Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-10-10
National Bank.

Perhaps GREATER revolution has never taken place
In the public mind than that III relation to the eXpe-
dency of National Bank and II i renaT ka5ie that
who adhere the mosi perinaciousy to the Bank
party yet reject the idea Of such another institution
tha the ruins of which still the commerciai
world. The late National Bank stopped IN October,
1899, and from that time up To January. ISL.
generally considered suspended and not failed The
idea very ndustrousy disseminated. that Its d-
fculties grew rather out of the hostility of the gov
eminent than its own inherent insolvency conse-
quently at the election Of 1910 new bank was
ostensiDy concndd for, but in reality the rcSusciia-
lion of the old The assets of the late National
Bank consisted Of SIS 100000 Of political loans da-
ted back as far 1879. and at this day unpaid
and uncollectable BY the creation of a bank by
means Of political influence these loans would be
transferred the institution and the whole
Of corruption stagger on few years longer. Nearly
all the banks in the Union were compelled 10 resume
in lsio, and public opinion so strong that the
late National Bank compelled 10 return 10 specie
payment in JAM ISL, which it did in the hope Of so
far regaining public confidence to be reinsated
the National Bank after TIE new party came into
power in March, lS4l. The rotten concern was how
ever too feeble. Bolsiered up by loans from New
York and Boston, and the exchange of 10000
twelve months post notes for Its circulation in the
hands of the other Philadeph banks, the expiring
monster staggered for weeks, and IN the middle
OF February finally gave up the ghost. For thls mis-
management the direction reprimanded in pub
lie letter Of Mr.. bidde, wherein he pointed out the
installation of the Bank, tie National Bank as the
proper moment for resumption The moral advantage
OF receiving the public deposites, he thought would
restore tine credit of the Bank The direction,
however, too sanguine that they could make the con-
Germ stand on lis legs three months but they were
wrong The expose of is rottenness which followed
exceeded the worst suspicious of It's enemies, and
destroyed all chance OF procuring subscription TO u
new bank should Congress have authorized one. The
failure do that has allowed the public four years to
observe the effect of the laws OF trade In regulating
both currency and exchanges and the experience SC
obtained Is fatal to the National Bank system Even
If a Congress could be got that would charter one
stockholders could not be found that would put money
in it. In short the experience Of the past four years
has entirely dispeed the illusion, in regard to Banks
under which the country labored for years. SO IN
tense that deusion that the committee TO which
referred tie message of Gen. Jackson on the eA
pediency Of Bank reported as follows
None of the institutions Of the country, not ex
cepting the Army and Nary. is Of more vital impor
vantage still greater If like the Army and Ma
w it should cost the nation millions annually to sus
tain it, the cxpediency Of the expenditure might bC
doubted. But when ii actually saves to the govern.
and to the country millions annually than
expended in supporting both the Army and Navy
it would seem that, II here dny measure o
nctioaai policy upon 1hich all political f2riis Should
be brought to uniie By he iapysSsire lessons Of erpe
rience, lis that Of maintaining NATIONAL BANK
What gross infatuaiion was here visible AT TIA,
date of the report the Bank owned as follows
STOCKHOLDERS or THE LATE SAlIoSH BANK.
J.. IA