The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1849-09-24

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know the present condition and future prospects Of
the Bank, we give below the result of inquiries
Inasmuch as the reports circulated have had a
tendency to create injurious impressions as to the
conduct flhe present President of the Bank, it /
will be necessary state the circumstances under
which Mr.. Burke took the place he now holds, and
from which certain parties are attempting to re-
move him. In the fall Of 1919, just before the
time fixed by law for the resumption of specie pay
menis, under the penalty Of forfeiture of charter,
the Board Of Directors informed the principal
stockholders that it required $4,000 to enable the
Bank to comply with the law and resume specie
payments. The stockholders agreed to furnish the
money on condition that the then existing Board
should go out aud new direction be appointed.
The condition was accepted, and the Bank resumed
payment in December, 1912, under very uHfavo-
rable auspices owing to an unfortunate event
which is known to all who were then in New
Orleans, (the suicide of the Presidency. In conse-
quencs of alarms which were aAoat, a run was
made on the Bank, and its specie means were
nearly exhausted Although the Bank had, at
that time, assets TO the amount of nearly two mil
lions of dollars, such was the condition of affairs
that not $4,000 could have been raised on these
ample securities.
y AT this critical iuneturs a meeting of the new
Board Of Directors was held before bank hours the
next day, and the President ian old resident mer-
chant of this city stated that he did not see any
means of sustaining tho Bank, and advised the
abandonment of all efforts to that end. Mr.
! Burke, who was then director, inquired of the
President how the Board could excuse themselves to
the stockholders after having obtained and used
the assistance asked for to which the President
replied, ." by charging the condition of the Bank
! - l. IA
that he differed entirely from the President; and
remarked that he did not think the latter ought, in
justice to the stockholders, to retain his position
The President rejoined that he would take Mr..
Burke at his word, and resigned forthwith Here,
then, the whole responsibility of maintaining the
charter was thrown on Mr.. Burke, and to prevent
4 forieiture-sO disastrous to the interests of the
stockholders--this gentleman Immediately brought
S45,000 from the means of his own commercial
house, and gave thesum to the paying teller This
$4,000 was used to redeem the notes of the Bank.
fhe run on the Bank was stopped, and its credit
| re-irstated
Mr.. Burke then acted as President pro tenn, and
continued for one year without any compensation
| whatever. He has since been President and still
| remains so. The success and prosperity of the
! Bank since lS42 are well known. No commercial
troubles, Of which there have been many since that
period, has shaken its standing. The stock has
risen from $40 to SIS per SHARE and the Directors
are sanguine that it will be at par, in very short
time So much is claimed for Mr.. Burkes man.
agement of the Bank. His supporters insist that
the motives of those who are attempting to dis
place him, are. purely selfish, and they alegs as
follows:
The foreign house of the RothschiIds is active in
the movement The house were formerly agents
for the Canal Bank in London and Paris Through
this agency they received about $4,000 PEI. an
nun. During the commercial crisis consequent on
the recent French Revolution, the house, in viola
toRof their agreement, refused acceptance of bills
/ drawn by the Canal Bank against remittances and
funds in their possession, This, for time, injured
the credit and business of the Bank but it was so
strong as to be able to meet all demands promptly,
and to continue, without any diminution, its usual
facilities to the public, Owing to this aithlessnsas
of the Rothschids, the account OF the Bank was
removed from their house and transferred Others
OF course the London and Paris agents are not
satisfied with the present President and Directors
Of the Bank through whom they have lost some
thirty thousand dollars per annum, Accordingly
the Rothschids cutting up their stock, so az to
increase their influence in the election of officers
and secure such direction as will place with them
the account Of the Bank. In furtheTance of this
object they have allied themselves with other par
ties in this city, who charged by the friends of
the present direction with being under the influence
of the late Cashier, Mr. Wilkinson, who was re-
moved from the Back by the agency of Mr.. Burke
in consequence Of discovery chat he had unaw-
fully used $4,000 Of the funds Of the Bank with
out the knowledge Of either the President or Direc-
tors, By the active e1ertons of the President and
Board this sum, with the exception of some SIG OOC
or SI7 GOO, was secured. In the conclusion of this
. affair Mr. Wilkinson publicly admitted before the
Board that Mr.. Burke had never done any act, OIL
exercised any influence amiss from his position al
President which, was calculated to do injury tt
the Bank, or in the slightest degree at variance
with honor and integrity.
The public not less than the stockholders are in.
tsrsstedin this statement Of facts which are given
for the purpose of enabling them to decide whether
any benefit is to arrive from the proposed change
Of the Directors, with visw to the removal of the
President We are faithful chrOnicleFs of the state
ments made to us by the best authorities.
The whole commercial community of New Or
leans, as well as the planters of the West and
Southwest are equally interested in having the
4 Canal Bank under the control of capable upright,
and experienced men, If we are to have banks,
and while we have them, they ought to he care
fully supervised by. public opinion. Besides the
usual discounts, the Bank last year purchased e1-
, change to the amount of sIl 100000 and this at
rates which enabled she planter to realize q better
price for his produce than would have been possible
under other circumstances. The Canal Bank, too
. has always shown disposition to aid in any WORK
! of public benefit public necessity. 1t has pait
. a very large bonus in making the New Canal, thu
n adding greatly to the commerce and resources 0
= New Orleans At the commencement of the Mex
q lean war, the President Of the Bank met requisi
ton of the Governor of the State to pay the volun
!, teers whenit refused by Others; and upon al
occasions Of public urgency the present Presden
N and Directors have acted with commendable spin
"a and zeal in the furtheance Of the public welfare
CALVIN EDsoN.-We pleased to see our old frien
Il Barney Van Epps, Of Mobile the regatta He seemed
e hiss usual good health, and general av0ne wss nc
I. eotipsed BY any the ground.