Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1859-07-21


in bestowing this special charter. and We
presume, is the consideration which endows
it with the sanctity of a vested right, su
perior even 10 lho sovereignty Of The State.
In consequence of there having been
for the past four months but little produce
in the State upon which to make Exchange.
by shipping it 10 an eastern market, We
presume the entire circulation Of the Bank
has been returned for redemption since the
first Of January last. The Bank having
made an arrangement 10 redeem in eastern
exchange at a small per cent. say one
eight Of one per cent. but little coin has
been demanded. Wherever the bills of
the Bank accumulate. say in Chicago. s..
Louis, Cincinnati ard Louisville, a re-
demption system prevails The bills Of
the different Branches are assorted by the
bankers and RENTED to then By express.
and the Branches by the same conveyance
return the eastern exchange thelefor.-
While this system allows to the bankers
and brokers but small percentage Of prnf.
II on each transaction. yet the rapi litv with
which 1t Is dune. and the lar@e amount
which is returned in the course of the year
makes he aggregate profit large. Not
wlthstandlng The drain upon the Bank,
such Is the llberality and value of i;s cor
porale privileges, that all the BRANCHES bu.
two, and they have not yet been paving
institutions, have declared dividend Of
five per cent. upon the last six months
business and laid by in addition hand
some surplus TO provide against contingen-
| cies In the future. The Bank having
strengthened Its weak branches in boil!
capital and financial skill, with the pros
Pect of large fall business throughout
the State generally, her next semi.annual
statement will show increased strength and
lesourcaa. Money is power.
The proposition made for the establish
ment OF 4 Clearing House has not been
settled upon. We presume. however. it
will De eventually, and probably Indianap-
oils will be selected as the point for it
When ii is done. it will increase the power
OF The State Bank. ovarshadowing eatirely
its rival Free Bank System-which lust
now can hardly claim that dignity, and
which by rapid degrees is becoming less
so. We have thus detailed what We know
or can learn of one Of the leading powers
IN the SIate--a sort of Know Nothing
money lodge. whose influences are grad
ually extending over the entire Safe Nj
its counsel being in secret, the public only
know what its officers lhink It for their
interest to communicate or what deyelop-
ments make known to them.
In another place may be found the res
oluticns Of the Bank regulating the cur
rency Of the Illinois, Wisconsin and non
specie paying banks of Missouri. If ear
rel out in good faith. it is well enongh
to shut out this currency from par circn>
ation. Blu, il, as has been the case. The
Branches take in, over their counters. this
currency at two per cent. discount and
then discount paper a! the usual shave. If
the borrower Will consent TO receive this de.
preciated currency at It's face, it looks
very much like a small shaving operation
beneath the dignity of powerful. and
wealthy corporation. who have privileges
enough conferred upon them in 4 hissb
toned way, without resoriing 10 such little
advantages. And if this currency. whicl.
is put under par by the action OF the Bank.
is thus discounted out BY its Branches,
how long will it be before this tabooed cur
rency is driven out of the State? We ex
pect 1t will not be until the operation ceas
I TO be profitable. State Sentinel