The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-09


posite of its citizenship, with bonds and at
tendant coupons inexorably sapping tolls
from the treasury. The individual free
from financial shackles and the common
wealth independent of bonds and bondhold-
ers combine both abstract and concrete evil
dence of prosperous conditions, and relative
10 the state are inviting 10 investments,
business enterprise and substantial citizen
ship.
The claim of the State against the fed
eral government for interest and discounts
on it's bonds and obligations. made neces-
sary in the recruiting, equipment and
maintenance of the volunteer soldiers of In
diana in the war for the Union. was pre-
scented to the Treasury Department by At
torney General Taylor and the accounting
department of the State and the sum OF
$685.. 20 was paid. This amount was imme-
diately applied in liquidating the State
debt and was included in the 81 100000 pay
ment on July Is. 1902. This claim was an
original one on the part of Indiana. and its
collection was made possible by congress
Sional action legaliZing interest and dis
counts as proper charge in the war ex-
penses of the State authorized by the fed
eral government. Its collection was with
out any fees or costs, the officials of the
State presenting and prosecuting 1t to a
successful conclusion. In addition to the
services of the State authorities in this
matter the congressional delegation rem
dered valuable aid In furthering legislation
and securing a prompt appropriation for
this just. though tardy, reimbursement.
| would recommend that the tax levy re-
u
nues to the general fund and the fees from
the different bureaus or State government
there will be ample resources to provide
monwealth. make sufficient appropriation
for the maintenance and repairs Of our in
stidutions and Keep pace with the growth
enlargement and construction that from
year to year may be necessary.
Banks and Trust Companies.
The state banks. trust companies and
savings banks are in fourishing condition.
1t is a matter of congratulation that these
financial agencies Of the people are in a
position of assured strength and under
such careful, conservative management
that the public has little fear or alarm as
10 future conditions. The history of bank
ing institutions in Indiana in the past few
years has been one singularly free from
failure in any of the state banking in
situations during the past two years, and
no losses have accrued TO single depostor.
There are now ia state banks. They are
required to make sworn reports five times
each year, and, in addition, are regularly
examined at least once a year. The state
ment OF condition on Oct. 81. 1902, showed
that the aggregate capital was s4,SS4. 4SO,
with surplus of $9l5. 1873. They had
bills receivable amounting to SIS, sos 135. So
and deposits amounting to $40, 547, SOC. 50.
This Is the largest volume and the most
satisfactory condition of business ever
known in the banking history of Indiana.
The law ought to be strengthened in that
the establishment of branch or collateral
present time the law is silent upon this
proposition, but there Is an inclination,
ness as offshoots from a single organiza-
ton, which, in my judgment, should not
be permitted.
There are a very large number of private
banks in Indiana. The law treats organi-
cations of this character as copartnerships,
and fixes the financial responsibility ac-
cordingly; recommend to the Legislature
that the law should definitely fix a capital
to be fully paid in cash as basis for pri-
vate banks, the minimum amount being
5000. the same as now provided for in the
organization OF State banks.
There has been an increasing number of
trust companies organized each year since
the law was passed. At present there are
thirty-seven. They are uniformly prosper
respective locations. For the fiscal year
ending Oct. 81, 1902, the trust companies
of this State had capital stock of $.S6O.
loans amounting to 81, ABS, 26952 and total
assets of 1892, 2l2H Their deposits on ac-
count of savings amounted to $5,0SS. sc.
Trust companies are occupying the place of
savings banks, becoming the repositories
of persons outstanding small savings. in ad-
dition to their more legitimate province in
the segregation of trust funds.
The average rate of interest paid by these
companies for savings is generally pei
cent. per year, compounded semi-annually
There is a growing tendency on the part
ea b on .ns. COMPANIES to 90
clear in its limitations. 1t should be amend
ed so that they could not invade the field
of commercial banking, but should be re-
stricted to the intent of the law, confirming
their operations to trust field and not
general or commercial banking.
There are five savings banks in Indiana
with deposits amounting to 1882, 157. 46 an6
a surplus of $iS9,04l03 Their loans on per-
sonal security amount to 1910. $40; or
mortgages. A,374. s5152, and on bonds ant
| stocks, 81, $40, 041.S3. The average dividend:
paid by the savings banks of Indiana t.
| their depositors during the biennial period
| amounts to $225,000
| The Soldiers and Sailors Monument
On the 21st day of October 1901; the board
| of control of the state soldiers and sailors
monument officially reported to the Gov
ernor the completion of the monument
after period of almost fourteen year!
| since ground was first broken for the foun
| dation of the massive shaft. The records
show that the entire cost of the monument
| aggregates S59S,31 1916.
The monument is a source of pride I,
every citizen Of Indiana. 1t is the creates
| soldiers monument on earth.
On the 18th day of May, 1902, this monu
ment was formally dedicated. The Mex
lean War Veterans. the Grand Army of TIT
| Republic. the Spanish-American War Vet
Grams, the Indiana National Guard am
| other organized military and civic associa
/ tions, together with vast concourse o
1 citizens, participated in the dedication. TIL
| ceremonies incident to such dedication wer
| worthy of the magnificent memorial to In
| diana's heroes of all the wars in which tn
soldiers of Indiana have participated B,
| law the battle flags carried by the Indian;
| soldiery in the war of the rebellion wer
| for the last time taken from their recep
| tacles in the Statehouse and were carrie,
| i'm the great procession by those who ha,
| rallied around them in the awful storm o
war. From every part of the State pa
| triotic citizens came TO witness the cere
| monies. Not only officials of Indiana. bu
| officials and representatives of other State
| united I'm the solemn rites. Members of ev
| cry regiment that left Indiana from 1861 Z
1866 to help preserve the Union surrounde
| the tattered flags they once carried in ba Il
| tie. The few remaining numbers of ono
| strong regiments emphasized the truth o
| how great is the havoc of war Indiana
stands as perpetual tribute TO the heroes
living and dead, who aided In saving tn
| Union.
The Shiloh Park Commission.
Under the provisions of an act of tn
| Legislature of 1901. creating the Shiloh Ma
tional Military Park Commission, for tn
purpose of properly establishing monu
ments commemoratng the part Indiana
soldiers took in the battle of Shiloh durin
the war of the rebellion, / appointed a
| Wood. John r. Wildman. Edwin Nical
| George T.. Gardiner, Benjamin Hutchen
and Nicholas Ensley. The report of tn
commission shows that their labors hav
been industriously and faithfully prose
cuted. Twenty-one monuments were con
dedicatory services would be held Sept.
la MT ma xrnf doh 10 I1