The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-02-11

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and lucid statement . very satisfactory view
of the interests Of The State under their man
sgement The Old Bank bas well fulfilled her
MISSION. ana While making lsrss profits for
herself, she has discharged Githiully her dpa
ties to the State. and people; Ind has always
exercised her exclusive privileges and great
power over the financial intcrestsof the State,
with great fn0deratioh ana wise discretion
No s'Poteniate in; the world of ayarics, in
yielding up. its power, can appeal with more
confidence to the gratitude and approval Of
those it hasuruIed and served through the
term Of generation. 1t closes its carcerwith
q magnificent exhibit Of the results Of a wise
prudence, great sagacity. and strict adhe-
renee to the lessons Of experience. In the
twenty three years OF her existence. on cap
italof 81, 10000. nearly all. ,ofrwhiche was
borrowed, she has earned four and half mil
lions. of dollars and has thus created out Of
credit that amount Of wealth; to say nothing
Of the many other millions which the use Of
her facilities has enabled individuaIs TO make.
Her history shows the power Of credit. Her
capital vas butt combination Of State and in
diyidual credit, by q jydicious and prudent
use of which, the substantial millions Of
wealth to three times the amount Of the ORR
ginal "unsubstantial promise to pay have
been produced by the silent operation, Of The
Institution. 1t appears from the report of the
Bank that the stock belonging to the State
consists of 20,275 shares, which at par value
Of $50, are. worth Sl,OlS,754. There is an
accumulated surplus on hand OF S1.265. eo2
which will raise the actual value Of the shares
to s75 per share and give tho State s $50.
635, as the real value Of her stock in the
bank; from which, she will pay the bonds ORR
gihaily issued for the stock, amounting to ST.
500, COO, leaving a balance Of $50, Geo inia-
vor OF the State. Out of the dividends paid
BY the bank, and the prudent management Of
the sinking fund, by the aid Of the bunk, an edr-
cational fund Of nearly two millions Of dollars,
(S1,955,46l) has been accumulated without
having cost the people Of the State, directly,
one dollar. The bank bonds draw only 5 per
cent. interest, and are not payable. till 1864,
1865 and 1866 They are worth but 90 cents
on the dollar in; the market; il they conld be
now bought up at that price, their redemption
would rcquisp only the sum Of s1.25l 600;
and IL the bank should wind up without fur
ssther loss than IS now estimated, the States
stock IN the. bank will be worth Sl52o, e35,
leaving balance of seoe.es5.i to be- added to
the sinking fund -making, the aggregate o.
that fund s.. e25, COG, which the State has
gained, without the use Of . dollar other
revenues and without care or and labor, by tie
simple use o. her credit. - s.,s ss.s'se
These bene fetal results exhibit to theipeo-
pie the inestimabIe value. OF true statesman
ship, and practical financial ability in the men
=. to whom they give the control Of their affairs
Why could not the same wise policy have
been continued? What RATIONAL objection has
any man Of sense or practical knowledge found
to its workings? What could have dictated
that senseless prohibition Of the constitution
which, divorces the State from banks, and
compels her to abdicate and abandon the very
highest duty of all governments, the control
and regulation Of the currency Of the. people
the measure and standard Of all their values
Nothing. but the mischicvous pahdering O
ignorant politicians to popular prejudces
against banks, could have proposed a measure
of such arrant folly III in the last twenty
three years, embracing periods of commercial
distress, embarrassment and depression be fore
unexampled in financial rccords-with q
sparse agricultural population spread through
the forests, the bank has given back to the
State q magnificent fund OF S2,o0OOO0 for
. the mere loan of her name for Sl,OO0,eOO
what could she not have done in the coming
twenty years, with, a population three fold
her commerce ten fold, and when by the facili
ties of intercourse and the newaramificatior,s
of finance and credit, the power of capital has
: been multiplied beyond the conceptions O
men. ten years ago? If a new bank had beer
= created, or the old one re-chartered, with Q
capital of ten millions, and the State had in
: vested its present sinking fund in its stock
and issued s., 600, 900 more of her bonds for the
bank stock, at the end of twenty years, With.
out cost, labor or care the State would have
had the magnificent endowment for bel
schools Of S12,Ooo,oO0. This glorious bless
ing, which would have seemed Ikea gift 0
= Providence, whose benefits like the eterna
; sunshine, would have enlightened and blessed
our remotest. posterity, has been ignorantly
recklessly and wickedly bartered away by
corrupt men-too ignorant to foresee the dis
asterous effects Of their own crimes-that the,
might filch few thousand dollars; and til,
children Of the poor are left by ti;s dasanaJI,
betrayal Of their interests, to grovel through
generations in ignorance and degradation; o
: to struggle in hard competition, with. the ricl
to rise above the abjest level to which thei