Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1856-01-03
y 2 = T n : 4 -
Editor Democratic Pharos.
INpIANAPoLIs, Inn, Dec. 26. 1853.

E-ulloI l(cinocTtiiC nalOS.
lNDIANAPoLIs, IND., Dec. PC, 1855.
Samuel, Il. Hall, Esq, Editor Of Democratic
Plafos, Loyanspo,t, Ind
Dear SiT-Yours of the 18th inst, upon
the subject of my suit against the new State
Bank, is before me. Many inquiries and fire.
quent misrepresentation are made about the
suit: therefore answer You, as briefly as
possible.
The suit was brought in my name, by
Judge Morrison, with but a short notice, the
obje1t being to have service made before the
payment of any money or organization, in or
der that we should not hear anything about
privileges passing into the hands of bOse
who were aiming to establish this great mo-
nopoly. Their payments, Is woll rs their
organization, were made Md effected, after
full notice that their rights would be cOntes-
ted. The amendments to the suit now pen
ding will present all the questions directly
before the court, as to what rights, If any,
passed by the act of the Legislature. Ii de-
clded by the court against the pllintiff, when
the cause is fully presented by the amend
ments, the suit will then go to the Supreme
Court.
This suit is brought with the firm convic-
ton that the legislature had no power, under
our present constitution, to incorporate any
bank until the expiration Of the charter OF
the present one. The people of the State
have a vast interest in the present old State
Bapk of Indiana. la this institution are their
trust funds of every kind; also the basis of
banking capital, for which the people are re-
sponsible, if not paid by the Bank-in all
amounting to more than two millions of dol
lArs.
IL was undoubtedly the intention of the
makers of the present constitution-the Ian
guage of that instrument will bear no other
coustruction-that there should he but one
bank of the State; and that the present bank
should be closed on the expiration of lis
charter. ats affairs wound up and its final ex-
pose ms>fci in order that the people might
witpess the condition in which it left the
20 3 and then, after full discussion of
thd k<tob, the people court decide ArfIetff-
er wants Of the country required the
char ering of another institution of tho same
kind.
Our fathers based their hopes for the sue
cess of our form of government, upon the
fundamental principle that all public meas
ures should proceed directly from the people,
especially those measures which affect the f.
nances, trade, business, and character of our
State, should all pass through the erucble of
public investigation. With respect to the
present new bank charter, it is believed that
not.aI single press, nor a single public speak
er, in the State, ever named the subject III
the political contest of 1854. Now Il the
legislature, under our constitution, two or
four years before the expiration of Il charter,
can occupy the sole ground for such an ex
tensive and dangerous monopoly, for the next
twenty years, without any examination
discussion by the people, do not see any
good reason why the very next careless and
m scnlevous legislature may not prepare the
way for few privileged gentlemen to acquire
the same rights and privileges, commencing
say ten fifteen, or eighteen years hence, and,
in this way defeat the plainest principles of
our constitution, and destroy one of the stron-
s.est safe guards Of r'Ihlic viriue--the voice
of the ballot boz.
The capital stock Is exempt from taxation
! for d. unicipal purposes. The right is given
tO issue post notes, the most worthless of all
Bank issues, payable at their own time No
additional branch or branches can he cstab-
/ lshed, let the wants of the cOuutrv be what
| tIev NAV, without the consent OF two thirds
of the Branches. All of these are clear vio-
lafions of principles laid down in our new
! Constitution.
/ Bs the 91st section Of the charter the GEN
eraf Assembly, with the consent of the State
/ Bank and branches, may alter amend the
charter. On this point, there is force in the
/ language of one who said-"We can hardly
/ trust ourself TO speak of the fiagitious insult
to the common understanding of every decent
man. and the dersive inockery of the reser-
we'd power of legislation of that mans rights.
The people, poor dupes, thought before they
had beed initiated into tho mysteries of bank
/ ing by this act, that the power to legislate
was controlled only by the superior power of
tho Constitution. But in this new phase of
the 'higher law" the bank parlor becomes
| the hall of Legislation in all that relates to
the material fiscal interests of the State, and
as 4 iiaectory kicking the Constitution out of
fl,a way of n bauS vote, rrrvrz,rritfy tetfs the
representatives Of the people, we Ignore your
| bills. we refuse our assent To- your legislation
but by virtue of our authority above you
and your Constitution, we vouch-salc to YOU
the privilege of passing into law what we
now present
You doubtless remember that, among other
objections TO this charter, there was, in my
veto message, the following:-
"The 10Th section, after providing for TWEEN
tv days notice of the opening of the books
for the original subscription of stock, w Its
obvious import allows the books to he closed
lie the requisite amount shall then he sub.
r scribed, at the end of the very moment al
which they are opened Thus one man maN
} subscribe the entire amount of stock of ont
or more branches and a moneyed monopoly
MS Odious and fnghtiul any of which th'
history of American legislation furnishes al
} example, may suddenly be established. Th,
: 84th section of the charter of the presen
$ State Bank, the language of which iscopled
word for word, IN many parts of this b!ll, eX
presslv provided that the books for the orig
ina subscription of stock should be KEEP
open between the hours Of and IL Ocloc
3 A. Nj. of each day, for the space of thirt
days.; vet this wise safeguard in the cas-
g of the present bill, would seem to have bee
e studiously omitted"
As strange as it may appear, this predictio
f has been almost literally fulfilled. Nariou
d devices were adopted at the different place
: where the books we're opened. | give yo
v one case. On the day appointed for the opeI
! mgof the books, at the quiet and peaceab
Il city of Richmond, the commissioners name
IS appeared at the place, few minutes befo
IS 8 O'Clock, A. M.-(the usual notice for all Il
is branches was from O'Clock until II o'cloC
l. A. Nd Several citizens were waiting; son
with the view Of taking stock, Others to s.
LLkE
s.