Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1845-1851, 1846-01-06


the least specie :" This, during the IT, S. Bank war
time was regarded first rate financial philosophy
BY the federal Wing papers but we have yet to see
whether the Democracy of Indiana are ready to re-
ceive it, dug up as it now is from its grave of dis.
grace by President Morrison.
And them assuming a tone of exceeding cisdom,
the Bank President goes on to say:
Those who understand the subject look more to
its discount line its active business paper and 9TH
er convertible assets, tor the ability to meet its
engagements, than to the coin in the vault and
on this point the Sentinel has attempted another
deception by deducting the amount of specie only.
from the liabilities Of the State Bank, if she had
nothing else to show. Intelligent business men,
"will of course notice this attempted fraud"
Now the President of the Bank himself, and not
the Sentinel is the only guilty of deception and
fraud, and every really intelligent business Will
say so. We did not, as Morrison falsely afiirms,
deduct the amount of specie, from the liabilities of
the Bank, as if she had nothing else to show; but
we merely showed the excess of circulation the
specie in vault, given in his report. We did
this because it is a state of things most easily ap
preciated by people who do not pretend to the Won
derfu degree of 'cisdom which Morrison claims
an especial attribute of his family.
But let us examine some of the other items which
Morrison asserts of much more Importance
than silver and gold. in determining the strength and
safety of the Bank The Z" balance sheet" of the
Bank for this year will be found in Morrscn's an
nual report pages 8 and 0. Among the resources OF
the Bank and the other items of strength spoken of
bv Morrison, will be found the following
Bills discounted, 81, Isl 81
Bills of exchange, 1l97,435 %
81. OPT GIG 50
Showing an increase over last year, in these two
items, of 1872, I23 IA. Nearly S734,c0O of this
increase is in bills Of exchange, sharing paper.
alone Now how much of this is bad, nobody knows.
II my some of it be like bill of about $4,000
shaved by the Indiana polls Branch about four years
ago. and which was totally lost, told or
Ike another for about $4,000, shaved about year
since, and which proved TO be worthless tie
other.
The next item of 8 strength" is the
Suspended Debt Of SOS, OPS o.
How much Of this is good for any thing except to
help out the balances, IS more than any body can
guess We suppose the editor of the Family Organ
has large share in it, If so, every intelligent
business man" here knows now much that part Of It
is worth: not more. probably, than stock in Faro
bank.
The next Sampson items are
Banking Houses. Sl73.635 43
Other real estate, l63,6Sl "a
Furniture, 05o3 80
S3iS, 100 81
These now would enable the Bank to redeem =
how many dollars do you think, Mr.. Farmer Why,
sir. not 80 in 100 The banking houses and furni-
iure are, we presume, rated at their extravagant
first cost The real estate was taken for desperate
debts in many cases at any price, because nothing
else was to be got, as in the of W-n, of this
county, year more ago.
We pass over few other humbugs, to come to
still richer items. which 90 to square the balance
sheet, and to exhibit that great strength" not de-
pendent on coin, which the Bank President thinks
very vulgar and worthless substance, to-wit:
Suspended items, Protest,
Bank stock, and other
items S6Slo5 50
Suspended items for robbery, 27l05 %
This, of course, is worth just about much the
assertions of the Bank President, when his ire is
reused mo MORE Nevertheless, they among
those assets which Morrison talks about being of
much more value than specie
Then there are S37, 900 90 in Indiana Bonds, and
ss4 600 in bills of other Banks, worth perhaps as
much or more than the bonds TO help exc out the /
non-specie strength which Morrison talks wise
ly about.
That other, and disinterestcd persons put the
estimate Of value upon these assets do, may be
seen BY the following extract from the Money Arti
Gle of the New York News, under date of Dec 2l /
1915, last month
1--WE have frequently had reason to anmadvert
upon the progressive expansion of the currency OF
the Western banks. In Indiana, the State Bank has
put out an nordinae quantity Of paper, far beyond
It's ability pay and the privilege of issuing notes
Of small denominations, that sold to that concern.
is now about to expire, and probably VIII not be
newed. The Bank as essentially rotten, and 'ciH
later infct serere loss upon the People Of
Indiana"
Here is the opinion of one who is acknowledged
to be one of the soundest financial writer's in the
country.
But we will not pursue the subject further here,
except to express deep regret and disappont-
ment, that proe~sed Democrat should be willing
not only tolerate the present degree of rottennesss
In the Bank but that be should desire con-
nive at extension of It's privileges, and of It's
means Of further corruption, by the continued issue
Of ehinplasters.
The Legislature has the power TO check this evil
by vetong the continued issue of small bills. This
vil not prevent the $500 $50 uaich are already out,
from remaining afoat, If the people choose to hold
Aem But an increase Of the issue should by all
means be prevented. Let no in the Legislature
let Democrat, at least, who would stand well
with the people hereafter, dodge direct vote this
question. Let the Wings remember their professions
in favor Of sound banking, and vote accordingly.
Let al remember the Internal Improvement system,