Plymouth banner. (Plymouth, Marshall County, Ind.) 1852-1855, 1855-01-11

Making S5.O65 S99 so
To this add The ordinary expenses of
the Stale Government fer the same period
amounting 10 S6l6,l97 Is, We have the
sum of G6.0ll.09 IS. equal 10 about
eight ninihs of the present State debt.
raised from our people by taxation, at
rate exceeding 5000. 600 annually; five
sixths of whlch amount has been annually
used for the payment of interest ard 9th
er objects not included among the ordi
nary expenses of the State.
The exhibit here made of the amount
already liquida,ed of the public debt. full.
ly corrubeTates he estimates made i'm nv
annual communication Of 1880 which
looked 10 its final discharge in 1871.
No intricate machinery hos been requi-
red Tor this purpose. bat simply On sppli-
cation of the surplus means in the Trea-
sury, to the purchase of the debt. Aud |
deem 1t an Imperative duty. while pros
2erIty Is all around US: and burdens are
light TO urge upon you the continuance OF
this policy and to make an annual levy OF
notices. than five cents upon the hundred
dollars. to be appropriated exclusively
for this purpose. With the application
o. these means. and such Others as may
be at our command, the last dollar Of our
pubic debt viii. he discharged ia 1868.
Then will be realized The consumation al
which we have so long aimed " hen the
public stocks of Indiana shall no longer
De displayed III market 20 tempt the Gu.
pidi'y Of the sharper. but free from debt.
with light taxes. an economical admins
tra;ion. our commerce. or agriculture.
our manufactures the pride and strength
OF our people. Indiana shall truly be the
envy and admiration Of ner sisters of The
Union.
Before the next session of tie General
Assembly. the charter OF the State Bank
will expire; and herefore. il devolves on
the present Legislature 10 make some
disposition OF the interest that the Sta te
holds In that institution. 1t is wisely
provided by the constitution that here
after the State shall not be siocLholder
In any bank. nor lend her credit TO any
corpora ton. With the object Of carry
ing out this principle. and keeping in
view the interests which The State holds
IN the Bank. consisting of stocks. sinking
fund. surplus revenue, real estate, and
other assets. recommend the appoint
ment of a Dosrd of Commissioners With
full authority to make settlement OF the
sifaiis Of the State and the Bank on the
expire ton of the charter.
The State is liable for the bonis orig
inally issued for the ca pital stock. upon
which the bank has promptly paid the in
terest and the stock at this time com
mands premium.
The whole legislation Of the State, as
well as the lette. and spirit of the con.
stitution declares the expedieacy of
separation of the Interests Of the State
from all corporations. / concur, fully.
with the Auditor Of State liz his vie rs as
to the propriety of the future Investment
of the sinking fund in the bonds of the
State.
The law upon the subject of General
Banking, has failed to accomplish the
purpose fox which il was enacted. 1t has
not furnished, for the use Of the people q
sound circulating medium. The expert
ence of the two past years fully estab-
fishes the correctness OF my remarks ad-
dressed to the last General Assembly on
the subject Of barking; and may adopt.
In its fullest meaning. the sentiment then
expressed. THAT past events have clearly
shown that the restrictions provided BY
the law are insufficient to prevent abuses
of the privileges granted"
1t is matter of regret that this sub
ject did not engage the attention of the
General Assembly at its last session.
again urge upon your consideration. the
views expressed on this question at that
time.
The country having overiraded, nec-
essary demand for exchange to NEE; Eas-
tern liabilities was created. This state
Of affairs caused the broker TO seek for
gold; and in pursuing this object. be
placed himself in the position OF the mer.
chant or business man. and vas fulfilling
one of those vocstions not uncommon in
such conditions Of the country. 1t was
fortunate Circumstance that the broker
came early. We had in less than six
months. issued more than six millions OF
cHrrency-an amount not required for
the maintenance Of healthy condition
in our monetary affairs; and if the broker
had delayed his visit for year longer, a
greatly increased amount Of paper circu-
lstion would have resulted in greatly in
Creased pecuniary losses to the people.
The practical operation Of the law in
many instances. has been that the indi-
vidual has not soush: TO locate and com
mence the business Of banking 70 accom-
modate the commercial community. but
to borrow money for himself under the