Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-01-29

Icome responsible 10 the people for the manage
meut OF the state funds converted INTO STOCK by
the act; which labor and responsibility the legs
Iiature conceived TO be a fair equivalent tor I'M
privilege extended to the bank TO issue the sinai
bills. TINS act was accepted by The BANK, an'
became a portion Of her charter, four years o
which remain uneXpIreo.
JUST here, Mr.. Speaker, it may be observed
that the bank had certainly the right TO decline
the contract proposed 10 her by the state, If she
did not see fit To accept II. She had, most un
denIably, the power Of will. She could say, as
she did say, that the proposed contract did no.
please her, that she was unwilling to pay ten
thousand dollars Tor the franchise, and equally
unwilling to embark in the enterprise for So short
a space Of time as three years. Tins, as an inde-
pendent nogotiating party, she had the right TO
say, and did say. Equally clear Is II that the
state was then authorized TO submit. more accep-
table propositions, and to agree, as she did, with
The bank, that her notes might run five years, and
that she need pay no bonus, provided she would
assume the responsibility of converting into stock
and securing to her. importan, funds, the proper
~ of the state. This proposition the bank had
the right, az she did, to accept, aud here was com
plotted, between the state and the bank, what
honest folks would call a bargain, and which the
law recognizes as such. Now q word as to the
reason for this bargain.
BY n series Of governmental experiments the
people were left, and are now, to a great extent,
without a currency. To answer the purpose Of
trade. he plaincst man in the land has now been
taught by experience that gold and silver are out
Of the question. That delusion has had It's day,
anA facts have opened all mems eyes t. the con
clusion, that a dcIusinn /. was. We have no ma
,lonal currency, aud hence have been forced to
suhrult to such resorts as the times created. Ot
these expedIcnts the country has had every va
rlcty, IN the shape of individual shinplas;cTs,
treasury notes aud state bank paper. Ia the way
of chunge-smail currcncy-great difficulty was
experienced by all Of our people, particularly the
farming and iaboring classes. This portion Of
our community, having none OF the knowledge
of the broker, and being unable to keep pace with
the broken and the depreciated banks Ct f3reIyu
states, were necessarily imposed upon "Iih worth
less or deprecated bills al small denominations
Tho call, therefore, became general. (as stntti
notes must be had,) that, "a the act, IF self de-
fence, we should have them Of our own; that
our own bank, under the immediate eye Of our
people and IN whose solvency they contijed,
should furnish this kind of currency, and relieve
the state thereby Of the worthless trash pouring
in on all hands upon her citizens. Therefore
was II that this bargain was made between the
people OF Indiana, speaking through their coCsti-
tuted Representatives, and the Bank, after the
preliminaries had been settled between them, in
the manner before alluded to.
Wen, sir, the bank has gone on in compliance
with the bargain. She has proceeded to colIec,
the funds of the state into stock, and has issued
and circulated the small notes-relying, of course,
upon the honesty of the state To fulfil her share
OF tho obligation; TO extend this privilege to her
for five years, and not to require at her hands the
payment of that ten thousand dollars which she
refused to pay. And who, sir, let me ask, com
plain of this bargain? Do the people complain?
Where are their petitions asking that the state
bank be prohibited from issuing small notes?-
Does the farmer complain, because ho receives
an Indiana one dollar bill, instead Of an Ohio or
Michigan note, Of the same denomination, with
which he could net purchase sattor other necess1-
RES, without submitting TO a discount! On this
subj ct Is there any popular m2vcinento or clamor?
Are not all parties united IN favor OF the action
OF last winter comforting this privilege to the
bank? Is there a wan, of confidence in that in.
stItutlon? Why, sir, If even the honorable
Speaker were 10 assert tina, the terms bank d.
rector and scoundrel had become we'll nigh
synonymous, or should answer each of these in
terrogatories unfavorablv TO the state bank, In the
face Of such authority, l should have the temeri-
~ TO differ. The people are satisfied, nay grati-
fed with tina, act. To them ii is a great measure
of experience and relief. They have confidence
IN It's solvency; and were you, sir, 10 assert that
bat for the obligation upon the state herself 10
protect the solveucy of that bank, her issues, in
the public estimation, would not be worth a grot,
| should have the hardIhood 10 reply that the
State is in no wise bound for their redemption;
and that, although she is a mere stakeholder IN
that institution, still, the people with no further
guaranty than the goodness of the bank itself,
are eager and ANXIOUS 10 procure her notes. Sir,
we all know that the farmer, Iaborer, merchant.
mechanic-eyery interest IN our state, confides in
that InstltutIon-greedIly accepts in the perfect
assurance of their safety. We all know, too,
that such Is the character Of the Institution a
broad.
| would desire 10 be understood in regard 10
what | utter in reference to the solvency of the
state bank. That she is now reputed solvent,
there is no donht-that she viii 50 continue, Is
hidden IN the womb of time. No man may say
what the morrow Will bring forth. At this time.
her credit at home and abroad Is q source Of prise
20 Us IS a people.
We have then, sir. arrived at the fact That the
peoples representatives. by the act % February
LON ISL, soiemnly contracted with the State