New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-01-21

TO ". Orieane jackson and Great North
ern Railroad Company, 81 Bonds. !. ~ $1,000
Issued previously. ........,.........-.. 100000
-. ----------
Total amount issued ..... $4,000
To vicksburg, Shreveport and Texas Rail
road Company, As Bonds. h. 4. ...... $4,000
Issued previously y.,,........ 10000
Total amount issued. els5 900
fsr RxcAPrTuLArroN.
Bonds issued during 1851 126 Bonds. - SIPS 900
Issued previously, 1909 Bonds. 100000
Total Bonds issued 81 ,6s5 900
ESTIMATES PILED IN AUDITORS OFFICE, FOE BONDS,
FOR THE COMING YEAR
By the New Orleans, 0peousas and Great
Western Railroad Company, so bonds $4,000
By the Baton Rouge, Gross Tete and Ope-
lonsas Railroad Company, 10 bonds. -. 10000
BY the New Orleans, jackson and Great
Northern Railroad Company, $50 bonds. 25O,000
By the Vicksburg, Shreveport and Texas Ia
Railroad Company 1877 bonds. ,......-. 1877 900
Total estimates, 3s7 bonds -. ... sss7 600
The marble tablet ordered by the last Legislature
TO be placed in the Senate Chamber, 10 comnemora-
ton OF the distinguished services Of the Hon. John
h. Harmanson, has not been erected, the appropria-
tion OF five hundred dollars being Insufficient. =
An effort was made at the general election Of Nov
eber last TO enforce the act relative to electoas In
the parish Of Orleans. Owing to many causes be.
yond the control Of the Executive and the opposition
Of the municipal council, there was but a feeble
execution Of the statute. sssJ..- s41t y 0ssas
rendered the Office of Superintendent to four dis
tingushed citizens, before one would accept. To
Judge J. B. Cotton, who did accept, delegated the
whole power given by the law, having full confidence
in his discretion. s - a ssss 81
am satisfied from his Report that the law has not
accomplished what was intended by the Attorney
General who, in answer to call on him made by the
last Legislature to report, in his opinion, the best
means OF preventing violence at the polls in the par
ish Of Orleans recommended an armed force.
Recent events have attracted large share OF at
tenti0n TO the banks and banking system Of Louisi
ana. Towards the close Of the month Of August
last, there began in the great commercial capital of
the Union, financial crisis, from the untoward
effects OF which neither the United States or Europe
are likely soon to recover. Commencing among the
more or less hazardous dealers in credits this crisis
has gathered strength and violence as it progressed
until now not single industrial calling of our people
is left unaffected great and rapid decline In every
staple OF our State has taken place, and whilst the
debt OF our people has remained fixed and stationary
their means have bad to undergo revolution which
has beggared many who thought themselves opulent
and more or less diminished the moneyed wealth Of
the whole community.
The obvious cause Of this great revelation is now
apparent to all. An undue expansion of credit in
every shape and form in which credit could be af-
forded must undoubtedly be considered as the great
moving cause of this anomalous financial panic. But
the only form in which the credit system is affected
which it touches the State to examine is the banking
system. On the l4th October last the first distinct
mark of peril to the banks of Louisiana was made
manifest, when Immediately repaired to New Or
leans to see that the laws were properly executed
and the interests of the State protected. Three of
the free banks were forced to snccumb to the storm
and wholly suspend, and one Of the chartered banks
was partially suspended. As soon, however as the
first impulse of alarm passed away, the confidence of
the public In the solveney and general good manage
ment OF the banks was restored, and only a few
weeks sufieed to reinsate the crippled institutions
in their former position Since the first of November
they have steadily increased their coin resources and
now present an unusual degree Of strength -.
In looking back at the condition Of the banks as
reported by the President OF the Board OF Currency
it will be apparent that they were not in that degree
Of real strength in August and September last which
the then already arising financial distress demanded.
The monthly statements of the Board of Currency.
for each of these months reveal the fact that the
real coin in paut differed from the tabular exhibit of
specie by from six to eight hundred thousand dollars
So grave discrepancy indicates lack of fairness in
the returns, or defect in the law, which demands
your attention. As have already incurred most of
the evils of rapid contraction OF the currency it
will be wise to determine whether our banking laws
might not be SO modified as to permanently to
us more decisvely metallic currency II the eircu-
ation OF the banks of the State were limited to issues
of ten dollars and upwards satisfied great step
would be made to accomplish this end.s
need not dwell on the obvious benefits which
would arise from thus enlarging the specie basis of
our currency. IL is only for you to inquire whether
our State is in position to take step which will
ultimately prove so advantageous to the stability of
our currency and commerce. ~
The wisdom OF the last Legislature, in not breaking
down, but rather Strengthening the checks and
guards which surround our banking system, is now
triumphantly yindicated. trust that the settled
policy Of the State will now be to maintain those
checks and guards with vigorous and Jealous tena-
city, The usefulness Of banks is never more mperif
led, than when the friends Of the system would tear
away those conservative restraints with which harsh
experience has taught us it is 50 necessary to curb
their inevitable tendency to expansion.
am justified, by passing events, in saying that
all OF our banks have been directed with more than
the average degree of prudence and wisdom and it
is a matter OF pride that the monetary system of
Louisiana is so exceptionally good to have ELECTED
the particular notice of the leading minds OF the
country.
Since my last communication to the Legislature,
the domestic affairs Of the Federal Government have
been, by evil-dsposed persons, seriously disturbed
In the Territory OF Utah, remarkable state of
things exists An absolute pOlitico-relgious despot
ism has been established; portion of the com
mon territory set apart for the homes of freemen
union of Church and State of the most despieahle
form has been carried into practical effect S1peTsti
tion has consolidated power, and placed il in the
hands of q man who openly deties the authority
of the government United States troops bave been
ordered to the of rebellion and it is not an ir-
rational prediction to say that the clang Of arms viii
soon be heard through the quite valleys Of the West
Should the anticipated emergency arise and should
circumstances require 1t, know the people of Louis
lana will exhibit their wellknown traits Of patriotism
and promptly offer the power of their State to aid
the Federal authorities in restoring quiet, and re-
establishing its legitimate control over the Territory
OF Utah.
Events baVe been and now are occurring in the
Territory oil Kansas, which seem TO render civil war
and boodshed Inevitable The indications that q
portion of the people residing there have resolved
upon faetiousy defeating every attempt made by the
law-abiding portion OF the community TO dispose OF
this fruitful field OF agitation by admitting Kansas as
4 a State into the Union A Constitutional Conven-
ton, elected under the authority and in accordance
with the formates of law passed by the Territorial
| Legislature, assembled at Lecompton In October,
1857 and closed its session in December OF the same
| year. That Convention undoubtedly had the right
to submit or not the Constitution which it framed
to the popular vote for ratification or rejection In
the exercise of its right the Convention animated by
spirit of justice and characteristics I'M
| known to those who oppose its aetion-and with a
desire to finally settle the question of slavery in Kan
sas submitted that clause alone TO a vote OF the
people. That vote was taken on the 2lst of Decem.
Der last and resulted in the adoption Of the slavery
clause. 80 8
Kansas has now assumed all the attributes of q
sovereign State, and demands and is entitled to an
admission into the Union as an equal OF the other
States 1t is to be hoped that the Congress Of the
United States aided by the voices OF the patriotic
citizens of every State, win make eonjon effort with
our experienced Chief Magistrate to remove this dis
turbing question from the halls of Congress- by the
speedy admission OF Kansas, under her present Con
stituton, to the benefits and privileges OF our cher