The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-01-12


Amount of Special Fund, ..-..- 81 s52 5s4 30
Amount Common Fund,.--... c.4.3U -
Bank Tax Fun. on loan from State reas 80 -
Bank Fax Fnnd, hand in STATE Treas, l0'Gea q
Saline Fund on 9,5-9 =
estimated value Of unsod school Lands 1G1r59J 80
Estimated value Of Sinking Fund in state ~ -
Eanki to date,' I'a'''7"i ~
Total, ACKNOWLEDGEMENTS ,9layI2 2
The sinking fund tax should not however,
be abandoned, but as every interest OF the
State is prosperous, it should be increased to
cents on the 800. The first investments,
if practicable, should be made in the = per
cent. bonds With the operations OF the
sinking fund and the investment Of the school
fund in less than eight years our foreign would /
be converted into a domestic debt, the inter |
est Of which, as drawn from the tax payers, /
would be returned to them in a thousand !
streams Of intelligence.
FREE BANKS.
The currency Of the flee banks is amply
secured, and is fully entitled to public conf
dence. If banks of issue be necessary at all,
4 they should he as free as possible from the
/ feature of monopoly and in this respect
4 therefore. the system Of Free Banking is en-
titlel t. cur approbasion To perfect the sys
TIM, however Banking Department should
be created separate and distinct FROM all
Iothers, but subject to the inspection and sper-
vision Of the Executive officers and the Legis-
lalure.
/ Not content with such issues as are tolera-
ted by law, the solVency of which has been
guaranteed by legal enactment, we have en-
couraeed and fostered the spurious and irau2-
uIent emissions Of individuals, plank roads
and insurance companies; all having an origin
in our own State, and existing in defiance of
law. and sound public sentiment. In add ion
to this, Indiana has been the great field for the
recitation Of the worthless and fIaudu ent
issues OF other States, sent here by unprIncl-
: pied spectators, who amass fortunes at the
lexpen;e Of the unwary and credulQus.
1t is in our power to apply remedy by
among our people Of any currency but that
which is constitutional or redeemable in coin.
.- NEW STATE BANE.
1t was the intention Of the trainers Of the
Il Constitution, and they expressed it in Ian
G guage too plain to be misunderstood, that
+ there should be but one State Bank II. Indi-
e ana, at the same time; and yet, in the face OF
+, this provision, four years before the expiration
g Of the legal existence Of the State Bank OF
e Indiana, the Legislature of 1855, chartered a
$ new State Bank, under TIE name anG style
e Of the Bank Of the State of Indiana.
e It is the spirit of our Constitution that the
= people are the source of all political power,
e and, therefore, all legislation affecting their
interests, or the character of the State,
should emanate directly from them. But in
j. the case Of the charter of the Bank
q of the State of Indiana, the subject
!. was sprung upon the Legislature, without
+ vous discussion. without notice, without
e Investigation without any expression of the
popular will. and without any indication o.
=, e tbo
such legislation were valid and constitutional
\ two years before the expiration of the char
d ter Of the State Bank, what is there to pre-
II vent the present or any succeeding Legisa-
10 turc, from extending the monopoly Of the
> business Of banking for another period o.
u twenty years, to the same, or other more i'm.
+ Fortunate corporators? II such is TO be the
} Interpretation of our Constitution, and the
D practice under it, it is the sheerest mockerv t.
\ talk of government of the people. Ono
} nischievous reckless or ignorant Legislature
= in an age, might thus intlict upon the State {
y catalogue of evils which would require the
/, wisdom Of an age for their removal; invoIv-
q ling, among other evils the destruction of one
: Of the main supports of public virtue, the su-
= premacy of the voice of the people at the
} ballot box.
J The means and appliances brought to bcal
;, 10 secure the passage Of this charter would
II if exposed to the public gaze, exhibit the
~ darkest page Of fraud and corruption tina
y ever diSgraccd the Legislature Of any State
~ While men of pure and honorable septi
'e ment were led into its support in the belle
&c that the approaching close of the existing
- bank, required them, thus ca" ~, to provid
II a successor; others supported 1t upon prom
= Use Of stock, equivalents III money, or plcdg
* es as to the location of particular branches
w To make up the constitutional vote in its IA
. vor the names Of members were recorded il
its passage, who were, at that moment alb
sent, and many miles distant from the Capt.
OF tai. But, if fraud and corruption marked tn
l" passage of the bill, the enormties practiceC
/" in the location Of the branches, and the dis
IL trbution Of the stock. were still more glarno
)" and if possible, more deserving Of public con
oi demnation The location of the branches
IT. the privileges of subscribing to its stock il
- short, the franchises of the Bank, wer
II bought and sold, like other marketable com
y modities. In some of the branches, tn
" hooks for the subscription o. stock were KEEP
y open but few minutes, and were then onl
accessible to parties to the fraud; in other in
" stances they were opened in out-o(- thew
." places, known only to a few; and, in scarcel
IS any instance, was full and free opportunit
:" given for citizens generally, to subscribe. /
~ two or three cases, suits were brought b.
ne those who felt aggrieved; but their com
~ plants were stifled by the potent agency {
~ money. In this manner, majority Of tn
u1 stock IN the seventeen first branches organ
~ lied, was subscribed by twenty-eight individ
M uals, the largest portion of whom have neve
nc been engaged in the business of banking an
~ have already, disposed Of their stock to 9th
ne ers, at enormous premiums. 1t would be in
lu teresting and instructive, to have, for com
% parison, the names of the original, and tn
~ present, stockholders. The sudden trans
su fer Of stock, would convince the most incred
Of 49, 'H'' nv r. - ~