Southern sentinel. [volume] (Plaquemine, Parish of Iberville [La.]) 1848-1858, 1851-02-22
MI. Gayarre, the State Treasurer and
the State Bank.

We lsy before our readers to-day The reply
Of Judge NrWAortcr, State Treasurer, to Mr.
Gararrr's recent assault on the Louisiana STATE
Bank. Wehad thought that, after the cNposi
ton last summer OF Mr., Gayarrt's QuiAotlC
hostility 10 that institution, and the Illuminating
| exposure Of his ignorance o FLAW, as we'll as o
| facts, which The State Trcasurer's reply Their
! made so apparent, he would have had sagaclty
enough I oa,oid obtruding Oh the public, further
evidence Of his utter untitncSs for the RESPONSE,
bic station he occupies as IN az ltirto member
Of the Beard Of Currency. In cur estimate
Of his prudence, we have erred and the pub
lie are AGAIN amused with his crude notions OF
law and finance, in an CT Taric statement adj
| dressed by him to- the Attorney General OF the
State, and son his own hook'-his colleague:
| JUDGE McWhortcr, entirely dissenting from
| him. The Board Of Currency is composed OF
| the State Treasurer and the Secretary of State;
neither of whom, alone. can be recognized as
| the Board Of Currency by the Attorney Gene
raj. OF this, we may assume, Mr. Gayarfc Is
not ignorant, aud consequently his letter III the
True Delta, on Tuesday last, addressed to the
Attorney General, was in fact an appeal to the
public against the Ignorance or dishonesty OF
the Senate and House of Representatives OF
LOulSla1il, ana Vi us Slnc1 -haSISthtc. va
Gavarrc's attack on the Louisiana State Bank,
it will be perceived, is entirely occasloncd by
the fact, that the institution is conducting its
business in strict conformity with law, but
which Mr.. Gayarre, in his superior wisdom, de-
clares to be unconstitutional He can attach
no blame to the Bank for obeying the law, but
with the puerile malevoience that characterized
his illusions last summer, he makes known his
fears of the consequences: He fears the paper
money of the Louisiana State Bank may not
be safe, under the act of 18th March last, al
though he knows, or ut least may be presumed
to know, that the circulation Of that Bank is,
at the present time, very much less than ii was
when the law was enacted, and while, by his
own statement, he shows that the assets are at
a million and a half more.
Even with the risk of mourning Mr.. GAY
ares denunciations, we must say, we think,
that Gov. Walker-and the Legislature unani-
mously too, be it remembercd-and his distin-
guished colleague, the State Treasurer-are
right, and that he is wrong. 1t is, indeed, quite
evident that the Historical Romancer of Louis
lana is infinitely better fitted for the compost
ton of juvenile books for second class readers
in our Public Schools than for the honorable and
responsible position he occupies as . conserva-
tor Of the currency, and we doubt if ever, in
the history of our country, more ignorance, ar
rogance and imbecility were united in an Judi
yidual holding an Office so important. In March
last, the Legislature, for the convenience ofthe
State Treasury and persons having business
with it, desired one of the Banks of this city
to establish a branch at Baton Rouge, the scat
of Government. Application was made to the
Bank Of Louisiana, and it declined. Then to
the State Bank, which institution acceded to it,
but only on condition., that loans made through
its branches could not interfere with those
made blythe Mother Bank this the Legislature
agreed to, as is stated by Mr.. Gayarre, on con-
dition, however, that the rules established BY.
the law of 18th February, 1912, restricting the
extent of the operations of a Bank, should be
observed by the Bank and its branches. The
Louisiana State Bank, in March, 1850, was do
ing rs much business in discounting paper as
the charter allowed, and could not discount
paper, or acceptances through a branch
without being compelled to withdraw, to an
equal amount, facilities required by our mer-
chants and traders here !; and for this reason,
the Legislature, fully compromising its justice,
agreed to the condition. The law of I4th
March last, was clearly a contract between the
of Louisiana and the Louisiana State
Bank-a contract that both parties were CON-
petent to make. 1t is not pretended that the
Bank has not complied with its engagements
in the premises bnt Mr.. Gayarre assumes that
The arrangement was made in violence of the
Constitution. We repeat, that for arrogance,
presumption and folly, the conduct of Mr.. Gay
ARE, in this matter, is without precedent, SO far
IS our recollection of the romance of history
We commend to our readers the
.ble reply of Judge zMclVhorter, who, all will
,gree, stands completely yindicated from the
mputations of partially, and neglect of duty.
conveyed by BIZ. Gayarre's letter to the Attor-
1ey General. N. Q. Crescent.