Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-01-01
INDIANAPOLIS. JANUARY Il, Isas.
The Bank President "a Question OF
VeracifY.


State Sentinel
has had the efrontery in the face OF the printed
report from which il pretended quote, say that
feeommeRded to The legislature last winter the contin-
uaiion the Bank of the privilege Of issuing small
bills This Posreiy deny, and challenge the Sentinel
TO the proof.
Now il is well known to readers that the State
Sentinel made such assertion and we defy Morri
son to make his statement good by the slightest evil
dence whatever.
If we had made such a statement, it could only
have been through inadvertence; for at the first
glance over his report last winter, saw at once,
that he carefully endeavOred to maintain position of
entire REORGANIZATION, far speech
cerned, though we were we'll satisfied in our own
minds which way his sympathies really tended. He
cunning enough to know that the safest way for
his future political prospects, especially in regard TO
the U. S. Senate, TO take the non-committal
course he did do every thing he could to JdrOr the
project in view indirectly; but nothing openly and
manfully.
That the public may have full knowledge of the
manner in which the Bank President m, naged the
natter copy from his report of last year all that
he said upon il, to-wit:
AT the late November session. the following resolu
tons adopted by the State Board:
ResOIred That the President of the Bank be requested
Resolrcd That the President respectfully request of
the Legislature continuance the part of the Bank,
Of the right OF issuing small notes, permanent pTtrl
Lege during the life the charter exceeding 000
000 in the discretion and according the OF the
President and Directors OF the Bank on the part OF the
State to the amount to be issued from time 10 time,
provided the shall time be reduced TO less
sum than S600,000"
"On the adoption of the latter resolution there ioas
but diSSent roiee and his only objection was that
the issue should be limited TO $1,000
a.
at the session, and claimed have been tested
by past experience, was that the public sentiment
in favor OF it, that the consequences of the issue thus
far had been of the injurious character anticipated
by many; that had not expelled the small change spe
Gle circulation; the contrary that it had superseded
and driven foreign small note circulation that
only of doubtful but dangerous character that there
but few small circulating in the State,
cep own, and that the public have confidence in them;
that il be reasonably expected that other States
will fill up The vacuum made by the Uhdralodl of
that the eriSRg privilege haUing yet year TO run, it
might be considered that action could very properly be
delayed I'LL the next session of the General Assembly
but that, By The middle Of that session,
WILL HAVE EXPIRED; and that the Nth holding
Of the issue of that portion of the circulation from the
community will consequently commence before the next
legislature could act, and the Branches without legsa-
ton, will meanwhile be naturally shaping their business
accordingly"
This is all that the Bank President said on the SUBJ
ect in his annual report of last year and for fear OF
itself, which will be found in the Documentary Jour-
nal for the session of 1915, page H. And this
all he could say in favor of continuation of the
privilege, without committing himself beyond dispute
question. He urges every possible argument, and
every pretert capable of being CLOSED into appar
ent argument favor of the continuation of the small
note privilege. Yet he does recommend" it d.
rectly; he only says every thing but that But his
attempted noncommitalism far from being adroiy
managed; the disguise was too transparent. No man
can read his report without being entirely satisfied III
his own mind that the President lras in favor of the
thing he asked for as the reice" Of the Bank Direct
DRY. Morrison sees this, though it appears with
all his wisdom, he did not see it last year. He was
much mistaken about this, as he was about the lac
comforting the shinplaster privilege.
Nor is the array of arguments and specious preexts
in his report of last year the only evidence in favor
of the fact, which the Bank President now so posi-
tirey dies of his being in favor of continuance Of
the shinpaster privilege 10 the Bank. In his annual
report of this year, made to the present general
semby, he urges the matter on his " own hook,
which last year he urged the " uehice of the Di
rectory In his report of this year, page A. he says
"By resolution of the Board of Directors the
quarterly meeting in November, 1884, the undersigned
made the vehicle of requesting FROM the last Genera
Assembly continuation of the privilege of issuing
OF less denomination than five dollars as permanent
privilege during the life Of the charter and it
ed by the undersigned that the existing privilege would
expire during the present session. This conclusion was
not from examination Of the law comforting the priv
ege, but adopted in with what appeared
| 10 be the then opinion of the Board of Directors
" He was, however, soon after convinced, careful
examination of the law, that such construction
roneous and he to the opinion, that the privilege
conferred, is continuing one, until repealed by the
General Assembly.
"Thus much, and without attempting to argue the
question, the undersigned has considered it his duty
state 10 the General Assembly; and although he has mol
been expressly requested the application made
at the last session. yet he knOcS the Board would be graf
/ fled TO haze the pririlsge then asked
Believing, however, that the peoples representatives
ready reflect their io IN all matters of public
Government, the undersigned would most respectfully
submit the subject to the wisdom of The General Assem-
| bly,"
This is all the Bank President says This year. HI
had changed, radically his opinion, to the lette
and spirit of the law; he admits that he, well
the Directory, had assumed that the shinpaster prvi
ege expired this year, and he still tries to maintain
his n0l-comntal attitude, and to troc the response
biity altogether upon the general assembly, while a
the time he suggests that they may Grade it, BY
constituting the law, he himself does, convey
perpetual instead of limited privilege.
Now what are we to think of these positions of thu
President of the Bank, as contrased with his Positip
denial, in the Family Organ that he had recommend
ed" continuation Of the shinplaster privilege
This thing is sure and certain: The president Al
the rehicle" or conduit of the Directory spoke ia
vorably of the shnplaster issue, and sustained ei
Recommendation with all the ability in his power.
his positive denial now, of being in favor of contin
uance of that privilege he means this if h'