New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-03-11

We published In cur Tuesdays issue an exposition
of the claims Of the stockholders Of the mortgage de-
partment Of the Citizens Bank on the peoples
Representatives now In session at Baton Rouge The
views advanced through the communication, and
which have attracted so much attention, we are re-
joiced to perceive, meets with the concurrence Of
great majority Of citizens connected with the great
agricultural interests Of our State and the commercial
prosperity Of our city All the opposition, 50 far as
we can gather arises from ancied construction
OF that instrument called the constitution which con-
tains something in article lOs as follows The State
shall not make loan on pledge its faith for the bene
t Of any corporation joint stock company, created
or established for banking purposes"
From all we can gather, the opposition to the
measure hinges simply on the construction Of the
above twentyseven words. We do not discover in
the memorial to the Legislature that the faith the
credit of the State is solicited or required by the
memorialists. A majority Of the stockholders who
signed il largely interested in the landed and
planting interests Of our State. Everything they own
or may ever own is indsselubly connected with the
welfare and prosperity Of the State. They are bound
70 it by all the ties Of TRUTH residence and pecuniary
obligations. 1t is hardly possible that so highly
and influential body of citizens would deliberately
petition our General Assembly to enact statute
that would be in violation with the organic faith Of
the State. They simply ask for justice and equity.
Ii these petitioners were not, from 1887 10 lS40 in
want Of loans they did not expect change in the
constitution would be considered as deprigng them
Of their rights and privileges in the charter Of the
Bank. 1t Ii asserted, that in conformity with the
terms Of the charter of the Bank that the State sup
piled the bonds and the stockholders received the
money. This is pretty broad assertion, and alto
gether untenable, for only three hundred and forty
stockholders, ont of six hundred and sixtynine, re-
ceived loans and accommodations.
In 1859, the constitution as amended authorizes
the Legislature to pass such acts as it may deem
expedient for the relief Or revival Of the Citizens
Bank. Well, who and what composed the Bank at
that time We're not the three hundred and twenty
nine memoriasts an integral part of the Bank
Moreover article III says the acts already passed for
the same purpose--that Isl the acts for relief and
revival ARE confirmed and ratified.
We do not propose to go into abstruse Or consttu-
tional dispositions the question, or the rights Of
the memorialists The opposition to the measure has
been ably calculated through the communication
signed Equity" 1t has been suggested that many
opponents Of the bill clohe their opposition under
the guise Of the constitutionaity of the proposed
extension and allow personal feelings to sway their
actions Others, we believe, are sincere in their
victions that the constitution Is to be thwarted and
violated. The question has been ably discussed and
debated in the Senate, through which body it has
passed. Take the question commercially, agricultu-
rally and financially it must be considered as one the
success Of which is emnently intended to aid and
sustain the best interests Of the State not only in the
foregoing three branches, but also in the mechanical
and industrial Taketh question in all its various
bearings, 1t might be considered the height Of folly
to refuse the of 100000, when it can be realized
at the low rate Of per cert per interest," and
which can be 50 jndiciously and benefciay applied
for the prosperity and welfare Of the State