Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1857-01-15
acy of the voice of the people at the ballot


The means and appliances brought tc
bear to secure the passage of this charter
would. if exposed to the public gaze. OK,
hibit the darkest page of fraud and corrup
ton that ever disgraced The Legislature o
any State. While men of pure and honor.
able sentiment were led into its support, il
the belief that the existing Bank. required
them, thus early, to provide successor
others supported it on promise of stock
equivalents in money, or pledges as to the
location Of particular branches. Tn make
up the constitutional vote in lis favor, tho
names of members were recorded in It's
passage, who we're, at that moment, absent
and many miles distant from the Capital
But. if fraud and corruption marked the
passage of the bill, the enormities praciicec
in the location of the branches, and the
distribution of the stock, were still more
glaring, and. if possible, more deserving o.
public condemnation. The loca Jon Of the
branches. the privileges of subscribing t.
its stock, in short, the franchises of the
Bank, We're bought and sold like other mar.
ke.able commodities In some Of the bran.
ches. the books for the subscription Of stock
we're kept open buta few minutes, and were
then only accessible TO parties to the fraud
in other instances. they were opened in
out Of the way places. known only to few;
and, in scarcely any instance, was full and
free opportunity given, for citizens gener-
ally, to subscribe. In two or three cases,
suits were brought by those who fel. ~
grieved; but their complaints were stifed
by the potent agency of money. In this
manner a majority Of the stock, in the sew
enteen first branches organized was sub
scribed by twenty-eight individuals, the
largest portion of whom have never been
engaged in the business Of banking, and
have, already disposed of their stock to
others at enormous premiums.
1t would be interesting and instructive,
to have, for comparison, the names of the
original. and present stockholders. The
sudden transfer of stock, would convince
the most incredulous, that the charter was
procured, not for the purpose of banking,
but for speculaiions; for the benefit Of the
few to the exclusion of the many. The pre-
miums thus realized by the original stock.
holders, are believed TO be net less than one
quarter OF million dollars: all Of which
must be reimbursed by the laboiing and
producing classes. Had the State exacted
such bonus from the corpora:ors, to be
paid into her treasury,it might a; least have
been said. that in this respect the whole
people were benefited.
Having knowledge Of these facts, and
regarding the charter as direct violation
of the Constitution, | caused two suits &c
be brought-one in my own name, and one
in the name of The S.ate-for the purpose
OF testing its validity. The first has beer
decided, without touching any of the grea
points involved in the issue. The second
is sill pending, and will in its progress,
fully test the rights Of the corporators.
The Supreme Court have already intima
ted such an opinion, in regard 10 the adop
ton Of amendments to bills upon the pas
sage, as must inevitably, render the char;e
a nuliiy.
In view Of all these facts. it is my sol
euin conviction, that public confidence ans
credit can never be given To An 'inslitutio,
Of this character recommend therefor,
that the charter be expunged from the stat
ute books; or, failing in this effort, that al
connection between the Bank and the State
either by deposit of funds or otherwise, b,
prohibited, and that it be prevented from
re-issuing the notes OK the present Stat,
Bank. by penalty Of forfeiture of til,
securities received therefor
The charter should be promptly and ab
solu.ely repealed, so that no sanction wha.
ever, to its legal existence shall appear OF
your statute books The safety of the pub
lie funds should also admonish you to pro
hibit the reception of its issues for publ,
dues.
The Legislature owe il to themselves, Il
tie cause of honesty and justice. to tn,
credit of the State, and TO the constituents
they represent, to take prompt and decisiv,
action in the premises. When the presen
State Bank shall have been entirely wount
up. and all its affairs liqui'la,ed. should tn,
people then desire another institution tC
succeed it. their representatives will theI
come instructed TO that end, and can fran,
a charter which, guarding the rights of al
shall ;;..ot be subseryient to tie purposes o
private specuass;;>an. II il be good, thu
whole people should lie permitted to pa:
ticipate in its benefits; if i. be otherwise, i
it should be promptly and quickly sup
pressed.
1t may be said that the new institution
is now in the hands of safe and responsible
men. and that their rights of property
should nor be disturbed. In answer, j
may be stated that they purchased the stocl
with full knowledge of the frauds; that the
stock, instead of passing into the hands o
our citizens, our farmers, merchants. and
mechanics, AS in the former Bank, is being
transferred to men beyond our limits. who
have no other interest 10 the prosperity o
our State, than to make it the theatre OF oul
speculations. Nor have we any guaranty
or assurance, that, however solvent thu
present stockholders. the stock may not IN
the first moment ofdisaster, be transferred
to others, witbou. character, or response
biIity.
With the extended powers and privilege.
conferred on this inslitution-its right Il
issue post notes, to discount upon depos
ties, and to defy the scrutiny or control O
the Legislature-it is believed that no pru