Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1855-03-16

own citizens, so that the bankers per
sonal character and State pride nigh
be an additional Safeguard agairs
fraud; and il should be provided with
the utmost precision. :and under the
sternest penalties, that the business
of the bank should be transacted al
the place where the bills are made
payable.
1t was competent under the law Of
1859, for the Auditor to wind up any
bank not doing business at the place
where its bills were payable, yet a
majority never pretended TO do so,
from the commencement to the present
day. The Legislature was respect
fully urgedssby me in 1855 to direct,
by law, that this class Of banks should
be thus wound up; that recommends
ton was earnestly renewed by me at
the present session: yet it is to be re-
GREETED that the Legislature has rot
seen fit to take any action on the SUBJ
ject.
Near one hundred thousand dollars
Of interest was paid in cash, on the
LIST of January, 1885, in New York,
upon stocks in banks which have re-
fused for more than FIVE months past
to redeem dollar of their paper, yet
the paper issued upon those stocks is
passing for less than the value OF the
stocks. and no action has yet been Ia
ken for the realization Of this large
amount Of interest, which should have
sdded greatly to the value Of pa
Per.
If this sum Of money has been in
vested as required by the law, in adj
ditional securities, no information Of
that fact has been made public. This
of itself shows the imp.opriety Of
leaving these questions, SO deeply az
fecting the interest Of the people. to
any other than Bank Department. in
the hands Of men Of high financial
character, having the confidence Of
the people, and specially charged with
so important trust.
There is much ostensible effort
made in this bill to secure the bill
holder after the bank has failed; but
very insignificant precautions are, pro
vided to prevent the failure. The
laborer, who, ignorant Of the details
Of banking. is always seized with the
first panic, will dispose of his paper at
a ruinous discount, but the broker
may be amply provided forl
Entertaining fixed opinions in favor
Of gold and silver currency, no bill
can receive my sanction which does
not, in my judgement, provide, in the
first place. an unquestionable security
for the bill holder, and. secondly. the
most certain safeguards againsla re :
curence Of the distressing evils which
have grown out Of the present free
bank system.
II is said the present law will con-
tinue il this bill does not pass. BE
this as il may. the responsibility does
not irest upon tie Executive Depart
ment. My views were so clearly sta
ted in my last two messages. il is hard
ly possible they could have been mis-
understood.
is my deliberate conviction that
the discretionary powers given by this
bill are equally as large. and would
BIZ productive ofevilsequally rs discs
trous as those in the act OF which il Is
amendatorv.
On examination OF the Auditors Of
fee will convince any person OF the
insecurity Of the stocks, dies, plates,
DC. there deposited.
Thousands Of dollors have been re-
turned. marked. and cut. yet unregis
tered and undestroyed. and liable ngaln
to be put in circulation.
Notes have been presented to banks
for payment which have never been
registered.
IL is impossible, gentlemen, to give
the public confidence in any system
managed as the present one has been,
and the sooner it is put IN other hands,
competent and faithful, or entirely
wound up. the betteri. will be for the
people, and for the character of the
State. which has suffered aloss already
which il will take years to retrieve
Respectfully submitted.
| JOSEPH A. WRIGHT.
rF The best continuance for keep.