American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1823-09-19
For Ike .qmerican Watchmau.

The subject Of the funds Of the State being
invested in the Farmers Bank OF the State of Della
ware, and the whole provision and execution fthis
project having been brought about by the rule oil
policy of the federalists, it would seem that this sub
ect, which has been much neglected. begins to eX-
cite the attention Of the people OF Delaware.
II is the right and duty OF every taxable who has
ibuted his money 10 create this fund, and on
whom the losses sustained must fall in that pro
potion, 10 inquire into this unfortunate affair.
II is not my intention to say whether the federal
lists intended to carve out well wrought machine
which was to cement their policy with the funds oil
the State. in such way that their influence over the
people might be conclusive, nor yet whether the
sellers Of stock the State have blundered such
good fortune by ccident or by deliberate plan
but do say that the Stale is injured by this mise
rabe investment, more than by any, and all her
oher misforunes put together, for years passed.
The State is now the holder Of upwards OF 5000
shares OF the stock which was chiefly bought at
from 60 to G2 for $50 the stock has fallen to near
$40 on account Of losses and no dividend being
given. by this it will appt4t that the loss 10 the
State is at least $4,000 Add to this the great
losses by debtors to the Bank and do believe the
whole loss to the public, the Bank to close 10
morrow would be at least $4,000.
But still more alarming consequence grows out
OF these sales, as they have been made by those
supposed to be the pillars to support this institution
They were large holders of stock, which the State
now holds some of them now are Directors, hold,
ing five shares OF stock and some others holding
not one share. Under such circumstances, will not
the public interest be neglected, and will not the
fund get worse instead Of better?
Again, the number Of officers, and large INNS
paid them, swell the expenses TO about 1880 o
year two filths of this sum are paid 10 lie state.
Such is the influence Of those officers in the Bank
and with the Legislature, which appoints twelve OF
the directors, that none have been found who will
curta their salaries. If any should be so disposed
to economist, they soon elbow him out of his Office.
1t is believed that the whole business Of this instu-
iion might be well done as at present. for little
more than half the sum now paid. Ought not the
Stockholders to look into and correct these abuses
1t this engine Of power, created by the federaliss,
has been SO managed by them, as 10 produce seri
nus public loss, while those who have stood behind
the curtain and worked the wires, have snugly
pocketed $4,000, they may say by fair sale or
otherwise the effect is the same TO the people.
appTehend that 1t is duty that the people owe to
themselves, to arise from their slumber, and in the
majesty OF their strength, exerted at the ensuing
election, hurl from power the authors of their mis-
totune.
If the Republicans of Delaware had been the
authors OF this miserable policy, political death
song would have been echoed from one end Of the
state to the other the whole pack would have been
in full cry.
1t is to be hoped that every taxable will inform
himself on this subject las the information is spread
on the Journalist previous to giving his vote, that he
may see that the authors of this public loss are fed
erallsts, and if SO unworthy his confidence
he Republicans have opposed this measure as a
body-they passed law in the House last winter
TO stop this lnsestmen-but this law was laid on the
table IN Senate by Federal and Bank influence
This attempt to stop this investment, SO destructive
Of the peoples interest, and so great hobby to the
lew fortunate adventures who have made their pc
cunary and political fortunes by it, shows that these
Republicans, regardless OF the frowns or fayors Of
Others have the interest of the State for their object
and proves them to be entitled 10 the sufTrages oil
the free and independent electors of the State al the
ensuing election ONE or TIE People.