Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1841-10-19
From me NY. Erening Post.

When we hear of man who is always taking me-
dcine, understand, of course, that he is always
III. When hear OF any kind of business which
the legislature are perpetually regulating, we may
be sure without further enquiry, that it is In state
as thoroughly disordered and dIstenpered is the
constitution of the valetudinaran, who says to you,
in n piping voice-"1 live upon medicine"
The business of banking has been regulated after
different modes Of treatment in different states,
and in all it is in an unwholesome condition.
TO avoid the evils which arise out of banking,
ercsed under the monopoly of special charters some
of the have erected government bank,
which to do the banking for the state, and to
be managed with the strictest honesty and mpa RITZ
atty. The Indiana State Sentinel of Sept. 4. gives
the following account of the bank of its state:
The State Bank of Indiana is n public nstitu-
ton, being authorized by the State Constitution
and regulated by law. II not solely created
for the merchlnt, the lawyer, the doctor, for
people who live IN fine houses in our cities anG
towns. The State furnished the greater portion OF
the whole capital. Its officers who supervise it's
concerns paid out ofthe peoples money for their
services proportion TO the interest of the State
The appointing power of a
portion o, its officers is reserved to the agents of the
people and happily also the bank is subject
amnations and public report OF its affairs"
This stands very well. and yet the same print
know lodges that IF the bank has fallen, shall
hereafter fall into the hands Of the weak aud cor
/
To great extent as che now by the profga
system of Internal Improvements. which. with its
long train of evils, has been entaIcd upon the people
and their descendants for the next hundred years.
The difficulty is 10 prevent such power from fall
: ing the hands Of the selfish and corrupt. OPP
portunIty often makes men corrupt whom 1t does
not find SO. The agents of the people that is to
lay. the legislature. appoint portion o. the officers
of the bank and We all know how strictly aud in
corruptiby honest legislatures always in such
matters The bank, too, Is subject To examinations
and public disclosures OF It's condition. and we all
know what j. the value of these examinations and
statements Boards of bank commissioners and bank
inspectors aud committees appointed to look into
the aflIrs Oi banks the thing. all the
try over,-a CONVENIENT machinery for making plau-
Slbe statements. whlcl keep up the credit Of the
banks until they ripe and ready fall into pie
ees. When the explosion takes place. your bank
commissioners bestir themselves and tel the world
what II knows already. They prevent mischief
they only chronicle the mischief already done.
All the care Of legislatures and Committees and
bank commissioners did not retard fer a moment the
bank expansions Of l>37. The legislatures went
on fussing f:om year 10 year; committees were in
quiring stat ments were published bank commits
sioners travelling about from one bank to ano
Their aud yet the great insolvency went on ripcnins
and ripenng until the iulness Of time arrived and
the State bank of Indiana and our own safety fund
banks stopped payment with the rest.
Besides the inability o! a state government 10 keep
the bank under It. own special direction from insol-
vencv, It's inability - keep X from corrupt and par
tal practices is equally clear The Indiana Seati-
mel says OF the hank of IT'S own state
"Successive legislatures OF both parties have
ized It's administration, aud have found much
to complain of. The parent, or state board of di
rectors. have had Continual of la bor in order
to check the cupdity of many of the branches, and
to prevent 1.-THE assets of the bank from being per.
verified To the worst Of purposes"
The same print contains statements of the mis-
conduct of the branch of the bank estab shed AZ In
dianspos such as discounting 10 large amour,
the 81 adventures, VIGOROUSLY Insolvent
while the notes of farmers and mechanics were re-
ected the pretext OF want OF funds--and case.
IN which the officers OF the bank had caused note.
presented for discount to De rejected. and afterwards
bought them on their own account, a profit &c
&c. These are abuses which will never cease unit
The whole system i swept away. and bank ing i,
left the care OF itseIf The elder the state bank
q Indiana becomes TIC mole CSc-s Or coz. n;
Ill % ioanG.