Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1843-02-04

a diff-reDt list than that in which humble
eighty dollars is placed We are compare
lively easy; and when called upon to pay more
thai a small balance Of The $50, shall refer
our friends, The Directors, 10 the spongeifcation
Of the rodoubtabe \ B. Palmer.
We cannot close this article withou, giving
extract from repor, made 10 the Legislature by
Mr. MERRILL, since Mr. PaImer's report was
printed:
The course pursued by the Bank. has main
tanned its honor with the General Government,
by paying It's whole deposlte clam of 81 AZ ,oo1 ;
It has checked the contraction of new debts; has
tened and facilitated the collection Of old debts
gwen TO the farmer prices for produce Tar above
what can be paid in the present currency; 1t has
maintained the honor OF the Siate,so far as II could
be done, by paying regularly the interest on the
State bonds sold for Bank capital II has, by lis
operations, and that of the Sinking Fund, yield
cd clear profit 10 the Stale of 100000 dollars;
and the institution aow stands a safe and firm
basis, no matter what pteJIdiced individuals may
say TO the contrary.
The future business and profits OF the Bank de-
pend 90 SO many contingencies, that no estimate
can be made the subject, but IN connection
with the circumstances IN which II shall be placed.
Some Of these that are adverse, each apparently
Inconstderabe, may unite and prevent the sue
Of the best concerted plans, which the Bank
adopt. As at the commencement OF opera
tons, so at his time, public confidence may be
easily shaken, and IitIe use can be made OF bank
credits only the possession of strength shall
Justify them. The circumstances that now threat.
e the most unfavorabe the constant erhi.
bitiOn of all bank borrowers as guilty before the
community; the making the business of banking
matter Of party contest, and the distractions
tarown in the ray of collecting future debts, which,
10 effect deprive industry, enterprise, and homes
~ of the credit and influence which they ought
TO possess.
The interests Of the State in tho Bank, give
the right, and make II the duty Of the state
thorites, to point out specifically all that is mrong,
and hold up to Reproduction, those uho hare done
the rrong. Then all who Mt implicated
may hope obtain such share of public cor idence
will enable .he.., iih proft TO the ir en-.
ployers and the public. Let tho individuals no
have been concerned in ''usury, fdroritism, large
and extensive loans, loans for sharing and bro
keroge, and monopoly if such there be. be point
ed out, and the particulars OF their guilt be las
tened on them. But tina. citizens who from pub
lie spIrt, have been unsuccesstully emp'oyed ~
exporting the produce Of the country, and those
who, from kindness Of heart, have suffered by
endorsing for others, should be specially marked
GU, for odum a nd all their liabilities Published to
he world, as # to prevent their being able to pay
Them, is, to say the least, novel and unhearI OF
proce eding. As description of all the faults
and weaknesses of an Indiv Idual, without noticing
his good qualities, would, III general, do hun
great in Justice, the publication OF the debts ot
bank borrowers, without stating their means OF
payment. their business capital, and Other par'ic
ulars, must be Tuinous to numbers. Twice a
year, list of all the debtors IN the Branches rs
taken TO be laid before the State Board. and hese
lists from the commencement Of operations, might
be examined by committees of the Legislature, If
they chose, and what is wrong IN them, exposed
and corrected. But at this time, when the pay
nent of debts is SO difficult, TO connect inc Dor.
rowers from the Bank with the enormi,ies sup
posed 70 have been committed in all The Branches,
in eight ears, will contribute to produce no small
part of The losses that have been uiumphantly
predicted.
Bot in spite of all these difficulties, if even now
the Bank could rely on escaping the evils OF par
ty opposition, if some of lis burdensome stock
could be cancelled and if the laws for the coec-
ton Of future debts should not be framed TO pre-
vent the avowed object, there appears to be no
reason why the Bank may not meet all its losses,
and divide per cent. a year for the two next
wears. and from tina, time at the former rates OF
9 TO 10 per cent"