Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1855-03-15

feeting the public interests ought to have been
preceded, by general and full discussion
before the people, yet it is not believed
that the propriety of the Incorporation by
;sf:;ifi1esS Iaz;s!a.sss e 4 bsnk Esa.aeh,,
The power of the present State Bank to IS
sue bills, &c, continuing under its charter
for two years more, it seems to have been the
general impression that the question Of the
re-charter Of the State Bank, or the establish
ment of any similar banking institution would
be postponed for the consideration of the
next General Assembly.
This consideration alone might be sufficient
to induce me to throw upon the General As
sembly the burthen of a reconsideration
But there are other considerations far more
potent in my own judgment why | should
not approve the BILL
1t is by no means clear, that all the provi-
sions of the bill are constitutional Section
Is of the bill provides, that the Capital
Stock of said bank or branches shall not be
taxed for municipal purposes" Section %
of the Bill of Rights provides that, "The
General Assembly shall not grant to any citi-
zen, or class Of citizens, privileges or immuni-
ties, which upon the same terms, shall not
equally belong to all citizens" 1t is not per-
ceived how the immunity from taxation for
municipal purposes, which is here allowed to
a class of citizens while none others are ex-
empted, except as expressly provided for in
the constitution, is consistent with the con-
stitutional provision above quoted.
In considering the bill with view to its
policy, am met at the outset with a provi-
sion which is startlingly anomalous. The 10Th
Section, after providing for twenty days no
tice of the opening of the books for the orr
ginal subscription of the stock, by its obvi-
Gus import, allows the books to be closed if
the requisite amount" shall then be sub
scribed, at the end of the very moment which
they are opened. Thus one man NAV SUBJ
scribe the entire amount of stock of one or
more branches and moneyed monopoly as
odious and frightful as any of which the his
tory of American legislation furnishes an ex-
ample may suddenly be established The
64th Section of the charter of the present
State Bank, the language of which is copied,
word for word, in many parts of this bill, ex-
pressly provided that the books for the original
subscription of stock should be "kept open
between the hours of and u O'clock A. NJ.
of each day, for the space of thirty DAYS -
vet this wise safeguard, has been studiously
omitted. 1t is believed that no provision
similar to the one in this bill cited, exists in
the charter of any other moneyed corporation
in this country. If there were no other OBJ
iections to this bill, | never could lend the
sanction of the Executive approval to a bank
bill containing this provision.
The bank is authorized 20 receive on de-
posit moneys, bullion, plate and other articles
] of of b,,1l
may be agreed on between the parties and
the bank has a right to discount paper to the
amount Of three times the amount Of the Capi-
tai stock paid IN and three times the amount Of
deposits Thus the bank would seem to be
left to determine what are valuable articles,
other than moneys, bullion, and plate, pro-
vided they he of small bulk, and also their
value without reference to their immediate
convertlbility into money, and might discount
to an amount equal to three time such as
sumed value, as well as three times the
value Cf the capital stock and other depos-
its In case of a financial crisis, what kind
of security is furnished for redemption OF
the paper? The security of issues, resting
on such basis, is altogether illusory. 1t is
believed, too, that the light to emit so large
an issue of paper, upoi. such an amount and
kind of securities, is unparalleled in the his
tory of legislation. And as if this were moi
enough, the character of the State is invo-
ked to its support by conferring upon it the
imposing title of '' The Bank Of the State o.
Indiana" 2"
Whatever abuses may be developed
whatever injuries may result from the estab-
llshment of this bank, no corrective can bt
applied by the people, through their repre-
sentatives, t0tttOH the assent Of the Presiden
and Directors Of the Bdik and every brdllcl
thereof, until the expiration of twenty years
when the constitution requires that the bank
shall cease its operation. And the State, while
limited by the constitution to the establish.
ment of one bank with branches mutually
; responsible for each others issues, &C., is no
at liberty, in any case, to meet the increasing
commercial wants of the State, incident Il
the development of her population, by the
establishment of any other branch or branch
es, without the assent of the boards of drec
tors of two thirds of the branches
Gentlemen, in the midst of this fnancia
crisis, the closing events of which will furnisl
the fruits of valuable even though a bite
experience, why is it necessary now, when tn
present State Bank is in full operation, to at
tempt precipitately to establish another Stat
Bank with branches The problem of bank
: ing is not yet solved and it is well for States
Y man to wait patiently, when no necessity III
ges, to gather as many of the ripe fruits G
= experience as practicable.
q Why not then wait till the State Bank hs
i closed up its affairs Why not wait till it ha
) furnished its final expose Why not see fror
l. the manner in which its transactions wind u
: what sthe necessity of similar institution
Il and in what condition it leaves the country
A suspicion would seem to be implied tn;
when the State Bank comes to be wound u
it will not be so easy as now to procure froi
the General Assembly, charter for a simili
institution.
n Considering the present bill in relation
the powers which it confers upon the banl
d the vast capital authorized, and its machiner
l. generally as hostile to the genius of our il
e stitutiOns, and regarding with distrust j
Ie present introduction, without having bee
e preceded by a fall discussion before ii
a people deeming that the present fnanci
lie crisis teaches us to be tardy, rather than pr
ar cipitate in entering upon new experiments
E. and looking upon it at least, as singular tn
ID an emergency is declared in the bill requirir
Of it to take effect Immediately, while the pre-
ent State Bank may continue TO issue Gu
T rency for the next two years, | cann
at gentlemen, consistent with sense of offici
he duty, forbear to return to you the bill, al
at respectfully intreat you TO give it a caref
y reconsideration.
tn Respectfully submitted,
IN JOSEPH A. WRIGHT
'lr 0rSome fears appear TO be entertain