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

bias, then, upon The minds of Judge Preston and
OF Chief Justice Euss, with the dissenting opinions
of two Attorney Generals of NewYork, as to the
nature of Free Banking Associations, and with the
provision in the Constitution of NewYork, adopted
IN 1916, declaring such associations corporations,
can it reasonably be expected that capitalists and
the holders of securities will be induced to vest
their stocks and money in institutions created under
the present Constitution OF this State! With such
doubts, whether well founded or ill., founded a. to
the conslitutionaity of such institutions, or rather
AS 70 the probable decision of our Supreme Court,
would capital come here and engage in the business
of Free Banking!
What is this FREE BANKING!
1t is not, as have already said, what Mr.. Tay-
ior defines 1t to be, a mere right Of every man to
bank on his own money or capital. That is not the
system o. t. banking which the people of Louisiana
want They want the system advocated by the
wing platform. They want a well regulated sys-
tenn OF Free Banks, so guarded that while it shall
dliiuse the benefits of capital, it shall at the same
time afford safe circulation convertible into spe-
che at all times and under all circumstances They
want system which may produce beneficial in
nuence upon our embarrassed affairs and depressed
community. They wish system such as exists
In New York or Massachusetts.
BY such system, individuals and associations
formed for the purposes of banking may, upon
transfer of such public stock of the United States,
or such other stock securities as the State may
designate, obtain from the Auditor of Public Ac
counts, the Treasurer of the State or any other
officer who may be appointed for the purpose such
quantity OF circulating, notes to be couutersigned
and registered by the officer, as the State NAV
deem it expedent to issue upon the stock or sec :
rites pledged. These notes, after having been
executed and signed, as required by law, may be
circulated as money, and if not paid on demand
must be redeemed by the State officer, with the
stock or securities thus trar sferred and for this
purpose, the officer is authorized aften ten DAYS
n al fhn Il Va
SYSTEM them is to give to individuals the right to
associate, and to enable them to obtain upon
pledge OF good securities conntersigned bills pro-
portlonable to the amount Of stocks or securities
pledged. 1t will be the duty of the State to take
care that the stock securities offered shall be
good and sufficient By a provision of law, the
amount OF bills issued may be limited so as to pro-
tect those who receive the bills from all danger of
loss For instance, individuals or associations
holding United States stock to the amount Of ten
thousand dollars, may, upon the pledge of that
stock, be furnished with for circulation to the
amount OF five thousand dollars, and if the notes
should not be redeemed paid in specie when
called for, the stock pledged will be Sold and the
bill holders paid out of the proceeds. Where too
large an amount of notes is not issued on stock
there cannot ultimately be any loss to the note
holders.
What has been said, is only by way of illustra-
tlon II will be for the State to determine the pro-
r
the notes.
What has been said of ten thousand dollars. is
equally applicable to one hundred thousand dollars,
or hive hundred thousand dollars, or any other
amount. Make the notes payable at the proper
pont-at the point most convenient to the note
holder and with prudence and care, and the adop
hon OF such guards experience has pointed out
In NewYork and Massachusetts to be necessary
and effectua, the system cannot fail to be highly
oenencial to outs struggling commerce, to the
working man in New Orleans, and to the people
Of the State at large.
And what the inducements which this sys-
tenn holds out to capitalists their stocks and
securities as proposed? Why, in the first place,
they would have the interest upon their stock,
which would remain safe in the hands of the State
officer; and, in the second place. they would have
the profits OF their banking business. This then,
rs safe and profitable system for the rapi tasts,
ana II Will be a safe and proper system for the
community at large. The circulated medium will
be perfectly safe, and the community will be
accommodated with bank facilities
This is the system OF Free Banking proposed
by the whigs-the Free Banking by which capital
Is to be invited and induced to come here-the
Free Banking by which every class in the com
munity is to be alike benefited, money made
plenty, confidence established, commerce and in
dustry stimulated, and the value of labor raised.
1t Is SAID that the democrats in favor of this
system. am glad of it. believe the great body
OF the people-democrats as well as whigs-are in
favor of the system. But | advise YOU. fellow.
citizens, to dlstrust the professions of those who
have been so long in power, but who have never
taken step towards the introduction of the sys-
tem Turn from them, and give your support to
those who stand publicly pledged, and are ready to
create and give legal efficacy to the system at the
earliest possible moment in the best and safest form
However beneficial, fellow. citizens, well reg
ulated system OF Free Banking might prove to New
Orleans, 1t would yet, of itself, be inadequate 10
regain the commerce which she has lost to opet
new sources of wealth, and to restore her to pros
perty, unless some wise and liberal system of rail
roads and other improvements should AT the same
time be adopted for the encouragement of the labor
and the development of the resources of the State
New Orleans may be considered at present, for all
practlcal commercial purposes, as cut off from com
muncation with the rest of this State, and (if we
exclude Mobe) with other parts of the Union, ex-
cept by means of the Mississippi. Content with the
natural advantages which the river affords and f
having so long received tribute from the great valley
OF the Mississippi, she has remained supine and In
active, while other commercial cities of the Union
by their superior enterprise in making railroad and
other internal Improvements, have opened artiicia
communications with almost every portion of ou
country, and, by the facilities which they have af
forded, have diverted from New Orleans a copside
rable portion OF the produce which heretofore cam,
TO her market aud consti'u ed great source of he
prosperity. New York and Boston have heen lax
hls away Lue commerce. oI Tue flcn growing States
of the Northwest. Philadelphia, Baltimore
Charleston, and Savsnnah, are Iapidly drawing
from us a portion OF the trade of the valley--ant
Mobile is endeavorng by means of the Mobile ant
ONO road to turn from lis accustomed channels ;
large rortion of the trade of Mississippi and Ten
nesse. During the present season of the year
wheh tne rivers are low, a eTson can come from
Louisville to New Orleans, by the way of New
York, sooner than by the way of the Ohio and ths
Mississippi Ali this is owing chiefly to the advan
tages arising from a system of railroads Louisiap,
has but eigh,y-one miles of railroad within he
limits.
We must arouse ourselves fellow. citizens. an,
enter at once upon the work of Improvement
We, too, must build up Railroads, if we wish I,
prosper. NewOrleans must stretch her iron ARM
into the interior of the State, Bnd extend then
even beyond the limits of Louisiana She mus
carry her improvements to the doors of her neigh
boring Stgtes, and connect her roads with thei
roads,. The eff rts made by her rivals to draw he
trade from her will then prove unavang Larg
quantities of land of great fertility, within ou
own limit, will be brought into cultivation. Aop.
the whole line of her Railroads, land will increas
value, while her prop srty, and especially the res
estate of NewOrleans, will also be enhanced
The benefits arising from Railroads may be seel
In the progress of other cities and other States il
the Union, and heve been clearly shown by III,
writers on the subject.
The advantages attending improved means O
transport are evident The products of agriculture
labor have in general great bulk, with proportion
ally small value 1t is important, therefore, to III,
agricuturist that such Improvements should be
made will enable him to carry his goods at the
cheapest rate and in the shortest time market. TIL,
expenses incidental TO transport frequently amour
to large portion of the price of the article for in
stance, if person should buy ten thousand dol
lars worth of cotton on the banks of the Cnmber