Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1839-01-12

The committee on the State Bank, to which /
was referred that part of the Governors message
s.at recommends All increase of state stock, In
TIE bank Of Indiana, with view of increasing I
tie resources Of the staie for the purposes of pay
,ng interest on loans made for internal improve
u.ent purposes also sundry petitions Of the cltI
lens Of Carroll county, praying increase OF
lie banking capital of the state; and two resolu
IONS of the Senate directing said committee 10
...quire into the expedency Of increasing the
oanking capital OF the state, have, according to
'sder, had under consideration all those matters
.ld things therein contained and now
REPORT.
THE message, petitions and resolutions, all
iOok to, and recommend extension of banking
capital within the state. The committee have
proceeded with great care to review the financial
md business relations OF the State Bank with the
country particularly IN its agency In advancing
me agricultural, mechanical, and commercial IN
ferestS OF the state, and conceive the course of
the bank in reference TO all those important and
growing interests Of the state iudcious and high
ly commendable. II is the unanimous opinion Of
the committee, that the beneficial effects of tho
institution on the business of the country too
apparent 10 every one at thIs day for a single in
dividua! to doubt the utility of such institution
as the State Bank Of Indiana As state ins,i,u-
ton it has ever been lending its agency to ad-
vance the best interests of the state. Its loans
proportion to it's means have been liberal to all
safe produce dealers, loans above all others calcu
lated to advance the Agricultural interests Of the
state; and for which reason, If there mono
othsr) it should be the pride and pleasure Of the
Legislature to increase the resources of the bank
by additional stnte stock, order effectuaily
to secure the husbandman a reward for tho
products OF hIs industry. And the bank de-
ponds on the continual success of the husband
man IN converting the produce Of the country in
TO cash for the only certain supply Of the
precious metals for tho use of the bank and which
re- n ia YIoton and nxat,i cn
its healthy state depends, such loans should be
encouraged, for by such loans will the bank in
crease It's ability to aid other important interests
of the country.
The bnnit has been instrumental in doing much
towards adjusting and settling the commercial
debts of cItIZen merchants OF the state, appro-
pirate sphere for its action, for thereby ii becomes
emphatically a state institution, using its corpo-
rate ability to great advantage in collecting, and
settling the commercial debts due by our rner-
chants in the eastern cities; its agency in this
particular from Its very organization has been
highly beneficial to the country and at tho same
time has increased the specie capital of the
try. The bank has received and paid over, or
disbursed large amounts on behalf of tho Gene
raj Government; and 1t is believed citizens
have lost nothing by the bank agency in this mat
ter, but indirectly their interests have been con
suited and promoted, and the character of the
bank for probitv and correctness is wei. sustained
at home and abroad.
In order to increase the usefulness of the bank
IN an extent corresponding with the growing and
improving interests of the state, it becomes one
of the duties of the Legislature to increase the
means of the bank by such additions to its capital
stock from time to time, as will enable the same
TO extend the sphere OF It's actions commensurate
with tho agricultural. mechanical and CONNER
cial interests of the state. But there is another
view of the subject worthy of the notice of the
Legislature. The dividends tho state stock
from the organization of the bank to the present
time varies but little from IL per cent. per
and under that view of the subject the state should
increase the state stock for the express purpose
(if for no other Of providing funds to pay into
rest on state loans made for purposes of internal
improv oment. 1t Is believed, that had the tie
have converted all state loans made for internal
improy ement purposes, into bank stock at the
commencement Of the system of internal i'm
provement, the state might have been relieved
from the one-half of her foreign debt, and annua
interest on such moety.
1t is true tho state would have been compelled
to make loans Of the state institutions, for carry
ing on the public works. But the bank issues o
paper would carry on the public works, it nov
docs, and would always be received in pavmsn
of principal and interest duo, owing by tn
state, but not 50 by eastern capitalists And n
though the state should be largely indebted, tn
citizens when taxed to pay either the principal O
interest, would be enabled to convert their labo
produce or merchandise of the country into pr,
cisely such funds would paw the revenue of tn
state, and the state thereby enabled to cancel III
state debt within the state In medium and in
manner greatly to the interest of every class
citizens within the state, but more especially
to the taX-paying portions thereof. iuasmuch
indirec, tax is less Objectionable TO the cit
of the state than direct tax, and believin
that it Is Of the greatest possible Importance
keep tho taxes OF the people at the lowest pra
ticable point, consistently with the dignity. fat
and character of the state, therefore the comm
tee herewith report Bill to increase the capt.
stock Of the State Bank of Indiana.
Jan. 3-Mr. Smith of W., presented petit,
from VIM. Baker and others, for a change from
rail road to a MAdamised road from Hagerstov
in Wayne county, thence to intersect the Cent?
canal at Observation-Disclosures to a select COZ
mittee Of Messrs. Smith of w., Kennedy Al
Stanford;
By Mr.. Kennedy, from Jesse M'kinnev a
others, relative to a change in the road from II
gerstown in WAYNE county, to Muncietown, frc
arail road to M'Adamized rood-referred TO
same committee to which was referred the pc
ton on the same subject, presented by Mr.. Sm
Of Wayne.