The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1854-12-01
ULTIMATE SECURITY-THE STOCK
BANKS OF INDIANA.

we Hlu tHe ioilO"IhS i"Cf "tSiC III iela-
ton to the Free Banks of Indiana, on the
outside of one of our exchanges without
any credit. We suppose it belongs to Gin
cnnati:
If there was anything wanting to justify
the course of the business community to-
wards the "FREE BANKS" of Indiana, or to
convince the people of that State of the unre-
liable character of those institutions the let
tor of the Hon. John p. Dunn, auditor of
State, dated November lst, and published in
the papers, will supply the deficiency. And
if ANYTHING was needed to complete the dis
credit and demolishment Of all existing con-
Germs organized under the free banking law,
and put a check upon the creation of any new
ones, Mr.. Dunn's letter is ample to meet the
demand. We have recently heard a great
deal about ULTIMATE SECURITY. What ulti-
mate security is, Mr.. Duhn has defined with
rreat cIearness 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 unior-
tnnate ~ to fall heir IT, five dollar note up
on one of these institutions, and desires to
reaze upon it specie, exchange, or the notes
of some .rotten concern that pays its issues
on presentation, what is he to do FIRST
FIND THE BANK that of course; and that is
not always an easy matter. Banks in Indiana
lurk in the out of the-way places. Like the
insect hunted bv the chronological Hiberni-
nm, when you find them, they arn't there !
They don't affect corner lots,but shun the din
of crowded cities, nesting costly under the
lee of primeva forests, marked 10y an ancient
Indian trai! 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 moon light sleeping upon
their shingle roofs and primitive cornlces.-
CAPITAL has become modest, and WEALTH
retires from the world into the costers OF
the prairies, conversing with nature-.nylng
no 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,
ard the monetary anchorte stands confessed;
suppose that business hours have arrived,and
the shingle, whose opposing surfaces give
each other the lie, faces the sun with the an
nouncement-"Bank is Open," we see the
aforesaid heir, with rapid steps, approach the
edifce. He enters; he draws his pictorial ev-
idence of IA promise from his pocket book; he
approaches the counter, presents his note to
the paying teller, coloqny ensues:
Can you give me specie for this!
No.
Sight or short time eastern exchange!
No.
Ohio or eastern notes!
No.
What can you give me?
Nothing.
Why?
You are making run on our institution,
sir; this species of persecution we are bound
to resist. You are trying to break us, sir-to
make us stop payment, sir; yon can't do 1t,
sir.
But ha'vnt you stopped payment when you
refuse to redeem! !
No, sir. Ours is stock institution
There's your 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 u. Dunn's circular.
But have you no specie on hand!
Yes, sir; and we are bound to keep it. The
law obliges 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 my note pro-
tested.
Very well, sir. You will find notary pub
lie ut Indianapolis, provided he is at home,
which is only about one hundred and forty
miles from here. But, sir, you had better 60
home, and rely upon your ultimate security
We can't pay specie-find it won't do; but
you are ultimately secure; you can't lose your
money, though you never getit. Remember
that.
We will suppose our gentleman so unreal
sonable rs not to lie satisfied with the repre-
sentations of the paying teller, or the great
principle of "ultimate security" lie finds
his way to Indianapolis, makes protest in due
form, and, note in hand, proceeds to the office
of Hon. John PDunn, Auditor of State, e,where
another dialogue ensues.
Sir, | have a note of the Squash Bank, at
Lost Praire, with certificate of protest, which
| want to deposit in your hands, with re-
quest that you make collection as speedily as
possible.
Certainly, sir.
How long before can expect to realize
upon the ultimate securities of the instltu-
ton? Thirty days, is it not!
Not quite rs soon rs that, sir. shall 'orth-
with give notice to the officers of the Squash
Bank. If they pay no attention to 1t, shall
offer its securities IN my hands for sae 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, If in my
opinion, the ultimate interests of all concern
ed will be promoted by a further extension.
Hem
But nv dear sir, how long will it be be-
fore | shall be able to realize upon my de.
mand.
Can't say, sir. Stocks are down just now
-may rise in year or two-depend some
what upon the fate of the war in Europe.
But never fear, your ultimate security is
undoubted If you should never get 1t, you
will never lose it, remember that. Rely
upon your ultimate security, and you are
safe.
D@n ultimate security' want my mon.
Well, sir, f that's your game, when you
get it, please give us the information.
Ley The Arkansas Legislature met 1t Lit
tie Rock on Monday, the 9th, and organlz-
ed.
eg- In Massachusetts, plurality elects