Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1855-01-10
STOCK BANKS OF INDIANA.

In these times of /" bank suspensions" and shin.
plaster inancering, (says the New York HeraldD
when every broker in Wall street who can raises
few thousand dollars to purchase little ultimate
security" is owner of . bank or two in INDIANA
Illinois, the following description from the Cincina
ii Commercial, of Western banking and of an inter-
view between bank officer and q bill holder will
be appreciated -
The STocK BANKS OF INDIANA " Dunn BRowS"
If there wasanything wanting to justify the
Of the business community towards the free banks"
of Indiana, or to convince the people Of that State
of the unreliable character of those institutions the
letter Of the Hon. John P. Dunn, Auditor of State
dated Nov. land published in the columns of the
papers in this city Saturday last will supply the
deficiency. And if anything was needed to COM
plete the discredt and dcmclishment of ell existing
ufster tls6 frSe banking law, aad
put check upon the creation Of any new ones, Mr..
Dunn's letter is ample to meet the demand. We
have recently heard great deal about ultimate Sc
curity. What ultimate security is Mr.. Dunn has de-
fired with greatcearness and elegance tmcans that
the circulating notes of the stock banks are to be
paid some time or otherf ever
Suppose gentleman should be so unfortunate as
to fall heir to five dollar note upon one of these
institutions and desires to realize upon it specie,
exchange, or the notes of some "rotten concern,
that pays its issues presentation, what is he to
do? First, find the bank! that of course and that
is not always an easy matter. Banks in Indiana
lurk in out-ofthe-way places. Like the insect hun
ted by the chronological Hbernian, when you find
them they arnt there. They don't affect corner lots,
but shun the din of crowded cities, nesting costly
under the lee of primeval forest, marked by an
ancient Indian trail or solitary path. They are
things to be found by the bee hunters are seen far
off by the midnight Nimrod in search of coons, with
the moonlight sleeping upon their shingl roofs and
primitive cornices. Capital has become modest,
and wealth retircs from the world into the clos:ers
Of the deep old woods, the holy solitudcs of the
prairies, conversing with Nature-laying up its
treasures, where none but the Hon. John P. Dunn
can find them. L.
But suppose that the institution is revealed, and
the none etary anchorte stands confessed; suppose
that business hours have arrived and the shngle,
whose opposing surfaces give each other the lie,
faces the sun with the announcement-"b bank is
open," we see the aforesaid heir, with rapid steps
approach the edfce He enters he draws his pic
torial evidence of promise from his pocket-book,
he approaches the counter presents his note to the
paying teller, and colloquy ensues: -
Z" Can you give me specie for this?"
Sight or short time eastern exchangess"
What can you give mes"
Nothing"
"Why?"
"You are making run on our institution. This
species of presentation we are bound to resist. You
arc trying to break us, sir-to make stop pay
mcnt sir; you can't do it. sir"
"But havn't you stopped payment when you re-
fase to rcdeem?" ...
"No sir. Ours is a stock institution. There's
your ultimate security, sir, deposited with the au
ditor. We can't break sir; We can't stop payment.
Look at the law! Look at Mr.. John P. Dunn's cir
cularw
But have you no specie on hand?"
"ies, sir; and We are bound to keep 1T. The law
obges to keep twelve-and-a-haf per cent Of spe-
! Gle on hand If we pay out every time one of you
fellows calls, how can we keep it on hads"
Then shall proceed to have the note pro-
| tested"
"Very we'll, sir. You will find notary public
at indianapolis, provided he is at home, which is
only about one hundred and forty miles from here
But, sir. you had better go home, and relv upon
| your ultimate security. We can't pay specie-fnd
it won't do but you are ultimately secure; you
can't lose your money, though you never gctit Re-
member that"
We will suppose our gentleman so unreasonable
not to be satisfied with the representation of the
paving teller, the great principle of ultimate Sc
curity. He finds his way to Indianapolis, makes
protest in due FORM and, note in hand proceeds t'
I the Office of the Hon. John p. Dunn, auditor G.:
I State, when another dialogue cnsues:-
| "Sir, have note of the Squash bank at Lost
Prairie with certificate of protest which want to
deposit in your hands, with request that you make
collection az speedily as possible"
| Certainly, SIR"
!
the ultimate securities of the institution? Thirty
days: is it not?"
"Not quite as soon as that, sir / shall forthwith.
give notice to the officers Of the Squash Bank. J.
they pay no attention to it shall offer its secur-
ties in my hands for sale but in discharging nv
duty to all the creditors of the institution, shall
not proceed to offer any of its assets in this mark"t
until after at least sixty days notice in New York.
| London and Paris, so to ensure the largest and
best prices for the securities and not then, II, in
my opinion, the ultimate interest of all concerne'i
| will be promoted by a further extension! Hem!
But my dear sir, how long will it be before
shall be able to realize upon my demand?"
"Can't say sir, stocks are down just now may
fate of the war in Europe. But never fear your u'
innate security is undoubtcd. If you should neve
get it, you will never lose it. remember that Rely
| upon your ultimate security, and you are safe. )"
"Ultimate security? l want my money"
"Well, sir if that's your game, when you get i
please give us the information"
| W A Post Office has been established in Ca
tawba county, in this State by the name of Lonr
Isl.nd A. T. Cansler, p M. All matter intended
for this Office should be sent by the way of Beattie
Ford. .ssa ss,.. -
W Attention is directed to the advertisement
Mr.. Ezell's School, in the Standard of to-day. Mr.
E. enjoys an enviabe reputation as Teacher.
| ATTEMPTED SUICIDE. The Charleston Standar
states that young man, from North Carolina, wen
into the Merchants Hotel Tuesday evening last AM,
asked for pea, ink and paper, which were give
him.. Shortly after he left there was found on tn
desk note addressed to the proprietor Of the Hote