Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1850-03-14
For the STATE Sentinel.
The New Constitution.
No. VIII


As to the good bad conduct of the officers Of
State Bank and branches have nothing say In fact
know little or nothing the subject IL is the system
that consider unjust and full OF evil and that proper
question for calm and thorough discussions.
have no interest in banks and none in opposing them
in favor of the present system, and in sub
stitung system of free banking in its place, beyond
what Is common to the great Of the people Of the
State. If believed banks be a public good, / would
advocate their claims public favor; and il believed
the present system the best system, would support It,
But do not believe either the the other it is
my duty to oppose them, as far there seems to be
reasonable prospect Of success. And there is some
doubt whether majority of the people for
against u banks of circulation mott and there does
appear be a reasonable certainty of their pro-
hbilion is perhaps the part Of s0isdom choose the
least Of tloO eus and make effort substitute the best
possible system Of free banking in place of the present
SYSTEM MONOPOLY.
The lalos Of usauy intended by the honest who
made them keep money down to six per cent interest
per annum do indeed prevent the timd money lender
from contracting for more but he invests in Bank Stock
and the Banks instead Of accommodating the sound and
legitimate business Of the country with money six per
cent, sell bills New Orleans at one one and half,
or two per cent? having sixty ninety days run, and
thus forces the borrower to pay and half per
month, al the rate OF lU or IL cent
annum But it is only a few of the whole number
bank customers that have any business with New Oeans
the great majority Obliged when their paper natures
to purchase draft New Orleans meet the bill they
had sold with interest aud discount added which with
half per for the draft perhaps per cent,
added enables the Bank accommodate few favortes
such terms Bank officers only fully comprehen
and appreciate and make dividends Far above the legal
rates Of interest-srch dividends called good
There is another way in which the system leads
torion The banks pay out bat fe,o of their bills
and il is therefore very to find bank bill anywhere
in the valley of the Mississippi in the neghbOrhoOdo Of
the bank whose president and directors promise pay
ON demand The effect of this mode of doing business
is this A lives the Ohio river and b. lives the
Lakes A and b. go into banking, and issue promises
pay demand their respective banks. But if A. should
put his promises pay afoa in his neighborhood
hisneigseFs, who might want money pay for goods
purchased IIe East, travel WITH would trouble
him for the real money, for his notes. b. would be in the
same pfedcanent in his "diggins To avoid being dun
ned they swap notes, a. issuing BIS, and D., As la the
peghborhoodot each bank, broker opens Office, and
with identical gold and silver that should
deemed the promises to pay dsmand shaUes them
per cent. or The notes having been thus well
shared The Bank paid to be
again put into circulation but they sent to the
Bank whose president and directors promised pay them
demand, because this would stop their beards
growing and ruin the money BARRIERS, shavers tits
easy that the promise pay demand might
be shaved every business day in the year, be shaved
the Of three dollars and thirteen cents for every
| promise pay dollar demand!
i Take the Branches at Madison and Lawrenceburgh as
examples. Besides the evils Just named, do they af
ford facilities Madison aud Lawrenceburgh not
by the Of Aurora, Rising Sun, Patriot, vevay aud
other towns in back counties! These Banks are perfect
monopoly the etet Of their districts, and all po,oerd
/ SWITZERLAND.