Indiana American, Volume 10, Number 50, Brookville, Franklin County, 9 December 1842 — Page 2
.1 M 13 11 IC A
- 1 i Government lias withheld of ibis sum. 12.97.) the applicability of this provision in respect to TV I to pay !buck interest, due on the bunds of contracts between individuals, there is no dij the Slate" purchased by the General Govern- versity of opinion. Bul the question as to
U ROOKVlIiLE, INDIANA KRID.4V, UECEMBF.R 9, IS48.
FOR PRESIDENT, HEX It Y C J. A V, of Ky.
mentand invested in the Chickasaw and Choc- whether it applies when a State is a party, has
taw annuities, leaving balance to the cft:uit f occasionally been mooted. It has sometimes the State of $12,902 CO. This may beset down been contended that a State in its sovereign cans constituting the amount of actual money to parity, is not bound by the rults and obligameet the expenses of the Slate for the present lions governing private contracts; or, rather, vear. The deficiency is to be supplied in such tliat an l;iw tnakirg a prntit or authorizing a manner as the Legislature may direct. The contract is a mere act of legislative power, redevisinc of w ays and means to defray the ex- j ratable at the will of any future legislature.
reuses of the Government is the peculiar prov- Hut certainlv if the contract exist, it can make
Sexate was called to orcer oy iiir. ...agu.ic. j peopie wltr, wnirh J may not inienere; oui i i,c legislature or in any o The Lieut Governor not having arrived, the : cannot press loo strongly on your consideration ligation to fulfil its requi Senate nroceeded to the election of President j the necessity of using every exertion for the binding on the State and r BL' 1 " , i. a .iiirm ofT i earliest practicable redemption of the treasury js protected by the Consti
THE LEGISLATURE.
This body convened on Munuay ...... ,,v- mCtJ t,f tj,e immediate representatives of the no diffeience whether it isnade by a law of
Sexate was called to order by Mr. Maguire. peopie Wllh whirh I may not interfere; but I tl.c legislature or in any other mode. The ob
iremeiits is mutually
on the individual; and
- e .1 T..:.J
resulted iii t e e ec ion o to snAe the people from further loss.and Slates from anv inlerference. on the Part of the
Walpole, as follows, valpole 25, James, re(ieve tne revenue of the State from embar- legislature, impairing its binding force. There
rassment. I would also call your attention to is nothing in the sovreignty belonging to a govthe impolicy of le-issuing treasury notes that eminent from which the principle can be dehave been once received at the treasury, if it rived to defeat any rights which may have vescan possibly be avoided. As the amount in ted under a contract made in pursuance of a circulation is diminished, their value w ill be law of lhat government. A government w hich proportionally incaeased, but this advantage might disregard its authorised obligations would
will be entirely lost by throwing them again exist in violatiou of every principle of justice afloat. The faith of the State is pledged for nnd morality, and contravene all those notions
their redemption, and for the sake cfour crec-, of right and wrong wh.ch, as we have been
it and lor tne interests oi tne community, u taught, constisute the very foundation ot our must be done speedily. In addition to the free institutions, and from those w ise and whole
payment of the revenue, and other means nere- some restraints, by winch all cur rights are
tofore provided for the redemption ot the trea- equally secured. here the government is
sury notes, and which ought to be made availa- j purely despotic, it is true the w ill of the sovble as far as practicable, every other means ereign is not controlled by any rule of action,
which the State, consistently w ith her just ob- but such as may be dictated by the selfishness
ligations, can applv to this object, should be 0i caprice of his own unconstrained will. The
brought into requisition. Very many of our j purposes of his government are constantly flue
citizens are indebted to the State in various ; matins. There is no security of person, of
ways, and on account of various funds, and af- property, or of rights, between individual and
ter looking over the whoie grounds, and view- individual, or betw een individual and the gov
ing the embarrassments of w hich wc mtistbe .ernment. In a despotism the law is the will of subjected until the treasury notes are all re- the sovereign, and the perfection of this form of
Hush Enrolling deemed by the State, I can see no better plan government consists in the power of the sover
man to maKe inein receivame ior an oiaie ones enn to alter, change, mouity, and suovert every
so far as it can be done. If the State will not rule of action at his pleasure. To establish the
receive money of her own creation for her own i principle that the legislature cannot enter into a
dues, she cannot and ought not to ask the peo- j contract which w ill be obligatory, and which
pie to give it that credit as a circulating medi-j can be impaired by subsequent legislation, is
um which she refuses to accord to it. j asserting the self same principle w hich inheres As regards the condition of our foreign debts, : n every form of government purely despotic.
there has been no material change since ine . Our constitutional forms of gevemment havin
last meeting of the Legislature. No part of : their origin in the sovereign w ill of the people
the interest has been paid. The suspended were established for the very purpose of avoid
r.ro te:n., which
D
Collins 21. Douglass Maguire w as elected j Principal Secretary on the second ballot, as fol-1 lows, Maguire 25, J. M.Talbott 19, W. C. Rob-' inson 3,C. II. Test 1. John (1. Farqtihar, Esq. was elected Assistant Secretary, (vote not given.) John C. Stewatt, on the 9th ballot was elec-
hii Enrolling Secretary. John Cook was elecherrft Keeper. hie and lu. fev avoleof n veas to 3fi nayS) and on f ,,,cn to order the door keeper to contract for 3 copies of each number of the Journal and Sentinel. The House was called to order by Mr. Brown. The election for Speaker resulted as
follows: T. J. Henley (loco) 53 votes, John II. Bradley (whig) 44. Joseph F. Brown was reelected Principal Cletk. Andrew J. Harlan
was elected Assistant Clerk over John L. Rob
tnson of Rush Co. J. W
Clerk, and John C. Hogin Door Keeper. We have not room for further notice of the proceedings. The Message of Governor Bigger w ill be read with interest. We adopt the opinion of the Journal: ;It is an excellent document; good in style, good in sentiment, and good in suggestions."
The Message first reached this place on
granted, that nothing has been done, in this
work by the legislation of Indiana. Yet it is due to the truth and to the subject to say, lhat
while we have had much declamation to the people, and much organized effort in this respect, while a great deal has been spoken and written, and legislated; in .reference to common schools, Very little lhat is practical, has been accomplished. Our school lnws are a
mass of complicated statutory provisions, persenting difficulties, even to the jdiciplined legal
mind, which are almost insuperable to the ordinary citizen. The machinery of the system,
is entangled and interw oven with burdensome
provisos and qualifications; and the sooner these are remedied by plain legal provisions and the substitution of a simpler organization of district schools, the more speedily will we
advance in this cause.
On this subject previous legislatures have
been groping their way in the dark. Indeed, other matters, supposed to be of more immedi
ate interest, have swallowed up every thing else, which did not at least apparently connect
itself with the momentous anestions which
were exciting the hopes; and exercising the
energies"of men looking only to the accomplishment of their stupenduous projects.
While millions were lavished, aye, wasted, on measures which have literally crushed ns, the less exciting of common schools lias been almost forgotten. But let it be remembered that
Wednesday evening through the Richmond !ebl has been made the subject of very consul- j irig tnese evils. The immutable law s of jus
we may (construct canals, and rail-roads an'!
Jeffersonian.
GOVERNOR'S MESSAGE. Gentlemen or the Senate AND HOCSE OF REPRESENTATIVES: Assembled again in obedience to requirements of our political institutions.the mind nat
urally reverts to the past, and the heart to the Groat Author of our lives for the bounties of
his goodness. A benificent Providence has;
smiled upon us since the last annual meeting of the Legislature, and we 3d enjoy nil the elements of our natural greatness and prosperity. We have been once moie permitted to convene in peace; to convene after a season of agricultural plenty and general health. The recent treaty wiih Great Britain has banished all apprehension of war from our borders, and lias secured to us a bloodless and satisfactory adjustment of an Unpleasant controversy with a
great "and powerful nation. And although there
is much in the depressed condition of our mo
mentary affairs, and fin the uncertain and un
fixed character of the national legislature,
which may well awaken regret and disappointment; yt we have much, as a people, when contrasted with others, for which to bow
our hearts with unfeigned thankfulness to the Giver of all Good, and to inspire us with new
ardor to persevere in the work of transmitting w hat we thus enjoy to those who shall come after us. It is to be sincerely hoped, that in
this spirit of gratitude and patriotic determinati.i. the Representatives of Indiana have at t Iiis tim-2 assembled in the discharge of their high and honorable duties. It is to be hoped that, in the exercise of the important and exciting trusts which now devolve upon them, a bright example will be held forth to the world, of inlegrity.fairness, and moderation; of respect for the laws, and of firmness in their execution; that the spirit of lawlessness and faction which has been elsewhere unbridled, will be promptly rebuked, and that the utmost harmony will characterize the agitating duties of the
present session
erable investigation by the State agent, and the
result is to strengthen the probability that near- j ly the whole am mint will prove a total loss. Of the cellateral securities, it is not probable that more can be realized from them than half a million; and even to save this amount w ill te-
i quire much care and attention.
The failure of this and several other Stales to meet the interest of theii pubiic debts, has been the subject oi" much comment at home and abroad. Th s w as to be expected; but I
tice impore equal obligations on States and individuals, and any infraction of these principles is alike subversive of sound morality and good government. But while we deprecate actual repudiation, let i s l ew are of that silent repudiat ion, which,
avoiding the direct act, produces the same re
sult. Our embarassnient at heme grow ing out
of our treasury notes, must necessarily prevent us, until they are redeemed, from doing what duty requires at our hands. Butweshould ncv-
must be permitted in the name of the w hole cr loose sight of our liabilities, nor seek to avoid
people of Indiana, to protest against that indis- either directly or indirectly, the demands of
criminate censure and reptoach which place justice.
those who have become unable, by nnavaida- NQ official account has been received of the ble circumstances, lo discharge their just liabil- progress which has been made in the prose-
ities, on the same level w ith the w ilful repudi- jcution of the Wabash nnd Erie Canal, west of
ator. It is true that the heartless usurer is in- Lafayette. It is understood, that an imporcapableof distinguishing betw een the blame-1 tant pari of the work lias been put under con-
less inability to pav.and that Iraud w Inch avoids tract. Some apprehension was felt lest the
nn bonrst ilett. with the taiter we have no scrip issued pursuant to the law authorizing
. . i
connection; but wo are compelled to rank our- the continuation of the canal would not an
selves with those who cannot promptly pay Uwer the desised end; but it is believed that
their just liabilities. e are home down lv
accumulated burdens and difficulties. The sources of employment, and means, arising from the disbursement of large sums of money
which now constitute those debts w hich have
produced so much embarrassment, the general
prostration of our agriculture, manufactntes and commerce the infliction of a deprecirted
currency fastened upon us until it can be re
deemed by the slow process of the revenue-
low prices and uncertain markets in evetv de-
ihe public spirit of the citizens of that portion of the Wabash valley interested in the w ork
has prevented any serious difficulty or em
barrassmcnt.
It will be remembered, that at the last ses
sion of the Legislature, two acts were passed, one incorporating the White Water Vallev
Canal Company, and the other providing for
letting the publie work to companies. Lnder
the former act, a company has been organized,
and has taken possession of the White Water
foster commerce, and cherish our agricultural
interests, and secure advantageous markets,
and may obtain all that these various objects
are capable of accomplishing; and yet by neglecting that moral and intellectual culture
w hich is the result of an efficient system of education, the very foundations of our social and
political institutions may be rotting and moul
ding beneath us.
The Auditor of State has bestowed some attention on the condition of the school funds during the past year, not that there is any law imposing such a duty, but merely with a view to enable the Executive to point the Legisla
ture to the necessity 4of giving the subject a most thorough consideration. A circular was
addressed to the various County Auditors. Answers have been 'received from fifty-eight counties, and are, in many instances, necessarily defective. The returns fiom a portion of
the counties show their school funds to be well managed. In others they may be safe, but the accounts are in so much confusion that no correct opinion can be formed. In some
cases the whole fund has been totally, irretrievably lost. The results of the investigations prosecuted by the Auditor of State will be laid before you,
and will exhibit much valuable matter. Where
no answer has Jbeen received front a count', such other sources of information have been
resorted to as seemed the best adapted to the
purpose of obtaining the data requisite for the
presentation of a general statement of the va
rious matters connected with this most impor tant subject. The following particulars glean edfrom the Auditor's Report, are not only in
teresting, but w ill enable the Legislature to
udge of the value of our school fund, and the
necessity of further investigations. Thejamoant of surplus revenue distrib
uted to the different counties is $7Zi,J4o
Funds derived from the sale of
school lands 1,105.899
Value of unsold lands 425,352
present amount Acondiiion of ourschool fund, I he unofficial invostiemtinn. .i a.. "
1 "iiwuj tuaae. show enough to estM.lioii n. ' '
searching for funds which have been misaophed, or nparently lost, and of tracing their his tory from the time they first came into the handsofthe agents entrusted with their management. In a neighboringState, whose school funds had been placed in the hands of officers not subject to a strict accountability, a thorongh investigation was proposed and executed; and the consequence was the recovery of eonsider-
cu,..s, nicn nad been over looked, or forgotten, or su posed so be entirely lost. May w? not anticipate a, favorable results by pursuing a similar course in our own Slate? It certainly is worth while to try the experiment
. ...r um.- my views on this all important subject to yonr consideration. 1 an not disposed to be tenacious as to the propriety of any particular course. Others have their peculiar vietvs. and I will at once yield to any measures wuich promise to be useful and efficient. So many notions are entertained as to the best mrnle of organizing common school
: and so much sensitiveness is evinced respecting
uiosc nouorrs, mat u is most OiniCUlt lo secure harmony of sentiment and action. In this matter, something, nnd often much must be given up to each other. No system of education can be digested wiihoul compromise; and lie cam hardly be esteemed a zeal friend of common
j schools, who would make shipwreck of all their
pattment of the hitherto profitable business Canal. Under the latter act, one company
all these continue to press us down with a force has been organized for the continuation of the
that is irresistable. lo exact impossibilities. Madison and Indiananolis Rail-road. These
and then to affix the brand of infamy under companies do not report to the Executive, and
sum rircur.isianres, is, o say me least, unwise. no certain inlormation is in my possession as
The exercise of a man's honesty is quickened t0 their operations, but it is understood that by reproaches which he feels to be unmerited, the works are prosecuted with energy and
We are told, how ever, that our folly and im- spirit, and strong hopes are entertained of a
providence nave nrougni tnese evils upon us, successful termination
and therefore w e are entitled to neither Tavor There is a subject which the Constitution nor mercy. That most fatal errors have been has most wisely and appropriately confided to
commiuea nyineoiaie oi inaiana, is not to oe legislative control and supervision, and to
controverted. Seduced by the w ild spirit of which I rnnnnt too parnectlv invite vnnr ntlen
: n .1 nnA. ...l. : i. i i I . - . . .. .
jMiic-mc-iii emu fnihuiuii, uiLii I'cruuiu uon. i aiiude to tne establishment and sup
Total value of school fundof this state 2,254,596
Interest on the above sum for the last year, Interest distributed Unaccounted for
146,298 94,436
51,862
engage the lobors of the Legislature; yet these n wriirri cannot now be justified. But s few are of pressing concernment to our citi- 0ftriose who censure in such unmeasured te
zens. Among the most important of these is the condition of our currency. In the vear
an issue of treasury noles to the amount of
81,500.003. These notes formed a very considerable part of our circulation, and passed at par until about seven months since, when they suddenly depreciated in value between forty and fifty per cent. At that time there were over 1,000.000 of these notts in circulation;
and the immediate effect was not only to leave in the hands of the community a circulating medium that answered but few of the purposes of money, but was also equal to a clear loss to the people by this sudden depreciation,of near
ly a half a million of dollars. But this was not
all. Shortly afterwards the State nank
port of a system of common schools. Perhaps no theme in all the wide range of discussion has been more elaborately discussed than this, attd perhaps there is no question of policy
Directing our attention to the sphere of our
immediate duties, we find but few subjecis to j tj,e whole country, enterprises w ere underta
some
terms
are not guiltless if there be any guilt. If doubt
ivn PTnrpsprt. nnr nrpnt Horn In H Ihnl trs .),., il. i..J:..r..i..u r u - .1
1S.1C1 th f.ih- r " ' . " . - nuwumic icnuing itruiuns 01 which mere c
...... v.. v,, - 1. ni-c ui ' - were a creat and srowiner State, that nnr re- I -u i a
ins contractors on the nnnlie work 9 ithnriaml . : 1 1 ... ... I J' ' .?
: wowrces were iiiexnaustao e. ana mat nommff in nn nA n.n,t v. r.or coHiir
1 c 1 t yj .i 1 liu iiyiYM it uni l' 1 1 iiiui d'u . A ..!,! : J .U 1- . J 1 . e .
au.n!Cu.imiiminieuip inan ii 01 our pros- neglected. The proper education of our
penty. The facility of obtaining credit had youth, appeals to every energy w hich patriot-
sometnmg lo do with the extent or the reckless ism, philanthropy, morals and religion, can put operations which has resulted so disastrously, forth in its behalf. As the foundation on It cannot be pretended that any false pretences which all of our present and future political were resorted to by us, to entrap ihe unwary securitv rests, as a ouestion of individtial har-
and incautious. All parties relying on their piness; as the shield of our national,'purity and own sagacity, had equal opportunities of esti- morality, it is beyond and above all others in malmglhe probable consequences of the profit magnitude and importance. Properly and
and loss of every operation. As to the past, thoroughly dispensed,' there can be no doubt
-V- v 11 18 thnl t"e administration of our republican form the future which :must determine whether we of covernment would abound in a'l the advan-
are a faith-keeping people. As for mvself. I ).,.. r,.. r r i, .....
I v J - 1t;,-i?i "III! UUI lt. Ul IMC CH9t VI Dlltll O B13 I novo n H nrsr rA nKil.. r . . i 7 . 7 J
ed specie payments, and thus a strong line of nt LZZtfnT a X: lM ,n " existence would be perpetual, demarcation was drawn between its notes and Slh w ! 5 IndT' h ?ten! The rional outbreak of lawless faction, the
those issued by the State. This however is not
all the injury that has been suffered. Nothing operates more injuriously upon the business of any people, than to have two kinds of circulating medium sustaining different value?. The worst currency is forced upon the people by every pretext which cupidity can suggest, while the better circulation is to a great extent withdrawn from its legitimate employment, ani applied, in the hands of the broker, to dealing in the depreciated currency. The effect of these treasury notes nn th
State Treasury will demand YOUr Consider a.
lion. Nearly the entire Rtt rmo th- j.- ' . ., .
M- r.m ". . j. 7. "... I am8 legislature
past y ear, from present indications, will be paid
... na oi currency. This leaves the Treasury nearly destitute of means to pay the members of the Legislature, the Tariouspublie officers, and the current expenses of the Government. The share Indiana emitw
receive from the distribution of the proceeds of
uic yuuirc iwKis is 3Fvft7 to. The General
.m.. . er resources imay be developed, and ephemeral rise, and daneerous influence of
, V ,n"se. means wmcl ran the demagogue; the instability of leading meas-
t ons he ZP c l- ,rge , e b,lga- of sound policy; the barter and traffic of SanS siSS ri"g "Pn W:h'W of, he-evil, which, it ItUnoiinh-aT.?3 , m,,st be needed, have exercised, to some
c a " "'c'V,re.!ome- etent, a degrading and corrupting influence.
j" .' :;r": " 'r :-,n,.7' wn lMhe' "our happy form of government, would in
uu i ni ui:ue ruuuiauou, ai least Pive rnnn. ih r .1 , . , ' , tenance to views which must resit le w " M T , ofueJducat,on' lion- Whether we rnn.end thM S i F,,ve lo .an a,most universal obedience to
, , " "P''uic me commands or the law; the elevation of Dubcannot make a contract bindmffnn nnnthor nr 1: . . . "cuc.auunoi puu-
take ground that subsequent legislatures have hT'."" V',e hon
ithe.,nn,lifi r. ,r f oiiin .w.J ,,lr,um'" numan nappi
k... : j- . . r " ""uiu men ue ns incaicu aoiy increased, acts, nnt the nuthnri7en rnntrnrl nr a. nrai.A.' . . . j 1
... r'v- 1 ns ine m nn i pskoMk r n.. ... .ui. : -
1 n rl ,- f
It appears, from the report of the Auditor, that the number of children having a right to be admitted to our schools is estimated to be
237,143. It is also stated, that the whole number who were in school during the past year
was 111,465, leaving 125,678 children who w ere not sent to school during any part of the
year.
The number of school districts in the State
is set down at 3,760, and the school houses at
3,151
One matter contained in the report of the
Auditor requires particular attention. During seven years,rfrom 1832 to 1838 inclusive, the
value of the lands returned by the collectors of
the counties Tor non-payment of taxes, and appropriated by law to the benefit o lachuoIS, i1
$;64,046. The sum returned by the schools
commissioners of twenty five counties, as having been collected on account of these lands, in
cluding penalties and interest; is $13,000. So
far as shown, nothing seems to have been de
rived from this source in the remaining counties, leaving uncollected $54,446.
There must have been more than this amount
realized, taking into consideration the heavy-
penalty and interest imposed in such cases.
The only evidence of payments by delinquents
is the receipts given to them by the school com
missioners. This constitutes the check; but it would be wrong to cast censure merely because
these accounts are confused and unsatisfactory
xnis is noi inienoeo. ine above instance is
merely referred to Tor the purpose or directing
the attention of the Legislatute to the defects of
the entire system, and to show Ihe necessity
of imposing proper checks, and requireing the
frequeut exhibition or all accounts relating to these funds, at staled intervals.
With reference to a specific recommendation
on this subject, I can only say to the Legislature, lhat, involved as is the condition of our school funds, and indeed the whole subject, no bctler suggestion occurs to my mind, or more
likely to be followed by val'table results than
to invite your earnest attention to the task of
ascertaining the amount and condition of these
funds, and, ifneedbe, to provide, through some public Tunctionary, for the investigation of these all important facts, and presenting the result to
in either event, we are advo
cating a doctrine upon which requdiat ion must base its strongest claims to be esteemed a correct pinciple of our institutions. A few remarks in reference to this question, I trust, will not be deemed amiss at this time. The Constitution of this United States has prohibited the several States from passing laws impairing the obligation of contracts. As to
ment. I mean that system or education, and it is the only kind to be tolerated, which is in-
srperaoiy blended with the inculcation of cor rect moral principles.
In presenting these considerations to the legislature, I have not expected to present new views, or to suggest thoughts more inspiring
mmi naiurnii presents themselves, in view of
so momentous asubject,norhave I taken it for
advantages to carry a favorite position
It affords me great pleasure to communicate
to the Legislature, that the affairs of the Indi
ana University present amore prosperous appearance than they have exhibited for several years. The recent efforts to give efficiency to its organization, promise to be eminently sucessful, and to secure to the State the full benefits of its ample endowments. In the su
pervision of this institution, the Legislature has a most important trust. To make it extensively useful; to preserve its funds and render ihem productive, and to extend its reputation, constitute the prominent duties of this trust, which if faithfully executed, must add to the
character and dignity of the State. The Colleges at Crawfordsville, Greencaslle and South Hanover, have been sustained, during the past year, with a zeal and spirit worthy the individual efforts which established these institutions. The pressure of the times, w hich has borne "so heavily on every thing else, has touched them less severely than was
anticipated. Their friends and pationn had
much cause to fear the result; but certainly the crisis may rbe regarded as pp.st. It is under
stood that the present sessions have commenc
ed under the most favorable auspices, and the
permanence and usefulness of these Colleges
may be regarded as placed on a fiim and endu-
rinj basis. At the last session of the Legislature, enact was passed requiring the Governor to make arrangements for the erection of a new Penitentiary. The same act required the superintendents of the present prison to confine the
convicts at labor within its walls, contrary to the previous custom, unless an arrangement should be made by which they could be employed in the building of the new prison. The confined limits of the old prison were such that but few more than half the whole number could be employed at labor w ithin it, showing most conclusively, the necessity of the Jaw authorising another prison "to be built. A suita
ble site has been procured, a plan for the building adopted, and a portion of the convicts
have been employed in their erection for sev
eral months. The plans specifications and other matters connected therew ith, being too
voluminous to be comprised in thir communi
cation, will be laid before the Legislature in an
other form in a few days. The report or the Visiter has been unaroidably delayed, and I am therefore unable to lay before you, at present, the usual statement in respect to the condition of the Penitentiary. The State Bank of Indiana resumed specie payments on the 15th of June, of the present year, pursuant to a resolution of the Legislature. It is a fact deserving attention, that ihe principle demand for specie, subsequent to the resumption was from abroad; thus exhibiting in the clearest manner, the general confidence of our citizens in thc'solvency of the Bank. The times were unpro'pitious in many respects,
but'the Bank has been well sustained so lar and" there is no room to doubt or fear for the future under ordinary circumstances. Of previous suspension of specie payments, it is un
necessary to speak, but I cannot let th op
portunity pass without expressing my decided
conviction, that, come what may, the Ban
should pay out the last dollar of its specie, rather than ssupend again. To be vasrillating year after year, betw een suspensions and partial resumptions, is subsersive of all those principles on which sound banking rests. The following labia exhibits the general condition of the affairs of the Bank, as shown on the 31st of October, A. D. 1842. MEANS. Discounted notes and bills of Exchange. $2,897,91711
Balances due from, and notes of other Banks Specie, Other resources.
244.777 75 799.W7 96 1,316,82022
some future Legislature. It is requisite that
the whole ground should be carefully examined
and the extent of our resources fully known for the purpose or determining what additional
means are neccessary to impart life and effi
ciency to our common school! system, and give
form and substance to what has been, under
the best directed efforts, but chaos and confu
Bion. It, however, will accomplish but little to direct enquiries with a view to ascertain the
$5,258,563 04
LIABILITIES.
Notes in circulation, $1,732,518 00
Individual deposties, 181,248 98
Balance due other Banks, 69,78152 Other liabilities, except those for the stock
and its profits, 69,878 68
Balance, being amount of Slate and Individual stock, and profits thereon,
2,053,36418
3,205,19886 $5,258,563 04
This exhibit shows a change in her condition from that reported to me, and set forth in last annual message, as 10 her circulation ana specie, as follows: Circulation on October 30, 1841, $2,940,414 Circulation on October 31, 1842, 1,732,518