The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1854-11-28
they are not 10 be found among the manag.
ers of the State Bank Of Indiana.

lucy efe not 10 DC iounu umohg Inc Wahag
ers of the State Bank Of Indiana. j
True, the Legislature may charter Bank
with Branches, but not State Bank. But
is it among the probables that charter can
be got such as would be acceptable to the
present Bank! And even il they could,
does not every man who enquiries into the
matter. learn that the old Bank could not
take possession of such a charter and con.
troll il. but could only, through its stockhold-
ers, take stock with others, and have joint
interest and . joint hand in its management.
And is il. likely the owners Of the present
Bank would unite in new scheme Of ban K.
ing with a multitude Of new men as part
ners, whose views. objects and designs would
doubtless greatly differ from their own, as
acquired from long and successful expert
ence in the science ef banking!
h Whatever may be said or thought, the
public may rest assured that the owners and
controllers of the State Bank do not expect
and will not ask an extension in any shape.
There are other ways Of using the capital
in the Bank so as to be productive. And as
for the STEW retainers" of this cold fogy in
stitution," they hope to find some new field
10 which to earn living. While such is
the expectation and such the position Of
those connected plth the Bank, It is or should
be-. far different with the public. That the
destructicn Of this long tried, well approved
institution. will prove calamity to the bust
ness interests Of the State. time will show;
and the people, if they are wise. will take
early means to establish new Bank as near
in principle to the old a. the constitution
will allow. And not only this. but they must
see that salutary restrictions are thrown
around the free Bank system. compelling al!
who engage in il, to con6ne their issues to
the capital actually paid in. and to do leg
itimate banking business at suitable points
land not make their Banks G! what two
thirds Of them now are, mere LOCALIZED RAG
MACHINES, having email real capital, no Of.
fees for discount. and nothing large except
circulation, one issue being based upon an
other, and not one dollar going cut to the
people in the way Of loans. ,
When such changes are made, we may
hope for much good under the free Bank sys-
tenn, and it cannot be doubtful that il our
Banks under that system were now what few
only are' and all should be, they would work
great good in times like these. and be emin-
emily useful to our people. In q word. force
them to be true Banks. and their mission
would be for good. both to banker and pub.
lie. But until some heaIthful restrictions
are adopted it will be idle to hope for pro-
perly limited and q sovnd convertible curren-
cy from this system, such as the wants and
necessities Of the business community re-
qulre.
A large circulation based upon interest
paying bonds, especially If made large BY
the process of issuing upon former isspes, il
undoubtedly profitable ipveo,mSnt for the
banker ESQ long as the notes are not returned
, for redemPlion). and may in manner pro.
tect the note holder from loss; but the pub.
lie requires something more. II required
banks t hat loan az well ~ issse. Banks oil
mere issue are worse than useless, only in.
ducing expansions, which they have no pow.
er to restrain, nor the ability to relieve the
effect consequent on such expansions. In
word, the more such concerns we have
. the worse we will be of, proposition easy
of demonstration. however Paraioxical SON,
: at FIRST glance may think Il.
In regard to the free Banks, the Board o
: Directors have at no time taken any actor
whatever.
Nor hare the members of that Board evel
: had any understanding as to the receiving
!, the notes of those Banks, except a genera
one that each branch should act for itself
being its cwn judge as to what its Interests
in this respect should demand; and gener
: al expression has ct all times prevailed
that friendly spirit should be exhibited il
: this respect, and all notes be taken unit
q they should cease to be avsilsble for the bu
8 siness purposes oil. the Bank. And it is wei
;. known that the notes Of oil these Bank,
were freely received and paid out by all thu
k Branches, even long after they had ceasct
e to be convenient in its ordinary operations
n In fact, most OF the Branches have sustain
n cd a positive loss from cleverness in thi,
e respect, and only ceased to sake thsm, wheI
n they could. in justice 10 themselves. nj
q longer continue to receive &Aem. The rea
e sons why these notes were finally rejected
n are easily explained, as every Banker VIII
/. understands the large and varied operation
e Of the Branches. must at once admit; and
I. only regret that the already extended len9tl