Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1848-05-18
From GOu. Shunk's Veto Message.
Sound Views on Banking.

a neory mas been advocated and put into practice,
in some of the states, called FREE BANKING. 1t
is based, in part, upon SPECIE and in part upon State
stocks, hypohecated with the government. In other
words, banks become the creditors of the common
wealth, by purchasing her bonds these deposited
with the government, and the government endorses,
and returns to the brokers' notes prepared for crcu
lation to equal amount. | perceive no grounds
for confidence In this system. 1t must explode in q
country where it is adopted to any considerable
tent, whenever a revulson to test its stability
for it is deviation from true principles Sound and
safe banking only be based and conducted on mo-
Dey-god and silver. Neither individuals or banks
can lend that which they have not and If they lend
credit in the shape of bank notes, without the
TO redeem them in gold and silver, they commit a
fraud upon the community, they lend and put in
circulation that which is not money the repre-
sentative of money.
If this system of converting state stock into bank
ing capital and hypothecating ii a security for the
payment of bank issues, were not q deluson, mort
cages upon real estate might be used for the same
purpose, which would afford equal, if not better
security, for the payment of note and by this pro-
cess the whole value of the real estate of the
try might be converted into banking capital and the
people into a nation of bankers. This proposition
shows that the whole scheme is llusory and unsound
Free banking, in its legitimate sense, is the right
which every man enjoys, to lend his own money to
whom he peases. 1t is the exchange of money for
ttous increase of the circulation but may be carried
on TO an indefinite extent without affecting the cur
rency. This is the free banking which has at all
times supplied and does now supply, the wants of a
large proportion of borrowers, and commends itself
to general confidence and approval, by its simplicity
and adaptation to the circumstances of the people.
ST.. GILES, LoNDoN.-The following is description
of single lane, called Church Lane, the city Of
London, within the limits of ST. Giles. Not long
since the London Statistical Society appointed COM
mittee to examine the sanitory condition of this lane
member of that committee furnished the London
correspondent of the Christian Citizen Ehu Burritts
paper) with the following facts:
The lane is 300 feet long, and contains 30 houses
1t is lighted BY three gas lights, and water is supplied
three times a week, but tanks or tubs to be
found. will simply give two or three houses that
he visited, as a fair average OF the whole. Many
things are disgusting to enter the columns of
newspap per, and therefore I shall only give Of
the leading facts The first house that the committee
visited contained 45 persons, only rooms and l.
beds Windows broken in-6lth abundant. In the
second there were 30 persons and only IL beds.
In the third there were 81 and beds, averaging
nearly 7 persons to q bed. And these of all ages
sexes and conditions. This is as horrible state o.
things could imagine to exist, and as it i:
real stern fact there is no virtue in shutting ones
eyes to it. A majority of the windows were broken
and the cold night wind could not fail to sweep in ant
infict colds and consumptons upon the inmates The
occupations of this miserable class of great
rety-some are fruit dealers, some sweeps, some
knife grinders, some mendicants, some crossing
sweepers, street singers and many thieves anC
prostitutes
The committee say in their report I'm these wretch
ed dwellings all ages and both sexes, fathers ant
daughters mothers and sons, grown up brothers ant
sisters stranger adult males and females and swarm
of children-the sick, the dying and the dead, arr
herded together wtha proximity and mutual pressur,
which the brutes would resist; where it is physically
impossible to preserve the ordinary decences of life
where all sense Of proprety and selfrespect must b.
lost Such is the state of Church Lane Would tina
il were alone in its notoriety Alas there many
others quite as bad. But how much these poverty
stricken things to blame for their state is solemn
question to answer.