros
Banques" against Banks which pay their debts in
coin.
The Plaquemine Gazette gives the alarm against
Consolidated notes. 1t says that that section Of the
State is flooded with this paper, and remarks that an
enormous flight Of Exchange and Atchafalaya Bank
paper prec eded the destruction of those Institutions
The seven Banks paid out coin yesterday with the
utmost alacrity and promptitude No let or hin
drance was made to b-holders and depositors, but
all were Immediately accommodated. This IS the
way. Men or Banks who can pay their debts, nave
nothing to fear and the seven Banks are fortunately
in this category.
Immense quantities of sight Exchange were sold
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, for we have
been alone in advocacy for resumption IN this
city, and gave warning always, where there was dan
ger. Our word is !" Stand by the seven specle-pay-
ing Banks of New Orleans. If you doubt them, try
them, and they will dissipae all doubt, by paying you
what they owe you. They resolved to pay, they can
pay, let come what may If the three repudlated
Banks the c. G. S. do not in, their notes Will
be at 80 per cent. discount in weeks time. Trade
has already felt the benign influences of resumption
People breathe freer. Confidence has returned. The
People Of New Orleans have sworn eternal enmlty
to rredeemable paper currency and they VIII 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.