Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1841-08-11
INDIVIDUAL AND COMPANY NOTES.


trey rcprehcnsibe. Its personalities have called
GU, Mr.. John Wood, banker of this place, and in
tn. matter We shall not interfere. The balance is
far subject for comment. Tho editor says; I'VE
on former occasion, called the attention Of the
public the food Of 'stn liasfevs' that was .fOT
ing IN this community
How does this assertion correspond with the ar
gi,mcats used by the Journal, by the federal wing
members Of the Legislature, and by the wing press
generally at the time the subject OF the issue OF
small notes by State bank before the Legis-
aturc The cusre of "shn- plasiers" then on
our State, and j; argued by the Bank Advocates,
that the issue of small notes by the State insi-
tuition would dispace those Of other States and
drive them from circulation. Has this been accom-
plished On the contrary has not this issue by the
State Bank rather caused the specie to be driven
from circulation, and It's place to be filed with
fraudulent and valueless shin-plasters - We up.
peal to the people for their answer.
We would ask TIE editor, If these sshin -plasters"
have been taken and recognized as currency by re.
sponsbe men, as the Journal asserts, why are they
not good as those of the State Bank The issu-
crs of these "shn pas;ers" can only refuse to re-
deem their 'promises,' which i just what the bank
is doing-not a note of their Issue but what bears
lie on its face. The editor TO think that the
bunk men have patent righi to ''swindlc' the COM
munity, while in individuals it is high crime and
We think as bad the other But here the Sc
cre of the Journals article comes to light too pal
pab!c TO be mistaken:
! "As long as they ["shin-plasters'l can be oh.
tanned TO pay debts and buy produce ruth from
farmers, viii pay ont any other kind Of funds,
consequently for all useful purposes The State Bank
small notes might neil be iocked up Ia the rauHs of
InpE in no sfr hova pl
where they will be if this state of things contin-
ue.' Isl
/ This paragraph is sample Of reasoning which is
worthy Of Daniel Wcbsier
If "shin-p lasters' Will "pay debts and buy pro-
duce," what more bank notes do And if they
at the time "swindlc" the public, what are
"he useful parposes which would result from the
circulation of the banks notes. which, it is net pre-
tended. can do more than '.pay debts and buy pro-
duce"! or The "shin- pastors" drive cut their
share of specie from circulation, the whole of which
the bank wants, and through the editor of the Jour
nal, lays claim to. Says the Journal 'rhe farmers,
laborers, and mechanics could do great deal to-
wards reforming the currency by refusing to receive
for their produce and labor any other kind of notes
than those on banks known to be solvent" The
Journals advice very good as far it goes but
he people hnoiC tohen the 6aHhs msotreEt
soiren! How do we know that the State Bank is
not insolvent at this moment When indivdu-
al unable refuses to pay his debts, he is consd-
cred insovent. Why then should not dozen ndi-
viduals be considered insolvent when they refs to
! pay their debts' One thing is certain: either the
State Bank can pay what they promise, and VIII
not do it; they unable to do it, and should di.
v dc ,vha llv +hai
In the first place, they dishonest and we do not
see how they innocent in the second. Why did
not the editor take the true ground, and tell the
farmers, laborers, aud mechanics that they could
entirely reform the currency by refusing to take any
thing but the constitutional currency, gold and sill
yer, for their produce and labor This currency
they know to be good, all the ,corid. If they
would do this, and for men who are in favor of
reforming the banking system, not crushing it, they
would do great deal towards reforming the cur
rcncy. of which the Journal complains.
The following copy entire:
Those who do more extensive business, such
as brokers' merchants, &C. do not permit notes of
precarious value to accumulate on their hands And
as the loss must fall somewhere the farmers and la
boring classes generally viii find that they have to
bear il, unless they take early steps TO avoid it..
Our advice is, that they taste not touch not the
clean things. If they refuse to take them, stop
Will be put to their circulation. Merchants and
brokers will not receive what they cannot put OF
their hands,
This advice is good but it should have extend
ed equally to all Of the ''unclean things" If the
editor had done this. would have gone It'll him,
heart and hand But while he viii contend for inst-
tutions which, far the people know, able
to Judge from acts, are as worthless as the ndivd-
uals to whom the Journal alludes, we canno, agree
with him. 1t is unqualified reform wish for
not that which leads to still greater inequalities.
Let bank, if it is able, commence and continue
to redeem her notes in specie, and our word for it.,
specie viii make its appearance: among U.s. and, to-
gether with the assistance OF specie paying bank
notes. the worthless trash now nundatng the State
will be driven whence it came and if the people
will DO it, currency will be sound in comparison
to what it is.
But let us add another word on this currency
which SO troubles the Bank through the editor OF
the Journal
One of the causes, and that BY no means the least,
in the way of improving the currency among our
community may be traced to the State Bank OF In
dana, aad It's branches, especially the branch at
this place. We have it from good authority that
the Branch here refuses to discount all notes pre-
sented nor will il loan dollar in any shape to
those who need it for the ordinary purposes OF bu-
siness. Nor is this all 1t not only refuses to pay
It's debts. but it s continually drawing Into IL
vaults the little means which aloat amongst the
people; and what is most troublesome and vcXa-
tious, it invariably requires payment IN It's own pa
per, Cincinnati bank paper, the notes CT those
q nh,o nj Esrt,-L, v-',,ch are homes. In