Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1843-03-04
From the Cincinnati Gazette
MONEY ARTICLE.

! Mr.. Merrill, Pr. sden, Of the State Bank Of
E! Indiana. has made able repor, to tho Legisla>
lure OF that Stale. IN reply 10 certain resolutions
OF the Hnuse of Representatives, calling upon
him Cor In formation. As the notes Of the Inda>
ma ink furnish large portion Of the crcula ton
of this city, we canns do better for our readers,
this week than TO give them the substance of this
report.
1t seems that some time since q Mr.. Palmer,
| who was appointed by the Legislature to exam
inc The branches of the State Bank Of Indiana,
made a report in which, upon very cursory ex
aminato and without much evidence. he adopt
ed as true all The idle rnmors which were in cir
cula,ion in regard to them. The whole report
partakes Of a partisan and vindiciive character.
Looking to this document, the House of Rep
resentaiives passed long string of resolutions,
calling upon the President Of the Bank for infor-
nation. Among the questions were the following:
..Whe,her he is aware Of losses occasioned by u.u.
~, or by dscountng for persons out of the bank
district or for favorlies" 1.-THE losses TO The ci,l
zens Of the state by the Suspension Of specie pay.
men,e by The bank, and the prices paid for ex
changes, occasi"ned by such snspeseon;' W show
much the people have lost by the depreciation Of
uf the State Bank Of Indiana during tho suspen.
sion of specie payments nv said Bank sInce the
mon, OF Nav. A 1887 )" ",hs names Of the
borrowers " no have ob;s ined the large loans and
The long loans &c; leases of special favors, 10
directors and .,ockSolders;" "ihe names Of such
farorikes. including drawers. endorsors. and &C.
ree,ors :" .defalca,ions Of cashiers IN any Of the
branches Sc.
MIR Merritt. in his reply. saws, from his knowl-
edge IT the INK office RS THAT there in each
branch those who Incapable OF representing
its condition unrniy. and they arc aa little likely
to be mistaken. in what they pretend Ia know,
any other persons whatever. ! have never heard
,h,, anv of the Branches have sustained losses
hy favnriiee, or ~ account "f usurv. Whenever
he IA me MT nf notes b.l has been contested
A. hHnn 8. e fhn
Bank There have never been discovered any
IMPROPER Inducements to loans made out Of the
Branch Districts" Sc. ITO the second and fifth
resolutions beg leave to ssv that no calculation.
which can make. will show that the citizens If
the S ate have been losers bv the suspension of
specie payments by the 3 INKS the prices paid
Es e xchanne % account II the suspension. Ca
ses no donhi have occurred, where individuals
hav sustained small insses The paper OF the
bank But these have been rare. for II was kept
On near par as generally " answer all The pnfpo-
.es Of silver BIZ, had The Bank refused to sns
pend either in 1886 or 1889. foreign brokers. me
most active in these matters. would have take"
away its specie; il. paper would have deP'ecia.
led LARGELY far time. and then having heen coli
t.e.ej by the best debtors Of the banks, would
have disappeared altogether; the currency Of the
State would have been composed of Illinois and
Ohio bank paper, that has since failed; the col