The true Democrat., 1857-06-02
.s EsaaLinr

oh'er ms caption, the New Orleans Bulle un' contains long and elaborate essay. the fol. lowing extract from which we publjs6.
 he'e conditions are specific, reasonable aud practicable, and are admirably adapted to secure the one great and primary object of the iaW, to-Wit: the protection of the bill holders me provisions of the free banking law are we'll NhoWn to our resident readers, but is not every holder of a New Orleans bank bill who i, aware now well 1t Is protected h the first place it $ endorsed by the the Auditor of the State. Who cert,hes that the bill which bears his name E represented by an equal amount in the Ch'ted States, State or City bonds, which bonds are held by that State lli.er exclusively for the redemption of the circulation Then the law provides that bill holders have the prefer ehcc over all other creditors, and that upon the refusal of a bank to redeem its bills in specie. It's character Is at once forfeited gain. iu ad- dltloh to the security of bonds for redemption ol circulation, all banks doing business under the general law of 1855, are required to have on hahH at all tImeS n specie au amount equal to ohe-tAlrt OI all their other liabilities anl lof tne other two-thirds of said liabilities all equal amount III specie specie funds. bills ofI exchange or discounted paper, maluriag within | huety days, and not renewable And lastly. | it Is made the special duty of certain State oH, calS to enforce all the provisions and conditions | ot the law relating to bmk,.
 Araihng themselves of this license for bank | Ing, free ior all ildIscrmiuatelv, upou comply. ' lnS with ;he terms of the law, besides the tour 'rce banks already estlbIi-hel, one was orLtui- Ael the past Wrek, the < Bank of James Rob1,'' | anu thIae others are M pro greSs, the " Crescent Oty B1nk," the ''Grocar,' Bank" the " Bank | AnerieA' and yet another is spoken of, the
 Manufactures Bank" e! the bunk, that have . aN yet only an embryo eXjstauce, It will be time ', ehau5h to speak when they get fairly under way. Oi the Bank of James R,bo we have gathered the following particulars:
 ne uank oi lame, R ,Ob, which has b4en 1. put M operation within tile last week, male t, 1. lrNt return on Saturday lo the B oarl of Cur | reNcy, ana thu following comprise ne couAIti9u oi Is affairs: CtptnI Stock paid up. ............. sGJJ,uOJ Guy Corporation Bonds teposltel with ,4' AhIit"I ............ ......... 4'OO)D Noteo Discounted. ................. 354,559 'o ''''9 ................... 2l3 1b1 L'tuIdi.oh. ........................ 9S,I5O pIt' 'S''S''..... .................... 35I 665
 Ihe n3uceaDie feature In thIs bank i, that its cAli.d iS owned by one proprietor, Mr James itpJb, instead of a number ot PrJprie- tors, ani that its affairs ar. to be arrauL Led Wth- out Board ot Directors.
 Private bankera who undertake banking under the ir'e baking law, of this State, are subject to all the conditions of this law, as imposed upon corporations organized under it, and re 5ular weekly and monthly returns have to b9 male to the Board of Currency, certified to under oath.
 The Bank Of James Robb will be an exclu- slve bauk discount, deposit and circulaton, and WIl be separate and distinct from the blniz- nL fitm of NJ A,srs. Jam., Robb & Cr. Ii case ot the dccease otJames Rpbb, any operation of the bank would cease, and it's effects appiel by his executors, to meet its obli5 5ttons, which they me directed to do by special w.I. Fur thrrn1re, the firm of Me,srs. James Robb V Y '.. composed of six partners enter into articles, W'ch b'ai them e interfere in case of the dreaHse pf their prior, auI make advance, to n 'at demnnls upon the bank of James R 1bo Iu rdse of need
 Tne foregoing is plain statement of the af
 Bars of the Bank Of J unea R rbJ i $ object an purpas.5 tni it5 Lllruto5s of saotc5v tp the puoIi", which IS tine question with which we have to do, ani certainly they are put forward in way to overcoma the doubts ali ohisc.i ms Wh cA miolppreLenson may hlye given ri,9 to-"