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DEVOTED TO NEWS, .IIISCELLAXY, WTERATlJRt AXD AH1USE3IEW. ) : v.-. ' i --. . . . - . - . " . 'Equal and exact justice to all men. of -Jshatever-pcrsHashn, religious or political J effersox. VOIi. 3. Ni).& RICHMOND, WAYNE COUNTY, INDIANA, SATURDAY, FEBUAiY 9, ISS AVHOLH O 100. I IE 3 IJLt!rY. AT 41 CEI iV. PtYABLEIt Til IE : IOirIS FH f T!It? TIWE OF SUBSCRini.G-tDVEUTISKMrTS INSFKTI:!-3 TIM1S rP 61 rEK" SJI "A UT. .. -. '7. i ; . , Y - if. i 1 - Vf lodiasa besislature. SPEECHES OnTIIE BANK BILL. Ridc9 saidht was gratified with the propo9iuH ui nu from'WiHS and Fajettc, because k.v i.rnn?ht ud t!ie merits of the hill for discussion, ai4 he disliked very mufti tr s kirmisb ur the out-works when the fortress it f was so wulner- able. He preferred attack U as a whole, to delineate itf ie principle. n.t t iwiint oat its nractiral eliects cauia f " i tiDoii society, and though he did not wish to be consider d as over distrust ful noras entertaining an unfavorable opinion of men generally,)ret in politics he considered jealousy a virtue and too much confidence a vice; that when power was to be conferred upon gov ernment agent? that might he abused to the subversion or even annoyance of popular rights, he regarded it with great jealousy and expected but little forbearance, and thought it fair to as sume that such agents would do that for their own benefit which the law al lowed them to do. Then sir, be rii.g this in mind, I shall approach the main Imposition. Shall we authorize the. Oan of eight hundred thousand dollars upon the credit of the state to found this ba nk u pon ? 1 for one am opposed to it, for many reasons. Banking at all times and in all ' countries has con-tr- 'uted more to the extension of tradthan to the promotion of agricul 'tafsl industry, the only real money! mannf mirsuit in Indiana. All other occupations here derive their suste nance from that, and if a bank would promote it I should be for one; but in my mind it would not. If this was a proposition to concentrate the dor nvint and unemployed capital of the country for the purpose of giving it life and activity by a paper currency , founded upon it, I should have taith it; but receiving it as it is, as a propo sition to involve the state in an immense flefct. merely to distribute amongst the imprudent to pay off their debts and to make their incomes appear e final or more than their out-goings, cannot go for it. It is nothing better i-thaa taxins prudence, economy, and industry, (for it is upon the credit of j such alone the money can ne oniainea,; for the brneht of opposite characters, Though all classes of society would wish to see the circulating medium in creased, yet I doubt many would wish to see it at the price proposed by this bill, at a tax of more than forty thousand dollars a year, the interest of the sum borrowed. But the gentlemen tell in.- the bank will pay that. I ask them where the bank will get it hut from the people of Indiana, from those w.io cultivate the soil. To be sure they might not themselves pay it into th hank, but they would pay it in im perceptible littles in every thing they bought and sold, for they alone make money. The merchant mikes his bank interest a part of the advance on his goods, and the trader will give that much less for the surplus products of the country, and the producer of sur plus produce, which alone brings mon ey into the countrffpay8 the interest on borrowed capital employed in its purchase at all times, and the only ad vantage the coui'try would derive fr vn a . pe inanent bank would be to ca i -de us to become our own carriers to the best market. It would not pro bably increase products unless it could increase the price, for that alone stim ulates the producer. The evil com plained of is not, I apprehend, such di-iiciency of circulating medium as to disable the producer from driving on ins operations advantageously, but mai us supei abundance and the facili ties of getting it on loan have hereto fore been such as to invite luxury and extravagance and to divert from profi table employ that industry which aug mented products for foreign markets. Here lies the rub. Here is the root of the evil complained of, and no doubt the remedy is in our own hands, but can never be found in this bank. And again, into vrhose hands is this sum to be placed to bring about this contem plated millenium? Is the farmer to quit his occupation to become a bank er? No. The habits of 'his life unfit him for an occupation of the kipd if be shouli be disposed. Agricultural pur suits Oenst and elevate eve : ous feeluv that enobles th character, s3 such men w feelings make but poor mone it is the Shylock alone who such an occupation profitable. Where, then, are we to find proper agents for the management of this machine, steer ing clear of the two extremes of too much humanity and too little sensibili ty ? But n that class of society which contributes the least to augmenting the permanent wealth of the country and which has contributed much to our- out-goingsaitd litfle to our in-coming-, such men and such only could the main management of this concern be con tided to, nd though not disposed to impugn their intentions generally, yet it cannot.be denied bat fha.t their tem perament andprfH of hazardous en- enterprise unfits them for the even tenor of an agricultural life ana even for cultivating a knowledge of its real interests. Trade is their hob'y,tiMid to that every other consideration mast yield. toe unpardonable injustice of bor rowing money upon the credit and at the risk of the producer for the bene fit of tiic carrier, the idle, or the im prudent, is overlooked. When we turn our eves to the political effects to be brought about, and the political power to be concentrated by the evo lutions of this hank, it would by and by manifest itself a tax and heavy bur then upon industry and a tyrant and monopoliser in trade. Thoughout its numerous and guarded section?, yua may descry its guarded steps to the possession and accumulation of politi cal power :n the hands of stockholder? and directors. Who is to furnish its s? The state. Who are to be! its stockholders? Those who subscribe' money and take money out of it. Who ever shall he designated by its great est debtors and the members of the legislature, who also may, and in all probability will be its debtors. Thus commodiouly situated, the next step is for this fraternity of hankers to sus tain themselves in the positions they orctrpy. Iet us inquire if they cannot create a distinct interest in the state ri t L'.rco fst ihtf UTAlif ra I fmA This sir, is to be done by the creation ofi bank or state debtors, cemented by one common interest and moving with one common impulse. This will com mence with the busy and enterprising traders, who in their turn will have their host of debtors smypathislng with the opearations at head quarters, and it will be perfectly natural that those who suck at the teats of this institution, directly and indirectly should wish its concerns so managed as to suit their private convenience. The cord that is pulled or relaxed at the head is telt afar off as well as at the bank door. The withdrawal of favors that stop the business of a bank debtor makes hard times for the customers nnd debtors of such bank debtors. Such a state ofi thousand souls to a county, and if tUe bank friens within the losing districts; And again, in the distribution of pow bank accommodations should be based as well asv its friends within the'erthe stockholders who pay in little upon the wants of the people, the'gaining disricts. I could not account j more tlin a third of the capital, should loans could not average more than, 'lor it. It i nbt often that representa-jthey act uon the most favorable con three hundred dollars each. ThisUives aredipoted to sacrifice the ri-hts Istructions of the charter, have a ma would make more than a hundred and intereis f their constituents for jjoiity of power over the whole funds, state debtors toach county, and they 'the benefit if their neighbors without! Sir, I cannot suppress the most painful generally of the busy influential char-'some reasrn. j Wliv was it resided! forebodings from the use of the im acter, with one common interest and j when my frekl proposed to limit loans Imensc power concentrated in the hand under a common influence. Withi to bank dincbrs, and to prohibit them iof the directory. We all have wit- such an army the bank might work wonders. Interested agents in every neighborhood, if the farmer w:as re fractor the price of produce could be reduced by proJucing a scarcity of money. The brightest prospects of industry could ie blasted by a bank operation at a critical moment, at an instant,, and it is not uncharitable to allow thedea that those who are en gaged in the management of the bank operations will in all probability have Dme little interest in the out-doors operations of society. If sacrifices are to he brought about or speculations to be made by the use of money, the bank men will not be indifferent about who should sustain the one or the other. Hut tlits is not a pleasant subject to dwell on. 1 have only bo ea pointing out what might be done through the instrumentality of this bank, should its proprietors and debtors bee. nv so de? generate, with the means placed in ttx-tr lnli ly the -stale It is e:id that money has a corrupting inlluence : from takitigoit of the bank more than messed the etlects of power and pat- double theXit-tock paid in? It wa rcnage upon r.ll discretion of men and opposed, thneh wu wore told the in-' parties, and it is the same whether stitution W'fc jor the benefit of the peo-1 wielded by a bank director or a gov- ple; that the stockholders and dirtc-iernrnent. The power and disposition tors were r.l to be honourable rnen,;to reward fiilhuil services, begets a and that it wis not necessary to limit disposition to perform such services, theirloans. Tins, sir, in these times nd whoi r. thi hall has rot hadthe mor is but a feeblt hairier agaiiwt avarice,itit"cation within the last ten years to thirsty for speculation, and I for otic I w itness in all parties this great moral ould not trlst eight hundred thou-j debasement? Who has not seen long inds dollarsupublic money with even i established opinions of political men and seeing that men h tve ia all conn fpuhlic money with even. netter secuntj. Let u loolja little further into the details of tin? nil. It is provided that when stockhoUers shall pay in thirty thousand doljirs out of eighty thou sand subscribe! and secure the residue, that then thekdte shall pay in cightvjhe anticipated! These reflections are thousand and go into immediate oner-! suggested not as appricable to any set at ion. Those stockholders then relof men or any party, but as frailtic authorized to draw out as permanent incident to the whole human family, loans the arrtunt by them rid in, What has happened may again hap and this nmcpnl hen f So drawn outp - And though party names may as to all pmclcal bankin'T purposes, is be. aa limst in heaven they will be on great national measures sacnticcd at the altar of party, nnd yielded up apparently without reluctance? nd should that monster erect its odious standard on the ramparts of .this insti tution, what favorable results could tries and in all ages generally prefer red their individual interest to fhe pub lic interest, it might so happen that those toVhom the management this bank should he consigned might act the same part, though I thould hope for better tilings. There is, moreov-r, in liie distribu tion of the capital borrowed at the a diminution o'the. bank c apital to that amount, let the bank is authorized to issue paper upon it as though it was really in' the .vaults, if thirty thousand shoiid be paid in, that and ofi the state canitkl would authorize an isaie of one lundred nod sixty-five thousand dolters, at .si '50 to each Idotted oC4 jbf!rert yet man will stKI -retain the saitfe predcarunant trait f character. His recipient rneTt may be aroused to ftttaous acLfi: but he is still assaiIaM43Kafne points,and will be as long as avarice and ambition shall form a part of his character. Then sir, viewing matters 111 .1 1 t . I J. uoiiar paid ire vet tlie stockholders ininislighttnerenoisconsiacrauomnni. will have out os permanent loan thirty thousand of the capital, and the stock- looks to the future that does not ad monish me to oppose this bill. The risk of th state, a strong squinting at holders chooseso to do under this char-' instigations of patnotis n and the pon- seetional partiality. For instance, the . ter they can horrow money from the iderings of prudence, alike call for op White Water country foims the se-J bank, pay up the whole of their stock,! position. My anticipations may by eond and thira bank districts and con-' and then draw out the whole ani't of, wrong. Seeing as I do, the pressure tains a population of one hundred it in permanent loans and leave the jof the approaching times, I have strove thousand so-ils. T'Jj population is, bank w ithout capital to redeem its pa- to reason myself i.. to silence, but can- under the present sytetn of taxation;' wr. II this is not done, it is not be-1 not. I feel that 1 must acknowle'Jg responsible for about two huu ired cause it 7s prdtided against "V thisjtli wvriCh of hard" and thirty-four tliousa d dollars of the 'charter. These arenottheonly r,rrm. . yu 4 sum loaneu ny me state, and it tne.tliat may, and in all probability will beA system oi taxation oe cuangea to tne practised under this charter. After ad valorem system they 'ould be lia- one iJank is put in operation, all the ble for at least 31)0,000 thereof, yet in ; other banks will be founded upon its its distribution they get but SUrf) .000.' issues and the state capital: and this by of the state capita, whilst other dis-a regular banking operation, so that uiLis,iui iiiawntc me uisi ami sixm, in putting ten nanks into operation witn a population oi little more than : there will really be less in their vault forty thousand soufs together, and who, than thestate capital. Inconsequenc are responsible tor less than 100,0001 of the permanent loans t.iis cours of the state loan, receive .s 100,000 of; would limit the usefulness of such in the state capital to be distributed. suiutio..s to a very few. And then ai Can it be said that a district iu the ccn-: gain, the charter nrovides that ee tre of the state, where all the mon- yjttie debtors to such bank shall he corf is disbursed, with a population of lit tle more than twenty thousand soul I in (heir pursuits, shall need as much capita agricultural cealed from the public. Would it b discreditable to borrow out of tin bank? Why then is it made the dut of all concerned to conceal in dark affairs would necessarily have its i.i-w'hoare purely tluence with such debtors and their friends in elections. Traders gener al! are wholesale debtors to bank,and 1 I A A I ' A 1 .1 I I iney uistrioute tne capital tnus ac- C1v't;-U m iucwhic imuns merciing out oi this delicacy qui.ed by retail, and the measure or; is but one consideration upon whichjam not capable of perceiving it. favor extended to the Ianre dealer i arteries of their as a district in the east with a popula-jncss the names of debtors to the bank! tion of more than titty thousand souls Vhere mav be some wat -nnrl cn.tr.1 in the same pursuits. Tnereimg out of this delicacy, but indeed I The! felt through all the circumstances of the country at this! il time too, are .adverse to the success of'al a Dank. Our people owe oui mer chants and other traders. They owe! the bank of the United States and! the friends of this measure could ask for such a distribution of the state caH . i - . I . . . T - trade, and I am sure such a condition ( and l nope that lias no influence is not the most favorable to indenen-! this measure. It might indeed be dence of conduct. And indeed, sir, 1 : necessary for the mother bank at In- ili : .1 r r i -' A .. - 10 , l,rt.. i.-...,l i i ,i amuoisure inai ii uic lavors oi mis ui""'j'u"3 ivcc-jj uu ituuu ui .11. ns,easieri merciianis nearly tne same a proposed bank shall be fairly distribu-j disposal a large surplus capital. Itjinount. If a bank goes into operation ted, (which 1 do not anticipate,) that might answer a good purpose in recon-land is fairly administered, it may ena- a majority ot tne people will not bejcaimg some unquiet spirits ana ex-.Dietnose who are indebted at home directly or indirectly affected by its! plaining an ambiguous propriety in! to change their creditors, but not to operations, rieneci a moment upon the number of state debtors and debt ors to be created by the operations of regular business of the district,and the this bank. If its impartial!'- adminis- idea of employing it asTt'ttanerug the bank administration, but it could 'pay their debts. It may put off the not be all profitably employed io thejevil hour a short time. Tne whole issues of the bank must run into the tered, the account would stand about as follows: State debtors for canal lands, and tor which the lands stand in nature of a mortgage, about $100,000 College money loaned out up on mortgae, aloiit Schol section money loaned out upon mortgage, about Security iorstock upon mort- rri iroe Permanent loans to be secured by mortgages, If the one tenth of the issues goes into the hands of the farmer and i- secured by reality, it would amount to 50.000 000,000 500,000 300,000 It 300,000 $150,000 This, sir, is a great sum, and who ever shall have the controul of it may- produce great eflect. If parties should r i .1 i: r gener ever oe lormea upon wie policy oicre- humnn'ating state debtors and liquidating h such state debts, th" debtors themselves dealers, wduld be very active political ag nts. make The average population is about five can gested is too humiliating to pe serious? ly thought of an instant, and if it could be it would be a strong argument a gainstthe whole concern. V ! 1 . I now come to the details of the bill and must discuss it as it Is, not as might be. We who are opposing have made many ctlbrts to amend ill beneficially as we suppose bat havf met almost a united opposition from all thefriendsof the bill tb eWery pro position. There seems almost as mucp. harmony and concert of action amongst them as though they had bat one mind on the subject, atid if such $an iden could be at all tolerated, 1 should be induced to believe ft was ma tier of ar rangement, and thaF there .a$-more anxiety to have baio torraiv money upon the credit of thSttate to found it on, than what, sorf of aak f j should be. - When proposed, 4o dip j tribdte the state capital in districts by the amount thereof that Mrh JdtrirT were responsible for hor3 f . samt be- lost, 1 found myself thousand motion w - He said. aft a'ert- rv. handsof tbe tfwder, from his hands, ittsubsenbe must go io his creditor, or il tliat t2tabliitizenV irorshould reside dutf the vicjiMtyfXd for the pay the bank,they vdotmjgfcfio cormithiL would ; Ht do.v f und roherih. extent tha if the cool ished by the bank at; par tbrouchout midevac K:. tuna would bank rupt theisstitution. ft eould noifbe othcrwisi. The friends of thimeasure laim iW it the capacitJHof itelievlngeur embarrass mentJy'aflbrdiiifLjis"" the means of payicoffourfiebts. J ask gentlemeiif how sucil an lastrrutton couIeep ud its: tredi t iHt did not call iu its Hebfi as ftsttrhe1aperras retbrlifd To Pi H he erJS wofidjrii 1. . s. neyjenar 1 i,r turar IUO iliaaoftfitt T m T- weeanJ alHkei 'is Brded'iWiirii provided Ydr-iaC I ask'cearijr as feithful reprcJU ile,pledse ofjiiorieir 6tk htj fireata5ttr -V - the hank. Bo t feature in thecH tcr seems io provide ioriuGBaztilAafoimUi. .-it ri ZZT" against all ueh pressure; by aUowjnW ! ilonf:l urr , iliem-pimanenr loaiwt rUiick-rnVrt-:-' 4-iS''VI h; in. the bank; trhUstj fid :y fiose capitaL&iMTe the an MreYtieo of the. concern. allprirrteges exempt such as f ffddsttf citizen wtlat'iSt-mnlZ hank is foufld lUrerWiV' C-'TrrV- S - egency iirtMWiATli.-.-t3C - ' ;. and i'Trted? ZZL rT s- ..i-t. ' I ! 1 I t.