The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1858-03-06
A..or,Ine Broken, and Che Indiana Banks.

Assorting Brokers and Che Indiana Banks.
The Cincinnati bankers are making loud |
somPlaints against the course or treatment !
They are receiving from several branches of
our State Bank. They are still pursuing a
system of resistance 70 the demands Of the
brokers, which they were compelled to adopt
for self-preservation during the general sus-
pension of specie payments. To every de-
mand from the brokers these branches refase
to redeem except in silver, and compel the
holder to makea demand on each bill sePa-
rately. "The Branches, in some cases, keep a
clerk to attend to this business, and having
"nothing else to dor this officer srnalscs i
convenient not to hurry himself. The clerk
receives from the broker o note of the denomi-
nation Of FIVE dollars, more or less; exam
ines it critically, to be certain that it is gen
une. lie then walks leisurely to the. desk,
counts out the amount in small silver coin;
turns around in military style, taking care
not to strain himself by quick movement,
and approaching the counter, he slides the
the coin off his hand, being a. particular
pains to cover as large portion of the sur
face of the counter as possible with three cent
pieces, half dimes and dimes Then, he
watches the broker while lie gathers up his
coin and'counts it. lie then asks if he found
Ii all right, and sometimes takes occasion to
pass the usual compliments rs = the weather
and health" In this way not moro than $50
or $500 can be redeemed liz day. At this
rate broker who presented about sl2, 900 at
the LawrencebuIgh Branch, found it would
require ffty-six days to effect the redemption.
Ho therefore cut the matter short by giving
the whole package Of bills to notary who
presented them as one demand, and, being
refused the gold, made protest and gave
notice that he should demand the penalty OF
IL per cent, and proceed against the bank to
wind it mp, according to the provisions OF It's
charter. Upon a reconsideration of the SUBJ
ject the next day, the Branch concluded tho
operation would prove neither crcditable mol
asafe one. and senta messenger to the banker
with the gold, and took up its bills.
These extraordinary proceedings, on til,
part of our banks during the general suspen
sion Of specie payments, when they wer'
struggling 70 preserve their existence ant
their charters, which werc essential to tn
public welfare us for their own interest
were tolerated and justified by the people
But they never expected il would be continued
as system, when the necessity was past
and We believe it viii be neither for tn
interest nor credit Of the bank to attempt d
persevere in such a course.
The position assumed by the BranChe
that distinct demand must be made on eac
bill is untenable. The question has bee
presented to tho courts in the Eastern State
under two aspects-one, in which ono protcs
was made on whole package Of bills, whic
was decided to be valid and in another in
stance where, TO accumulate costs, from win
dictive feelings, e, large amount of notes wor
protested singly, and costs charged oh eac
one, the court decided it to be unnecessary
and refused to allow the notarial fees. TIL
rational doctrine would be sustained by on
courts. If it should not, the defect ought I
be cured by an act of tho Legislature. I'll
pretence that each note is o separate contract
when bank discounts draft for 81 900, an
gives out package of two hundred separa,
bills in payment Of it, is a falacy that cannc
be sustained.
Since our banks have ceased to disccur
notes for the accommodation of local bust
ness, and have become exclusively dealers j
exchange, the distinction between Banker
and Brokers is being rapidly effaccd in tn
public mind, rs they assimilate in the char
ncter of their business and operations; the
do not now have SO strong public sym
pathy. 49,
Our Bank has secured from the State ad
vantages that ought to place her above
resort to- any petty subterfages and unfa
means to enlarge the liberal profits whiC
she can legitimately make. We are glad
know that tho course Of these repudiatin
Branches finds no eountenance in the pra'
tice of the Branch here. The best mode
keeping down redundant circulation, is
keep the avenues for its redemption free
open, and let it press home upon the banl
as fast as the coarse of trade will return
The fact that it pays broker to bring
home is conclusive evidence that its return
required by the general wants Of commerC
If banks in other States resort to illegitima
means to acquire IN ordinate circulation, ,
sound banks should combine to drive the
notes home, Our bank has acquired by
iudicious course during the panic an enviat
credit, and her own permanent intesests al
usefulness will be promoted by sustaini
and elevating it by most liberal course
dealing. -
The SOUTHERN Pacific RAILRoAD.-T