The Richmond Indiana palladium. [volume] (Richmond, Ind.) 1854-1855, 1855-01-12

n6c"Ii is risely provided by the Cons,i,u
ton. that hereafter the State shall not be a
stakeholder in any banks, nor lend her credi, to
any corporation"
We find the above sapiem remarks in the late
message Of his excellsncy. Gov. JOS. A. Wright
1t is to be regretted that his excelleney did no,
deem i, expedien, and proper to give some evil
dence ofthe ss:sdo~s of that feature Of the Con
stitution, which prevents the State beng a
stakeholder in bank. Can such evidence be
found in the manner in which the present State
bank has been conducted! 1t has furnished a
safe and popular currency--always at par. in
comparison with other bank paper. except the
price Of exchange. AT this time. and for many
years convertible into coin upon demand. 1t
has been beneficial to the State to an extent
which figures cannot demonstrate. With all
these benefits, where has been the loss? We
regret that we have not yet received the report
of the State Bank. from which We could prove
that an immense sum has been made by this
bank for the State, and IS perhaps the
only enterprise in which the State has engaged.
that she has not lost money by; and yet. Gov.
Wright declares that it is sDisdorn to forbid its
re-eharter. A different conelu.ion could hard
ly be expected from commercial gentleman
whose ideas oftrade are cofned to speculations
in Chesnuts. 1t is said the brightest feat of
financial fnesse, ever made by the Governor,
was the purchase Of peck of chesnuts from
boy at Is cents, exhibited them at State Fair.
obtained premium Of dollar. and still take
his chssnuts home to roast.
We ought not to do injustice 10 his exceliency.
by saying that he does not attempt to give any
reason why the State Bank should not be re.
chartered. He does Incidentally refer to what
he deems argumc mt. and that is that the
Bank had reduced its circulation SOM thing like
81 100000! How wicked was such a course
in the Bank! 1t was done TO save the coin in
the Bank. and to protect the interests of the
State; and yet, Gov. Wright deems it sufficient
to prevent its re charter. We would not speak
ireverently. but we only surprised that
pious Joseph had not recommended some change
in the economy Of Providence, because He had
withheld his refreshing showers during the past
season. by which our corps were reduced TO half
their usual amount.
But above al. the State must not "cnd her
credit to any corporation" TIE State upon
her own responsibility. engaged. IN system of
internal improvement. She failed, became
bankrupt-repud;otedh her entire debt, unless her
creditors would accept Of her terms, which were
fifty cents upon the dollar and the Wabash and
Erie Canal. She spent something like 81 ,6oo.
600 upon the Madison railroad. and sold it for
a song. She purchased lands in Georgia at a
cost Of hundreds Of thousands Of dollars, and
sold them for $1,000, and has never received
even that amount. Every enterprise in which
she has engaged upon her own account has been
disastrous TO her interests; and in the only in
stance in which she has been partner in
pora,ion she has made handsome specul alton.
The reason must be obvious to every observer
The State has entrusted her enterprises to such
men as Gov Wright. whilst the Bank has
brought to her control the ablest and best tai
ent Of the State. Had the Bank been under
the exclusive control Of the State. it would
have "squattrd' in ths dignfed language ofthe
Governor long since; but under the influence of
honest and able men. it has not only been an
honor. but benefit to tho State and the people.
And the Gov. is himself compelled 10 declare
that the Bank has promptly paid its interest,"
and III at ''the stock. at this time, commands a
premium"
We hope to see the Constitution amended.
and the State Bank re-ehartered.
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