Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1833-03-30

satlons taken BY them. They have en-
tered the list as champions, and | will pa
sien.lv look on and see the fight. But
as the columns Of your paper arc free to
all. / d. not consider II breach OF ell
auette, to say something on this subject;
remembering. that Gin a multitude OF
council there IS safety" The people OF
old Wayne. in nv opinion, are friendly 10
the establishment Of a state Bank ana
branches, founded on safe capital. IL
they can be assured, that the notes OF
these Banks will buy land, and answer
The same purposes that silver does, then
the peoDle will become Bank advocates.
But IL thew have not this assurance, they
will certainly oppose, by their votes and
names, the passage OF any Bank charter
IN this state. From the proceedings OF
the Indiana Legislature on this subject
last winter, we can arrive at the opinion,
which gentlemen friendly to the Bank en-
,ertained Of its currency, and the du-abil-
iiy Of its notes.
An amendment was offered to the bill.
making the notes Of the Bank a lawful
currency in paying the debts OF the state,
&c. This amendment was offered by the
Father Of the Bank charter, upon the
ground that perhaps the Bank might De
broke, and that the officers Of the state
would be placed in an awkward situation,
20 be compelled to receive for their servi-
ces. notes Of a broken Bank; and the a.
mendment was not adopted. Although
in the House voted for Bank,
and urged the necessity Of the measure,
vet this same majority would not pay the
debts Of the state, is it at all probable that
il would buy land or any thing else3 IL
purposes would it answer ! answer, it
would If gone INTO operation as the bill
accommodate a few gentlemen
10 the state, and these gent. would hasten
its downfall. The people in this state
stand indebted to the merchants, &c. in a
much greater amount than the capital of
this Bank. Tho merchant, would press
their accour.ts, the farmer would get al
friend to endorse for him in he Bank, orI
mortgage his lands to obtain the where
with to pay the merchant. Thus, instead
Of the people owing the merchants, they
would become debtors to the Bank. And
what would the farmer gain by this
change2 tie would in my opinion place
himself in a worse situation, and leopard
Use not only his personal, but his real es-
tate. In few months however, the mer-
chants would collect Indiana paper, to a
Iarre amount, but it not being negotiablel
1t Philadelphia nor New York, they hur-
nv to the Bank, and at one mighty pull
'sers it Of all its precious borrowed metal
e:l negotiable paper. The Bank in ats
last spasms would make forced colIec-
ions. and our courts would be crowded
with foreclosures Of mortgages, and court
yards filled with ruined farmers and me-
CHANCES: and TO crown the whole, the
Bank which had already given strong pre-
mun.tory symptoms of dissolution, would
after being deprived Of its vitals, linger,
and thus lingering, would die. l do not
this high colored picture OF
what believe would be the fate Of a Bank
founded on borrowed capital, and man
aged py a few score of hungry office hunt |
.rs. with empty pockets. It's urged ''that
other states have Banks, and why not In
liana?" If other states have BanAs, In
LLAMA is not bound to redeem their notes
md experience has proved, that Banking
S dangerous trade, on fictitious CAPITAL
md that companies, who own the Bank
Il ,ck, can accommodate borrowers, and
make better profit, than those VII" have
70 paw & per cent. on the stock toanei.-l
Ohio is near to us, and some Of her Banks
rave arrived to such character, that their
notes are received at par in the eastern
mtrilets. and can be obtained by us with
he same facility, that notes on a Bank of
Indiana could be, had we such Bank.
Who are the persons who cry loudcst
for a Bank! II is not the farmer, nor
The mechanic, nor the manufacturer. But
il is the speculator, the merchant. &c.
vino cry Bank, Bank. Great stress is pla-
.ed on the present, and anticipated scar
ntv Of m ,ney, and forsooth, we must 60
10, and build a Bank for the accommodate
hon Of the few, at the expense OF the ma
nv. And why this cry of the scarcity OF
Because we have too great
of drones living on the indus'ri-
Gus bees What advantage IS it TO the
government to rear up. and maintain such
!, Young fry Of professional gent? The
rich forests Of the west, are inviting them
to settle on their bosor1s. and promises
them IA lasting and happy home, and by
this means add something to the great
store house OF nature.
AN OLD + iRMER.
Eor The DUUoJ;uw