The Opelousas courier. [volume] (Opelousas, La.) 1852-1910, 1858-01-30

Total amount issued. ..............SS SS57 90
10 Vicksburg, Shreveport and Texas Rail-
! road Company, 45 Bonds. ..............s s45 O0
! Issued preylousl Observation-Disclosures. 5000
| Total amount issued. sl35 ,OO
| REHABILITATION.
! Bonds issued during 1857 1875 Bonds 49,. .sl26, ,OO(
Issued previously, 1909 Bonds. sos, ,OC(
! Total Bonds issued ,G35 ,oo(
| ESTIMATES FILED IN AUD1Tok's OFFICE, FOR BONDS
FOR THE COMING YEAR:
BY the SewOrleans, Opelousas, and Great
Western Railroad Company, so bonds . s50e0f
BY the Baton Rouge, Crosse Tete, and Ope-
lousas Railroad Company, 10 bonds. 10000
by the NewOrleans, jackson and Great
Northern Railroad Conpan 250 bonds. $50 ,00C
by the Ficksburg, Shreveport, and Texas
Railroad Company, ls7 bonds. lS7 900
Total estimates, 3a7 bonds. ........... 1897 900
The marble tablet ordered by the last Legislature
to be placed in the Senate Chamber in colnlnemor
tion ct the distinguished services of the Hon. John
h. Haf1nanson has not been erected. the appropra-
ton OF five hundred dollars being insufficient
IN effort was made at the general election of No
Vemher last to enforce the act relative to elections in
the parish Of Orleans Owing to many causes be-
~yond the control of the Executive and the opposi-
ticn OF the municipal council, there vas but feeble
execution OF the Statute.
rendered the office OF Superintendent to four dis
tinguished citizens, before one would accept. To
Judge J. B. Coaon, who did accept, delegated the
whole power given by the law, having full confidence
III his discretion
am satisfied from his Report that the law has not
accomplished what intended 10y the Attorney
General, who, in answer to call Oh him made by
the last Legislature, to report in his opinion the
best means OF preventing violence at the polls in the
parish Of Orleans, recommended an armed force.
Recent events have attracted large share of at
tention to the banks and banking system of Louis-
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 dea ers in CREDITS this crisis
has gathered strength and violence it progressed
until now not single industrial calling ef our peo
PIE is left unaffected. A great and rapid decline i'll
every staple OF our State has taken place. and whilst
the debt OF our people has remained fixed and sta
tionary, their means have had to unGergosa revolu
ton which has beggared many who tKOnght tliem-
selves Opulent, and more less diminished the
monied wealth of the whole community.
The obvious cause Of this great revolution is now
apparent to all. An undue expansion of credit in
every shape and form in which credit could be at.
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
NewOreans, to see that the laws were properly exc
ceited, and the interests of the State protected.
Three of the free banks forced to sllccu1@ to
tie storm and wholly suspend, and of the char
tered banks was partially suspended. As soon, how
ever, the first impulse Of alarm passed away, the
confidence OF the public in the solvency and general
good management Of the banks was restored, and
only few weeks suffced to reinstate 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 de-
gree of real strength in August and September last
which the then already rising financial distress de-
manded The monthly statements of the Board of
Currency, for each of these months reveal the fact
that the real coin in vasit differed from the tabular
exhibit of specie by from six to eight hundred thou
sand dollars. So grave discrepancy indicates
lack OF fairness in the returns defect in the law
which demands your attention. AS we 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 secure to us more decsiyely metallic
currency If the circulation Of the banks of the
State were limited to issues of ten dollars aAd up
wards, am satitied great step would be mSAe to
accomplish this end.
/ need not dwell on the obvious benefits which
currency. 1t is only for you to inquire whether
our State is in position to take step which will
ultimately prove advantageous to the stability Of
our currency and commerce.
The wisdom of the last Legislature, in not break
ing down, but rather Strengthening the checks and
guards which surround our banking system, is now
triumphantly vindcated. | trust that the settled
policy OF the State will now be to maintain those
checks and guards with vigorous. and jealous
tenacity. The usefulness of banks is never more
imperilled than when the friends of the system
would tear away those conservative restraints with
which harsh experience has taught us it is SO
necessary to curb their inevitable tendency to cx-
pansion.
am justified, By passing events, in saying that
ali of 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 50 exceptionally good, as to have
the country.
Since my last communication to the Legislature
the domestic affairs Of the Federal Government have
been, by evildisposed persons seriously disturbed
In the Territory Of Utah remarkable state of
things exists An absolute politico-religious des-
potism has been established /; over portion of the
common territory set apart for the homes of free
men, union of Church and State of the most
despicabe form has been carried into practical eff
feet. Superstition has consolidated power, and
placed it in the hands of q man who now openly de-
es the authority of the Government. United States
troops have been ordered to the scene of rebellion
and it is not an irrational prediction to say that the
clang of arms will soon be heard through the quiet
valleys of the West. Should the anticipated emer
gency arise, and should circumstances require it,
know the people of Louisiana will exhibit thei,
wellknown traits of patriotism, and promptly offel
the power of their State to aid the Federal autori
ties in restoring quiet and reestabshing its iegti
mate control over the Territory Of Utah.
Events have been and now are occurring in the
Territory of Kansas, which seem TO render civil wal
and boodshed inevitable. The Indications are thai
portion of the people residing there have resolved
| upon faetiously defeating every attempt made by
the law-abidng portion Of the community to dispose
of this fruitful field of agitation by admitting Kansas
as State into the Union. A constitutional conven
ton, elected under the authority and in accordance
with the forrnahties of law passed by the Terrtori
al Legislature, assembled at Lecompton in October
1857 and closed it's session in December of the same
| year. That convention undoubtedly had the righ
to submit, or not the constitution which it france
to the popular vote for ratification or rejection.
exercise of its rights, the convention, animated b.
spirit of justice and characteristics un
known to those who oppose its aetion-and with
desire to finally settle the question Of slavery in Kan
sas submitted that clause alone to avote of the pee
pie. That vote was taken on the 2lst of Decembe
last and resulted in the adoption fthe slavery claust
1 Kansas has now assumed all the attributes of