New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1853-04-01
MORNING, APRIL i, 1868.


charged accordingly
FRIDAY MORNING, ArRIL /, 1868.
~ The City Budget, document of much in
terest to the public, appears in our advertising
columns-fourth page.
We had intended writing an editorial in ref
erenoe to the subject treated Of by our CORES
pondent, ssJusrrcE.'' We do not believe that
the Delta has done justice" to the Louisiana
| State Bank, and we hope our contemporaries
will carefully consider the remarks Of our cor
respondent and the facts bearing upon the sub
ject matter in discussion.
Louisiana State Bank.
.Messrs Editors--What strange and way
ward fallacies do we often fall into when we
permit our wishes to become father to our
thoughts. In the Delta of yesterday morning
there was an error which might have provoked
many merry laugh, had not the editorial
which was founded upon this error been calcu-
Hated injuriously to effect the commercial trans
actions of the city. In an article under the
tcaption Of &c Louisiana State Bank after
Isquoting from the report of the Bank Committee,
the Delta makes some amusing and singular
CuuphIi5olAc VI Nuut ~ suyo uIc pululiCce ouc
from the different City Banks to each other, and
upon these statements deduces the conclusion
that the State Bank has greatly expanded its
issues, and consequently is in q doubtful condi-
ton. Had the facts been as stated by the Delta,
they would not have in any way effected the
condition of the several Banks; for the solvency
Of Bank rests not upon the amount Of notes
[of another Bank it may happen to hold, but
upon the aggregate amount Of available funds
It may have. But It so happens that the state
ments Of the Delta are not to be found in the
reports Of the Bank Committee. The Delta has
been led into an error that its own sense of
Justice must make it regret
That portion Of the Bank Committees report
TO which the Delta refers has no statement of
the balances due from one Bank to the others
it Is simply statement of the liabilities Of the
Directors to their own Bank, and the liabilities
Of the Directors Of other Banks to the respective
Banks-this latter amount, by some oversight,
the Delta has taken for the balances due from
Bank to Bank Had the Delta turned to page
fourteen of the report Of the Bank Committee, it
would have found that the State Bank held
S269. 016 Of the notes Of other Banks, and that
she held in specie $1,112.50e more than all of
her circulation.
: The Delta has thought proper to insinuate q
comparison Of the indebtedness of the Directors
Of the State Bank and that Of the Directors Of
the other Banks, and in this comparison the
Delta has been equally unfortunate in its figures
It states the Indebtedness Of the Directors Of the
State Bank to be 81 ,O22, 5S8; the report Of the
committee make it $9l3,407; but what is slight
mistake of $109, 226 1t states the Directors at
twenty, when there are twenty-four Directors.
The Delta states the liabilities Of each Director
to be $61, 1925, when it is only $Ss,05s.
The liabilities at the Parent Bank Of its own
Directors is for each $37 1856; at the Branch on
Camp street of the Directors there $23, 108
But the accommodation which a Director re-
seives is in the amount Of paper which he en-
dorses.
The twenty-four Directors of the State Bank
by the report Of the Bank Committee, appear
as endorsers on $685., 562, which is $13,e56 to
each Direotor-but leaving the country Branch
out it appears that they have received accom-
Mediation to the extent Of $sl7,5 03 each. When
1t Is remembered that the Directors composing
the respective Boards attached to this Bank.
are for the most part merchants extensively en-
gagged in business, presume it will not be con
sidered that this accommodation is extravagant.
Without intending to reflect in the slightest de-
gree on any other Bank--for the Banks Of this
city can justly challenge comparison with any
in the oopntry--but simply to show how unjust
are the remarks Of the Delta, let us see how
stands it with the Canal Bank She has only
seven Directors and their liabilities amount to
$367,3l1, as endorsers and payers, which is
$52,474 each, and as endorser and discounter,
$ls2.S46 or $$26, 050 each. The gentlemen COM
prising this Board are merchants engaged in
business, and their paper naturally, finds its
way into Bank, and in this can see nothing
either mjudicious or wrong.
i ! have no personal interest in any banking
Institution, and feel no other interest in them.
than that which recognizes them as useful aux
iliaries Of commerce, They should be held to a
strict accountability for the proper discharge Of
the trusts eon6ded to them, but regard to
public interest should protect them from erro-
neous statements from which false and unjust
deductions are drawn Had time permitted. l
had intended to have reviewed the report Of
the Bank Committee, and may take occasion
hereafter to do 80.
y This proneness to war upon our institutions
BODIES no good to eur commercial interests. 1
had hoped that the day was passed when the
passions and prejudices of men would stand in
the way Of the prosperity Of our city; that the
time had come when all would unite to promote
the onward progress of our destiny, guardi,.g
every interest," exposup every derelietion of