Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1855-08-09
For ihe n.,lr s,.,. s.n,,n.

Belleiontaine Rail Road CO.-indiana Stock
Money" very adIoitly makes use of vour
columns to puff Free Banks, and to give point
10 hlS article meaniy attacks the BellefontaiDo
Road by making an erroneous statement
The indianapolis and Bcllefontainc. now
indianapolis, Pittsburgh & Cleveland Rail
Road, Is part of a continuous line Of road from
Indianapolis to Pittsburgh, Cleveland, New
York and Boston, more direct TO these points
than any other route-with fowcr changes of
guage, consequently commanding very larsc
proportion of the through freight from these
remote cities. The money received for freight
Is divided betw cen the several Roads In the
connection, IN proportion to distance, of which
about one eighh belongs to the |. p. & C.
koad; consequently large amount Of the
receipts at the office at indianapolis are to be
transferred to Ohio in such funds as can be
used there rs currency. To meet this de-
mand 1t was orlcred that Hiree- foartss should
be received in bankable funds and one-fourth
might be taken in Free Bank notes; and as
the credit of this class Of paper has improved
the proportion has been enlarged, and when
FREQ Bankers are ready and willing to ex-
change State Bank notes, Ohio, &c, for
mixed packages of these Indiana banks, the
Ind. Z. & G. Road viii receive them without
restriction.
This state of the case has necessarily re-
quired the FREQ Bank money to be paid out
at the Office here, on home claims, thereby
making 1t a hOnie ciroltlation, which your kind
correspondent considers so admirable.
Is It not in small degree curious that
Free Bank advocate should complain 50
grievously that his ncighbors are required to
take such pape' while he pretends to consider
it the very best!
When the advocates OF FREQ Banking press
before the public their system, would it not
be well for them 10 sketch the history Of The
last t,0o gears Free Banking IA IadiGna-and
when they pre.ieat in such bright colors its
safety, rs It Is their want to state how much
the Auditor of State has allowed 10 be issued
without any bonds on file in his Office at all
or has carelessly allowed them TO DO stolen
from his strong box,-leaving thousands of
dollars ailoat with not one dollar security, thck
show how iaIssh tho seycraI interests Of the
State can be pI0moied by the establishment
of Free Banks; and 10 make il obvious, make
a clear statement how il is done. Thus n
/ banker induces three or four Of the citizens OF
indianapolis 10 unite their capital and mako
up the sum Of $4,000, which must be par
funds in New York, that is gold, where their
State securities can alone be purchased-they
get together their capital and ship the coin,
or Exchange, its equivalent, and they issue
instead their notes TO tho amount Of S45.-
lOOO-S5,OOO less money in indianapolis than
when the bank was not in existence 600
in gold taken away and $4,000 in Free
Bank notes put into Che hands Of the people,
and then add a few specimens Of tho articles
which will soon necessarily appear in the
several papers calling on business men 10 ad-
mirc the system and rssolutcly defend their
home circulation
INDANAPoLn, August ID, 1855.
Our correspondent is much mistaken in his
suppoiton that the article in question was
written by "I'rce Banker" The article was
prepared by one Of the editors Of this paper,
and they hold themselves to answer therefor
We hail our information in reference to the
money received by the Bellefontaine Railroad
on freishts, or in payment of freight bills.
from gentlemen whose statements can be
most implicitly relied upon-in fact, we know
ourselves that the Bellcfontaine Road has
for frcights shipped for our can establishment
over their road, required AS TO Gil our checks
to read payable in Bankablc funds''-thai
Is, in Ohio, Indiana State Bank, Kentucky, OF
Eastern currency. Whether We wero mad,
an exception 10 the provisions Of the ono -fourtl
Free Bank currency clause Of the Company
, money arrangements, we cannot say. Either
suci is the fact or else the Company hav'
their favorites, or refuse Free Bank money OF
freights entirclT.
So far, then, our statements arc good-in
deed, we chall,nge any Of the Company
, agents or officers TO controvcrt them.
! ! As to the Free Bank currency Of Indian
being a L0s,e currency, that it is The only ctr
a rellcy t0hioh Laliala nol0 has, not even tn
d most bitter enemy Of Free Banking win pro
tend to deny II Is hardly 90 be supposc
!. that the old ISrtc BaIlL will make any fur
thcr issue of lis; it is known, in fact, tha
she is making every arrangement 20 wind "a
y her aifairs. She has almost entirely cease
: TO discount to oar Stool or prcfuoe men, an
8 they are compelled, for the cash favors the
+ may want, 10 call upon the 'ope-horse Fro
= Banks" We presume, therefore, that w
! were justified in calling Indiana Free Ban
n money "ioms currency"
rs Our correspondent reiers us to The 'histo'
Of ase last t,co gears" Of Free Banking, an
:! = would have it 'sketched," we suppose, f
10 public inspection. Il would, We agree, rea
re quite badly; blt not worse, We think, than
similar sketch in the early history Of II
Is State Bank. 'Persons living in glass hous'
., should not throw stones,n Many fair Ioo
: ing fabric has, in this way, been totally d
We molishcd.
5n The illusions TO our State Auditor slloV
n :, ing an over issue Of bills on the Bonds dep
be sitcd, We arc at liberty to most decidedly cor
Il tradict Neither has his 'strong- box" bee
ut robbed by Free Bankers. The insinuation
~ !, in this reference, by our correspondent v
"a think would hardly have been uttered }
le him on more mature reflection.
" In conclusion We can assure our coucsPoI
IL dent that we are Demoaatioally opposed
10 all Banks; but if we must have Banks v
be are in favor Of that system which secures Il
OF JiU-LoIler, and at the same time is disrobe
= le as far as possible, Of the odious monopoly fe
: tures Of Banking under the old State Ban
O. system. VIII our correspondent now infon
le us whether there is not, to very great O.
!. tent an identity OF interest between tho Bell
: fontainc Railroad Company and the India
m apelis Branch Of the State Bank Of Indian