The Russellville Democrat., 1876-04-06
NO. IL

Kentucky, Louisiana and Missis- sippi. As was observed by tie committee on banks in their Ie- port to the legislature Tn 1851: "One os the objects proicssealy v in view in establishing this bank was that of supplying the state with sound circulating mediu m, and it commenced operations by circulating the notes of discou nr and nonspecie paying bank s, some of which proved to be ulti- mately worthless, and by issue of it's own, which, as they increased the mass of notes not redemablc Ill specie, served still further to l deprcciate the currency and iD- crease the difficulty of resuming specie payments.
 r So rapidly did the bank proceed lin lending, that it had on hand on the 9th of Nove,, Der, 1887, only $9l6 III the inconvertible paper of other banks, and it added to the inconvertible currency then in cir culation $01 ,255 in its own paper, that being the amount of it's post notes then in circulation, payable twelve months after date.
 On the 18th of November the I joint committee on banks made ' report through their chairman, Senator Ferguson, in which they said:
 "The directors, in all their pro- ceedings. have had an eye singlo to the safety of the institution, and the welfare of the state, bas' ing all their operations on such rules of prudence as would hazard neither it's safety or it's credit, and, at the same time extend it's means to the use and relief of the people. Commencing operations at u time when other institutions
 were trembling on the verge of dissolution, when from one ensl of the Unior to the other, banks which had stood the shocks and revolutions of trade for more than a quarter of q century, were com- pelled to suspend payment, and when all parts of the country were watching with an eye of vigilance and suspicion the movements of all banking institutions, it was q responsible as well as an arduous duty for them to perform. To commence the business of a new institution Tn a manner that would sustain its credit and inspire con- fidence in its operations, would have been a duty difficult for practiced financiers. Itwas more so to men just commencing their practical experience where the system of finance has had but few operations, and is necessarily but little understood. It has been performed, however, and your committee are proud to say, the experiment has been successful, beyond the most sanguine expec. tations of its friends. 4 large portion of the people of the state, and particularly in those sections most oppressed by the recent, change in the monetary affairs of the country, have been relieved; currency of cur own-has been provided in lieu of that furnished by other states, much of which was greatly deprcciated, an this without extending the circulation of the bank to point beyond half the amount of gold and silver on hand, leaving the institution at this time prepared and ready to, carry out any course of policy which the general assembly may deem it desirable to pursue.n
 The committee then proceeded 'to recommend the passage of an act authorizing the governor to, sign the bonds of the state to the amount of one million dollars, in- cluding those now on hand, and unsold by the bank, and to ap- point an agent to proceed without delay to some one of our eastern cities, and effect sale of them for eastern credits. The tune Is believed to be favorable for nceo- tiatlng such securities,f and the condition Of the country and the best interests of the state. m tho opinion of your committee, de. mand such a measure. In coun- try like ours, where all. the clc- ments of wealth lie scattered in proiusion around us, and where it IS n the power of the stateFto bring them into employment bv the introduction of foreign capital. which alone is wanted to start the springs of enterprise, it is the duty of the legislature to extend every facility in it's power to effect 1t. Though it may he considered by the over cautious a hazrd to lniuse into great masses of the people, that active spring which has made the United States IA powerful nation in the same time that other communities have at- tslned to the beginning of name. yet experience has proven all the pest means of mankind are pro noted by it. Wealth, happiness,
 he comforts and blessings of life,