New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1852-08-23
OFFICIAL JOURNAL
MONDAY MORNING. AUGUST %, 1852.
THE sNEW CONSTITUTION YLNDI-
q C.aTEp.
GENERAL PROVISIONS lCURRENoY)

viii appear more restrlctiye ana blgoted thai
those which refer to the subject Of currency
The present Constitution Cart 1873 abso
Iutely prohibits the creation Of all g Corpora
tions with banking or discounting privileges.
In It's bitter hostility to them it goes much fur
thor In 4 most arbitrary and singularly inc
quitable spirit II provides that, from and afel
the month Of January, 1890, the Legislator,
shnI haze The Po,uer to reroke the Charters q
al Corporations sch0se Charters shall not hap,
eap prsri0tss to that ti,ae,'' etc. This, ",
take it, places absolutely at the capricions
mercy Of the Legislature, all Corporations
which may exist in the State Of Louisiana, in
X the year Of our Lord 1890! whether those Cor
porations be for railroad, manufacturing OF
banking purposes The language Of the article
(l24) is clear and unambiguous ; and it pro
nsunccs nothing more or less than an edict of
prescription against all possible Corporations.
In this respect We shall hold our present Consti-
tuition to be ut war with the essential principle
Of progressive civilization-the combination,
consolidation or association of individual means
10 secure common end, q general benefit,
otherwise impossible or improbable of attain
msnt
We consider the motive power Of civilization
TO BE- nothing more or less than the consolidation
or Incorporation Of means OF energies to work
out 4 result beneficial in common to those so in
cooperating OF consolidating. In modern soce-
~ CrGsus is myth, and his would be represen-
tatiyes do not dig canals, build railroads or con
struct great works Associated individuals must
do these thugs, and to do them with any pecu-
MARY safety or practical efficiency, they must
have o legal existence-be able to sue and be La
& hlet be sued in other words, must stand for
Brown build railroad Can they issue notes
1 which will command sufficient credit to circulated
AN John Smith and VIM Brown no stronger
with the association Of twenty, fifty or q hun
drsd other persons, pledging their additional,
ascertained, and positively ascertained, respon-
sibility II John Smith is good and response
Bile. il he any weaker-is he not stronger-in
the support Of twenty, fifty or a hundred indi-
viduals
Now. what's a corporation (the existence of
which, unless political or municipal our pre-
sent Constitution forbids)9 1t is nothing more,
nothing less, than an association of individual
capital and energies to secure the realization
s;tv u frae a. oants -,
a,h;tr.,v ,.1,, ,rta,,a a. a..
State and his word is absolute law, On edict may
Rns,ar ra;,ro.a fro,, - ~
Trnasr ro,,,,h,;o oo,,tr;t,,t;ar, !. 49,
m,,st ba vonrtorv -. ~, ,r,,. s,,a a.,
la..t no,o,,.,. .,.;,,
mi. $ ~
courtrv ,orrs "a nowa ,, a. ~ ~
NJ, str.rnorslv ,,,ras o;,,ts lie.
q, ,,o..;h,. IA u II, 80
ba,f of ,or,, W.
;r,I; ,,,,oi co,,la a. ,ro,,1d MID n 49,,
:Tackson a. N q ~ n,,oIo,,.as ~ ~ VIII
hnre AMI shreveport 5,.a;irood, NJ ;ra;,,;d,,a,
nnder HEAVIER, and "a o,,v ossoc;,t;on -. s,o
c;at;ors M tar,oed ~ oorso,idata oan;ta1 ~
hu;lal thar y n,,,s+ h aono ,,rd.. a,.I = .,,a
face e. s ,corst;tr+;on bost;la = anorr, liz. ~
tbe Form ton of flows -, ,,,,,,a,.4;
with his cenerol f ohs,,ra hos,;1i,,, ~ ~,
norations the Constitution i "a m;n,t vorn
readily h susnectes, snec;allv severo i, its ,,,.o
hihition IF those .s with banl;nr or d;scorrt;no
priy;,eues.., il ia nart;cular,v nerenr+orv ;n
liz nrob;h;tion If the creation If anv snch ;nst;
tut;nns and in nrov;d;no FL, tho certo;n ext;r-
pn;shmant of those alreodv axist;no
What are the facts, What arc tho rrob.b,o
results, We will elaborate no details.-nresent
no conveniently arranged notwithstanding NV
NO plausible presentmept of minnt;m We viii
briefly glance ut things in their GENERA, ro1o.
tons. We have n certain amount Of active orr.
rency in NewOrleans. Two-th;rds Of that con.
sists Of the paper Of our banks. Withdraw that
paper currency tomorrow, and what would he
the result7
Now, our entire currency, gold silver. and
bank paper, is no more than sufficient to meet
the wants Of our commerce. If so large nor.
ton Of our currency as is involved in The ;ssua
Of our banks, is to be suddenly cut off. what is
to supply the void thus abruptly createds The
gold and silver in circulation within our State
would not do it. We are not an isolated people.
We have direct, intimate and inseparable
relations with others, in the neiahborine
States and abroad. IF we DESTROY our own
banks, if we have not sufficiency of home -
Or local currency, the notes of foreign banks
will gradually deluge our State. This is o fact
upon which it is useless to argue We cannot
put down the banks of other States, though we
nay annihilate our own, and the only result of |
mr. dastr1,cfion of our homo institutions ;,s.;