The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1856-02-21

GOVERNOR WRIGHT AND TIE STATE
BANK OF INDIANA.

Ta,,isIature tc establish the new Bank OF the
g,s;e Of Indiana. Governor Wright has been
vhizzing and phizzing like tea Kettle heated
shove the boiling point. In indiana. where
h;s character Is known aud his motives are
n,e,ry accurately estima1ed. his splutterings
.slaun nobody. But, for the satisfaction OF
rsrsous abroad who take an interest IN the
success of the institution and who may not
Ne so we'll acquainted with his excellency, It
nav be advisable 10 take some notice Of his
proceedings: especially as all his statements.
vhsther contained in his veto message or his
,,ltrs thai have been published, either from
an ipcompe;ency to understand the subject.
,ee.lessness, or a wanton disregard of the
facts. abound in tie most gross misrepresen-
ta,ions.
As he exhibits no delicacy whatever in
charging that the acts Of other persons are
governed by corrupt motives. even when there
are no grounds for such charges. he cannot
complain if his own motives in this connexion
are exp0sed. and they are pretty clearly init
msedin an expression which he makes use OF
himself in a recent letter to the editor of the
Iogsnsport Pharos. They seem TO be init
nasely connected with his notions Of
THE WAY TO GET To WASHINGTON CITY.
In the letter above alluded TO he says
with many Of the politicians of these days
the two leading ideas are Washington City
and the Penitentiory. or how to reach the one
and avoid the other"
As he himself is one Of 'the politicians Of
these days." he, perhaps, ought to know what
are the leading ideas OF those with whom he
associates, and AS he Is undoubtedly the most
unscrupulous and unreliable OF the whole
number, it is probable that the two idea
above mentioned have occupied great dea
Of their attention. No one OF the politicians
has manifested more ardent desire TO ge
% Washington. and If a wholesome fear o
the penitentiary has interposed itself as ar
obstacle in his way, it may be that that insti
tuition has been of more service to the com
-luniiy than has been hitherto supposed.
The way to Washington, like certain 9th
sr road very familiar TO the lovers of Ethlo
pean melodies. has generally been found, te
men Of the Governors calibre, a pretty hard
one to travel. They require some extra means
of locomotion, and the Governor. two or thret
years ago. seems to have conceived the ides
Of getting up the necessary steam BY excl
ting the popular prejudice against Banks
This was first manifested when after signIns
an idigested bill which had created u mul
ttude OF free banks. he undertook TO max
cinnati brokers; and when. upon AN invesiiga
ton of the matter by a committee of the Leg
isature. his testimony in relation 20 a certai
fact was found to differ materially from tn
testimony of three or four other gentlemen
it is generally admitted that his zeal had bee
heated up to very high temperature.
TUE GOVERNOR 5 VETO
The Governor gained no laurels. and mad
but little sress on the road TO Washington
BY his first anti bank exploits, but he was no
discouraged. When the act to charter tn
new bank of the State of Indiana was passed
.. the last session of the Legislature, he deter
mined 10 take a ult 81 that institution and hr:
cast his veto al IT,
That veto was n remarkable document
set forth two principal objections 10 the act
The FIRST was that the mode prescribed 10
opening the books for subscriptions of stoc
was "a star! ia9 anomaly" The Govsrno
asserted that this was "tiie first instance" o
bank being chartered without requiring tn
books to be kept open during a certain mum
Der Of days. Yet when the veto message wa
sent into the Senate. 4 member produced tn
charter OF a prominent bank in kentucky
which not only liked no time for keeping th
books open, but authorized the commission
ers 10 open and close the books. at their di,
cretion. until the requisite amount of s1oc
was taken One Of the Senators remarked
that as IL was notorious there hal been hereto
fore such minghng and intermin.hu-
gubernatorial relations between lud. and b,
that one could hardly tell which Governo
was Governor OF which Safe. il was surpri:
IN, one of the Governors had not discoyere
that mares nest on the other side of the rive
and made great fuss over il. II was. in .ac
shown that nothing WAS more common tha
similar provisions for opening aud closin
subscription books, and il was admitted th;
.ha' portion OF the veto was etfectually demo
ishsd
The second great objection stated in Il
veto was, that certaia section aathoriza
The bank 10 discount 20 the extent of thr
nnes the aa,oant of as deposits. and tar
f'mes the amount OF capital stock. and 10 i
sue It's oioa notes TO that extent, and for th
purpose. This WAS 4 gross and most palp
Ole misrepresentation o. the facts. The Sc
ton referred 10 gave the bank no such poy
ers.
It's not usual in bank charters 10 prescril
Any limits to the power Of discounting. Con
monty. every bank will be sufficiently lin
ted In Its discounts by its means; but as
extra precaution. by this charter the Board
Directors is authorised in its discretion.
Prohibit the branches from discountin- mo
tnan once and a quarter the amount of Il
capital paid in. and it is provided that in Il
section referred to that i, shall never perm
any branch To discount more than the au,ou
OF Its deposits and three times the amour.
Its capital q. any one time.
This is the whole purpor. of this ,errib
section The Governors s.asenen. of i.
ms veto message contains two eyreyious m
representations. which cannot be explained
any suppositions very credi,able to his exc,