New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-11-28

| cept being cheatedby the banks. If the
| grocer, the baker or the milkman gives
short weight or poor quality. we have a
right to grunble; but if the respectable
bank president taxes his customers from
three TO five pc, cent upon checks, no one
can complain, because 1t is in pursuance OF
{. notarial act.
Tie people a,e .,ze: .ve or SIS millions
| year to pay the 1n.erest on the city and
State debts and to dstray current expenses.
The owners Of :ourcY five hundred mill
ions worth ofproper! complain grievorsly
at this burdene Butwien the banks adopt
selfish policy which costs the people Of
this city alone quite as much every week,
either directly OF Indirectly. not dem.
agogue dare raise ..s voice. The mer-
chant who would dare to protest a refused
check would be r,flai out Of bank hereaf-
ter. and he discreedy holds his tongue.
The pothouss politicians are entirely de-
pendent upon the merchants for the means
to subsist them while they are overturning
the ''hellogg -surpation." and SO they
keep silent upon the forbidden subject.
IN the meantime the financial situation
remains bad. Merchants have been re.
tu se0 regular discounts since about the first
Of September. Loans are said to have been
negotiated since then through the back
doors at two and 4 half and three per
cent Is month. Drcke:s have been plenti-
fully supplied with currency to buy bank
checks at :ro..4 three to seven per cent
discount. Suspicious persons who find
.aui: il haste insinsate that this currency
is supplied by the banks themselves. and
tina: 81 continuance {: the system will .e-
suit in absorbing a. the deposits in dis |
counts. as q keno game VIII eventually !
take in all the mo.ey in the room by re-
tanning fifteen per cen: of the winnings.
Now we tell the banks it is time this |
business was stopped. They can not be !
permitted to make a law unto themselves, !
and enforce it according to their ideas Of !
what is their own interest. We shall have
a Legislature in session within the next
five weeks, which will be invited to look
into banking affairs and perhaps set aside
some Of the arbitr.ry rules which grind
this business community down and drive
the trade away from us. These regula-
tons may be briefly stated as follows.
!. \ persistent Hfusal TO pay depos;.
tors for ninety days
2. No more regrla. accommodation to
customers ~ any tody else at legal rates
If interest.
). A loss &: tire q four per cent on
very check dEaw1 which makes an ag-
5regate Of more th.a q quarter ct q mil.
ion dollars day.
l. New York escs.Ege i: five OF six per
:ent premium.
These ase abuses Ina: axe wen known.
notorious. and burlensoMe. yet we have
10: HAD :. FUsioI convention called 70
lenounce them. ;: will be one Of the |
rst duties os the legislature 60 look into
his subjec: Immediately after meeting.
I'D we are mistake in the men who com.
ose that body K he: do not thoroughly
isciarg- This dut: We do not wish to I
njoy tie s,eii: Of having The best banks
4 creation. when ney are really the leas.
satisfactory. And we protest that this
recess Of s:,angl!a:ion has gone far
nough. We sha. asa Tor . remedy 8.
~ IrOper tine. i