Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1854-10-27
THE hanks.

N THE BANKS.
The resent is critical time in mon
ey matters. The Brokers who live by
panies and fatten only at the expense
of others, have succeeded in creating
alarm and discrediting our State Stock
money. They are now reaping fat
harvest by shaving all who come with
in their reach. They began some two
months ago by running on our free
banks in hopes Of breaking them, but
that scheme.did not succeed. They
then refused to take their notes in Gin
cinnati. except at ruinous discount,
when they knew that at the counter of
the banks they could and would re-
ceive gold for them. The result is,
the merchants Of Cincinnati refuse our
money entirely.
Now, while we are entirely opposed
to the system Of making our indebted
ness or any other State indebtedness,
the basis Of banking operations, we
fearlessly say that there is no need of
alarm upon the part of bill holders
A few banks may fail and their stocks
may be forced into market, yet none
neAd.lose by such failure. In few
instances, but in very few, the bonds
may net sell for enough to pay the full
amount Of notes, yet in no case do we
think that there viii be a loss Of ten
per cent on bills. Bad as the system
is, as a matter of political economy, it
is beyond question one in which bill
holders are safe. Let no one therefore
suffer a shave on our free bank paper.
It is good-as good as any bank paper
in the land-much better than four
ffths of the foreign currency that has
been flooding the country. The Brook
vile Bank is taking nearly all Of them
on deposite, and paying them out in
the ordinary business ofthe bank.
1t may not be amiss to be specific
on this subject. Take our own Bank
as specimen Of most of the others
It has circulation Of less than $780,
600. To secure this. it keeps on hand
gold enough to redeem all the paper
that is presented, and we doubt not,
all that can be presented, even under
the present panic. It has also depos-
tied with the Auditor of State, $780,
600 Of Virginia 6 per cent bonds,
which are n. par in New York, and
go. oo0.of Indiana 5per cent bonds,
which are also at par. In addition to
this the stockholders represent not less
than $4,000 Of private property over
all their personal liabilities, which is
liable for the notes and tho deposites.
Now, nothing but such swindling as
brokers are used TO, can create distrust
in such bank. We regard its notes.
or deposits with it, as being as good as
gold. To show our faith by ourworks
we have deposited gold with it within
ten days, not on condition Of receiving
gold.in return. but simply as currency.
We were much pleased last week to
see the effect that the panic had on
it. 1t was the reverse of the Cincin-
matt panic. Our business men were
rushing TO make deposites in the bank
10 secure them from loss on the uncer-
tain money they had on hand. Such
is the confidence in this bank. on the
part of those who know its.officers and
its stockholders.
But we do not think all of the free
banks are equally as good. They
have not all got as good bonds, and
then they have not such backing among
stockholders. Depositors may lose
largely in some Of them. but bill hold
ers can not.
One word as TO the Connersvill'
Bank. The failure Of the Kentuck,
Trust Company has caused il TO clos,
lis doors. yet its notes are good. They
are secured mostly by Indiana Bonds
on which the interest is regularly paid
and they can not go below par unless
by most villinous combination o
Brokers and Stock Jobbers. Let nc
man part with single dollar oft at
discount. We doubt not il will re
sumo business in a short time, an
pay gold at its counter for all its bills
We would however caution ever
body against bogus banks. such as tn
thing ct Laurel. called the "Thame
Bank" or some such name. In near
ly every case they are intended onl
as swindling institutions. Look car,
fully at all bills you receive. and IL !
some corner there Is such phrase Al
Gin currency" reject it. Take v
Insurance Company. or Plank Roa
bills.
PRoscRIPrIes.-Movemen are {
foot TO remove William Mixer. Of Mi,
arxilla from the Post Office and n