Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1857-01-15


ment. be increased TO five cents on. the
hpadred dollars, per snnum. II sractica
BILE. The first Investment; of either our
sinkning Fund or School Fund, should
be made in the l-2 per cent. Stocks
With this annual dimunition of our in-
debtedness, and the investment of the
School Fund as indicated, in less than
eight years we shall convert our foreign
debt into a home debt, the interest upon
witch. when drawn from our tax payers.
would Immediately be returned 10 them,
IN thousand streams of intellige nee.
blessing, with their benign influence. pa
rent and child. and elevating to the high
est pinnacle Of honor the character of cur
beloved State. =
IS On reference to the report Of the Audi
tor OF State ii will be seen that, under
the restrictions OF the smeuded Statute.
the currency ofthe Free Banks is amply
secured. and fully entitled TO public con
4 fdence. If Banks of issue be necessary
at all they should be free as possible from
the feature of monopoly; and in this re-
spect therefore. the system OF Free Bank
/ ing is eniitied TO our appr'baiiOn. TO
perfect the system, however, Banking
D-parimr ut should be created. seperst-
aud distinct from oil Others. but subject
to The inspection and supervision of the
Executive Officers and Legislature -
The concise and the able report of the Au.
ditor Of State. and his valuable sugg~s-
tions. in this department. are commended
to your considerable
While to other subjects we apply the
rigid test of sound. practical common
sense. upon the subject Cf currency. we
cherish the shadow and reject the sub.
stance. Not content with such issues as
are tolerated by law. the solyency Of which
bias seen guaranteed By legal enactment,
we have encouraged and fosiered the spu
ions and fraudulent emissions of indi
vidusls Plank Roads. and Insurance Com
fp.nirs, nll having an origin in our own
State. and existing in d. fsnce OF law, and
sound public sentiment. In addition IA
this. Indiana has beea the grea, field for
The circulation of the ofih SIS and fra I'D
ilent Issues of other States. sent here by
uuprinripled spectators who mass for
tunes at the expense of the unwsry aud
crrdulous. In all these cases when the
bubble bursts. the worthless rags IRE
found in the hands of the poor ana labor.
ing classes. The result of liberation of
this policy. is to make the rich richer
and the poor poorer.
Ii is in your power to apply the rem
edy TO protect your constituents from
imposition and loss. TO prahi bit the cir
culation OF an irresponsible currency. by
severe penalties, and to prevent as soon
ms psactcs Die. the diffusion among our
people, of any currency but that which
| is constitutional. or such as may be
promptly convertible into coin. Ii will
be most fortunate day when we shall
have learned the simple truth. thbt we
can never have seadiness. and permanent
prosperity. in the business of the coun-
TRY so long ns we shall continue to en-
courage any system that converts prom
Uses TO pay. into money.
1t was the intention OF the trainers of
he Constitution. and they expressed il
in language too plain to be misunder-
stood that there should be but one State
Bank in Indiana. nj the same time: AMI
yet in the face of this provision, four
wars brfore the expiration of the legal
existence of the State Bank Of Indiana.
the Legislature of 1855 chartered new
State Bank under the name and style of
the Bank Of the State of Indiana.
! Its thu spirit of cur Constitution, thai
the people are the Source of all political
rowre; and there fore. all legislation sf
fecting their intefes or the character
the State. should emanair directly fran
hem. But, IN the cas-. of the charter of
the Bank OF The State of indiaos, the sus.-
iect was sprnsg upon The Lreisla ,ure.,
i.without previous discussion WI houl no.
f;ice, without investigation. without any
depression of tho popular viii. aud wrh
out any indication of public Sentiment.
lin favor of the measure. Ii such lsgs
ialion we've valid and constitutional. two
wears before the expiration OF The charter
| # the State Bank what is there tc pre-
vent the present or any succeeding L-g.
stature. from extending the monopoly
LOT the, business of banking +. for nholber
lperiod of twenty years 10 the same or
Iolher more importnnste. corporators?-
Is such is TO be the Interpretation If oar
lConslItution. and the practice under il,
il is the shrerest muckery TO talk. of a
government of the vpeopie One mis-
chjevous, reckless or ignors Lagsla-
!ure, in an age might thus infict upon
the State cata ogoe OF evils which would
require the isdom- of On age for their
removal; involving among other evils, The
destruction Of one OF the maiu supports
of public virtue. the supremacy Of the
voice of the people at The ballot box.
The means and appliances brought 10
bear TO secure the passage Of this charter,
would. If expesedsto the public gaze. ex
fhibii the darkest, page Of fraud and cor
ruption that ever disgrnced the Leg,sla-
.arr of any State While men OF pure
aud honorable sentiment were led into It's
support in the belief that the approach
ling close Of the existing Bank, required
them. thus early. to provide succe ssor;
Others supporiedii upon promise OF stock
Equivalents in money. or pledges as TO
the location Of particular branches 10
ma ke up the constitutional vote iniits "a
vof. the narnesofe me nbers were record
ed ia its passage. who were: al that mo-
! ment. absent and many miles distant
r..