Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-12-11

tons have survived. The paper which must de-
preciate, and 1t may include The Treasury Noies
of ths State will remain for the debtor, who will
discover most Unexpectedly, that bis debts nave
been IN effoct enlarged by the increased amount
Of such paper which 1t will require 10 pay those
debts contracted at home aud abroad, vth refer
ence to a more Uniform state of the currency
Whatever consequence may spring from fesuh1p-
ton, fear those viii be deceived VINO urge tue
measure, under the belief that II "iI, unaided oy
other measures, provo etfectuai remedy iof ta9
distracted condition Of the trade and commerce
II the country. Tho origin Of the evil lies far
rher back than the refsa!s Of banks TO pay specie
The suspension is but one 0fthe many consequent
ces which have fpwed fgorn oserbankIng oveftfa-
ding, and from wild and reckless speculation,
through which wealth was sough, by ne" ana
n0t.rcd schemes, that have brought no'hing out
ruin and bankruptcy TO the projectors.
The time for resumption should be selected WIN
canton and neither precipitated nor delayed,
except for sufcIen. reasons. 1t, however, may
not be amiss 10 remark If many banks OF doubtful
soIvency continue Increasing their circulation,
which in all probability must provo worthless ~
the end, the ooacr the resumption takes place,
the better for tho country. When the banks
shall undertake to redeem their Liabilities IN
specie, they must be sustained as tar as posSieie
for q general failure in the effort, would Out
nugrnen, the dsa tors and difficulties which have
perDle1ed the trade, business and moneyed con
The meantime, If We wish to hasten the approach
Of bette, times must live cheaper. pay our Old
debts as fast our available means VIII enable
us, even If some considerable sacrifice is required
protect the industry Of our own citizens against
the ruinous competition Of low prices and scanty
wages in Europe, and secure sound and equal
currency for tho trading and commercial opera
tions, Of every portion Of our common country.
As respects the State Bank Of Indiana, it can,
no doubt, resume a, tho oarlies, day the leading
Western Banks Will name. Whether II can do
50 at an earlier period, without permanent injury
to the Bank itself, irrespective OF the general
welfare, is question concerning which O more
correct opinion can DO formed when the condiiioA
OF the branches shall be exhibited through their
annual reports TO the legislature Rash measures
IN reference 10 this subject are to be depricated;
for should the Bank be crushed under prema-
ture attempt ut resumption, the people VIII he
deprived ola currency which has always been
eagerly sought after, and that portion OF the
State debt invested in bank stock, which has
hitherto met its own interest. and yielded
handsome profit besides, to the State, must be
added to the debt to pay interest upon which, no
means exist except resort to direct taxation:
| say added to IT, because the State has now neGr-
ly half her share Of tho capital drawn out, md
the losses inc dent 10 n sudden winding up OF the
concerns Of tho bank would wei! nigh dlss,Pate
tho balance. AS to the general management
Of the bank tho strictest scrutiny should be cS
/
may be found to exist. in order to sustain its /
character and usefulness, IS On institution in
which The ps@7to oftho State tIaVe docP inter +
est.
The act authorising the issue of Treasury /
Notes provided that they should be issued of the
of fifty and of five dollars, in an
equal amount of each kind The larger notos !.
have proved iDconvanent for circulation, and tor
tho payment of taxes, and have suffered and
arc s,iil Liable 10 greater depfeciaiIon than I
those OF tho less denomination. IL Is believed
that ii would be highly beneficial TO the pubic
generally, if provision were made by law for the
State to take up the rif,es, by Substituting in
their place notes Of five dollars. As the State
can lose nothing by tho operation, no good rca'
be conceived why this should not be
dono Immediately, the more especially II is
now settled that they must remain in tho hands
Of the people. until they can be taken up IN tho
collection Of the State revenue. Under existing
circumstances bonds cannot be sold for their re
demPtion and ii VIII require every ezertion IL
prevent their depreciation. Their value a
circulating medium for which they have been
used, mast now depend on the facility with which
they can be applied to the payment Of taxes, and
the demand created for them, by the amount of
taxes to be collected.
From the report Of the Treasurer Of State which
will be laid before you, i, will be seen that the
balance remainino in the Treasury the LIST
Of October last. being the close of the fiscal yenr
is 29,174 50 dollars.
Tho repor, OF the Auditor o. State, which will
be laid before you, shows the assessments OF the +
present year from which the revenue of 1912 is !
to be derived. II appears that the whole taxable
property of Indiana is valued at 800, 5lS, 1913, /
showing an increas. over the assessments of the /
previous year of S3,762.97s. The number Of
polls returned arc 1913, 7i6, showing an increase
in the number of polls of 3,i5S. The revenue
received the present yenr for State purposes will I
be 459, sst dollars So cents This amount is I
derived under the law directing nn annual per-
manent tax of forty cents 10 be levied each year
on tho grand assessment for Internal Improve
ment purposes, and seventy five cents on each ,
poll to pay the current expenses Of the State I
Government. These expenses are estimated for
the ensuing year at S92, 10000.
The present Librarian Of the State in the faith