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

nan been expecting from the manner
which have equsntly heard the eusiass Of this Bane
II important Sease
Branch sustained and kept operation. Tel
il community, perhaps. in the STATE
serprise, citizens n Lafayeste
point view place the interior
the State that be compared it, We sorry
any dicuIsy arose. hope, At the recer
able all dissatisfaction, and that Branch
heretofore profitable ,ockhold
er., and be conducted satisfactorily the community
THE BANK.
Hitherto nothing has been said in relation I.
the management Of our State Bank. and we pre-
sumo TOR the best of reasons that nothing. bu
very little at least is known beyond the circle o
officers who control it. We, for one, have no
sought to look into ats transactions, and for thi.
reason, that we own no part Of the stock. Bu
Notwithstanding this we feel an interest in it.
character being preserved, inasmuch AZ 80 long Al
banking institutions are kept up, it would be The
benefit Of our country that one should be kept up
here. But we look upon it imperative dut
to notice every violation Of its charter, and al
the acknowledgement which may come to oul
knowledge, to the end that tho stockholders may
be informed thereof, and apply the corrective
remedy.
The objec. Of cfartering the bank ena-
bic our citizens to supply themselves with funds
| at a reasonable interest without being At much
purpose the
State furnished large portion Of the capital, and
for this purpose is the bank limited in its loans to
a certain per cent interest.
Now would ask if it be true as represented,
that the Branch at this place instead of using its
funds, and directing its discounts to the legiti-
mate purpose, the officers suffer extensive loans
to the Insurance Company at this place; and if
the money thus loaned is not again reloaned to
individuals at an exorbitant interest?
We have heard such charges; it will be well
for the stockholders and people to look to them.
II is for the interest Of the community that the
Branch ut this place should BIO continued, provi-
ded it is conducted under the regulations Of the
charter, but if its means to be prostituted to
the purpose Of compelling the citizen to pay from
Is to SO and 100 per cent interest, it should
not longer be suffered to exist; it must 90 by the
board, the "monsser'' must be put down.
Since writing the above we have had further
item on the subject Of the bank transactions Of
the branch at this place.
Sometime since, we arc informed, charges
were preferred against the Cashier We had
partially information of these charges at the time
they were preferred, but we had not heard Of
the ultimate result. We now propose giving it in
the terms it was related to
The charges were that, the Cashier, Mr.. White, !
had used the funds Of the Bank for his own pur- |
poses and had loaned large amount to particular
friend, one OF the directors, Mr. 8. Taylor, with
out the authority or permission Of the Board,
Ind in violation Of his duties as Cashier, and
hat the interest arising from the loan of Mr.. Tay-
or he had appropriated to his use, and this
90 at the time when the Branch had discounted /
o the limits Of the charter. These charges
we're investigated by the Board Of Directors:
we're sustained by the evidence; resolution or
cred in substance that the Cashier had, in viola
ion Of Lis duties used the funds Of the Bank, and
ricnds Of the Cashier w;sE to set up, and this
vas the defence of the Cashier, that the amount
oaned to Mr.. Taylor was Of the funds Of the In
A. A>zl e ~
tank showed most clearly that the Insurance Com
any had no funds then in Bank, on the contrary
had over drawn some hundreds of dollars. And
this were the fact, why did not Mr. White ac-
CUNT to the Insurance Company for interest? The
violence them if this be the fact establishes this,
a time when the hank had discounted beyond
Is chartered limits, loaned large amount Of the
lnds of the Bank to his friend, charged ten per
emit. interest," pocketed the interest, and yet the
|oard sustained him in the act Where must this
nd? If the Cashier is suffered to portion of
ne funds of the Bank, what is the limit!
This matter should be seen into by the Stock
olders, and if they will not place check for the
,ture, it is high time the State were looking to
8 interest.
We are informed that the facts in relation to Z
lis matter are place6npon the minutes ofthe Bank,
nd each stakeholder a has perfect right to ex- I
mine them. We arc further informed that one .
the directors wished the whole matter publish .
and the evidence made public, but the majori- c
: Of the Board refused. p
We are also informed that the facts Of this u
latter were withheld from the minutes some r
,ree or four weeks and were not spread upon u
lem till since 8. Merrill Esq. the President Of II
Re State Bank, last examined this Branch; and "
is believed that it was done with the express o.
.rpose Of Withholding the information from the q
tate Board. We are also informed that there
rs been deriliction Of duty tho part Of the ST
asher in Withholding from the Board Of this g
ranch, sundry orders Of the State Board. p
If all this be true, and the facts are brought Il
,fore the Legislature, or the mother Bank. al II
ough as before stated, would much prefer te
eing this branch continued in operation, while m
ere are others in the State, get we think its m
'erations must be suspended.-Ihe major part tn
the directors Of this Branch, are men more "
,eply interested in its continued operations than az
~ others, and we cannot conceive what freak r.
infatuation should permit them to.conduct the II
,siness Of the Branch would subject it to sus- u
'nsion at any moment. Have they no more re- 81 81
lrd for the well being Of community! "
II may be supposed that we make these re- tn
arks for political bearing: not 50. Although Mr.. no
hite is politically opposed to US, we have al &C
avs held that politics should be excluded from M
e management Of the Bank. And we had a. IN
ays thought Mr.. White excellent Cashier; b