The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-04-28
The New State Bank.

The New State Bank.
We publish letter from the Pesident, Nc
lloch, Of the New Bank, giving the ag-
egate state of all the Branches on the 3lst
March, accompanied by remarks, defending
. Institution against some of the violent
tacks made upon it in various quarters.
Governor Wright has shown a good deal of
ivalry in his onslaught upon the institu-
IN, and deserves credit for the holiness and
dependence which he has evinced in his |
Inflammation of the misdeeds Of his political |
sociates; and the natural impulses of every |
an are with the Governor in his desire that |
e corruptions, through which the charter of
Bank was obtained, should in some way
severely rebuked and punished. Those
no obtained the charter, have eonsummated
e swindle, pocketed the fruits, and escaped
.yond the reach of the Legislature. They
IN no longer be reached through the Bank.
it wise to attempt to destroy the Bank,
II the sins of its originators Is the char
T unobjectionajle in itselfs or, if it be, can
better be procurcdi If so, would it not be 8
four years before another could be enacted,
nd Bank organized under it; and what
hould we do for currency and banking ia
lites in the Interim: Would not the detri-
lsnt to our commercial and industrial inter-
SITS be intellectually greater than the loss Of
he bonus and other advantages which the
tate ought Justly to have obtained from the
ianki Would not the evils of an attempt to
10 without Bank far exceed the injuries the
'eople are likely to suffer from the monopoly
f Banking, now that the franchises are in safe
nd responsible hands. These are the prac-
ieal questions for the Legislature and people
o decide; but which do not seem to be touch
ID in the angry controversy about the mode
n which the charter was procured. That
here was gross fraud and corruption in the
orocuration of the charter, no one now doubts,
md the perpetrators of the wrong ara now
we'll known, and the only punishment within
he power of the public to inhict, is its own
indignation and seorn. The men should be
marked and pursued through life with the
excavations and contempt of the people.
AS State Bank is an Indispensable insti-
tuition for the people-as another cannot be
organized-even if it could be chartered
without delay that would be ruinous to the
commercial interests Of the State-and as the
new Bank is in honest, capable and response
BILE hands, it is for the pocuniary interest o
the community that the agitation, 40 far as i
relates to the rights of the Bank, should cease
and it be left to pursue its course undisturbed
1t is now in operation, and is established upor
a firm basis, and the exhibit of the Prcsiden
shows it to be in very sound condition. i
will rapidly increase its capital, and enlarg'
its means OF usefulness. There are many in.
dications of an approaching pecuniary crisi
in Europe, which, if it comes, must inevitably
affect our own affairs. The unexamplcd pros
perity of the country in all the branches of it
activity, has inflated credits, and the amour
ofindebtedness now exceeds all precedent; anC
O sudden revulsion in Europe, or a failure o
crops here, might involve us in serious en-
barrassments. In such a crisis the Bank, il
judieious hands, could do much to mitigat'
the difficulties i'm this State. In the presen
aspect of the financial condition Of the world
war upon what is likely to be our only sub
stantial and reliable Banking Institution, il
times of difficulty and general discredit, woul,
seem to be unwise and inopportunc.
There are other reasons that relieve us in
great degree from serious apprehensions @
danger from the peculiar and exclusive priv
iliges of the Bank. In the opinion of many
it is still under the control of the Legislature
and its charter subject to amendment. TIL
9lst section of the charter provides . that
shall be lawful for the General Assembly %
and with the consent of the president and Ill
rectors of each branch and not otherwise
make such amendments and alterations j
this charter, as may be found expedient,
vheu the constitution of the State says, thu
"nO Ian shall BE passed, the taking eject
sohich shall be made to depend upon any "a
tsority except as provided in this constitr
ton"
The constitution here appears clearly to CT
of the provision requiring the assent Of Il
bank to an alteration of its charter. If tn
be the fact, the charter is still subject to all Il
future amendments which the Legislatul
may enact; and, with this authority over j
the State will still have the means of restric
ing any dangerous use of its franchise, al
can at any time protect the people from IN
danger the charter may appear to have create