Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-03-01


haTbo- they vii te vreoled. Tor L. IT no, evident
that the weaker and msolyeut banks vii thus reg
ulaie and control the strong and ultimately destroy
them. parting with their resources 10 sust-in the
weak, teprgng themselves q actual available
means. they come down 10 a level with those who
cannot sustain themselves and by this fatal course
al aye destroyed
II these banks resume IN good faith. and pursue
n prudent course, they need not fear a run upon
them by the farmers Of Indiana. No sir. am sat
isded they viii al sustain the Bank, in the way Of
weii doing; II is true. they complain, and they
have good reason ur dong but u satisfied, that
for the future These banks 20 be conducted upon
legitimate principles, such principles as Albert Gal
latin would approve of the people Will cease from
complaining but tl that time arrives, they ought
not 10 rest cuntcnicd. Why % people complain
now did they 60 50 ia l-i5 there a murnur
then heard Then ali the farmers chcerully aided,
and many took stock ~ proportion % their means
then 10 was. that III institution, first starting into
existence, had not forgot the duty IL owed 10 the
power which created IL. and felt bound 10 be gov
erncd by the strict provisions OF Its charter yIg
liant eye was kept over all IT'S acts, ~ each branch
by the directors all was well. Let me now ask
Senators Mat the intention ofthe Legislature
charcrng tins State Bank was IL 10 encourage the
selfish passions of few stockholders and directors
was b. that the Institution Al all times should
confer Us benefits equally upon all good citizens,
should conform 10 It's charter, ali and every par
the advantages, and that permanent standing loans
and for very large sums. should be allowed Tor their
use and benefit 10 the detrment of the farming
class. who can rarely obtain any accommodation.
SIR, these large standing loans are great disad-
vantage TO the bank itself and this Legislature.
representing the people of Indiana. who own half
OF lis capital stock, should pat stop to It lmme
diatey.
Can Tor a moment suppose, that at the timo
the bank was chartered. d was ever intended
that 1t should be allowed 10 suspend specie pay
ncnts for three years this 90 be- tolerated
aud the poor excuse admitted, that the banks m
other States haze suspended, therefore the State
Bank OF lud.lHa has suspended ln addition, that
two Governors 90 succession. should remain passive
and may say neglect their duty, as ls set forth 90
the Bank Charter. Sir had IL been though; posi-
Bile. that such state Of Things could have ever ca
isted, / feel confident, this state Bank of Indiana
would never have been chartered.
But enough of this the bill under consideration
provides. Tat the bank shall resume specie pay
Hents and that principle sustain the b.iliurthc,
provides for The payment az the debt the State
the Bank, aud payment 10 be- made 10 Treasury
notes that sustain also. iDr il is our duty first
10 Do justice ourelves pay what the State owes.
then compel these banks 10 Be- Jl~t also. Tine pay
Inent relieves the banks: VII enable them % JUDI
ciously managed, instead of severely curtalng. in
anticipation of the period Of resumption, 20 at the
least keep mp the line ct discounts, where IL now
H. and thus prevent greater distress upon the Pco-
pie grc4icr than 10 NOW they cannot well bear up
under. Indeed, At "a, have been informed, suiue
Of the branches have been seriously crippled by thc
great amount due them hy line state, certainly They,
alter beng PAID VIII n.t ou.y find great and im-
mediate relief bat b. able % extend material relief
50 ts people, by increasing their line of dScoInts
Besides these Treasury notes are not rcdeemablo
by the bank, specie, thus are they relieved from
a great call tlr specIe. and are enabled % use ihe
same bcueGc.av, iar ihc r,l,ef of 40. Let then
first dp our duty. pay these banks. make ihcm re-
zune Specie payment, ~ an early date and wait the
event; linen % DO return for all this great and pos
rive ali and granted when most needed. the banks
on their part H. their duty. and ad all 300 their pow
er 100 relieving toe people, al rtH Dr. ueH but on
the contrary, 10 notwithstanding All that has been
done. % they eth persist 10 their severe and strin-
gent course. st keep up that most Nretched rys-
tenn of sh1vIng. winch has been carried Oh 10 50
great an extent Do many OF the branches, and which
tAe Pres dent az the state Baa6 acknoN gcs 10
be- true. ! s4y i a.,er what We propose dong,
such courses are ttlil persisted n, aud beside
tInue 10 be pothcat o'tcthes as ia times paat Il
needs NJ splnt Of prophecy 10 iofete what wall be
tie consequences.