The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-22
THE BROKEN BANKS AND THE DEM
OORAT.

The bulls on Carondelet street for several
days past have been busy In circulating the
statement that the recent failure OF three
banks In this city, and the embarrassed con-
dltion OF several others, arc due TO the
attitude taken by the DEMOCRAT In favor Of
readiustment Of the enormous debt. largely
fraudulent. which burthens the people Of this
State This was very Ingenious device Of the
bond gamblers to arouse q popular feeling
against this paper and damage Its influence
with the people, whosecause and interests we
are striving to protect Doubtless some nod
est but simple minded men may nave
been deceived by this absurd and MALICIOUS
story We did not deem IT, however, OF sunl-
cjent inheritance to notice while 1t was
mere street rumor But the alega-
ton acquires O greater Significance since a
public newspaper has been found reckless
and unprincipled enough to give 1t circulation
and editorial endorsement,
Yesterday morning the New Orleans Times,
MIR. Clinton's paper. and the organ Of the
brokers. charged the responsibility for the
failure Of the New Orleans Savings Institu-
ton, the Southern Bank and the Mechanics
and Traders Bank directly upon this
Journal These banks have been ruined and
others greatly embarrassed, the Times
In substance says, by the terrible depreciation
OF State and city securities which the DEMO
oRAT for several months has been striving TO
produce, and has at length succeeded In pro-
ducIng. The deposltors In these three banks
are generally men and women OF small
means, and the unprlnclpled plan Of charging
ha roannnutbtiit, IF tho faiIItraa mn tbfu
paper was we'll calculated TO arouse the ami
mostly of these wronged and uniformed
people against U.s. But the trick Is entirely
too transparent. When the Savings Instltu
ton went down the columns OF the Times
we're filled with reckless and damag
Ing charges against the president
and directors OF that institution. In
deed, SO gross were It's charges against
these gentlemen that popular clamor
was raised against them, and the DEMO
Graf felt IL a simple act Of justice to take their
part and defend their good name and the in
tegrity OF their management. Again on the
twentieth instant, day or two subsequent
to the collapse OF the Southern Bank, the
Times, In an editorial, characterized by It's
usual imbecility and viciousness, made q
fierce attack upon Mr.. Layton and his 1850
ciates, and charged that the failure Of the
bank was due to the litigation In which those
gentlemen involved the bank In their effort to
sustain It's rights under the now historic act
of 1852. And, finally. yesterday evening, al
most before the ink had dried on It's morning
edition. charging the failure OF tho banks
upon the DEMOCRAT, the Times printed q
gross untruthful and brutal attack upon the |
dead paying teller OF the Mechanics and
Traders Bank. whom, upon unsupported
rumors, II alleges was guilty Of gross irregu- |
larities and frauds, and who committed sui
eide to escape the shame Of exposure. We
have ascertained that there is not one word
Of truth In this Infamous story. The I'M
fortunate gentleman had baen connected with
tho bank for over q quarter OF century; |
he has borne In all that time an unblemished
name and there has been no irregularity dis |
covered In his department of the bank. But
for q long time he had been subject to in
tense attacks OF neuralgia, and suffering from
one OF these and depressed by the failure OF
the institution In which he had almost been
reared, he killed himself. And now the New
Orleans Times, hungry for sensation, cray
Ing for something rotten In poor humanity
to feed its foul stomach on, follows the corpse
Of this unhappy gentleman into his desolated
home; into the very presence OF his stricken
wife and weeping children, and for what2 To
expose crime he had commtted2 To prove
that he had been unfaithful to his trust or in
for his position? No; for his life
had been blameless and he had been compe-
tent and faithful In all things. Oh shame
this scavenger OF the press hunted up his ira
ducers, and while his body was yet unclothed |
for the grave, it filled the whole city with
baseless charges against his good name
We had not thought to say so much on this
particular affair In this place, but Indignation
ut this brutality has impelled our pen and
forced us, almost iDstinctively, to do Justice
both to the living traducer and his dead victim.
Thus we find the Times raving about the
failure OF these banks, ignoring the real
causes OF the disaster, and seeking, In its
for brutal scandal, to impress the
public with the belief first, that one set OF
gentlemen and then another have been guilty
81 some wickedness and rascality which
lite for scandal which prompted the Times to
asper5e the life and character OF Mr.. Huard,
Of the officers OF the Savings Institution and
Of the Southern Bank, made 1t the quick
Of the bulls on Carondelet street
TO circulate their injurious reports relative
TO the DEMOCRAT and the banks.
We had intended to discuss at length In this
article both the immediate and general
causes which produced the recent crisis In
this city and the failure of the three banks.
We will not, however, have more than enough
space to notice Just now thetformer and we
shall reserve the latter for another article.
II any sensible man deems the charge OF
5he Times against the DEMOCRAT OF sufficient
Importance to inquire into the real causes of
the breaking Of the banks he will easily find i
ample material to base a Judgment upon.
First: Did the demand Of the DEMOCRAT for