Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1848-01-20
Remarks Of MIR. Randall.
Upon the resolutions the subject Of the death Of Hon.
Kennedy, in the Senate Thursday. Jan. IL, ls4s


Upon the resolutions the subject Of the death Of Hon. A.
Kennedy in the Senate Thursday. Jan. IL, ls4s.
Mr.. PREsIDENT-Before the vote is taken upon
those resolutions would ask the indulgence of the
Senate for one moment. am glad those resolutions
have been introduced here, its right it appropriate
and in accordance with the kndest emotions of the
heart, thus To pay passing tribute To the dlstin-
guished worth of the deceased In 50 doing we par
TALLY express those deep feelings which, at the
nouncement of his death filled every breast and
although these kind regards will not recall the de-
parted or reanDate his slumbering dust, yet we in
this way appropriately show, that appreciate his
many virtues, his great abilities, and his exalted
Ii; that cur sympaihes extend to those who
having been united to him by closer and endear-
ing relations have felt. more keeny than We can feel
this sad dispensation of providence.
The public life of the deceased was Short but bril-
liant; and of the many self made men who, are the
pride and boast of country, in the peri
cd of time ever made greater advancements,
qulred more lasting renown; commencing his career
without parental wealth influence to assist him,
his achievements were all his own. His life and sue
cess beautifully illustrate and strongly commends our
free institutions, and practically shows young men
that in this country exterior influences neces-
sary to the attainment Uf distinction.
But few days since he came amongst us glowing
with health, and buoyant with hope. To him the flu
lure was all brightness and promise. His political
friends were about to proer him additional honors,
and new evidences of their confidence gathering
around him. But in the midst of all this the endear-
ments of home and friends, and the attachments of
lovely and devoted family, he has been called from
EARTH His mortal has been stopped while his
star yet in the ascendancy and its setting was
like the morning stars
(which 60 not down behind the daIken'd west
'But melt away into the light of heaven"
The loss of such man Is 10 the State calamity,
to his Congressional district, almost rreparabe. 10
/, 1o E,l
his family. overwhelming Kind, amable and affec-
onate himself, blest with devoted wife and lovely
children, his domestic happiness all that heart could
wish and when his duties al the Bar or Legislative
Halls permitted, he sought and enjoyed in the retire.
mens of home, and in tie bosom of his family, that
real pleasure which the triumphs of his genius and
eloQuence in the public assembly, could not give.
He has passed away, and well would it become us
to profit by this solemn admonition: and it forciby
reminds US that we, too, are mOrta may II serve 10
chasten ambition, 10 excite kind and forgivng
disposition, and to each of $50 to number
days that we may apply our hearts unto wisdom"
The BANKING SYsTEM.-The Philadelphia Ledger
is urging the subject of reform in the banking sys-
TEN of Pennsylvania. 1t urges the public TO consider
the following, among other questions and facts -
''Why shall we place financial interests under
the control of corporations, souless in regard to
rests and happiness of the masses Why shall
entrust the heartstrings of commerce in such hands
Why clothe these corporations with the power to
make money plenty or scarce, at pleasure, and thus
10 raise depress prices, and to exercise control
ling influence all the business transactions of
life Why shall permit them to place mar
ket the hands Of foreign merchants by expansions,
which enable the foreigner to obtain high prices for
his goods, which he invariably withdraws In specie,
while The domestic dealer is contented with paper
that certain depreciate with every pressure and
suspension Why should our banking corporations
be permitted by law to lend money at enormous usury,
while private citizens restrained TO six per
cent. What is 1T but usury when Bank Is per-
mitted to lend out sum equal to double It's whole
capital And what is it but enormous usury when
such Bank is permitted 10 extend Its loans to ten
twenty times the amount of It's capital, without any
other penalty than the individual liability of the d.
rectors to the amount Of the excess The penalty is
inadequate that it is entirely disregarded In prac
tice. The directors can always secure themselves
out of the assets under their control. Even an in
junction produces but slight effect upon the operations
of bank directors The most recent example of 6nan
ca dexterly has been furnished by the directors of
the Memphis Bank of Tennessee. in getting posses-
sion of the assets of the bank after, and defiance
Of an injunction Of the court of chancery. In 1887,
the whole banking capital of the United States,
amounted to 1920 772 O91 while tie loans and other
investments amounted TO the enormous sum Of $685.
OO,OOO. Here the curious spectacle of the banks
making loans and other investments to the amount of
1924, OOO,O 600 more than their whole capital.
system by which corporations individuals
shall be enabled to lend invest more money than
they have, and TO draw interest upon such invest
ments from the working classes, cannot be just in
principle sound in finance This is not spoken in
censure of the banks. The fault is in our system of
Legislation. The Banks have been not only author
lied, but encouraged by law in these expansions to
the extent of double their capitals. This was the
Outstanding when their charters were granted. 1t
was for this privilege that compensation was given
BY bonds or otherwise BY this unwise system of leg
islation they thus led into injurious TO
their credit and ruinous to the public On the
Is; January, 1887, the whole amount of specie in al
the Banks in the United States was but the sum OF,
S37, $40, while the demand upon them bv note
holders SAG, 1885, $50, and by deposiiors Sl27,
397, lS5, making an aggregate of liabilities exceed
ing all the specie in their vaults of S236, 667 ,735
suspension of specie payments and ruinous sacr-
flee Of properly were to be expected from such h
nancal condition of the country. system of legs-
aton which produced results SO disastrous should be
abandoned at once.
o. The 'Alleghanians" expected to be in this
city on the 9th 18th inst. They highly praised
in all quarters,-some say superior to the famous
Hutchinson family,-and unsurpassed quarteite
singers. They are from New York, where they are
said TO have occupied eminent stations for years.
Such an exhibition has never been given here, and
will attract every respectable person. We only re-