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

condition of the State, and indeed Of the
General Government would furnish them a
proper estimate of the worth of our State
stocks and the value of the paper issued
upon them would not then be fuctuating ac-
curding to the news received daily from Wall
street. In relation to the financial resources
and condition of other States, the people can
not generally acquaint themselves, and the
value of the paper issued upon them must
necessarily be affected by every days transac-
tons at the stock board at New York.
In my judgement, too. the business of bank
ing should be limited to our own citizens, SO
that the bankers personal character and State
pride might be an additional safeguard against
fraud and it should be provided with the ut
most precision, and under the sternest penal
ties, that the business of the bank should be
transacted at the place where the bills are
made payable.
1t was. competent under the law Of 1852,
for the Auditor to wind UP any bank not do
ing business at the place where its bills were
PAYABLE, vet majority never pretended to do
so, from the commencement to the present
day The Legislature was respectfully urged
by me in 1853 TO direct by law that this class
of banks should be thus wound up; that re-
commendation was earnestly renewed by me
at the present session; vet it is to be regretted
that the legislature has got seen fit to take any
action on the subject.
Near 100000 dollars of interest was paid in
cash, on the lst 6f January, $500, ~ New
York .1ll>4n stock "a banksss have X
fused for moro INN five months past to re-
deem dollar of their paper, yet the paper is
sued upon those stocks is passing for less than
the value of the stocks, and no action has yet
been token for the realization of this large
amount of interest which should have added
greatly to the value of the paper.
If this sum of money has been invested as
required by the law, in additional securities,
no information of that fact has been made
public This of itself shows the improperly
of leaving these questions, so deeply affecting
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 tIust.
There is much oStensible effort made in
tins bill to secure the bill-holder after the
bank has failed but very insignificant pre-
cautions are provided 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 for
Entertaining fixed opinions in favor of a
gold and silver currency, no bill can receive
my sanction which does not, in my Judgment,
provide, in the first place an unquestionable
security for the bill-holder, and, secondly, the
most certain safeguards against recurrence of
the distressing evils which have grown out of
the present free bank system.
1t is said the present law will continue if
this bill does not pass. Be this as it may the
responsibility does not rest upon the Execu-
tive Department. Ny views were so clearly
stated in my last two messages, it is hardly
possible they could have been misunderstood.
1t is my deliberate conviction that the dis
cretionary powers given by this bill are equal
ly as large, and would be productive of evils
equally as disastrous, as those in the act of
which it is amendatory.
An examination of the Auditors office will
convince anv person of the insecurity of the
stocks, dies, plates, &C., there deposited
Thousands of dollars. have been returned,
marked and cut, yet unregistered and unde-
stroyed and liable again to be put in circu-
latiOn.
Notes have been presented to banks for
payment which have never been registered.
1t is impossible, gentlemen, to give the
public confidence in any system managed as
the present one has been; and the sooner il
is put in other hands, competent and faithful,
or entirely wound up, the better it will be for
the people, and for the character of the State
which has suffered loss already which ii
will take years 10 retrieve.
Respectfully submitted,
JOSEPH A. WRIGHT.