Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1852-12-30
More about Banks.

The Indiana Journal takes up the cudge in earnest
in defense Of the present system of Free Banking and,
usual with that paper, makes very unfair state
msnts-we cannot call hem arguments. The Journal
first claims that the State Bank is Wing institution"
because il passed by Wing Legislature, and ap.
proved by Wing Governor and at first controlled BY
Wing directory
party measure is one where political parties array
themselves opposite sides of the question. Such
not the in the organisation of the State Bank We
have charged that the disastrous system Of Inter-
nal Improvements Wing measure, because the
bill of 1896 was passed by Wing Legislature and
sanctioned by Wing executive. The Bank was no
more Wing institution than the system of Internal
Improvements. The charter supported in the le-
gislature by Wings and Democrats. Some of the lead
ing Wings in both branches of the General Assembly
voted sganst the measure. The Wing Senator from
Marion county refused to vote for the bill and resigned
his seat. The late Governor Bigger, then member of
the House of Representatives, was one of the most de-
cided opponents of the II is true
serted by the Journal that the Democratic party has
kept up a clamor against the State Bank The Presi.
dent is Democrat, and the State Directors Demo.
Gratis Democrats have been, and now, in favor of
the Bank and Democrats opposed to it. Neith her
the organization the maintenance Of il has been a
party measure. The worst feature in the charter in
our opinion, is the amendment which authorizes the
issue of small bills That adopted by Wing
Legislature, but do not charge that a Wing
measure for presume that Democrats voted for it.
The Governor of Indiana did not in his last annual
message recommend this Free any other system Of
Banking. Democratic Legislature passed the bill.
1t voted for and sustained by both Wings and De-
mocrats the records will show. The people wanted
more money. The banks could make it, and they were
in favor of their establishment If the bill had been
submitted to the people for their decision, they would
no doubt, have sustained it. 1t is, therefore, more
against the abuse Of the SYSTEM than the system itself
that we wage a war. So much for the efforts Of the
Journal to make il a party issue If the Wings desire
to make issue, let one Of them introduce bill
to repeal the law.
We stated in the article which the Journal refers
that the Bank at Connersve, one Logansport, ant
one at Tsrre Haute, had local directory, and en-
gagged in legitimate Banking. We excluded those from
the list of Banks which aledged 'shamming"i
Plymouth has Bank but il has circulation in India
ma Newport, in vermillion county, has two Banks
yet we venture TO that in the county
saw dollar of their paper promises pay. They
have been circulated in New York and Pennsylvania
A Bank, understand, is about to be established at
the ancient city Of Rome, in Perry county Does the bust
ness of the country demand the location Of Bank that
point or can be sustained in legitimate businessl
No institution of the kind has been organized either at
Lawrenceburgh, Madison, New Albany, Indianapolis,
or Fort Wayne. The Bank at Evansville is owned by
brokers and spectators who reside east.
But the Journal, in conclusion, says
when these Banks fail to redeem their bills at the
place where they purport thei face TO be issued 1t
will be time denounce hem and TO close all such
may fail TO do 80. The law makes il the duty Of the
Auditor of State take the proper steps to accomplish
this object, and presume he will perform it."
We think it will be TOO late TO raise the warning
voice. After the Bank has failed aad the people are
swnded denuncation will be unavailing. The Auditor
will no doubt do his dsy bat that will not save de-
frauded and swindled community.