New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-14


change Of opinion on the part of con.
temporary, providing the causes which
have produced it are dictated by sound
reasons sustaining the public interest.
Herald could not be causelessly induced
to make SO balpable change upon so i'm
poriant q subject; and it must be further
satisfied, in order to relieve suspicious Of
a damaging nature, that the cause
which has produced this change is
a just one. This is matter,
however, that can not be established
or lodged by scurrilous attacks on the
national administration or the Republican
newspapers. If ''our banks" are properly
managed they do not require such bolster.
ing" as the Herald Of Sunday gives them.
| Its balderdash about the REPUBLICAN. the
| Republican party, and the financial policy
OF the national administration will not
change the real condition Of our banks,
whatever that may prove to be. 1t is GER
tainly not our purpose or interes. to will
fully m'sstate, one way OK the other, the
condition Of New Orleans banks. What
We have said in regard to them has not
been defogatory to the management of all
OF them. That some Of our banks in the
rast have been misinanaged many of our
people have painful recollection. Thou
sands OF depositors have from time to
time suffered in this way. They, we are
sure. will not be inclined to concur in the
following assertion of the Herald:
There never was anything more baseiess
than the charge of the REPUBLICAN against
the general mlsmanagement OF our banks.
The general mismanagement OF 'our
banks" is a subject tina. can not be de-
termined by the press a. this time,
although the Herald. in the exuberance OF
its zeal as their champion. asserts, withou.
investigation, that their general manage
mens is good. The public have reason to
hope the Herald may be correct in this.
but the suspension Of payments to depos-
itors has not been calculated to strengthen
the position taken by that paper in regard
to the manner in which the banks have
been and are being conducted.
There are various ways in which banks |
may be mismanaged. We know that this
city is not cursed with the same spirit of |
speculation that has embarrassed New |
York. and for the simple reason tina. cur
banks have not had the same means TO
aid spectators. But it is rendered quite
evident that there has been a demand for
money. and a large discount business
aone. The most Of this money belonged
% depositors. If it has been loaned 10
careful business men instead of prohigate
aTorites who have expended it foolishlv.
will find its way back into the
banks. and our banks will have no ex.
use in a short time for not paying their
'epositors. This is the most hopeful
lew that can be taken Of the present gem
raj condition OF our banks. If it is cor.
ect the combination entered into when
hey suspended may serve a good Dur.
'ose. If not, the sooner the combination
) dissolved the better. |.
Upon the subject Of the bank con,biua.
ion in New York. the St. Louis Rep,l5- {
can OF a recent date has the following
ertiuent remarks:
The fact is tina: certain people in New
ork nave speculated until they are bank.
lpt. AS long as the combined banks I'm. {
ertake to sustain them. the unsoundness c
III attach to the stronger as well as the ! 2
eaRer. anu the uncertainty will cripple
10 whole mercantile community. The | I
My remedy is for the strong banks to get I
~ OF the combination. and, resuminc bv :,
lemselyes provide nucleus around which Il
'und firms and legitimate business can f
lily. The consultations reported show :,
lat they begin 20 realize that there is alb. :,
'lutely no other way out of the entapgla. t
ent. 1t will cause some failures. Rnt
hen fraction OF the community is really
oxen. nothing will restore confidence bat
have that fraction fail which % actually
tnkrupt. As long as the solvent part Of IL
I" c"':i''unlty tries TO carry :he insoIyent | \
. mercantile credi: mus. suffer.
This is sound advise. and is calculated =.
strike at the roc: OF the evil that has -
ep: into the management. Of on. bank. =
institutions generally. /. has the =
'g OF good sense. stripped of partisan. h
n, something that makes the balderdash :,
the Herald very offensive. =.
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