The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-07-22

ness for the stockholders, and q very :
safe state OF affairs for the bill holders
and depositors The Bank has been less
than six months in operation---with
many of the branches not fully Organi-
zed-on o capital of only $bS37 900,
and on that she has, made a nett profit OF
S133,216; equal to about IA per cent
If this has been accomplished in the p-st
ak months, beside paying the extra ex
penses incurred in the organization OF
the Bank-in spite Of the discredit and
doubts which have arisen in regard to
the validity Of her charter; and with
only portion OF the Bank in operation
for q part Of the time-what will he her |
profit, when she shall be completely or
ganizeJ-with all her relations formed
her power and credit fully established?
II her dividends are not 20 OF % per
cent per annum, it will be the fault of the
managers. This rich franchise has been
thrown away by the State, and this
power to coin money and profits has
been given TO a corporation by the State
without consideration, and without the
power to retain any control or partici-
patton in it, because On unwise constitu
ton forbid it. The Bank will be inn
menscly profitable to the stockholders,
and in whatever hands It may fall it will
be safely managed for the public. for its
privileges will yield, honestly managed
larger profit that any reward that dis
honesty could offer to tempt the man
ayers into fraud or embezzlement The
most unprincipled rogues would pre-
serve its integrity and credit from self
interest, because they could make moro
by maintaining it than by breaking it
In the hands OF the present managers
the public have the guarantee Of high
moral integrity, as well as q deep per-
sonal interest that the Bank will be con-
Quoted in manner to secure the strong
est public confidence.
II is not therefore from want OF re-
sponsibility, nor from mismanagement OF
its means that the public have anything
TO fear OF the Bank. The greatest sp-
prehension is that it will be too shrew l.
ly and well managed for its own inter
ssts to promote the public welfare.
The exhibits shows that the Bank is
almost exclusively dealer in exchange;
oil her fund are absorbed in bills of ex-
change. And that beyond doubt is to
he her policy, and the course Of her
business. No man who has not bill o.
exchange can get loan, and to get loans
oil men will become bill drawers, wheth
er the nature of their business require:
itor not. This will inausurate . sys
tenn Of kiting, or force men to become
Shippers and Spectators not as legiti
mate business. but to purchase and shiI
20 meet bills, not to make profits. Tn
influence Of this system Of banking is L
derange the natural course OF the bust
ness Of the country. It's effects hav
been most strikingly illustrated in tn
course of the Tennessee banks. Speculs
tive operations in produce are always al
tented with evils, and are hazardou
when men are led into them with legit
mate prospects Of profit; but when the
are urged into them by the necessity
shipping to make rcmittances, withou
the hope Of profit, they are almost ine'
itsbly disastrous. Shippers are half ii
time deceived when they have II
brightest hopes OF gain; when the
ship with only the prospect of GOVERN
cost aud charges, the balance is almo
invanabie against them. BY creating
necessity to draw bills, shipments a
unnaturally stimulated. An inordina
demand is created for time in the pr
ducing regions, and prices of produce a
raised beyondswhat the natural demar
wilfwarrant. The excess OF shipmen
glut the principal markets as they arriv
and being forced to sale to meet mat
ring bills, without reference to the su
ply and demand, a heavy sacrifice is q
most inevitable. The injury is not CO
fined TO the shipper to meet bills, b
his force1 operations deranges the ma
kei, and the decline he has caused, is e
tended to all produce Of like kind, and
reaction follows; and the rise caused
home by the PURCHASES Of the bill dra'
er. is succeeded by more than CORE
pondins fall, caused bv his forced sal
abroad. Operations in the great agricl
tural staples which ought to be the nc
regular and stable business in the cou
Try, is the most insecure and fuctuatr
1t is not governed so much by the la
of demand. as it is by the number
bills sold to the banks. The banks,
combining their business to exchan,
force every borrower to become adraw
OF bills, and afterwards an involunta
shipper, and disturber of regular ira,
The banks are made mere exchau
dealers By usury laws. While they Q