Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1833-02-16

ceNsin and permanent as the pill
lnws Of the, earth. l voted against
the present bank charter, and hope nei-
Their the editor nor his friends will pass
eenfenee on me for this vote without hear
;n~ - 10 detail on this important inter-
ct. WV.
whilst conducting the palladium"
IA state. what I believed at the time to
b. a fact, that ga large majority Of the
,eoole Of this county are in favor OF a
bank.n Nor have yet had the slightest
reason to change my opinion on this sub
;act Not one out Of twenty, whose senti-
ment. have como 70 my knowledge, but
ar. decidedly in favor Of having bank.
Mr. Sssele says he may readily mistake
the views of his constituents on this SUBJ
;ect. as he was a considerable distance
from home at the time hepenned the above
article. Ikno, that petitions were for
warded to our representatives,, signed by
numbers Of our most respectable citizens,
Drawing for the establishment Of state
bank but have yet to learn that any re-
moustrances against the measure we're
forwarded from this county. Under these
circumstances, think il would be very
difficult matter for him to mistake the
will Of his constituents.
believe with Mr.. Steele, ''that large
major ity Of the citizens OF this county are
honest farmers" But my faith extends
q little farther: believe that they are IN
selliyent also-too much 50 to be duPed
By fateery. 1t savours very much OF the
demaeoeue to be continually endeavor'ng
20 worm into the favor ef the most numer-
GUS class Of our citizens, by calling them
"the honest farmers" ''the sweet people"
&c. Doubtless majority ofthe people
are opposed to flooding the country with
a ssfalse representative of money!" but
have vet to be convinced that such would
have been the effect Of the bill which
passed the house Of representatives,. II
nv memory serves me aright, that bill
named three commissioners, who were
empowered, IN case the several banks
went into operation, to procure the ne
cessary amount Of paper, not to exceed
twice the amount Of stock taken by the
state and individuals, and 10 hand the
same over to the presidents and cashiers
of hhe several banks when called for; but
&c amount Of paper so handed over to
any bank, was never in any case to en-
coed twice the amount Ofcash actually IN
the vault uf such bank. Now as there
are some perhaps who may read this ar
ticle that are ignorant Of the fact, l will
here state, that every bank within my
knowledge is allowed to issue paper to
three times the amount Of stock paid IN.
Here let me make the inquiry, how does
a bank get its paper into circrlation?-
Docs it give it away, without any pros
pect of remuneration No; the money Is
loaned, at two, three, or more months
credit, to good men, who put it into cir
culation: and it is scarcely within the
bounds Of probability that all the paper
thus put into circulation will oe present
ed at the bank for redemption, Def re the
Eotes on which it was issued become due.
4 great hug-bear is made of the IMPOSE
ton that has heretofore been practised
On the people by petty banking institu-
tons. But let US examine the subject for
one moment. A company of indlv lduAls
would obtain charter, and commence Is
suing paper, perhaps with not one hun
dred dollars in their vault. The stock
would be taken, and the stockholders
would paw interest on the rhole amount
Of their stock to the bank, and hold 1t as
a sort # permanent loan. This would
DO. If the bank was allowed to issue but
three dollars for every one actually paid
in, but instead Of that they were allowed
10 Issue three for every one subscribed.
The gentlemen who framed the bill a.
Sainst which all our representatives had
such insuperahle objections, were aware
ofthese facts, and instead Of introducing
the plan of a srindling machine, they
brought forth the model of a bank whose
paper would a, any time ise redeemed
with cash.