Weekly Indiana State sentinel. [volume], February 10, 1855, Image 2

About Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861

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STATE SENTINEL
'.Yil. J.BROWN AND G. P.BUKLL, Ep;tors
SATUHDAY MORNING FEBRUARY 10, 1855
UjWH1TE WRAPP. RS. I'enunt receiving thel
pprila Wkif Wrapptn, will plfie take notice that
heir subscription i due, and If they wih their paper
continued. thejr mutt renew it at once by tenuiug the
moneyhj mail.
The Free Bank.
We ask the indulgence of our readers,
and especially the members of the General
Assembly whilst we review the system of
Free Banking which has so far been a system
of Free swindling. We know this is rather
a strong expression, but in these times it is
not best to mince words. Plain truths should
be spoken in plain language. By the de
preciation of this Shinplaster cttrrency the
people of Indiana have been defrauded out
of more than a million of dollars. This
amount has been taken from the pockets of
honest men who "eat their bread by the
sweat of their brows," and transferred to the
vaults of the Bankers, who have, so far,
dodged that universal curse pronounced on
man at his fall. They toil not, seither do
they spin, yet Solomon in all his glory was
not arrayed like one of them. Let those who
deal in soft words at the expense of truth
find the language to portray their acts in mil
der terms: We cannot It may be said that
some of these banks hare faithfully re
deemed their promises to pay and have thus
preserved the credit and confidence of their
institutions. To such our remarks havo no
application.
The convention which framed the present
Constitution of Indiana, assembled at a time
when the bubble of speculation had just be
gun to inflate. There was a cry for more bank
ing facilities. This demand did not come
up in the shape of petitions from the people
the masses b.it from those interested indi
viduals who hope to become rich, not by labor
but by a sort of hocus pocus legerdemain.
It was said that the State Bank refused to
give the necessary accomm nlations. Mer
chants and land speculators could only bor
row two hundred dollars, at a time. What
was two hundred V those who wanted thou
sand'. The State Dank loaned it money to
the stock dealers (live stock we mean,) and
produce merchant. These loans were based
on realities.
The convention placed in the Constitution
a provision authorizing Freo Banking with
certain very loose restrictions. The subse
quent Legislature, whose duty it was to mould
and modily the Statutes, to the new organic
law, passed the general Banking act, which
is now in force, and which we think the peo
ple demand to be repealed.
The whole system in our opinion is defec
tive. It is a new experiment in the manufac
ture of currency, which like the paper fortifi
cations and pasteboard cannon of the Chinese
citieimay do very well for peace, but will
not answer for war. The Democrats had
warrrd on special privileges and chartered
monopolies until the Whigs conceded the prin
ciple of free bmking, and many democrats
were misled under the specious prett nses,
and plausible argumeuts, that the deposite of
stocks would secure the bill holder.
The law itself was very loose and defective.
There was no limit to the amount. It was
truly a free bank act. Banks might be estab
lished in every school district. For every
hundred dollars issued they were required to
keep on hand twelve dollars and fifty cents in
specie ; there was however, no agent or com
missioner whose duty it was to see that this
provision was complied with. The honor of
the banker was trusted. They were nut re
quire to have a directory, or banking house,
or even banking houses. If they suspended
specie payment for thirty days the Auditor
was bound to wind th?m up; but he might
take years for this process, and the bank all
the time be engaged in its swindling opera
tions. The system in our opinion is radically de
fective. It is a contrivance, not for the benefit
of the commuuity who htve money to lend,
but for the benefit of those who wish to bor
row; men of straightened credit and doubtful
solvency. It was to give to land speculators
aud stock jobbers the means of raising the
wind without any solid capital.
The experiment has been repeatedly tried,
for the last two hundred years to give stable
credit and sound currency to bank bills, with
out a specie basis, but hitherto it has failed.
The power and credit of some of the strong
est governments of Europe, have not succeed
ed in accomplishing this object. Heretofore
banks have been established, at the scats of
trade and commerce. This rule was reversed
under the free bmking law of Indiana. Ob
scure and out of the way villages were select
ed as the location of the Banks. The notes
were taken from the Auditor's office, register
ed and put in circulation, without ever having
been within the walls of the pretended banks ;
signed by Proidents and Cashiers, fresh from
Wall street, who could not even point out on
the map the dog-fennel towns where these
banks were Ioca'.ed.
The demand for stocks to bank on gave
them a fictitious value; and Indiana five's,
never worth really more than 80, ran p to
105. Nine million of Bank rags were issued
from theso new machines. The country was
flooded with Bank paper. There was not
silver enough in the land for the children to
cut their teeth with especially when the
laws of jopulation are unrestrained.
Overtrading followed, as it always will, this
redundancy"of paper money. Kaa'ern debts
had to be paid. They could not be paid with
free bank paper. Gold or silver, or exchange
must bo provided. Private Bankers and
Brosers undertook to furnish this. The con
sequence was a run on the free Banks. The
Banks to save themselves retired their circula
tion and took up their bonds and forced them
into the market to raise specie or exchange ;
the inevitable result followed, State stocks
depreciated, and the currency based upon
them sunk even below the depreciation of
the stocks. A general panic followed, the
pjople in many instances sold their bank bills
at fifty per cent discount. These were pur
chased by the agents of the Banks who
pocketed the profits.
Thii is the present condition of the Free
Banks of Indiana. The public hare lost all
confidence in them; can the Legislature, now
in session, restore confidence by throwing
around the concern additional safe guards ?
In our opinion it is too late.
We shall not attempt to review Mr. Hud
son's bill, now before the House. It might
have done much good if these restrictions had
been inserted in the original bill, but it is now
too "ate to mend and Jiatch bv addirg new
stays and braces The edifice is radically de
fective the foundation is insecure, and fall it
must. The sooner then it comes down the
better.
The people are looking to their Senators
and Representatives to do something that will
saveHbem in the future. Let the law be repeal
ed, and let a reasonable time be given for those
banks in operation to wind up. Those Banks
which have ceased to redeem their notes,
should at once be put into liquidation. The
Free Banking Law I cing repealed, can any
thing be sulutitutcd in its place ? This shall
form the subject of our next article.
Tinkering with the Currency "
This has been a cant phrase with the late
Whig party. A Tinker is a mender of old
pots, and pans and kettles. We are at this
present writing blessed with an army of tink
ers engaged in the laudable business of tink
ering up ami mending a cacked and
and leaky banking system. There is an out
side pressure on the honest representatives of
the people, to do somcthing.which will restore
confidence. Flans, amendments, and even
new systems of Banking are suggested and
urged with a plausibility which, to the un
sophisticated seems almost incontrovertible.
Our friends should remember the specious
and unanswerable argument in favor of Free
Banking urged by its advocates when tVe
question was pending before the constitutional
convention, and when the present act was un
der consideration before the legislature. Hon
est men and honest Democrats were deceiv
ed. Listen not to that syren voice which has
once deceived as honest and as confident gen
tlemen as you are. This is the advice of one
who for a quarter of a century has been fight
ing agaiust the principles of Banking in every
shape and form. Mis first lessons in political
economy we c learned in the monetary crash
and Bank failures of 1819, '20, and '21. A
thorough investigation of this subject hits con
vinced us that the wisdom of man cannot de
vise a safe, sound, banking system.
The whole foundation and principle of ban
king is wrong. It gives to the avored few,
privileges which are denied to the- many.
The pure, wise, and patriotic men who fram
ed the constitution of the United States, so re
garded the question when they provided that
nothing but gold and silver should be a lawful
tender.
Bankers must be. permitted to issue two or
threo dollars for every dollar of capital stock
paid in, or they will ot engage in the bnsi
ncfS. Thus they are enabled by this system
to reap a profit on three times the amount of
their actual capita), whilst the farmer, me
chanic and merchant oly enjoys the profits of
their real capital. If a farmer sella a bushel
ol wheat for a dollar, ho gets the per ceniage
on that dollar, but the banker is permitted not
only to mike his per centiga on the dollar
which he has, but also on two more which he
has not. Two thirds of the bank issues, as a
general rule, are the representation of the
banker's cro lit, not his cash. But we do not
wish to discuss this qucstjon at length, in this
article, but will reserve it for tome future
number.
We know we are reard-d a rather ultra.
Wcdo not expect that our views in opjiosing
all banks and advocating a gradual return to
the constitutional currency will meet the
views, even of all our Democratic friends.
We know it is said that we must have banks
that other States have b ink, and Indiana
must protect herself by having banks, also.
This is the reasoning of the artful dodger in
Oliver Twist, who st de the hmdkerchicf to
keep some one else from stealing it. The
system of free b inking has proved a failure
We warned our friends against the plausi
ble argument of the advocates of new banks
and new currency, when the question was first
broached. Our warning voice was not heeded.
We called cn the last legislature to either
repeal the law, or throw around it such re
strictions as would save the people from an
inevitable swindle and loss.
We predicted the very state of things which
have occurred, but the spirit of speculation
was rife, and our feeble efforts were unavailing
The speculators were determined to have more
money. They got it they danced and made
merry, but the honeat, hard working people
had to pay the fiddler. We tell the people's
representatives that a day of reckoning is at
hand, and well will it be for him who has a
clean record on this question. The people of
India ia have lost at least a million of dollars
by the depreciation of tleir baseless shin-plaster
currency, and they expect their Senators
and Representatives to dry up the whole con
cern, and in future to quit tinkering with the
currency, but to leave that question where the
Constitution of the United States left it. We
have rereatedly shown that there is gold and
silver amply sufficient to meet all the wants
of the people. Give us that and we shall have
no more fluctuations no more exorbitant pri
ces this year and sudden reductions next no
depreciation of currency no shaving shop?,
where the merciless tonsor is ready to shave
to the blood the unwary and the oppressed.
We shall then have uniformity in currency
and steadiness in prices.
We shall again resume this subject. It is
to be the great question in the next political
canvass, and we wo'dd suggest to members of
the Legislature who desire a political future,
to mark well how they record their votes on
the question of patching and tinkering the
broken and rotten concern. The p jople are
anxiously inquiring and hopefully desiring a
speedy and certain wiping out of past errors.
" Indemnity for the past " they do not hoie
for, but they demand "security for the future'
CO" The Delphi Times is now published
daily.
Prohibitory Liquor Law.
This till passed the Senate on Tuesday
last.
The first section is as follows :
That no person shall manufacture,
Keep for sab, or sell, by himself or agent,
directly or indirectly, any spirituous or intoxi
cating liquor, except as is hereinafter provided .
Ale, porter, malt beer, lager beer, cider, all
wines, and fermented liquor which will pro
duce intoxication, and all mixed liquor, of
which part ;s spirituous or intoxicating liquor,
are included in the term intoxicating liquor,
and are within the meaning of this act.
Sec. 2. Permits the manufacture of cider
from apples, and wine from grapes and cur
rants, grown in the State ; but prohibits ths
sale in less quantities than threo gallons,
which must be taken away at the time of
sale.
Sf.c. 3. Permits the sale of foreign liquors
by the importer, according to the laws of the
United S'.atcs ; but requires all such liquors
to be sold in the original casks and packages ;
but prohibits the Custom House certificate to
be received as evidence of that fact.
Sec. 4. Authorizes the Connty Commis
sioners to grant permits to persons to manuf tc
ture spirituous liquors ; but prohibits their sale
under severe penalties to any except agents
authorized to sell the same.
Skc. 5. Frovides for the appointment of
agents for the purpose of buying and selling
spirituous liquors for medical, chemical and
mechanical purposes, and wine for sacramen
tal ocr.vions, and re puiies such agent to keep
an account of tho names of the persons to
whom Mich liquors are sold.
Sec. 6. Permits the agents to sell liquors
1st. To persons over 21 years of age of
good character for sobriety, provided the
agent is satisfied it is intended for any of the
uses enumerated in said section.
2d. To any of the agents regularly appoint
ed to sell.
Sec. 7. Provides that the County Commis
sioners shall direct the Treasurer to pay over
to the agents a sufficient sum to purchase the
liquors, the agents accounting for the sale
thereof.
Sec. 8. Requires the agent to give a bonJ.
Sec. 9. Punishes any person who manufac
tures liquora in violation, of tho law by a fine
of not less than 20 dollar, for the first of
fense ; 50 dollars for the second, and 100 dol
lars for tho third, to which may 1ms added im
prisonment in the county j-t.il for thirty days.
Se. 10. Punishes persons who sell without
authority of law, for the first offense by a fine
of not less that. 20 dollars, second oflensc 50
dollars, third 100 dollars, and requires in all
cases after the first "(Tense, imprisonment in
the county jail thirty. days.
Sec. 11. Imposes the same penalties on
clerks and agents, as on principals.
Sec 12. Punishes persons wno buy liquor
and apply it to unlawful purposes, by a fine of
ten dollars.
Sec. 13. Prohibit! xtsous from keeping
liquors with intent to sell the same, under tho
same penalties as is provided in the 10th sec
tion. Finding liquors in the possession of a
person shall' be printa fiicia evidence of the
intent. f
Sec. 14. All such li ior shall be decniei a
nuisance, and shall ba forfeited.
Sec. 15. Provides for search and seizure by
warrant on the alii lavit of three persons.
Sec. 16. Tho owner to be summoned to
show cause why liquor so seized should not
, oe lorieiica ana uesiroyoa.
J Sec. 17. Points out the mode of trial and
.judgement of forfeiture.
I Sec. 18. Requires th' ofli jer to destroy tho
i liquor and sell the vessels without appraise
ment. ! Sec 19. Provides for tho return of the
liquor where it is not liable to forteiture.
j Sec. 20. Declares all contrivances to evade
or conceal the seller a nuisance and requires
their abatement .
, Sec 21. Punishes persons who resort to
devices by fi no not less than 50 dollars and
imprisonment not less than 30 days.
Sec. 22. Requires Sheriffs, deputies, con
stables to arrest all persons found selling li
quors and to seize the same. It also requi'es
such officers to arrest a persons intoxicated
aud to take him before a magistrate who shall
require him to answer where he obtained his
l.quor. If lis refuses hi sh.t 1 bo imprison
ed until he nswers.
i
Sec. 23. Pro hi bits selling dragged liquors.
Sec 21. Habitual drunkards and persons
convicted of manufacturing or selling liquors
shall be incompetent as jurors.
Sec 25. All contracts for tho sale of liquors
to be void, and moneys pud may be recovered
back.
Sec 26. Permits the sale of burning
fluids, chemical dyes, medical compounds,
I Ac.
Sec. 27. Requires district and city attorney1
to prosecute all offenders under this act.
Sec. 23. Courts of Cm man Pie is, Jus
tices of the Peace and Mayors t have juris
diction. Jurisdiction of M lyors and Justices
to extend throughout the county.
Sec 29. Requires prosecutions to be made
on complaint or information.
Sec. 30. Relates to costs. Gives the attor
ney a docket fee of $5 ia each case of con
viction. Sec 31. Pohibits action of replevin or
any other action to test the validity of the
judgement decreeing liquors forfeited.
Sec. 32. Provides for appeals.
Sec. 33. Proceedings on appeal.
Sec 31. Provides for the custody of the
seized liquors in case of appeal.
Sec. 3o. No defect in any bond or recogni
zance shall operate as a discharge.
Sr 36. Agents to manufacture and sell
may be prosecuted for violating their trust.
Sec. 37. Unnecessary to allege that it was
the first, second and third offense.
Sec. 38. The singular number may be con
strue 1 to mean the plural and the masculine
the feme nine.
Sec. 39. He peals all former acts.
Sec. 40. Term magistrate to mean justices
mayors, Judges. Ve.
Sec. 41. Prohibits giving liquors awai.
Sec. 42. To be iu force on the 12ih day of
June next, and 1000 copies to Ik? printed.
Tremendous Excitement in the House of Bepre
senattivesFree Soil Destitute of a Constitu
tional Majority" Joint Resolution oa its 3d,
4th, and 5th Beading, and amendad at every
stage Speikw's Speech ! ! !
The friends of "liberty" throughout the
State will be gratified ttf learn that Fusion
pledges to indorse Messrs. Giddings and Gar
rison are in a fair way of being redeemed.
On Thursday last, the joint resolution direct
ing our Senators and Representatives in Con
gress to interfere with lavery wherever it
exists, came up, as it was supposed, on its
second reading, whereupon an amendment was
proposed by Mr. Stanton instructing oir Con
gressmen to use their influence in preventing
the admission of any more Slave States in'o
the Union. After a furious debate, Mr. Weir
offered an amendment to the amendment, to
the effect that no more territory admiting the
profitable existence of slavery that is, rich
enough to produce cotton and sugar shall be
added to our domainaml that that already ac
quired, shall, in all its domestic arrangements,
conform to "Northern opinion," regardless of
Southern rights, the federal compact, and the
peace and harmony of the Union.
At this perioJ, the Hon. Speaker gave vent
to a tremendous valsano of indignation, which
he said he had reared to its present monstrous
proportions from early inlancy, against the in
stitution of slavery. He said slavery was an
evil a tremendous evil an unmitigated and
l-tidcscribable 6sVhat it injured the white
man more than the black man ; that it tended
to d- moralize public virtue, and to make in
dividuals loose in their habits; that the prin
cipal reason why noted instances of individ
ual depravity could not be found in the North
ern States could only be explained by the .ib
sence of Negro Slavery Jtbat the Fusion De
mocrats and Whigs, during the late campaign,
had promised the Free-soilers that all other
questi mis should be considered secondary to
abolition agitation; that the Giddings interest,
ia cousideratiou of this Jct, had agreed to
abandon their separate organization, do with
out any of the offices, and labor like galle
laves for the aforesaid hiU contracting par
ties ; that for one, ho wanted his Whig breth
ren to f:ice the music ; he wanted to see a wall
erected high as hell, and deep as heaven, and
extending completely around the immense di-
jaiueterof the tinimsc, which should inclose
lavf ry
Till time u d prwee shall fr.un their sphere t3 liurletl,
And ca the i Iiiikx ol a ruined world !
At this critical juncture,thc rejorters for tlie
Sentinel and Join ml, who had labored with
great assiduity to follow the distinguished
Speak cr.calUd for water, nd the speaker him
self, like Shidan, after bis remarks on the
imjxachmrnt of Warren Hasting, sunk grace
fully into his chair, in order that the assembled
Lords and Commons of Indiana might recov
er from the effects of the unprecedented rhe
torical discharge.
Several gentlemen, claiming to be Old Line
Hoace of Representatives.
Nothing shows more clearly, the folly and
weakness of Fusion, than the slow and bun
gling progress of the lower House, where the
energy of an industrious minority is paralized
by a hesitating, incoherent majority. We do
not like to be considered inquisitive, but we
ask, in all candor, what has the House of Rep
resentatives done ? Has it reformed the bank
law ? Has it amended oht loose and almost
worthless school legislation ? Has it done
ar ything towards redeeming the pledges of
te members, when they were candidates be
fore the people ? Absl' tely nothing of pri
mary importance has yet been accomplished.
And it must be borne in mind that the respon
sibility rests almost entirely upon the majori
ty ; the Democrats in the House are ready to
take hold and finish the business of the ?cs
sion inj two week, but they cannot move
alon .
Let it be remembered that every day lost
in idleness or irrelcvcnt discu:8;on, is six or
seven hundred dollars out of the pockets of
tax pavers of th State. Saying nothing about
the immense losses consequent u on the dep
reciation of Free Bank paper. All in all
it may be safely estimated that the people of
the State are losing about four thousand dol
lars per day. The account would stand
about as follows :
Fusion Expenses
Trip to Richmond $ 8,000
Abolition discussions, 16,000
Senatorial question, 25,000
Total,-- $29,000
Here we have nearly thirty thousand dol
lars already extended upon these thrae items.
Is it not time for us to wake np, anil see whit
wc are about. The Senate clears its files every
day the House, never, or at best seldom.
For the State ."eutiueL
Political Religion.
Messrs. Editors. We read in history, that
the advocates of the dogmas of lthzc-l reli
gion in jears passed, burned at the stake, dis
se liters, and with reckless cruelty offered up
to sacrifice all wha did not sanction the tenets
of truth ptomulgated from beneath the crim
son canopies of crowned head!
When Protestant succeeded Catholic, and
when again Homo was :n the ascendant, the
dominant party bore down with an iron hand,
upon those who dared worship God accord
ing to the dictates of their own conscience.
Yet, in this our modern d3, our day of pride,
and national glory, there has sprung up in our
midst a, party linked together by a chain of
dark design, who, like blood-houud pursue
the worshippers ofSt. Peter's church , even to
the threshold of the altar.
The sacred feelings of our forefathers who
luht our freedom with their dearest blood,
an 1 amid the smoke and can. age of the
stnguinary b.ittle field, fought aide by side,
Catholic and Protestant, are forgotten by their
Whigs, theni,rose to their feet, and declared de-tM,erat0 s'n and in ,,e vast, damnabh
that they did not understand the "sell " to the
abolitionists to bo so complete as the Speaker
had indicated.
conspiracy, they seek to t-tatup the seal of a
nation's condemnation iqion the descendants of
those who crossed the broad Atlantic tostru-
! . r i.i. ....
c ..t .i... 4 i 4 v c..;i 4'K"" Kr our iiu'.-mra.
OUI11C Ul till' Olid il'lll Ollb i ICO OWIICI3 IiCAI
got up anddtvlarcd that they had been prom
ised, in sccrti caucus, more than they had
akrri, anV infired if the intention was now
to dscrt there.
The cxci emeiit now grew intense, and the
Free Soilers w re indued to withdraw their
amendments, under a promise that the origi
nal resolution, which was pretty strong, should
at onco be adopted.
To the amazement of all, however, at this
period the chairman announced that tho reso
lution was on its "third reading," and that all
the proceedings were therefore void. Th Chair
man's decision was questioned, and an exami
nation of the "journals" was instituted.
Nothing satisfactory being elicited, the Chair
man decided, after some reflection, that the
question was, shall Oie rtrJution he engrossed!
This status quo being denied by some of
the members, the Chairman now decided that
tho question was on Ote p issage of the original
resoltttien!
Tne question then was taken, with the fol
lowing result: Ayes 49, Noes 40. Failed for
want of a constitutional majority !
(7"We have been much amazed at tho ac
tion of the House of Representatives in their
crusade againt Judge Anthony and the vote
given on that subject shows with what ran
cour the fusion portion of that body pursue
their poM'to antagonists. Judge Anthony may
be as some of the honor.tblo gentleman stated
on Wednesday last totally incapacitated for the
situation he now occupies, yet is it honesty,
is it justice, is it right, that the Legislature
of the State of Indiana should turn him out
of office without a hearing of his case.
Men who differ politically, and more espe
cially those ho have gone cstray in these
degenerate days, are not the most unbiased
or competent witnesses in a case like this.
The firt decision Judge Anthony gave of any
imiorUiir w-as affirmed by the Supreme
Court of the State, and some of the honorable
gentlemen, now occupying seats in the House
of Representatives differed with the Judge,
thus showing that the man they now say is
incomctent, imtwcile and unqualified, was
a better J udge of tWe law tb in themselves.
Why have the fusion members of the
House acted with such great unanimity in
this matter? Why have they consented by
a full vote to disgrace an old man without
proof or a peronal hearing ? Tis a principle
of their creed to cling together right or wrong,
and they go en mats when thee is fusionist
to reward or a democr.it to disgrace.
But while such men as Walpole and Hum
phreys are on that floor, the Democracy will be
heard if over ruled.
Tub Contested Conqbessiosal Ejection
is Illinois. Mr. Allen, the Democratic can
didate for Congress, who has received tho cer
tificate of election in the Seventh Congressional
District of Illinois, in reply to a letter from
his oponent, Mr. Archer, g;ving him notice
that his seat would be contested, says that he
can prove that he received forty-one legal
votes in Logan county more than were returned
for him (Allen.) He also oilers to show that
Archer obtained three hundred and seventy
illegal votes in various counties.
Could thq mouldy forms of those patrio.
sages ariao in their 'sepulchral habiliinnts
from the noiseless confines of lln tomb, and
sec tho wayward degeneracy of the present
day, ono simultaneous curse, deep and lasting,
would fall from lips long stilled by the icy
hand of death ! Could he who slept beneath
the midnight sky, uncovered save by the blue
canopy above he who weathered days of
peril and nights of storm, with LiftjeUe,sMul
in their midst; with sorrowing tone would
he pronounce tho deep ingratitude of those
who deny a home lo the citizens of France.
What Ixxits it to them, that the blood of
Kosciusko floived upon our 8'il, when in their
dark inquisitions they promulgate their prin
ciples, too degrading to meet the public
ga.e ? Such men should be buried in some
unhallowed "spot, a bleak and barren plac,
where winter reigns eternal, that the howling
winds might cluunt a requiem cold as were
the hearts they bore !
While Nero exulted over his success of
tyranny, the hand of retribution was already
raised, and e'er he was prepared, he paid the
penalty due to his many atrocities. The
time is near when the iron hand, directed by
the true hearts of the Democracy of this
Union will strike one mighty blow, and for
ever wipe out the dark spot upon our es
cutcheon, aud place the American Eagle aloft
in a'.l its majesty, inviting all the oppressed
to rest beneath its protecting wing. The day
will sooncjme when the voice of the fanatic
will be hushed by the wave of public con
demnation; when he who cries disunion, will
bear upon his brow a seat as indelible as that
stamped Uon the brow of the first murderer;
when in one wild contusion, the bonds that
bind the unholy coalition will be rent asunder,
and tho tocsin of universal protection be
sounded from the Likes of the North, to the
everglades of Florida giving the oppressed of
foreign lands a home beneath our flag of stars
and stripes; and frealom to worship Qxl !
Would they Submit '
If the General Assembly now in session
were to levy a tax of a million of dollars
on the people of Indiana fur the urjose of
establishing a jerfect and thorough system of
Education, what would the eople say ?
Would they submit? We answer no. There
would be a general uprising, u general revolt.
Yet under the present system of Free Rank
ing, more than a million of dollars have been
taken from the pockets of the people and
put into the vaults of the money changers,
and by way f it dorsement the Representa
tives of the people the lawmakers, are asked
to perpetuate that institution. Will they do
it? Time will answer the question
Col. Dbew. Several of the Fusion presses
have pceu unsparing in their denunciation of
the courso of this worthy and able memlcr of
the Indiana Senate. We can assure his con
stituents that no member of that body has
been mote faithful iu the discharge of his du
ties than Col. Drew. He is ever at his post,
and ever ready to sustain, by his votes and his
speeches, the Old Lino Democracy. He has
the right kind of metal for a fight with the
Fusionists, aud will never flinch, through fear
or favor, when his services are demanded.
Sketch of the Debate oa the Free Bank Bill, in
the House on tne 6tn day of February, '55.
Mr. Jeter moved to strike out that provi
sion of the bid allowing the Ranks to issue
bills of a less denomination thin fii-e dollars ;
which did not prevail.
Mr. Landers moved to so amend the bill as
to require a deposit of one hundred and forty
dollars worth of stocks, instead of one hun
dred and fifteen, as sj)eciCed in the bill.
Mr. Newcomb offered an amendment to
this, so as to require but one Ltindred at.d
twenty-five.
There were two objects, Mr. Newcomb
said, to be kept in view in mating banks
one, to have a safe system the other, to es
tablish them in the confidence of the people.
We must look to both ; and both, be thought,
would be reached by his amendment. He
bad shown it to the Chairman of the Bank
Committee (Mr. Hudson,) and it had received
his approbation.
Mr. Frazer he had always taken the Chair
man for his guide in banking matters, but if it
was true that he has consented to the passage
of Mr.Ncwcomb's amendment, hecould depend
on him no longer, for ho thought its adoption
would destroy the bill. It was unnecessarily
oppressive, and would force the specie (aying
tree banks to wind up. He was no frieud to
banks, and he detested those whose issues
were not secured to tho b 11-holder. He
would rather have no bank, thau an irrespon
sible one. Dut in securing these issues, wo
may go too far, and unnecessarily oppress the
banker.
Mr. Hudson the Committee, since the ad
journment yesterday, had c.refuily deliberated
on tho proposition to increase the amount of
securities, and had come to the conclusion that
one hundred and fifteen was most ample. He
had said this morning, that rather than have
tho bill defeated, he would vote to increase it
to one hundred and twenty five, but he could
uot vote for it now. The Committee were
unauimous iu their belief of the impropriety
of increasing it.
Mr. Buskirk said that, like others, he felt
compelled to act in this matter, not as if it
was an original proposition to create a new
system of banking, but as one to do what is
best utider present circumstances, lie had
opposed the system when it was first stab
ltshed ; he would now endeavor to perfect the
bill, to that if it did go into oik ration, it
should effect, for good, whatever the nyslem
could do. lie believed the amendment ot Mr.
Ne conb ouht to be adopted, and would
therefore vote for it, even it upon final anion,
he should vote against the bil .
Mr. WaliHjle inquired what securities the
States of New Yoik, 01ii- and Wisconsin re
quired iu their general banking law ?
Mr. Hudson, in answer, stated, that in New
York and Ohio lutoue hundred dodars worth
of loiid wire required lor each hundred of
issues, and that n Wisconsin one hundred
dollars in bonds, and twenty-live per cent, ad
ditional security, such as is provided for in
the 40 section ot the bill.
Mr. Clark of Tippec.taoe expressed himself
as :i tis tied with one hundred aud filteen iu
coniiecliou with the other securities, allhougrt
he thought, at first, that one hundred and
twenty-live ought to have been required.
Mr. MclletltMid that the twenty -five per
cent referred to in the 46th section was two
uncertain to bo r't;irded. It simply required
the bank owners to show they had taxable
property, tree from incumbauce, and within
the liiiiits ol this Slate, of an amount equal
to twenty-five per cent of their circulation.
This property they might have oue day not
the next he preferred a mortgage o:i real
tsta e.
Mr. Landers mived to lay Mr. Nevvcomb's
amendment on the table not to I aid, Ayes
06, 2OVi 4 J.
Mr. Meredith declare 1 that he was now
opiosed to the whole concern; that be had
received a large number of letters this morn
ing calling upou him to opoe the bill; that
niinty till. cot every hundred of his coimtit
UCMsvcro against it, and that no ymctid
menu could be made, which would restore
the system to the confidence of the x-ople.
but he would rote for perfecting the bill, and
to rerfect it, it was not neotis.iry to vote au
i increase in tho bonds deposited as securities.
1 he best of the p'tscnt free bdiksare baed
ou -)., and 5 per cent storks, and tome now
at the greatest discount are secured by 6 per
cent, stocks, SUrko county bank was one
of these; its bill were depreciated fitly ter
cent. Confidence must exist it is that which
sustains binks, a'id if it is wan ing, the addi
tional security of fifty per cent, would Lot
sustain a bank. That confidence rests inur
' ou the men engaged iu banking, thau in the
I . Ill ... I
securities pieueu.
Mr. King of Johnson denounced speeches
made for buncombe merely. Kesponsibility
ouht uot to be avui led by any one; nor ought
party schemes to enter inU our deliberations
here. It had been intimated that if the Fu
sionists would put their feet on all bnks,
they would triumph in the next tlectioii, be
cause they would Iks a1 tied by Democrats hos
tile to all banks. 13 ut wc must look to our
duties as representatives, and what do we see?
Taxes have to be pai l in free bank currency.
A large portion is now in the county treas
uries, and to destroy the vystcm would impair
still further the value of the notes, because it
would be a declaration (in our part, tht we
j have no coi fi lence in this currency. There
was much outcry by those who hd nothing
to lose, but the farmers who njw had this
money, demanded it to male gool not tt
be destroyed These are the men w ho we
are sent here to legislate for. As a security
the State bank system can give no more that
thirty three per cent., but the worst of the
present Kree 'Junks has a far greater security
that this. The people can see from our law,
whether the banks created by it, rest ou a sale
basis, and wheu they see that this is done
: they will give it their confidence.
Air. SturgM tiis was a member of the
Committee on Banks, and they had given the
whole subject a most careful consideration.
He believed thebi.l was about right, and he
would oppo.-c amendments. The amend
ment proposed would lock up too much capi
tal iu stocfts, and so much was not necessary
as a security to the ' bill holders. If future
depreciaticn of i-tocks would be no gie'tter
than has been, the amount of securities re
quired by the bill would bo sufficient.-
The system it projoses to establish is op
posed to m uiojoly. As a Democrit he was
opOsed to all banks be was in favor of a
hard currency, but we were obliged now to
have a paper currency. He desired to make
it perfectly safe, and the bill, he thought, did
this. Even the present currency had re
sulted in less loss to the people, than other
banks had occasioned.
Mr. Gordon hoped that no effort would be
made to turn this into a party question. What
the people demand of us is, that we should
put the currency on a safe tooting. The gen
tleman from Wayne, (Mr. Meredith) t-eems
to think that public confidence is the only
true banking capital. It was very gHd to
get money into circulation, but a miserable
oue to enlorce its redemption.
The amount of ?pecie required to be kept
in the vaults of the bank is no security. It
may bo there to-day, and all laned out to
morrow. Although, in principle, he was op
osed to all banks, yet if we must have them,
he gave his preference to that one, whose is
sues were secured to the bill-holder, by de-o.-ited
stocks. They were better than mere
confidence. The Logansjort Insurance Com
pany notes arc now almost worthless; yet
public confidence sustained thorn, long atter
some of the free banks were discredited, and
their parver depreciated.
The amendment raised the question, what
amount of securities ought to be required?
He wished the issues of the banks to be se
cured beyond any doubt, undiT all circum
stance. He would, for this purpose, go fur
ther than the amendment of Mr. Newcomb
proposed to go he would vote for the amend
ment of the gentleman from Boone, Mr.
Landers. As to the security of twenty-five
per cent in the 4C h section,' he did tot ap
prove it. If it was based upon real estate,
and by mortgage, he won'.d g for the bill.
Mr. Bonner as ths bill now was he would
vote against it. He was in favor of Mr. New
comb's amendment, for if no higher security
was demanded than specified iu the bill, the
bankers may prefer to have their banks wound
up, when stocks are very fluctuating, than to
deposke additional security. The Indiana
five per cents were once at par, but now so
much below that, that with the amount spe
cified iu the bill, there would be a loss of
five cr cent, to the bill-holder. The twenty
five per cent secified in the 4G h section, is
no security, ff.r it is based on taxable property
alone if on real estate it would be very dif
ferent. Mr. Sid well thought that the system would
work if the securities were raised to one hun
dred and twmtyfive. The anxiety for bank
ing investmonts under the present law satis
fied him thatjthere would bo banking enoti 'h,
if this amendment should prevail. Asasvs-
stem he approved it in preference to any
otner.
Mr. Murray remarked that the best way tr
ascertain what the pwple will approve is to
consider what we think is right. The j.copl
are men just like us; what strikes u as right
will be approved by them. But we ought
not to be controlled by preconceived opinions,
we must act according to circumstances. Sa
controlling are these, that Uws cannot be en
forced against them, as is seen in the ten dollar
law of Ohio. He b.l evcd that if the 46ih
section war so amended as to require mortg
ages on unincumbered real estate, it would
be sufficient. So capital will be uselessly
locked up, and the bill holder could be still
further secured. It is true that bankers de
clare they cannot g i into operation tinder this
law as it is, but he was not govsruc 1 by what
they miht say. By our own convictions,
and not by what otbers say, ought we to bo
controlled. We must htvt pome ytera of
banking, and the question is, whether it shall
be one secured, or one I hit by the alwconding
ol a cashier, tha lull holder iny utter?
Mr. Fiazer said tha; the clasa of men who
bank in Indiana are em-rgctic, but not wealthy,
and unnecessary security should not be de
manded of them. To require a real estate se
curity would prevent its 6ale.
Mr. llrrvey said that under existing cir
cuiu.-taiices the securities demanded must be
greater than simply necessary to redeem the
notes issued enough must be required to re
store the shaken confidence of iho eopIe in
the s stem. No hanking system can be se
cure unless it eiubrcei the individual liability
clause, so as to operate on all the t-tock holders.
There must also te a mutual liability
among the different banks, for if none, they
will wage a war ujon each other that will im
pair public confi lence. Another objection to
the hill was that it yave no control to the
State over the agSrcaUs amount of their
issues. So much may the circulation be in
creased that inflated prices will be created, and
then the banks, governed by theirown especisl
interests, nuy suddenly depress the value of
every thing.
Mr. Xcvt comb's amendment then prcrailcd.
Aj i71 noe 22, and and ie securities fixed at
one hundred aud twenty-five, except in cases
where all the stockholders were residents of
this State, and lma fi le uwm rs of the stuck,
when no greater than one hundred and fifteen
should be required. In behalf of making
such discrimination in favor of resident and
boni fide stockholders.
Mr. llillytr sr. I that such dicritr ination
cruld be safely i ade, because the individual
liability clause wi.uld operate in connexion
with oihcr provisions of the bill, to its fullest
extent. The control exercised by the indi
vidual 1 ability, is neon in the o K-ration of our
present law. There arc tVry four of our free
hanks which havealwayj paid ejiecie.all theae
are owned by Uma file holders of the stock
and residents of the State. They all have a
regular place of doing business; no complaint
has bceu made of any of these, although some
of them are based on five per cent securities.
These results have been brought about, by the
controlling influence of the individual liability
clause. It has proveu a whols mo restraint;
a aecuri'y sufficient to protect the biil holdur
in connection with the dcpnsites, now required.
This bill demands (till greater depos tes and
contains provisions giving j;reatr efficacy to
the individual liability elau-e. Under such
circumstances, it is entirely unnecessary to de
mand of them a greater depo.-ite than one
hundred and fifi ecu dollars worth of bouds.
The Stat Bank.
In our issue of Monday ae published a
communication signed "Indiana," in relation
to Banking and particularly in relation'to the
State Bank The writer, who ia a friend to
Free Banks, is a gentleman of high character
and standing. The charges which be makes
against the State Bank should at once be in
vestigated. The State is the owner of one
halfcf the capital stock. She is represented
on the State Board and the President is elec
ted by the Legislature. The State is there
fore responsible to some extent for the proper
management of he institution. We think
the President and Directors should at once de
mand an investigation. If the charges pre
ferred by "Indiana"' are true, the State Bank
is a dangerous institution, an oppressive mo
nopoly, and the sooner it is wound up the bet
ter. On the other hand if the free banks are
unable to stand these killing runs, then it is
evidence conclusive that they are neither afe
or sound institutions. "When rouges fall out
honest men get their dues," is an old adage.
Thisquarrcl between the rival banking institu
tions of Indiana will yet bring to light soma
startling development. We hoje it wil' le a
free fight. Our columns shall be ojen to loth
fci.lcs whenever cither wish to tell the truth on
the ( ther. We should be g'ad to publish'a
communication, "by authority" denying tho
charges in the article referred to.
Witcoasia Senator.
Charles Durkee has been elected Senator in
Wisconsin by the Fusion vote. Mr. Durkee
was a member of the House of Representatives
in the 31st and 32 1 Congress. He is an Old
line Abo!itiotiit f the Giddings schooL Tha
triumph of Know Nothingim, has given to
the United States Senate two Senators of the
most ultra anti-slavery, ar-ti-union tincture.
Durkee in Wisconsin, and Wi.aou in Massa
chusetts. It wiil be an interesting sight to see thee
S.-nators strike hands with the pro-slavery
friends, in the Grand National Council of
Know Nothings. None, however, but the in
iated will witness this sevne. "ILne l-iutiful
it it for brethren to dwell together in unify."
A iIeal Blesmno to Mothers Couldn't
somebody invent a soap which would enable
mams to get the'r daughters off. their hands?
Punch.
Soft soap has been found effectual in soma
instances, but it won't always do the clean
tiling.