Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-08-02

coTdlng 10 the report, had uuiiogmiy governed the
Slate bank issues, had IN four yclfs doubled rs
loans. II threw 50 0c0,o0O cf ITS paper credits
lato the channels oi speculation The LARGEST pro-
portion OF those loans were made 10 men ENGAGED
IN the most desperate spcculatious. Political edit
ors, who have since become bankrupt 10 the extent
81 --Jp,ttu. received portions ct these oans. II
the report ascrlaes much importance to tie dis
trbution OF The government deposies over the
whole United states, how could 1t overlook so i'm
poFtant an item as an increase Of s}6.Ot0uuo IN
" toe regulator" In 1870 there were "a banks
whose aggregate loans amounted to S210ugu COO
"i winch = tic regulator htld $4,000. GOO or ~
per cent. In tie next two years. up II the time
that Nh kcGnecy alleges that the action If the
government, commencing IN I-.3, caused the cx-
pans'on, = the reg1i4tor,' or governing money
power, extended Itself 2G0C0OtA, or % per cent.
How, to follow tie motion of the regulator--the
other 0lhhs should also have extended themselves
% per cent, which would have made Tie aggre-
tie loans .dta Geo IN l>.s1, bat IN iS.3i thry
lad reached EAT ) = NouNO0, and had ti,ertf, re-
net expanded So msch rs the re-nlator." In re-.
lation 70 the effect when Natiounl Blak had in
regulating the currency, Mr. Kennedy has tue iol
loving =
"on the i'ih Of July. 1872, the Executive veto
put al end L the only system by winch tire Fed
eral Government have been able 10 restrain H.
tnaissfots - I4rfr no9sp through tie authority O.
safe BaHhs. Tie existence al central control
10.
until That d4tc. with the exception II short inter
val not only theoretically bat practically held 10 be
essential 10 tue useful OF tie power To col
Let anu disburse the revenues. had Il ma,ntain a
uniformity Of va.gs IN the duties over tie whole
aon. Ihe interval in wh.chii had been suspend
ii was distinsn she'd lor sue disorders of tAe cur
tency, as TO lead the pubic mind lTres st5ly back
to Ia system II had fof ;he tine iutermitted
: iae lnGace4ca 81 lie - o was alfraI ~ IL a
e'e'itfi9H "a aie Pnf = tie Efeculrf. t4, &c pa
pr currescy. s{aer t4e Co.rot ~ ftf ,.4f il4.
sfss patrsr. Esf god u fafrsf - mad.
ihat central banking power Was Accordingly re.
moved. N Greer u su.ls . liter c4rgcu-y aal in
less objectionable maunrr.'
We have .talc sd tie lines VIII. bar anon Tie
argument TIE alleged power ot sezut, iar and
restraining tie emissions of tie lacal 5ank-. We
nPPschcnG 70 mean fhrt nArn the United States Blrk
chose II contract. thc state BaaSs gcfe os.igea 10
% 50 too and when Il relaxed, they relaxed also
This admission. coupled with the figures ae have
gwen were, We think. quite sufficient 10 warrant
the executive IN believing that under the national
bank the paper currency Ms - not good 4
might be made Mr.. heuuedy further states thaf
lie executive created sv0 banks. The number 81
hin@s IN operation IN ~, VAS @1; aid tasy
reached Their highest n4snt er IN i-s,~ Wacn Ia.
were bb}-an increase Of :ss3. Instead oi .e0,
Agaln from $50 t. l~4i, 10 mex bluks were
created. and went .ni0 operation on the paper cred
rs furnished bv the National .,luk: and snbse-
suent 10 the period whrn tie bank system Weut
mo operation. l5a banks os.y were erected. ami
y tie enormous eyaanssn Of tie Ns..9'al M