Southern sentinel. [volume] (Plaquemine, Parish of Iberville [La.]) 1848-1858, 1851-03-01

created as a censor Of the General Assembly,
nor has it any authority to supervise the action
of that body, much less to control and annui-
and that if the Legislature has been guilty OF
indecent haste in the passage Of the Ia" OF
1850, the Board of Currency is without author
ity to disregard it.
Mr.. Gayarro in his publication has not only
attacked the standing and credit OF tue Louisi-
ana State Bank, but has conveyed ali unpleas-
ant censure on his colleague, Dir. McEfhoFtef,
in being less vigiIant than himself in the per-
Torrance Of the duties that devolve on the
Board of Currency. Mr.. NcAYhortcr states
that so far from the position of the Louisiana
State Bank having been weakened by lis ac-
ton, with respect TO its Branches, since the pas
sage Of the law of 1850, its cash. statement
published by the Board of Currency dated 18th
january 1851, shows that on that dayflts clrcu-
lation was Ss33S,7 100 less than it was irN, March
1850. That whilst in March 1850 its cireula-
ton exceeded in specie S500,000-at the end
of last month it exceeded only 100000. The
cash assets ofthe bank at the last date, exceed
ed the cash liabilities 100000, and the total
assets of the Bank exceeded the total liabilities
$l67,55 more than tho excess in March 1850.
Mr.. Gayarra stated that the assets Of the
Bank under the law of 1850 have been III
creased above the amount to which the Bank
was restricted before the passage of said act
$l,536,9l6 $1,000, being the amount loaned
through the branches under the authority Of
said law. This then shows an increase OF the
means of the Bank to pay its liabilities which
have been increased since March 1850, only
S%5O0,000.
This shows that the Bank is not only not
Of Currency, but that on the contrary the Bank
has been conducted with prudence, and in L
manner highly creditablc to those charged
with the management Of lis affairs.
MIR. Gayalre states that the law as interpret
ed blythe Bank extends lis operation indefin-
itely, and quotes the restriction ciontatned ii
}lelaw Of 1850, which makes Bank with res
pect 10 its liabilities, the a as is required BY
the Bank INV Of 1942, by which the Bank can
not e2tcGd It's business more than two-thirds
Of the amount Of its cash liabilities, and that
liability must chiefly be in deposits.
To this rule the Louisiana State Bank and
its Branches have strictly conforr1ed. It's
short business paper and exetahge, averaging
oaly forty days amount to Ss~s3,s84,0oo; its spe-
Gle 10 s 1885. 0Q0-showing an excess of cash
assets over cash liabilities Of 100000, and Of
all assets over all liabilities Of 52,345.eo0.
mregard to the constitutjonality of the law
Of l4th March, 1850, Mr.. McWhortcr denie,
that ii conflicts with any Of the provisions Of
the Constitution.
The article of the Constitution quoted and
relied on BY Dir. Gavarre i'll the 1220th article,
is in tie following words:
mo corporation shall be hereafter created,
renewed, or extended with banking or discount
ing privileges
By this article OF the Constitution, the Con-
yention intended to put an END 10 the power
of the Legislature to create corporate bodies
with discounting or banking privileges. 1t
was not intended to affect i'll any way the then
existing privilege of the subsisting institutions.
All their responsibilities and privileges remain
ed in their entire extent. Il was to put an
end forever to all such institutions in future.
1t was to prevent the creation OF ne'o and the
renewat of the cid. II was not intended to.
affect the power Of the Legislature to in
crease the capita! of the subsisting Institutions
or to widen the extent OF their operations. All
the privileges Of these institutions subsist with
the same VjgoF as they did prior to to the adop-
ton of the new Constitution. This article in
no. way aludes or refers to the operations Of
these co; porations. 1t WIS their eritence that
was intended to be destroyed and pressated.
The. debates Of the convention will attest this.
Mr.. cWhorter i'll reply TO another consti-
t~utional question referred to in articles lis and
1I9-stated that, even allowingthat the linita-
tons of the laws of 1878 and 1884, have been
repealed blythe act Of 1850, which is not the
case, the act Of the General Assembly would
not be unconstitutional. The Supreme Court
in a case of recent date, "The Commercial Bank
of Natehez Is, Markham, Sd Annual page sos,
says: : that article ll9 provides that no law
shall be revised or amendsdsby reference to its
title but in such case The act rerissd or sec
ton amended, shalLbere-enaetcd and publish
ed at length. We cannot declare that an act
repeating eertaiadefined portions of an article
of one of our codes, is in conflict with this ar.
ticle. Byitslern it does not include the repcai
Of laus q peytioap of them, and can only thus
be eStended By an implication of doubtful pro-
propsiety.
NJ cf- which cstaLIshns q l.nnaL -