Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1854-11-09
State Stock Banks in Indiana.
MEETING AT INDIANAPOLIS.

MEETING AT INDIANAPOLIS.
An adjourned meeting of merchants,
manufacturers and citizens Of Indiana polls, |,
was held on the evening of the 25th.
II. S. Kellogg, A. F. Morrison, and H.
J. Horn, submitted correspondence with
the State Auditor, accompanied with his re-
port in detail, in regard to Bank securities.
The Auditor, writing on the 25th, says:
''The rapid and constant retiring of the
notes of these Banks daily for their securi-
ties, renders it almost impossible to give you
as full and clear a report as should desire.
We are cancelling from 80 to 10000 daily
for the different banks who are Withdrawing
their securities, thus furnishing that amount
of Exchange, and lessening the same amount
of circulation.
Had time been given me to furnish you a
list of the names of the owners and stock
holders of the different banks, thus showing
the individual liabilities of the parties, have
no doubt it would have been much more sat
isfactory to the people.
/ l. seems to me, from q careful examina-
tion of the securities, you cannot but dis
cover that our banks are well secured, and
with any kind of forbearance on the part Of
the public, they would be soon all fully pre-
pared to sustain the high position they have
attained under run upon them unparalleled
in the history of banking in the United
States"
After the report Of the Auditor was read,
the Secretary was requested to read the 9th,
7th, Sth and 9th sections of the llth arti-
Gle of the Constitution of Indiana, which
were as follows:
Srcrroy 6.-The Stockholders in every
bank or Banking Company shall be individ-
ually responsible 10 an amount over and
above their stock equal to their respective
shares of stock for all debts or liabilities of
said Bank or Banking Company.
SEC. AN Bills or Notes issued as mo-
nev shall he at all times rpdcemahle in gold
and silver; and no law shall be passed sane
tioning directly or indirectly. the suspension
by any Bank or Barking Company of spe-
Gle payments.
SEC. S.--Holders of Bank Notes shall be
entitled, in case of insolvency, to prefer
ence Of payment over all other creditors.
SEC. 9.--No Bank shall receive directly
or indirectly greater rate of interest than
shall be allowed by law to individuals loan
ing money.
Major Morrison, as one Of the Committee
being called upon, made some explanations
in regard to the situation of the monetary
panic, and of the reasons which should in
duce the public TO sustain such banks as are
known to be safe and reliable. The report,
he said, was in plain terms, and made can
did statement of undoubted facts. From il
every man can learn the real condition Of
each bank, and may decide for himself as to
the risk in taking and holding their paper
The stocks of the best States in the Union
: are the pledges given for the ultimate re.
demption Of their paper. Public confidence
is alone wanting to allow them to meet the
wants Of the community: but SO long as
every note which they issue is Immediately
returned upon them, with demand fol
coin, they cannot accommodate the busines,
men of the country, and must keep then
heads within their shells.
This same want of confidence and demant
for coin must bear equally hard upon th'
State Bank and Branches, and requires then
to take care of themselves with great eau
ton. There is strong reason to behev,
that the crisis is measurably past, and tha
the panic is subsiding, and he thought it th
duty of every good citizen to endeavor t.
i allay the excitement. He had no other in
terest than common one as citizen, no
being the owner Of dollar in Bank Stool
in any Bank, but wished alone to see a stat
of our monetary affairs which would Civ
? prosperity to all branches Of trade and bu
: siness.
: Maj Morrison, who was formerly Presi
II dent of the State Bank of Indiana, in repl
C to some questions put to him, said