Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1857-01-23

TO this, Indiana, has been the great fiel
for the circulation OF the worthless an
fraudulent issues Of other states, sent her
by unprincipled spectators, who amas
fortunes at the expense Of the unwary an
credulous. In all these cases, when tn
bubble bursts. the worthless rags are foun'
in the hands Of the poor aud labor;ni
classes. The result Of q liberation OF thl
policy, is. to make the rich richer and tn
poor poorer.
It's in your power to apply the remed,
to protect your constituents from imposi
ton and loss, to prohibit the circulation o
an irresponsible currency, by severe pen
alties, and to prevent, as soon as practica
bic. the diffusion among our people, o
any currency but that which is constitu
tional, or such as may be promptly con
vertible into coin. 1t will bo a most for
tunate day, when we shall have learned
the simple truth, that we can never have
steadiness, and permanent prosperity, in
the business Of the country, so long as We
shall continue to encourage any system
that converts promises to pay, into money
1t was the intention Of the trainers o
the Constitution, and they expressed II IL
language too plain to be misunderstood
that there should be but oneState Bank o
Indiana, at the same time; and yet in thu
face Of this provision, four years before th,
expiration Of the legal existence Of tho
State Bank Of Indiana, the Legislature o
1866, chartered a new State Bank, undel
the name and style Of the Bank Of the
State Of Indiana.
1t is the spirit Of our Constitution, tha
the people are the source Of all politica
power; and, therefore, all legislation af'
iecting their interests, or the character o.
the State, should emanate directly from
them. But in the case Of the character
Of the Bank Of the State of Indiana, the
subject was sprung upon tho Legislature
without previous discussion, without no.
tice, without investigation, without any
expression Of the popular will, and with
out any indication Of public sentiment in
favor Of the measure. II such lcgisla-
ton were valid aud constitutional, two
years before tho expiration Of the charac'
ter Of tho State Bank, what is there tc
prevent the present or any succeeding
Legislature, from extending the monopoly
Of the business Of banking for another
period Of twenty years, to tho same, or
other moro importunato corporators II
such Is TO be tho Interpretation Of oui
Constitution, and tho practice under II, II
IS tho sheerest mockcry to talk Of gov
eminent Of the people. One mischiev-
Gus, reckless or ignorant Legislature, in al
age, might thus inilict upon tho State q
catalogue Of evils which would require
the wisdom Of an age for their removal
involving, among other evils, tho destruc-
lion Of one Of tho main supports Of pub
lie virtue, the supremacy Of the people al
tho ballot-box.
Tho means and appliances brought &C
bear 10 secure the passage Of this charter
would, IL exposed to the public gaze, OK
hlbit tho page Of fraud and corruption
that ever dIsgraced tho Legislature Of any
State. While men OF pure and honora
bic sentiment were led into It's support
In tho belief that the approaching close o.
existing Bank, required them, thus carly
TO provide a successor; Others supported
II upon promise Of stock. equivalents IN
money, or pledges as to the location Of
particular branches. To make up the
constitutional vote In It's favor, tho names
of members were recorded In It's passage
who were, at that moment absent and
many miles distant from the Capitol
Buff fraud, and corruption marked the
passage Of tho bill, tho enormitles practi
ced In the location OF the branches, and
the distribution Of the stock, whore still
moro glaring, and, IL possible, moro dc
serving Of public condemnation. The
location Of the branches the privileges ol
subscribing to it's stock, in short tho fran.
chsc Of the Bank, were bought and sold
like other marketable commodities. II
some OF the branches; the books for the
subscription Of stock wero kept open but {
few minutes, and were then only accessi.
bic to parties TO the fraud; in other instan
ces, they wero opened in out-of-the way
places, known only TO q few; and, II
scarcely any instance, was full and fret
opportunity given, for citizens, generally
TO subscribe. In two or thrce cases, suit
were brought by those who fclt aggricvcd
but their complaints were stiffled by tn,
potent agency Of money. In this man
ncr, majority Of the stock, in tho seven
teen branches first organized, was sub
scribcd by twonty-cight individuals. th'
largest portion Of whom have never beer
engaged in the business Of banking, ant
have, already, disposed Of their stock. Il
Others, at enormous premiums.
II would be interesting and instructive
TO have, for comparison, the names Of tn
original, and the present. stockholders
The sudden transfer Of stock, would con
vince tho most incredulous, that the char
ter was procured. not for purposes Of bank
ing, but for spcculations; for the bcnef
Of the few to the exclusion Of the many
The premiums thus realized by the orisi
nal stockholders, are believed to DO no
less than one quarter Of million Of dol
lars; all Of which must be Reimbursed b
tho laboring and producing classes. Ha
tho State exacted such bonus from tn
corporators, to be paid into her treasury,
might, at least have been said that, 4
this respect, the whole people were bcne
j fited.