The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1851-11-01

making Railroad to Chattanooga; he had subscribed to
that road because he knew that it contributing the
work Of road to this city, for he had idea that New
Orleans would neglect to out the connection. Virginia
had negotiated five millions of bonds for railroad for four
per and at this NewOreans could nego.
tiats her bonds for forty cents the dollar completely
her credit Frustrated. Let reform laws. Let
In the right way and do whole duty, and
shall have capital as much If elected, he will
for Free Banking, but for such only that will
give full protection to all notehodsTs. But what will be
gained by system Of Free Banking in the condition
of affairs? and on what basis we to do banking
l. business?
Do the people any good State good Government
stocks? All stock is held abroad, and u. 9. Stock
held only in small lots in trust for wards, We
store credit before have these. Then people will
Gust with their bank with Suppose should
tomorrow have charter for bank Of half million capital
We make application for the requisite stocks stocks Of
States are At premium; all unfortunate
Louisiana. Suppose he should to New York and buy
Louisiana Stock he sends away eighty three millions Of
a and issues ssvsny-ve millions. The State loses eight
millions by the operation. There another cause which af
fects the of this capital Before the discovery
California silver the general currency Gold was lock
up the banks and difficult to obtain but the operation
this influx of gold has been beneficial Hereafter no banl
will be able to flood the country with iedeemable pape
| as they have done in former years.
The CIRCULATION Of the Bank of Louisiana had maxim
of two monsthat of ast winter less than one million
New Orleans is losing three four millions year by the op
Grafton OF the present SYSTEM We can with large
amount OF gold that we now have force large
Of paper again. This security worth thousand Calor
Mas He considered the to an unimte,
extent to be monstrous He will give bis yo
for system that will protect the paper from any loss
Ii elected he will vote for convention, without delay
form Constitution, essentially modify the presen
one We have no time to lore in thin The n thin
is for this city to have charter Her interests should not
at the mercy Of who lives five hundred mile
off.
BE strongly in favor of the Opeloulas Railroad wbc
he believed to be important the interests of New O,
leans the Erie Canal the interests of NewYork
said he had been invited 20 Tennessee and ask Their
for charter for road the West. He would only do
when the vote Of New Orleans would justify him in doing So
He referred to Georgia. where the lands of the district
by her railroads had increased value per
He again referred to Banking systems. II was state
that New Orleans langushsd for want of capital. but
would say that that secondary consideration. w
wanted spirit Of enterprises system of Internal Improve
ment-a restoration Of credit These things would brn
capital He thanked the audience for their attention.
would retire with the confidence that they would refss
bis words and leave talking for action and let
questions eve way to their especial interests.