Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1857-02-05
Spirit of the Press.

The Elkhart County Times. q Republi-
paper, in commenting upon tie Cover.
nor's Message. speaks as follows in ref
erence to the Bank OF the State OF Indi-
ana.
To that portion of il devoted to the
newly created Bank of the State of In
diana. we especially invite the attention
of ous readess. The Governor has not o.
yer estimated the importance Of the SUBJ
ject. 1t was believed the day bad gone
BY in the history of banking, when the
unsecured issues Of irresponsible corpo-
rstions, should be permitted 10 iwpov er-
ish the toiling millions. and that the ru.
in which had SO frequently beoa sown
broadcast over the land by their explo-
sion, had taught our legislatures wisdom.
But We were mistaken. The legislature,
not the people, passed the law creating
the Bank Of the State Of Indiana, The
means used to, effect this the Governor
boldly portrays, and for doing which he
is entitled to the thanks of every honest
man. According to the Governor, bribs
~ and perjury were the concomituuts to
of its passage. fl predecessors of what
the final consummation of an istitution
must be. of such extraordinary powers
as are granted to this.
TIE Governor recommends repeal
Shsllit not be done2 Shall Law 60 pro-
cured continue to disgrace the Statute
books Of our State? We say emphatical-
ly Repeal 1t is not suficienl.lo say lha,
the charter is irresponsible. II this were
a valid answer. il would allow party to
take advantage of his own wrong. which
is contrary TO every rule of moral or leg
islative ethics. II Gov. Wright is right,
the charter. was obtained by fraud. The
Corporation Of the Bank has, without
The consen. of the people. and without
giving any consideration thereof, sppro-
pristed privileges constituting portion
Of the Sovereignty of the State. 1.-THE
sovereign gave. the sovereign can take a.
way. and should do it whenever the pub.
lie good requires it. 1t is too
late in the day to say that charter un-
duly obtained. andin derogation of pub.
nc right, and for which no consideration
was given. csnno. be repsaled7 Let The
people therefore resume the privileges of
which they were SO improperly divested.
It is no answer or excuse to say that Ex-
,erience has shown that the Free Bank
ng system has proved failure. Such |
s not the fact. Experience has shown |
hat banking system with perfect idsm-
lity 10 the public is attainabls by proper |
esislstion. The working of the Free
'ankiug system in New York proves this.
: here under perfected law the public have
ot sustained the loss of one dollar, In
'anking the motto should be full secu
y TO the bill holder, and that security
laced beyond The contsol Of the banker
{ il be said that such was the case with
ne securities Of the Gramercy and /!
hawnee Banks, and that yet the public
70 swindled, we say that this occu red
trough dereliciion Of duty, amounting
, crime. of the pubic officer charged
'ish thsir custody. and which mus, Be IN
10 nature of things a rare occurrence.
nd even if under Free Bank syste a.
} wei guarded ~ the present. losses oc.
II, what ought We 10 expect Of that sys
IN when thu banker has the custody Of j
] abe securities for the redemption Of 4
Ie notes. and 10 allowed 10 issue paper
oney upon articles Of value "a smn,l 2
lik. ad libitum. e
We insist. from the known, fallibility