The Evansville daily journal., 1854-10-26
For the Evansville journal.
A. H. SANDERS, ESQ.


The business men of Evansville have
within a few days past been offered small
bills on two institutions unknown to them
before. The bills in one case purport
to be issued by corporation calling itself
"The Indiana State Mining and Manufactur-
ing Company" which promises to pay the
amount specified at some office in Memphis,
Tennessee, and are signed by one as.
L. Kenyon, Cashier" The other bills
purport to be issued by corporation calling
itself Il thnk) "Conant's Coal Banks"
which corporation promises as in the other
case. to pay a. Memphis, Tenn, and are
signed by one 81. b. Hall, Cashier"
There is no other signature in either case,
and in both cases the bills are payable in
current bank notes. These bills, though
payable in Memphis, purport to be issued in
Evansville, and whilst so far as have been
munity, knowing nothing of either corpora
tion, have uniformly refused to receive their
paper at any price, it appears to be in circu-
lation in considerable quantities in the sur
rounding country.
There have lately been occasional notices
in the newspapers Of this city, of Mining
and Manufacturing Company, which it was
understood. was about going into operation
here, but certainly issuing paper currency,
and especially of the description above
nsmed, is no part Of the business of either
mining or manufacturing companies, or of
both combined.
The laws of the State of Indiana recog-
nze but two descriptions of corporations
within the State, authorized to issue bills or
notes to be used as circulating medium
The one is know as the old State Bank with
with its branches The other kind of COR
porations so authorized are those known as
free banks, which are required to deposit
with the auditor of State solvent State or
United States bonds to the amount of their
notes issued, TO be held by the auditor in
trust for the holders Of, and to be sold by
him to pay their notes, when the banks
themselves fail TO pay them, on presentation.
1t is well known TO lawyers that except as
above stated, no other corporation in India
ma can lawfully issue either bills, notes, or
certificates, to be used as circulating me-
dunn, and that, should any corporation thus
violate the law, it ircurs liability to certain
very inconvenient consequences.
Thus far, in the matter OF monied corpo.
ratons, the reputation of Evansville has
been unstaineo; neither the shrewd nor the
unsuspecting have ever lost dollar by eth
Evansville, and with such anteccdents it
becomes the business and the duty of every
business man of the city, to discountenance
and decry any organization or institution
which by a line Of conduct clearly illegal.
in a matter of such vital public interest,
shall threaten to tarnish our commercial
good name.
In reference to the legality and solvency
of the issues above described, it is not ne
cessary for ma to express ar opinion. My
object is to elicit public information, which
will be for the benefit of the institutions
themselves and those connected with them,
if they are legitimate and sound, and for the
benefit of the public If they are not SO. 1t
may be that those institutions are not, and
do not Intentionally hold themselves out as
corporations, but are individuals or voluntary
associations of individuals. If SO, their in
dividual names ought to be known, and their
issues of paper ought to inform the public to
whom il shall look in proper person for re.
demption. II the cashiers are liable for the
performance of the promises over their sig.
natures, it is right that the public shou Id
know it; but the bills in their present shape
do not lead to any other conclusion, than
that they are payable by corporations; and
of the existence, legality, locality. and res.
possibility of those corporations, hereby
most respectfully, in behalf of the
city of my home, call upon the cashiers
above named to answer.
A CITIZEN.