Washington sentinel. [volume] (Washington [D.C.]) 1853-1855, 1854-11-11
Washiugtun Sentinel,
Ultimate Security--The stock Banks of In
diana - Dunn Brown.o


Ultimate security--The stock Banks of In
diana s. Dunn Brown,
If there was anything wanting to justify the
course of the business community towards the
{" FREE BANKS" of Indiana, or to convince the
people of that State of the unreliable charac-
ter of those institutions, the letter of the Hon.
John L. Dunn, auditor of State, dated Noyem-
Der lst, and published in the columns of the
papers in this city, on Sunday last, will supply
the deficiency. And if anything was needed
to complete the discredit and demolishment OF
all existing concerns organized under the free
banking law, and put check upon the crea-
ton Of any new ones, Mr.. Dunn's letter is am
pie to meet the demand. We have recently
heard a great deal about ULTIMATE SECURITY.
What ultimate security is, Mr.. Dunn has de-
fined with great clearness and elegance. 1t
means that the circulating notes OF the Stock
banks are TO be paid some time or other--If
EVER.
Suppose gentleman should be so unfortu.
nate as TO fall heir to FIVE dollar note upon
one OF these institutions, and desires to realize
upon 1t specie, exchange, or the notes of some
" rotten concern" that pays its issues on pre-.
sentation, what is he to do? FIRST FIND THE
BANK! that OF course; and that is not always
an easy matter. Banks in Indiana Turk in out
out-of-the-way places. Like the insect hunted
by the chronological Hibernian, when you find
them, they arn't therel They don't affect cor
ner lots, but shun the din of crowded cities,
nesting costly under the lee of primeval for
ests, marked by an ancentIndia trail or solitary
cow-path. They are things to be found by bee
hunters, and are seen far off by the midnight
Nimrod in search of coons with the moonlight
sleeping upon their single roofs and primitive
COFnlcea. baa nd
WEALTH retires from the world into the clois-
tiers of the deep old woods, or the holy solitude
OF the pralries, conversing with nature-laying
up Its treasures where neither moth nor rust
doth corrupt" and where none but the Hon.
John p. Dunn can find them.
But suppose that the institution is revealed,
and the monetary anchorite stands confessed
suppose that business hours have arrived, and
The single, whose opposing surfaces give each
other the lie, faces the sun with the announce.
ment-" Bank is open," we see the aforesaid
heir, with rapid steps, approach the edifce. He
enters; he draws his pictorial evidence of
promise from his pocket book; he approaches
the counter, presents his note to the paying
teller, colloquy ensues:
Can You give me specie for this7
No.
Sight or short time eastern exchange?
No.
Ohio or eastern notes?
No.
What can you give me?
Nothing.
Why?
sir; this species of persecution we are bound
to resist. You are trying to break US, sir--to
make US stop payment, sir; you can't do it,
sir.
But ha'vnt you stopped payment when you
refuse to redeem?
No, sir. Ours is a stock institution. There's
yonr ultimate security, sir, deposited with the
auditor. We can't break, sir; we can't stop
payment Look at the law Look at Mr..
John p. Dunn's circular.
But have you no specie on hand
Yes, sir; and we are bound to keep it. The
law obhges us to keep twelve and half per
cent. of specie on hand. If we pay it out
every time one of you fellows call, how can we
keep it on hand?
Then shall proceed to have the note pro
tested.
Very well, sir. You will find notary pub
lie at indianapolis, provided he is at home,
which is only about one hundred and forty
miles from here. But, sir, you had better go
home, and rely upon your ultimate security.
We can't pay specie-6nd it won't do; but you
are ultimately secure; you can't lose your
money, though you never get it. Remember
that.
We will suppose our gentleman so unreason-
able as not to be satisfied with the representa-
tons of the paying teller, or the great principle
of ultimate security" He finds his way to
Indianapolis, makes protest in due form, and,
note in hand, proceeds TO the office of Hon.
John p. Dunn, Auditor of State, where another
dialogue ensues.
Sir, have note Of the Squash Bank, at
Lost Prairie, with certificate of protest, which
i want to deposit in your hands, with a request
that you make collection as speedily as pos
sible.
Certainly, sir.
How long before can expect to realize up
on the ultimate securities Of the institution
Thirty days, is it not?
Not quite as soon as that sir. shall forth
with give notice to the officers Of the Squash
Bank. If they pay no attention TO ii, shall
offer its securities in my hands for sale; but in
discharging my duty TO all the creditors Of the
institution, 81 shall not proceed to offer any of
its assets in the market until after at least sixty
days notice in New York, London, and Paris,
so as to ensure the largest and best price for
the securities; and not then, il, in my opinion,
the ultimate interests Of all concerned will be
promoted by further extension. Henri
But, my dear sir, how long will it be before
] shall be able TO realize upon my demand
Can't say, sir. Stocks are down Just now
may rise in a year or two-depend somewhat
upon the fate of the war in Europe. Bot never
fear, your ultimate security is undoubted. If
you should never &C. it. you will never lose it,
remember that. Rely upon your ultimate Sc.
curity, and you are safe.
On ultimate security! | want my money.
Well, cir, if that's your game, when you get
II, please give US the information.