Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1833-02-09
Indiana legislature.
SPEECHES oNTHE BANK BILL.

81 N. RARfDEs said he was gratifiec
with the propositions Of his friends
from ~vayne and faJette, because
they brought up The merits Of the
bill for discussion, and he disliked yer,
much to skirmish up the out-works
when the fortress it, was 50 vuiner'
able. tie preferred stack Il as 9
whole. to delioeate itsesne PrinciPseA
and to point out its practical effects
upoa society, and though he did not
w,sn 10 be considered as over distrust
ful nor as entertaining an unfavorable
opinion ofmen generally,yet in politics
he considered jealousy a virtue and
too much confidence vice; that when
pover was to be conferred upon gov
ernment agents that might he abused
to the subversion or even annoyance
Of popular rights, he regarded it with
great jealousy and expected but little
foroearance, and thought it fair to AS
sumo that such agents would do that
for their own benefit which the law al
lowed them to do. Then sir, bearing
this in mind, shall approach the main
p,oposition. Shall we authorize the
loan Of eight hundred thousand dollars
upon the credit Of the state to found
this bank upon? for one am opposed
to il, for many reasons. BANKING at
all times and in all countries has con-
tr.nuted more to the extension OF
trade Than to the promotion Of agricul-
tus9l industry, the only real money
ma. ing pursuit in Indiana. All other
occupations here derive their susie
nance from that, and if bank would
promote it should be for one; but in
nv mind it would not. If this was a
pro position to concentrate the dor
mant and unemployed capital Of the
country for the purpose Of giving it
life and activity by paper currency
founded upon it, should have faith
in it; but receivingitas it's, as aProPo-
sition to involve the state in an immense
debt merely TO distribute amongst
the imprudent to pay of their debts
and to make their incomes appear e.
uuaI or more than their Out-gOings, ]
cannot 60 for it. 1t is nothing better
than taxing prudence, economy, and
industry, (for it is upon the credit Of
such alone the money can be ObtainedJ
for the benefit Of opposite characters.
Though all classes Of society would
wish to see the circulating medium in
creased. yet / doubt if many would
wish to see it at the price proposed BY
this bill, at a tax Of more than forty
thousand dollars year, the interest Of
the sum borrowed. But the gentlemen
tell ne the bank will pay that. ! ask
them where the bank will get it but
from the people Of Indiana, from those
WAC cultivate the soil. To be sure
they might not themselves pay it into
the bank, but they would pay it in i'm
perccptible Titles in every thing they
bought and sold, for they alone make
money. The merchant makes his bank
interest a part Of the advance on his
goods, and the trader will give that
much less for the surplus products of
the country, and the producer of sur
plus produce. which alone brings mon
ey into the country, pays the interest
on borrowed capital employed in its
purchase at all times, and the only ad-
vantage the country would derive
from a pc manent bank would be to
enable us to become our own carriers
to the best market. II would not pro-
badly increase products unless it could
increase the price, for that alone slim
uiates the producer. The evil COM
planned Of is not, apprehend. such
deficiency Of circulating medium as
to disable the producer from driving
on his operations advantageously. hut
that its supesabundance and the facili-
ties Of getting it on loan have hereto
fore been such as to invite luxury and
and to divert from prof.
table employ that industry which aug
mcn'ed products for foreign markets.
Here lies the rub. Here is the root of
The evil complained Of. and no doubt
he remedy IS in our own hands, but
ian never he found IN this bank. And {
again, into sghose hands is this sum to !
De placed to bring about this contem- ,
plated millennium? Is the farmer to
quit his occupation to become bank
IT? No. The habits Of his lif unit
him for an occupation Of the kid ifbe {
hool4 be disposed. AgricultuFa pur- l
uits cherish and elevate every gener- {
BUS feeling that enobles thee human q