Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1857-05-14
NO. 2S.


. not only permitted to issue two dollars for
q one but allowed to become indebted three
0 times the amount Of her capital paid in, and
three times tie 0mognt Of her annual deposits.
0 You find no restraint by the Board in the
D amount of discounts each Branch may
make, for they cannot restrain the amount
Of deposits or increase them. in Branch.
Thus it is put into the power of each Branch
, to cater for and hunt up deposits, and thus
increase the liabilities Of the whole institu.
ton to fearful and unrcstraincd extent.
know this is denied. but what does the
Seth section mean?
''SEc sc. The Board Of Directors of the Bank OF
the Stlte of laiiia m.y, from time to ne author
ize tue several Branches, any of them, oxtend
their discounts TO an amount the average of which,
tor eac! fiscal year, shall not exceed the deposits and
two and half times the capital stock actually paid
IN, but never shall exceed that proportion. AxDsucu
DISCOUNTS SHALL NEVER EXCEED THREE TINES rag
MOUNT OF TEE CAPITAL AcTU:sLY PAID N, AND
THE AMOUNT OF DEPOSITS"
Tell p1e what these words are ins erted
for. which read "Hree TINES tie amount of
the capital actuolky paid in and the amour,
ofdeposits2" l say again. tell me what
these omnious words mean, land tie a.
mounts Of deposas" Show me a like pro-
vision in the charter of any banking insti-
tuition! How is it possible for an intelli.
gent people to have confidence in any insti-
tuition with such dangerous and unpreceden-
ted powers?
! The old State Bank was confined in her
discounts to two to one of her capital paid
In. bat years after sh eiiad accumulated g
surplus, the Legislature permitted her to
extend her discounts of two and o half times
her capital pail in. and she might carry
them to three to one; but the average of
the whole year was not to exceed two and
half Under this Charter the whole a.
mount fpaper issued may be twelve mil
lions, and the discounts or indebtedness.
through the contrivanees of mere tempora-
ry deposits left at any one branch (lct me
suppose case. following the order of tho
19th section Of the Charter. known rs tho
percussion section) between the hours of
and II o'clock, and then checked out
at l o'clock. same day, may amount to
twelve millions more. A beautiful Char.
ter to command the confidence of the COM
mercial and financial community.
have heard of some saving the State
had control in this institution. The
power OF the State in this Bank is merely
nominal. In the old Bank the officers of
the State made a report, and then her off,
GERS, a President of her own selection. and
four directors were connected with It's man.
agement. They sat together, saw its whole
operation, received its funds into the Sink.
Ing fund-in fact, it was in other words. a
living, active interest and control. In this
new Bank, it amounts TO nothing. This
privilege to discount to any extent that
means can be procured by capital, its liber-
al circulation, loans outside, wildcat circu-
lation, DC. &c, presents fearful tempta-
! ton to those who have charge of the Insti-
tuition; and who have boldly demonstrated
that they only need the opportunity, and
its most doubtful and dangerous powers
will be called into operation to feed their
seltshness andavarice; and the people who
should be the recipients of its benefits and
iavors, may be heeced and oppressed by
Its unrestrained powers.
This new institution has fearful powers.
suifielent to bring about State insolvency.
II managed with the same cupidity and cor
ruption that brought it into existence; its
vast powers can be successfully used TO
make 1t the greatest tyrant that ever was
connected with any State. If combina-
ton of less than thirty men, politicians of
both parties, as shown BIZ your report.
could procure such tremendous powers. ex-
clusively their own for twenty years. for a.
bout two hundred and fifty thousand dollars
for the present orners, (as the proof makes
this the amount realized by them, J against
the will of one department of Government.
and nine-tenths of the people of the State,
tell me what this Institution can do. with
twelve millions in directing the legislation
of the country?
Who can picture the disasters which win
inevitably follow such an institution with
such powers? No security but confidence.
no stocks, no restraints. no agency to watch
and guard Its powers like those given to the
old Bank. No check upon indebtedness
created by fancy deposits, no limitation up.
on discounts founded on deposits, nc prcsi.
dent elected by the peoples Representatives
to inspect. watch. restrain the unscrupu-
lous. Situated here in the Great West.
With her twelve millions of circulation its
loans swelled to twenty millions more--it
loes not require the wisdom of "a prophes
10 answer nor-thea tie sckole West s,u
Inoar. sad and gloomy as tie lesson may be.
Who can prescribe the powers of such an
Institution in effecting all our future legis-
alton? And are we not now beholding
he cloud that is not bigger than a mans
land, spreading itself in the Eastern hori-
ION? Our State Debt. supposed to be fair
and fully adjusted. and our foreign bond
lolders content with the justice OF the set
what do we now witness?-
those who were controlling stockholders in
me or more Of the branches. and who have
greater amount of stock In five Of tho
branches, (although non-rcsident) than
ny Indianian. presents in very beautiful
rray of words, their specious reasons for
brogating the contract, asking for setting
he same aside, AMI modestly expecting the
eoplc of Indiana to bend their neck to the
oke and patiently bear the buthen of du.
heated tores. The people pM condemn 4.
'ut will our Legislature bear up against
,e coriupting influence of of money, dealt
ut by thousands? Igivc the warning that
lo honest masses may not La cr,,shcd bv