Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-11-11

DGDATE IN THE q. q. SENATE.
sArvasAy Oct. IA, 1887.
THE LATE DEPOsITE BANKS. 81
The bin providing for the adjuetment Of the re-
naming claims on tho late depositc hanks was
received from the House with two amendments,
extending tho times Of paying the three install
ments from the end Of four, six and nine months,
respectively to July next, January, 1880, & July
Mr.. wr;eh, moved that the Senate concur in
this apendment Of the House.
MI. Smith, Of Indiana, said no did not rise to
make speech II this late hour Of the session,
but 70 dctsin the Senate single moment, while
he rsada letter he had receiy ed since he address
ID he Senate, from the cashier a the State
Bank q 1ndiaoa on this subject. 1t will be per-
esived (said Mr.. Smith, that the letter refers
the time allowed the banks by the bill IL came
from the Committee on Finance Of the Senate.
The bill was amended while in this body; but
Gent 70 enable tho People to close this matter
without produeisg too much distress. He hoped
the smsndnnsot Of the House giving longer time,
would b sustained By the Senate. He fully con-
cured with the writer of the letter (who was well
aequainted with the concerns Of the bank,) that
whatever might be the policy d the Gov ernmeni,
% far a. the hanks were concerned, tho question
10 one ofselisf 70 the People. The corporations
cannot suffer, but the People can, and must, il
the banks arc pressed. NJ. 8. said he wished it
vocats II any bank, not those in his own
State, beyond the interest Of the People; and the
moment he became satisfied that their interest re-
quired the suspension Of the corporate powers cf
those institutions, be would say, ssf,se TO renew
them; but he was satisfied that course Of policy
requiring Of the bank at this time TO press their
debtors, in selEdsfence, would BIO productive Of |
the most destructive consequences to the citizens
Of this State. Mr. 8. then read tho following |
letter from James Ray, Esq. cashier Of the State
STATE BANK OF 1NDsANA,)
Indianapolis, Sept. 1917 |
HOMO. II. SMITH
Dear SIR To 9,vo you q full apprehension Of
tho eropsiety ofthe terms in Mr. Wright's settle
n'ens bill Of debts Of the deposite banks, copy
for you On extract Of Mr. Woodbyry's letter Of
instructions on being appointed deposite bank.
'TRRAsURY DEPARTMENT, Jan. 20, 1887.
"Ssmucl Merrill, Esq. Pres. &c.
"Jn selecting your institution NJ one Of the fiscal
agents Of tho government, nos only rely on its I
soSdity al50sjing sufficient guaranty for the
safety Of tho public money intrustcd to its keep
sng, but conhdo also in its disposition to adopt
tho most liberal course which circumstances will '
admit towards other institutions. The deposiees
of the public money will enable YOU to afford I
iscre0sed facilities to the commercial and other
cIasscs q the community; and the department b
anticipates from your adoption Of such course 3
your accommodations ns will prove e
acceptable to the People and safe to the Govern
nen1. d
II remain, very respectfully, your obedient r
LEVI WOODBURY., Il
Secretary Of the Treasury. ds
We have done 20; We have accommodated the m
'ublic, and are paying two per cent. to the U. =
|lates for the means u doing the same; and are
aging the pensioners NJ ten different places Of y"
ayment in the State, &c. without charge. And
'ow, ~ far ~ lies IN me powcs OF congress, 1t =,
rould seem, We are to be crushed unless We = :;
csew out Of the community, during these times, -
bout 37OO,OOO deposite money loaned out, aud =.
~ The same up in 9, S, and months; and that, q
suppose in specie. Il 10 plain, II such settle e
Dent required, that the interest and the rigldy
interests Of tho q. 8. Government are only re- NJ
ar3cd, while tho interests Of the People Of the ~
'tatc 81 Indiana, in half Of our bank stock indi-
ectly, are left to the winds.
Our banks can stand any thing that any hank
IN stand, but the prospect - that We will b all
N 70 prosts.ted on such terms, that we cannot
m finger ~ furnish means Of conveying out . III
plus produce, add any thing to the facilities III
If wc Iose the fourth instalmcns, and have such
srms Of settlement required Of US, tho people Of
bio State must inevitably suffer severely. There ~
, no possible remedy. The means Of paying, ~ IN
,sll ~ most Of tho means Of resumisg specie in
uvmeuss must come from them; and you may te
,el appsehcnd that they not we'll prepared to VI
Seet such calls. "A
yours truly. ST
JAMES NJ. RAY. ev
Mr. Smith said he did not intend to trouble the in
enate but . moment, in additional remarks, at
hassver Justification he might find in tho re- sc
,asks Of me Seaatos from Missouri, against the sl'
anks q his State; he was satisfied that these an
anks wers entirely solvent and good, and should
least have been exempt from the indiscfimi- q
40 denunciation Of that Scnssor.-Thc People %
the State have full confidence that the banks th
i'll finally redeem every dollar Of their paper, III
ID he hed no doubt that such would be the case; HI
me, however, was required to enable the Poo DO
b Who arc indebted to the banks to pay up. mi
b money due the Government Is SAFE, and the Of
mo IL . rclicf measure foe tho benefit ofthe pc
eoPae, and b. hoped it would be granted by the a
enato. uu
A conversation ensucd, by Messrs. Buchanan, fos
right Walker and Clay, a Ala, on difference ag
understanding If the import q the language Of i'm
70 BILL in relation TO the time when six per BIZ
sercst would 10 required from The banks by the an
D; M. Wright believed i TO be from de time
a IL. ...>l> A. - H.