New Orleans daily crescent., 1866-02-03

! measure to be passed hastily, and moved that II
be printed and made the order of the day for Mon
day next.
Mr.. Walker said he had apprised the House OF
the danger of delay and had acquitted himself Of
any responsibility in that connection.
Mr.. Mcconnell said there was one fact in con-
| necton with this matter which he would mention.
The contracts, as he understood it, were now, to
certain extent, under the supervision of United
! States officers, who had been sent here to make
| survey of the levees, and where the contractors
failed, these officers, by order of the President,
put others on to complete the work. Now, an
| important question to be decided was, which of
these contractors were to be paid, and how much
to either?
Mr.. Walker replied that General Humphreys had
determined to do nothing except to assist in con.
structing the levees which had been destroyed by
the United States forces
Mr.. Mcconnell said he had his information from
a source which he deemed authoritatvel
Mr.. Walker still maintained the correctness of
his information.
Mr.. Scanlan, in view of the great importance Of
completing the levees before the river overlowed,
was of opinion the bill should be acted upon
promptly. There was no necessity for printing
the bill, as its provisions were few and simple, and
Ineligible to every member of the House.
Mr.. McConnell's motion prevailed by vote of
As to 20.
ORDER OF THE DAY-LIQuIDATIoN OF BANKS.
The order of the day, the bill from the Senate
to provide for the liquidation of certain banks
reported by the House Committee on Banks and
Banking, with amendments was taken up. The
bill authorizes the stockholders of any bank going
into final liquidation to elect three commissioners
to manage the liquidation; providing that citizens
of the State indebted to the banks shall have five
years to pay their Indebtedness, in nstaments of
ten per cent, with interest at six per cent. per
annum providing that any other settlement may
be made by agreement; that the banks shall re-
ceve their own obligations in payment of debts
due them, and providing that all judicial proceed
ings shall be stayed against such banks for five
years.
Mr.. Tucker was not opposed to the bill, but
charged gentlemen who advocated it with incon-
sistency. They had resisted stay law, in any
form or shape on the ground that it would violate
the Federal Constitution by impairing the obliga
, tions of contracts, but here they were doing fol
the banks the very thing they refused to the grea
body of the people. He repeated he was not op
posed to the bill, but he would not support it unit
some definite understanding was had that gentle
men would grant the same relief for the peopl
that was proposed for the banks.
> Mr.. Robinson, as chairman of the Committee o.
Banks and Banking, explained the provisions O
the bill and the great deliberation with which
had been examined. 1t was passed by the Senat
at the extra session and had, since then, been j
- the hands of the House Committee. During tha
. time the committee had assiduousy sought tn
o views of merchants planters and all parties inte
~,
: means of extrcating the debtors of the bank
- from embarrassing circumstances, and at th
10 same time ultimately securing the stocl
> holders. The old law for the liquidatio
of banks was not designed to apply to institutions
the victims of unforeseen events, but to those ir
Ii stitutions which were improperly or dishonest
managed. That law was penal in its character
u it was intended to punish wrong dong. But IL
~ banks now seeking liquidation had done wron
they were among the unfortunate sufferers by
~ great crash which they could not have avoidet
III The object of this bill was to relieve the banks
Ds \. well as their debtors, and he, as Confederat
soldier could not but recognize the claims of thes
institutions to his sympathy, when he recollecte
l. how zealously and literally they came to the SUI
a port of that cause which they had regarded as tt
: cause of their country. As the law now stand
- any foreign specuator may come here, present
bill for redemption in coin to the banks, and upe
payment being refused, procure notarial protes
60 into court and force the institution into liquid
ton and procure for himself the management
" that liquidation. Surely, gentlemen did not desi
% to leave such greatl interests at the mercy
= sharpers?
Mr.. Jonas denied that the constitutional obie
. tions to stay laws applied to this measure. Und
~ this bill the banks assmilated to an insolve
. debtor. The commissioners were the syndiss, ar
those commissioners in behalf of the banks wei
. only authorized to do that which the syndics of
~ insolvents estate, in behalf of the creditors we
authorized to do, and that was to manage Il
I :. assets, by extensions if necessary, in such WI
as to secure the largest dividends. Mr.. Jonas al
argued the great need of this law to secure Il
l. debtors of the banks from immediate ruin, al
49, the gratitude that was due to the banks for the
-. . unstnted support of that which they had regard
~ as the just of the State and of the South.
Mr.. Waggaman was not opposed to the bill.
os was too intimately surrounded by unfortuna
~ evidences of its necessity, but he regarded p
- vate individuals suffering from the disastrous co
n sequences of the late struggle as having strong
- claims upon his sympathies than corporations al
~ he moved that further action on this bill
n' deferred until the House shall have determin,
y the fate of the stay laws before it.
Mr.. Robinson remarked that the banks we
~ about TO come iuto possession of the securiti
10 seized by the Federal authorities as a
prompt action, lest those securities should fall in
" unfaithful hands.
3. Mr. Seaman thanked the gentleman from S
~ Mary (Alr. Tucker) for drawing attention in
marked manner to the Objectionable features
l., this bill. Mr.. s. was opposed to all stay law
No whether for individuals banks; and in the co
sderaton of this bill he wanted it before him,
as it was printed as it came from the Senate, b
~! as it had been amended by the House committee
~ Mr.. Mcconnell addressed the House mantai
'y ing that the bill was not open to the objection
a, as unconstitutionaity as stay laws were but t
~ contrary was entirely constitutional. He warn
"u gentlemen that if these banks were n
ha protected, their assets would be thrown into mf
"a ket, bought for song by foreign spectators, W
would perambulate the State with their horses al
eu buggies, and wallets filled with the notes of pla
ters, whose ruin would be assured by the exacto
of these harpies.
'e Mr.. Richardson moved to amend the bill
VI requiring debtors of the banks to pay eight inste
Vi of six per cent, per annum interest
es. Shortly after the whole subject was postpon
oi to Thursday next, and the bill was ordered 70
oh printed as amended.