The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-10-15
IND.
what is 10 DE our Currency.

the query arises with every one what is
to be our circulating medium ? Ifit be
one unredeemable in coin, it is necessary
that it should have some basis, in which
the people can put some confidence.
Our new State Bank will withdraw
her own issues, and avoid protest Of her
bills to preserve her valuable franchises,
the last Of the kind, we presume, that
will ever be granted to similar institu-
tons in this State. She will hesitate at
no pecuniary loss to herself, and will be
needless of the sacrifices that will be en-
tailed upon the community, to preserve
her important privileges and rights in
tact. In the excited party feeling that
has been aroused against this institution
she has no hope of any indulgence from
popular opinion; and even if the Legs
lature were disposed to release the Bank
from the penalties of suspension, the pro-
visions of our constitution forbid it. The
constitution declares that no law shall
be passed sanctioning, directly or Indirect
ly, the suspension, by any bank or bank
ing company, of specie payments" The
new State Bank has prepared herself
with the determination to meet all liza
bilities, under every contingency and at
any cost, in specie, and thus preserve
her charter. She will continue to use
the amount OF her capital actually paid
in hut that will be in an unavailable
form for an active business, and Der course
will be, by necessity, a virtual suspen-
sion of business, until a general resump
ton shall recur; unless-as it would be
polite for her to do-she should procure
the bills of some other Banks, at low
rate Of interest, and by receiving them
on deposit and in payment OF paper due
her, she could give such bills currency
in the State, and use them instead of her
notes, and thereby give the people a
bankable medium on which to do busi-
ness. Such course she will probably
adopt if the suspension becomes general
and is likely to be a protracted one.
The deprivation of their particular
franchises has no terrors and would be
no material injury to the Free Banks. II
closed under one title, they can e-organ-
ize under new name. But they stand
in fear of the action of the State Audi
tor, who can upon the protest of bill OF
any bank, sell its bonds, in pledge with
him, for whatever they will bring in
Wall street for specie. II the suspension
becomes general, specie will become in
accessible, and as the Auditor can sell
only for specie, the bonds may be sacri-
feed at 20 per cent. Of their amounts
The Free Banks have therefore no alter
native but to withdraw their circulation
and restrict their business to their CAPT
tails and leave the people of the State
without any home currency.
The only relief from this unfortunate
condition Of affairs, would be in the for
bearance and wise discretion ofthe Stat,
Auditor. If the Executive officers o
the State can take the responsibility o
opening the charitable institutions anC
drawing money from the Treasury, with
out law and in violation of the Constitu
ton, they can in an overwhelming publi
exigeney, like the present, venture t
delay the execution Of a trust, whicl
every consideration for the interests G
all parties concerned, demands a gener
Gus forbearance and delay. To sacri
flee the bonds for a half or quarter c
their real value, would not only rui
the banks, but deprive the bill-holder c
the means of getting his pay.
We learn that the Auditor has de
clared his determination to advertise tn
bonds of every bank that goes to Pre-
test, and sell them within twenty day:
If suspension becomes an memorable ne
cessity, it will be the duty Of the publ
Ito preserve a circulation for our ow
State in which we can have confidence
= to sustain the Free Banks, and impos
upon the Auditor a sense Of the in
Perative necessity Of sustaining our HON
Institutions, that can give the only cul
rency over which we can have any cor
troll, or any security for its final redemI
ton. Will not the people insist upo
preserving their own currency, instea
of being driven to adopt the WORTHLESS
issues Of other States
THE AMERICAN HORSES IN ENGLANI
Anotler Rdce-After our inglorious d,
feat over the Good wood course we ha,
had very little to say about our Amer
can horses across the water. We ha,
been badly beaten in several races, an
Young America has been duly mortifie
at the disastrous results. Another rae
is on foot between two horses, Babylo
owned by Mr.. Ten Brock, and Saunte