Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1857-05-14

{ w. c. DePauw 10000 A. B. Jutson 1900
5. II. Patterson $1,000 J. Brownfeld 1899
John s. Davis $4,000 II. Chaplin 1000
John Reynolds 10000 IT,. 8. Flint, 1000
FORT WAYNE BRANCH.
John Weston 2),009 ]. f. D. L,nier 1000
, O. Bird $1,000 VIM. Mitchell l.O9t
viscENyEs BRANCH.
S. II. Patterson 1880 Ohio Life Insurance
: J. II. H,g.r 1850 and Trust Conn.,,
A. L. Roicie $500 Cincinnati, .. 90, ,00t
J.F.D Lanier l0,0O(
If you will pursue this comparison
through the report, you will find, in a large
, majority of cases, the stock was taken a:
the first by very curious set of bankers
men very anxions for stock. but not on
hand when banking commcnces-gentle-
men who seem to at on the principle that
there was more non,y in stock upon
which nothing was paid than there is in
stoak paid out. The stockholdsr of July,
1885, is not to be found in December, 1886.
with few exceptions. Other men, other
names. now adorn this modest institution
the Bank of the State of Inliana." You
have now tn, adams anl Buckingham"
of Ohio; "Ohio Life Insurance Company
of Cincinnati; j. +. ID. Lanier, of New
York; Atwool & Co.. Philadelphia; Col
onel Taylor of Chicago; HEM, Williams
d Go. of Iowa; Insurance Companies, of
your own State. &c. These are the men
and companies. in many instances, that
have paid their thousands for you privile-
ges ana rights. The stock, in place of
passing into the hands of our citizens, far
ners, mechanics, merchants-men indcnti-
fled with the prosperity Of our State--is
transfers. |, in many Of the branches, to men
beyond our limits. who have no other inter-
est in the prosperity of our State. than to
make it tn, theatre of their speculations.-
Who does not feel, as an Inlianan, that
his State is disgracei by such conluct. and
that it is moraily..mpossible to give public
conid 'ncc to such an institution?
The majority of the men who purchased
these privileges had knowledge OF all that
l say. ana more too. They new its histo-
ry-thcy watched Its progress from the
commencement to the time OF the purchase.
You may well ask why the Warrens, the
Demings, the Farringtons. the Blanchards,
the Moorcs, the Watts. the Morrisons, the
Rathbons, and others who were connected
with the old, and have purchased their way
into the new Bank, did not take stock in
July, 1855? The answer is found in your
committees report They were not with
in the ring" they did not work and talk to
members to interest them, and aoney was
their only passport to the privileges Of
holding stock, and well have they been
ieeced!
This comparison will satisfied the most
incredulous that the Charter, has served the
purpose for which it was obtained-to-wit,
the making of two hundred thousand dol
lars, which must be reimbursed to those
who paid it by the laboring and producing
classes
You ere now in the room--;he door is
unlocked Look around you, and with
this table in your hands, and the proof be-
fore you, can count all the rares on TIE
SHELF, find the profit, and see each partner
in this transaction.
But let us turn from this and examine
the grants, the immunities, the boon which
you have attempted to place into the hands
of this corporation. The powers and
privileges of the Bank are great, and exceed
those OF any institution to be found any
where. 1t is secured by the Charter in the
right to take the same interest in advance
that is allowed to individuals or other cor
porations. The latter taking the interest
on actual capital; while the Bank receives
interest not only on six millions of actual |
capital, but on the issue of an equal amount |
without capital Having the privilege of is
suring two for one. without any security
or indemnity to the public, while the Free
Banks are compelled to secure their issues
and take interest on actual capital The
plain English of this is, that this institu-
ton has the privilege of reaping the re-
ward of six per cent. on six millions, with
out any equivalent for twenty years. Now
the old State Bank, by her care of the in
terest of the State in the Bank, and its
working in connection with the sinking
fund. earned the State. according to their
reports, near two hundred thousand dol
lars year, for the like privilege Of issuing
two for one. individuals and other cor
porations are taxed for the capital they
use, while they may have six millions and
any amount of surplus she may accumu-
ate. for which sh, pays no revenue what
ever. This Bank pays a tax on six mill.
ons. yet she may have surplus of mill
ons and deposits to an indefinite amount ,
md pays nothing. IA
The Charter of the old Bank prohibited
he charging gilmore than 6 per cent, but
~ this Charter express provision is made to !
Increase the rate of interest, whenever the I
Legislature may authorize higher per Gen. I
um--a contingeat pririieys, that may be z
sought of the Legislature by all the corrup- |
ing influence Of six millions ofcapital in the /
lands Of those who have experience in pol t
uting the sources of legislation, and in I
,ocketlng the reward OF their wickedness Q
Jan you hope for a stream to be purer than a
IS fountain? With but small portion b
f its capital at their command, an almost a
uccsssful effort has been made to procure a
ten per cent. law, which would give it's a
all privileges to this modest institution.-l Il
he privilege of circulating two dollars for p
ne OF capital is not claimsd by even the y
lost ardent advocates of Banks, except as p
condition that cheap money should there b
be afforded to the manufacturing. pro- Il
ucing. and commercial interests. Yet in o.
MS case these cEaaing and adroit legisla- II