The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1851-02-17

Mr.. 0ayarre, the State Treasurer and
tho State Bank.
We lay before our readers to-day the reply of
Judge McWhorter. Ststs Treasurer, to Mr.. Ga
yarrss recent assault on the Louisiana State Bank.
We had thoughf thas, after the exposition last
sunmsr Of Nj. Gayasr6's Quixotic hostility to
that iastitutsn, and the hsmiliating exposure Of
his ignorance Of law, well as Of facts which the
Stste Treasurers reply then made so apparent, he
would have had sagacity enough to avoid obtruding
on the public further evidence of his utter unftness
for the responsible station he occupies as an co
oDscso member of the Board of Currency. In our
estimate Of his prudence, we have erred and the
public are again amused with his crude notions of
law and finance, in an sc pdrte statement addressed
by him to the Attorney General of the State, and
"on his own hook Ibis colleague, Judge Nc
Whorter, 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 General Of this, we may
assume, Mr.. Gsyane is not Ignorant and conse-
quently his letter in 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 Represent
ativss of Louisiana, and of its Chief Magistrate.
Mr.. Gayarre's attack on the Louisiana State Bank,
il will be perceived, is entirely occasioned by the
TACT that the institution is conducting its business
in strict conformity with law, but which Mr.. Ga
yarre, in his superior wisdom, declares to be I'M
constitutional He can attach no blame to the
Bank for obeying the law, but with the puerile
malevolence that characterized his illusions last
summer, he makes known his fears of the conse-
quences: He fears the paper money of the Louis
isiana State Bank may not be safe, under the act
Of 18th March last, although he knows, or at least
may be presumed to know, that the circulation Of
that Bank is, at the present time, very much less
than it was when that law was enacted, and while,
by his own statement, he shows the assets are
million and half more.
Even with the risk of mourning Mr.. Gayarres
denunciations, we must say, we think, that Gov.
Walker-and the Legislature unanimously too,
be it remembered-andh his distinguished colleague,
the State Treasurer--are right and that he is
wrong. 1t is, indeed, quite evident that the His
torical Romancer of Louisiana is infinitely better
fitted for the composition of Juvenile books for
second class readers in our Public Schools, than
for the honorable and responsible position he occu-
pies, as conservator Of the currency and we
doubt il ever in the history of our country, more
ignorance, arrogance and imbeciity were united in
an individual holding an office 50 important. In
March last, the Legislature, for the convenience of
the State Treasury and persons having business
with it, desired one of the Banks of this city to
establish branch at Baton Rouge, the seat 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
should not interfere with those made by the Mother
Bank; this the Legislature agreed to, as is stated
BY MIR. Gayarre, on condition, however, that the
rules established by the law of 5th February, 1S42,
restricting the extent of the operations of Bank,
should be observed by the Bank and its branches
The Louisiana State Bank, in March, 1850, was
toing as much business in discounting paper as
he charter allowed, and could not discount country
paper, or acceptances through branch, without
being compelled to withdraw, to an equal amount.
ABILITIES required by our merchants and traders
here; and for this reason, the Legislature fully
'omprehending its justice, agreed to the condition
The law Of 14th March last, was clearly contract
between the State Of Louisiana and the Louisiana
State Bank--a contract that both parties were
competent to make. 1t is not pretended that the
Bank has not complied with its engagements in
the premises; but Mr.. Gayarre assumes that the
Arrangement was made in violence of the Consti.
ton. We repeat, that for arrogance, presumption
and folly, the conduct Of Mr. Gayarre in this mat
ter is without precedent, far as our recollection
Of the romance of history extends. We commend
to our readers the able reply of Judge McWhorter,
who, all will agree, stands completely indicated
from the imputatons of Partially, and neglect of
luty, conveyed by Mr.. Gayarre's letter to the |
Attorney General.