New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-12-04


We copy the following from the Raymond blinds
county, Miss) Gazette, Of the Ist instant, with the
view Of correcting wrong impression which may
have gone forth from the remarks INDUCED in:
BANK OF JAMES RoBB''-Last spring, we think
it was when we thought we discovered that an effort
was on foot to destroy the credit Of this ntitntion
We enlisted in its cause and assured our readers that
they need entertain no fears with regard to its soIv
ency that its issues were amply secured and that it
w0nd be Of the last banking institutions in New
Orleans to act dishonesty We yentared to speak
thus decidedly, upon the faith which we repOsed in
James R0bD himself, having known him in our youth
IN Nlrginla-When he was destitute Of means but
giving evidence Of sterling honesty, unbOUnded
energy and capacity in financial affairs without
an equal.
The " Bank Of James Robb" may be in quite as
sound condition now as it was last spring-its liab
tiles less, and its cash assets greater in amount Of
these matters we know nothing. All that we know
~ that i Il ~ good credit at home and abroad Here
its issues readily command the gold and we trust that
such may continue to be the case But, in view ofthe
decided stand Whic we took in behalfOf the reliab
ity OF the institution in the spring we regard it
as no less our duty to mention circumstance OF two
which are not calculated to strengthen the institution
to our view. And
lst lts circulation is very heavy in this county.
Indeed, from appearances should judge that fully
onethird Of paper circulating medium consists Of
the issues Of this Bank. Why should its circulation
be large here? Isit equally large in other sections
OF the State Does the money legtimately work its
ment II it egtfmately finds its way to Kinds county,
may it not be equally the leading currency over very
large extent Of country thus giving evidence Of great
expansion! Itit comes here through other means
than the ordinary course OF trade, may there not be
danger ahead?
ID. The Stock of the New Orleans banks uniformly
commands premium. The latest sales which we
have noticed show the stock of all the banks in the
city to be above par save that of the Bank of James
Robb, which is quoted at 923 to 81
Sd. James Robb, we are informed, is not now at the
head Of the institution
We assure the Gazette that the Bank Of James
Robb, far as its circulation and liabilities are con
cerned, is just as safe bank as any Of our Free
Banks, and if they not safe then banking in.
sttutions on the surface Of the globe can be made
/ safe. It works under our admirable banking law
Just as the others do has the same amount Of Sc
curtes proportouately, in the hands ofthe Auditor of
Public Accounts for the redemption Of its circulation
that the others have, and makes the same weekly re-
ports the Board Of Currency which the other banks
make On Saturday last, the Gazette will consult
the Crescent of Monday, it will find that its entire
circulation amounted to 1914 3l5-its specie to 1894
! 423-its ninety day paper to $299 967-and its ex.
change to s4O2,l72 This is position of mpregnable
strength, and should inspire confidence, instead Of
creating distrust And to go still further into detail
We will remark that the Auditor has in his hands
54Sj O00 Of the bonds Of the city Of New Orleans
good securities as there are on the surface of the
gIobe-on the faith Of which only s3So,OO0 in note:
have been issued, altogether. at any time. How
many Of these notes have been returned we do not
know. greater security, or more positive certainty
desirable? We think not.
We have alluded to this matter specially, tecanse
dislike to See dis:rodit thrown upon any of oul
financial institutions. They are all Gibraters o.
solTency and centers Of good management Besides
under our State laws, 10 bank can be 50 badly
managed as to bring loss upon The public, That /.
fact as sure and fixed as fate and if we had copy
Of banking laws to spare we would send it to tht
editor Of the Gazette prove absolutely what say
How we would congratulate ourfriend if all his dein
= quen subscribers and debtors would pay him up a
once in the currency to which be has alluded H
would be lucky fellow.