Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1855-07-27

tnoH was TIC ucautot VIII OdL STOCK
Banks that broke last fall. And this
isone ofthe frauds Of the institution"
The State having granted the char
ter, has nothing more to do with it,
hardly peep at its business. so as to
correct any swintiie. We noticed the
thing last week, and some Of our rea-
ders think the notice was not very
fiattering. We did not intend it sho'd
be. We allude to il again. to show
that we did not misrepresent it. So
far as we can gather from our exchan-
ges, the same game was played at ev-
cry branch. The company, led off by
p. N. Kent and M. G. Bright, who
got up and had passed. the Ubiquitous
charter. have in every place secured
majority of the stock. Speaking of
opening Of the books at vincennes the
Gazette, says:
OF the amount, 100000, about
o25, 900 were taken by some of our
best citizens; the balance, we under
stand, was taken on account of those
who got up the charter. and had il
passed by the late legislature.
The $4,000 Of subscription, we
have been informed. is held until those
parties are indemni6ed for the large
amounts expended in having the char
ter passed. As soon as that is done,
they will transfer il to such Of our citi-
amounts as they may desire. So far
the proceedings are merely prelimina-
y.
There is one instance. The lowest
amount we have heard Of that compa-
ny taking is $4,000. Now we ask
honest men to look at this. We will
not plead the unconstitutionality Of a
charter that grants such a monopoly.
That is too hackneyed. We will say
that its every feature condemns it, and
and We hope again, that merchants and
bankers and allhonest men, will at once
repudiates its paper.
Would IL be impertinent to ask how
a"large amount" could be spent in
having this charter passed? Was ii
nbuying up certain members Of the
legislature? The people have RICH,
to know-they shall know. if we can
6ndit out. But they intend to trans.
fer the stockl Yes. but at what pre-
MUM?
But lest our well known anti-bank
Democracy-the good kind Of Democ-
racy that we read Of, very little oil
which is now in vogue-lest this sho'd
be charged with prejudicing us on this
subject. we viii let our readers see
what p. A Hackleman Of the Repu5-
iiean says, about the branch at Rush.
vile:
We have not time this week to 60 in
to q full expose Of the "bargain and
corruption" connected with the loca-
ton Of the Branch of the new State
Bank. so called at this place. Suffice
1t to say for the present, that two cit.
liens Of this county took it upon them
selves to agree to give NJ. G. Bright &
Co., 60, 900 Of the 500. 900 Of stock,
to secure the location, and magnani-
mously agreed that two citizens one oil
them party to the corrupt bargain,
should have the control Of the other
forty thousand dollars. This $40. 00C
was to be peddled out in homeopathic
doses to such Of our citizens as might
be selected and as were willing to &C
into the concern. Accordingly, wher
the books were opened those who he'd
not been ministered to, could get nc
stock in the bank, and were refused
permission to subscribe. Bright 4
Co., were put down for fifty-ive thou
sand dollars, having. we suppose
agreed to vary the contract to that ex
tent, in consideration that the princi
pal part Of the remaining forty-iiy,
thousand dollars should be taken b,
such bank men as j. L. Robinson an,
q few others we might name! So ia
as the citizens Of Rush county ar
concerned. this is gouging operation
Bright 4 Co., expect TO sell out thei
stock to our citizens, or others VIII
may wish to 60 into legitimate bank
ing business at large profit. A pre-
MUM Of ten per cent. would give ther
%. 500 from the pockets ofour citizen,
and premium Of even four dollar
on the share would give them 81. 4ot
Every dollar Of the stock would hav
been taken by the citizens Of hits cour
ty, ifno bargain had been made, an
as 1t was, il the books had been key
open one day Of the thirty required b
the statute, the great bulk Of the stoc
would have fallen to them under Ii
cutting down process provided by II
law itself. Mr.. Hubbard was antho
lied to subscribe S67, 900 in sun
ranging from one thousand to Il
thousand dollars. But he could not'g
q dollar. He could have had sms
amount on his own account. had
been willing to submit to the home
paihic practice! Every dollar al
twice as much as was necessary
bona fide'stock would have been tax,
By our citizens but for the bargain
which their interests had been sold
Bright Il Co. As far az we have hea
the same game was played in the loo
ton of the other branches. At Ric
mond the same company procured 81
ty odd thousand of the hundred tho
sand dollars Of stock directed to be
ken. and we apprehend that.ofsi .8o'
= 600 subscribed in the 10 Branch'
they have at least one million Of I
stockl What do the people think
this kind " an operation? We We
ample enough to suppose that |
ssprivileRcs and immunitiss" giant