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

~ aos eh@tt hcs tt1ohl bttSnS " ~ .
,itizens." 1t is not perceived how the
immunity from taxation for muicipal
purposes, which is here allowed to a ,
class Of citizens while none others are
exempted. except as expressly provi-
ded for in the constitution. is consist
en-. with the constitutional provision
above quoted.
In considering the bill with a view
to its policy. / am met at the outset
with a provision which is startlingly
anomalous. The 10th Section, nfter
providing for twenty days notice Of
the opening Of the books for the orig
inal subscription of the stock, by its
obvious import, allows the books to be
closed if the requisite amount" shall
then be subscribed, at the end of the
very moment which they are opened.
Thus one man may subscribe the en-
tire amount of stock of one or more
branches. and moneyed monopoly as
odious and frightful as any Of which
the history Of American legislation
furnishes an example, may suddenly |
be established. The e4th Section Of
the charter of the present State Bank,
the language Of which is copied, word
for word. in many parts Of this bill,
expressly provided that the books for
the original subscription of stock should
be "kept open between the hours Of 8
and 12 O'Clock, A. M. Of each day,
for the space Of thirty days." yet this
wise safeguard has been studiously
omitted. 1t Is believed that no proyi-
sion similar to the one in this bill cited.
exists in the charter of any other
moneyed corporation in this country.
II there were no other objections to
this bill, / never could lend the sane
ton Of the Executive approval, TO a
bank bill containing this provision.
The bank is authorized to receive on
deposit moneys, bullion. plate and 9TH
err articles OF value of small bulk, up
on such terms as may be agreed on
between the parties: and the bank
has right TO discount paper to the
amonnt.of three times the amount Of
the capital stock paid in and three
times the amount Of the deposits
Thus the bank would seem TO be left
TO determine what are valuable articles
other than moneys. bullion, and plate.
provided they he Of small bulk. and
also their value, without reference 10
their immediate convertibility into
money, and might discount to an
amount equal TO three times such as.
sumed value, rs we'll asthree times the
value Of the capital stock and other
deposits. In case OF n financial crisis,
what kind Of security is furnished for
redemption Of the paperY The secu.
rity OF issues. resting on such basis
Is altogether illusory. Il is believed
too, that the right to emit so large an
issue Of paper, upon such an amount
and kind Of securities. Is unparalleled
in the history Of legislation. And a.
If this were not enough. the character
Of the State Is invoked TO It's supper
by comforting upon II the imposing d
tie ofhe Bank Of he STATE o. Indiana.
Whatever abuses may Ibe develop
sd-whatever injuries may result from
the establishment Of this bank, n
corrective can be applied by the people
' through their Representatives, withcu
the assent OF the President and Drec
tors Of the Bank and every brancl
thereof, until the expiration of twent
Q years, when the constitution require
: that the bank shall cease its operation
h And the State, while limited by III
constitution TO the establishment {
: one bank with branches mutually re
: sponsible for each other issues, DC,
o not ut liberty, in any case, TO meet III
o increasing commercial wants Of Oh
!. State, incident TO the development {
her population, by the establishment {
70 any other branch or branches, withor
the assent Of the board of directors {
i o-thirds Of the branches.
!, Gentlemen, In the midst Of this
Is nancial crisis. the closing events
\ which will furnish the fruits of Walt
! able even though u bitter experience,
~ why is IL necessary now, when ii
ID present State Bank is in full operation
5. TO attempt precipitately to establis
I. another bank with branches? II
n problem Of banking Is not yet solve,
" and II Is well for Statesman to wait pl
10 tiently, when no necessity urges.
IN gather as many Of the ripefruits Of O.
4: perienco as practicable.
n. Why not wait ill the State Bank h
:, closedup It's affairs? Why not wa
)" ill II las furnished liz final expos,
Why notsee from the manner in whic
o. its transactions wind up, what Is d
necessity for similar Institution, m
m in what condition IL leaves the coul
10 tryY A suspicion would seem TO
}" implied. that when tho State Ban
a comes to be wound up. II will not
=, so easy rs now TO procure from u
o. General Assembly a charter for sin
N liar institution.
b. Considering tho present bill In r
n lation TO the powers which Il confe
ar on the bank, the vast capitol authori
OF ed.and It's machinery generally as no
n tileito the genius Of our institution
and regarding with distrust Us press
70 introduction without having been pr
ID ceoded by u full discussion before d
Of people; deeming that the present. na
W cial crisis teaches us TO be tardy, rath
20 than precipitate In entering on nc
n. experiments; AMI looking upon Il
Oh least, >ns singular that an emergen'
or Is declared in the bill requiring IL
Sc take effect Immediately. while d
cd pre- sent State Bank may continue to
yn sue currency for the next two year
y. cannot. gentlemen, consistent with
OF sense Of official duty. forbear TO f
,is return to you the bill and respectf,
y entreat you to giveit a careful !
40 consideration.
,ts Respectfully submitted,
a JOSEPH A. WRIGHT.
ha ser-r-~-=-- -
he More Diplomacy.
ne Mr.. EpIroR:-Duripg the session