Vincennes Gazette, Volume 7, Number 37, Vincennes, Knox County, 10 February 1838 — Page 1

9

"TRUTH WITHOUT FEAR."

VOLUME Ml. VIiCEXES, SATURDAY MOllXEVG, EEiJIlUAItV 10, ISDS. M73IBER 37

mn. JUDAII S REPORT

from the nvestigating Committee, in re

lation to the State Bank and Branches of the State of Indiana. Mr. Speaker: The special committee appointed to ex

amine into the business and conduct of

the State Bank of Indiana, and its Branches, and of the Commissioners of the Sinking FunJ; and enquire whether any, and if any, what amendments are neces

sary in the nans charter to secure the public good by providing such guards and restrictions, and such checks and restraints as will be sufficient under all circumstances to prevent imposition or misconduct, RETORT, That in the discharge of the ditties confided to them, they have submitted to each of the Branches thirty eight interrogatories, copies of which are reported herewith thev have also examined under oath Samuel Merrill the President of the State Bank; Bethuel F. Morris, the Cashier of the Branch at Indianapolis, John 13. E. Reed and John Livingston of Marion county, William N. Hood of Miami county, Elisha Long and Thomas II. Blake, Internal Improvement Commissioners, Thos. C Anthony of Delaware county, James Davis, William M. Jenners and Benjamin Henkle of Tippecanoe county, James M. Dinah a Director of the Lawreneeliurgh branch; William S. Campbell teller of the same branch, Omer, Tousey lately a director of the same branch, and J. H. Lane, Charles II. Test and J. S. V'erri of Dearborn county. Answer to the interrogatories in the whole or in part have been received from the following branches: Terre Haute, New Albany, Richmond, Madison, Bedford, LI vans v til, Indianapolis, Lafavette, Lawrenceburgh, Fort Wayne, Vincennes. Conies of there answers are herewith

,iV,niittP(l. and willi the answers of the

witnesses above mentioned, also herewith

mibmiited, compose the testimony upon which the committee have determined

in the investigation submitted to their

charge.

It is the opinion of the committee that the act establishing a State Bank does not

provide sufficiently for the exercise of

proper control by the State over the Bank Hid Branches. It has been said that the nmnpr nvDilo of obtaining information for

.1.. ..fti.ni of th 1 ":-i-'.. r.

to the conductor the B;mk and its Branches, is that mentioned in the 20th section

of the Bank Charter, bv an agent. Th?

committee refer now to this, not that they

dm it either necessarv or proper for them

to enquire, into the propriety of the order f the House under which they act, but

that thev consider, that in a free slate,

is the duty of all public servants to avail

themselves of every epportimity to correct

erroneous opinions, and the utter fallacy tif the assertion, that an examination bv

an a"-ent according to the 2(Uh section

the only mode of obtaining accurate infor

mation relative to Hie l$ank ami branches,

is so conclusively shown by the testimony of Mr. Merrill the Pressident of the Bank, that the committee are impelled by their duty to advert to it. The power of an agent under the twen-tv-sixth section is that of examiners appointed by the Directors of the State Bank. According to the 41steotian an examination is tobe made at least once in six

months. The examiners are directors of the Slate Bank, of course somewhat famiv liar with the business of the Branches, and thev have power to examine persons under'oath, and to inspect all books papers. &c. Examinations of all the Branches

was created for public, and not lor pri

vate purposes; and influence of private interests in its management, was only admitted in consequence of the peculiar requisition on that subject in the State Constitution. The State owns one half of the original

stock. The State lias aided individuals in paying for stock to a large amount. The

object of the State was not a profitable investment; a large dividend. Its object was ihe public good. The riches of a

State, whether its government is in form

free or arbitrary, consists not in the hoarded treasures of the supreme power. These riches consist only of the industry, the economy, the patriotism and the virtue, of the mas of individuals, composing the State, whether its power be Represented by the person of an Asiatic Despot, or bythree branches forming the government of an American Republic. To encourage and cherish the industry of the people, by giving the aid of additional capital in the form of a safe and convenient circulation, issued from and controled by a public banking institution, and on reasonable terms, was indeed worthy the Legislature of a great people. But such is not the object of private banking institutions or firms. Their object, whether incorporated or not, is the aoeumu'ationof a large profit, extorted from the necessities of individuals. For these, the Law affords their system of morals, and private profit prescribes their measures of Patriotism. The experience of three years furnishes satisfactory evidence, that the

cash to any amount of importance, as bills of Exchange iiont citizens at a dis- pie, if any exception is made in an advalo- ius follow: Specie S2 1 ,000,000. Circu-

reni system of taxation and this cause jlation 640, '200,000. discounts Sr-Jl.UOO,-

would enable our citizens to draw fur

funds, or to make payments at the various commercial points in the state with facility and safety and without expense. This

count. He answered "les! He was asked "at what branches have you known this to have been done?" and lie answered "I believe it has been done at "all the

has not been done. The public have not . Branches." In the cpinioirof the coineven a right to suppose that it has boon at-imittee, this is a mere system of extortion tempted. The reason is plain, a desire 1 contrary to law, justice, and the charter, for profit forbid it. The table of rates of both in its letter ami its spirit. The state Exchange annexed to this report will show j Bank of Indiana was not constituted for that during the past year the exchange at ' the purpose of collecting debts from our

of complaint is increased when the excep

tion is in favor of speculators in bank stock lands and lots. Another opinion adopted by the eommitttee is, that much of the evil ascertained to exist in the branches, is intimately connected with the sense of independence peculiar to the bank as a great monopoly. It is the opinion of the committee, that

New-Albany on the purchase of bills on . citizens, nor of regulating the exchanges I the Legislature should possess the power

ol the Union, it was constituted for the of forming additional bank districts, and

either Madison, or l incennes. was one

per cent, discount in addition to interest . purpose of providing for the State a sound i of compelling the state bank to organize

at the same time the exchange at Madi-and convenient circulating medium, and ; branches in such district

of lurnishing to our enterprising citizens, additional capital at six per cent, inters t. Closely connected with the fictitious bill business, is the practice of keeping large sums of money on deposite in the banks of other States at interest. In prosperous times, such deposites arc truly available funds. But it is mere speculation, and as such dangerous. Such deposites. allhough'in prosperous times more profitable to the bank, are not as safe in all times, asjloanson good security to our own people. Because we know from experience the experience of the last eight months that a suspension of specie payments renders all funds so placed unavailable. In the opinion of the committee, mo-

" have been made accordingly. We know

from the testimony of the President, that he has personally examined all the Branches once, and some of them twice, in each year. Other Directors have examined

thorn when he did not, nevertheless it seems that last spring the President per

sonally examined the Lafayette Branch

and found "every thing apparently right,"

aUho' it appears from the testimony of

Mr. Henkle that a false statement by the cashier had been made but a few months

before to the amount of one-thousand dol

lars, and tnat either in the winter or summer previous, private bills of exchange to the amount of fourteen thousand two hun

dred dollars purchased without the know!

edge of the Directors, and contrary to the charter, were for some time counted as cash. So too, the gross misconduct of ihe Lawrenceburgh Branch, from the commencement, by which its capital was rendered almost nominal, seems to have escaped the attention of the examiners for more than two years; for Mr. Merrill, says, thai "aUho' it mav have been noticed before it was not officially acted upon until about the 1st of last June."

The conclusion is irresistabte, thatcither the Bank examiners have wilfully neglect

ed their duty, or have fraudulently suppressed the truth, or this mode of investi gation is insufficient nay, totally vm wor

thy the public confidence. Ihe commit

tee are happy to express their belief that iha fault has not been with Mr. Merrill or the other gentlemen who have acted as examiners. This the committee feels authorized to say; others may chose which

horn of the dilcma they piease.

The State Bank of Indiana is essential

ly a public and not a private institution; it

io!e action of the State Bank and

ranches is regulated by a desire for prof

it, exerted in every lorm usually prac

ticed by private banking corporations, and

not prohibited by Law, and even the

President and Directors on ihe part of the

State, of the State Bank, elected by, and

holding their offices at the pleasure of the

General Assembly, seem so infected by the atmosphere in which officially they

breathe, as to have lost sight ol their

true character Officers of the State anil 10 feel themselves officers of the Bank only. Thev look for the evideneess, of

success, not in the general prosperity of

individuals, resources developed, enter

prize sustained and industry rewarded;

but in Lank protits. And they have pre

scnted an elaborate calculation at the com

mencement of the present session, to prove

in how tew years the state would extort

from the industry of its citizens an exi

bmnn more worthy the ministers and the

court ol the iceroy of Egypt, than the

agents and the Legislative Hall of a free

anu intelligent people. Anil ail this, in

the opinion of the committee, is not the

fault of these five Gentlemen, so much as il is the fault of the situation in which the charter of the Bank places them. As men,

subject to all the influences which etl'eci others, they are influenced by all the opinions, feelings, an 1 interests of the other Bank Directors of the stockholders. The Directory of the State Bank is now

composed ot the 1 resident and lour Directors, who are supposed to represent the state; and of eleven Branch Delegates who in fact represent the interests and passions of the Directors forming the ma

jority of their respective Branch Boards,

and are supposed to represent the interests of the individual stockholders. Il is unnecessary to use argument to prove, that four men actuated by public

considerations, can have but little influ

ence upon eleven men under the control

of private interest. And such has been

.1 1 . ,.!- 1 1- I

uie result. i ius aione can explain the

ict, which otherwise would appear so

singular, that although persons Suliy ac

I . i . i i t

quaintcu wiui me irregularities and errois j it I 1 i i t i

oi ijrancncs, now acknowledged to have

done wrone, have had seats as Brand

Delegates at the State Board, the State

Board had no action on the subject for

so long a time, in the tranches three

Directors are appointed by the State Directors and eight or more are elected by

son on the other Branches was one half to

one per cent, discount. the purchase at

fcrre-Haute of bills on the other Branch

es, range Irom one hall to one per cent.

liscount. At Indianapolis, we are in

formed, the rate for purchases on Terre-

Ilaute, and Madison, was one per cent.

discount. At Evansville the charge has

been for Bills on Vincennes one fourth 10

one half percent discount, and on Terre-

Haute and Indianapolis one half to one , in -i . . i

per cent, discount. nusi tins same

Lvansvillo branch charged for checks on

this same Terre Haute one half per cent premium. It is clear that these charges

amount to an imposition on the trailing community, if anv system for the settle

ment of Branch balances has been adopted. Under the influence of private and individual considerations, more or less of

the Branches have bought the notes of ney loaned on good security atsix per cent

other Banks, at a discount, have dealt on interest, to our own farmers, mechanics, fictitious bills of exchange, andjiave risk- and merchants, is at least as safe, and much ed large sums of monev bv deposites on more profitable to the state than when

interest, on the Banks of other states. deposited, be the terms and objects what

Bank notes have been purchased at a they may, in the Morris Canal, or Dry

discount at Indianapolis, Evansville, Yin- Dock, or other distant speculating Banking cennos and Lafayette. The payment of Companies.

those notes at par to borrowers is admit- Under the influence of private inter-

d at Lafayette, Evansville and Yin- ests, an improper advantage is given to

cennes. I Directors and Stockholders as to the Jia-

Plie evils in this business are plain. Ifayette, Indianapolis and Lawrenceburgh

This practice induces the Bank to restrict branches, this i admitted by Mr. Merrill,

the list of Banks, whose paper they take the President. In the. other branches he at par, that there may be good paper to does not think there has been more parshavc; and to refuse ordinary discounts, tiafitu than should be expected. How

that persons in want of money mav take I much that mav be, the committee are not

such depreciated paper at par, from them, informed. in payment of discounted notes. I And under such influence in the Law

ihe committee recommend that th3 reneeuurgh Uraneh, the capital at one purchase or receipts of the notes of other time was rendereil almost nominal. A

Banks and of a less denomination than capital of $205,000 was, according to the

one hundred dollars at a discount be I testimony of Mr. 'I ousey and others, re

prohibited. All the Branches have bought fictitious

i.uio ,r iiKoWmigc. lv cucli bills the committee understand Bills of Exchange drawn open some person who neither has the funds of the draweer in his hands, nor has promised to pay. In other words, a mere accommodation bill drawn and endorsed for the purpose of being discounted. The purchase of such bills is a mere loan of money and on all loans the Bank is en-

tied ny the l.ith section to charge six

per cent, interest m advance and no more.

It is contended by the Bank that dealing in Exchange is necessary to enable the Bank to make remittances of money collected on account of debts due toother States. In other words, that it is necessary to enable the Bank to do its part in the regulation of the Domestic Exchanges. But why is it necessary? The President of ihe Bank in his answer, has informed the committee, that without this the remittance of monev collected for

debts from abroad by the banks, will ruinous to the Banks. Why does

Bank collect these debts? Bf cause it is allowed a commission by the foreign Ranks for which it collects. B. F. Morris, the Cashier of the Indianapolis Branch says that the Cincinnati Banks allow one half per cent, commission to his branch

for remitting their collection to Cincinnati, and this same Branch as we learn from the testimony of John B. E. Reid, charg-

ed him on the purchase of a bill on Cin

cinnati, last October, one and a had per cent, discount, for exchange, in addition

to interest. If this is the usual opcra-

understandin?

To form thu cap-

the stockholders. As might lie expected.

duced to 630,000, by amongst the directors.

ilal, the state advanced 8S0,000, and indi

viduals advanced 6125,000 according to Mr. Tousey, the whole individual capital

and :.U,liuo, ol the State capital, making

together 6 175,000, was advanced to the

Stockholders with an understanding tha it should not be subject to curtailment. T .. 1.1 .1 ',1.1

in omer worus, ins actual capital ot the

isann was reduced to is.ju,uuo, ana it is

not much better noic.

out, although il is tne opinion m the

committee, mat the state should reclaim

the power of controlling the number, the

appointment, and the power of the I)i

rectors of the State Bank and Branches, it is not in their opinion lhat this power

when reclaimed, should be exercised has

lily or harshly, or that it should at anv

time be used to effect the purposes of am

bitious men or violent partisans. With this view the committee prppose, that the power of changing the Charter in

reference to the Directors of the State

be Bank and branches, shall onlybe exercised

the ov a vote of two thirds ot the members

of the Senate and of tho House

majority so large as will prevent

all limes the exertions ol any suns

ter aiiiuence cither ty individuals or par

ties.

If indeed power over a corporation can

not be trusted salelv to two thirds of th

Senators and to two thirds of tho R

resentatives oi the people, we must ac

knowledge that our fystrm of Government is radically bad that the people are

unfit to choose their Representatives and that those Representatives are inca-

By the tenth

article of the Constitution, the General Assembly may establish branches not exceeding one for every three counties and the sole question is this: is it proper, that in a new state, only partially settled, the resources of which are scarcely ima

gined, much less developed, the power of

establishing branch banks should be given up for twenty years by the public to an iriesponsible corporation, interested in preventing competition and in preserving

a monopoly. Such a proposition is too

lonstrous. The natural and onlv'sensi-

nie interpretation ol the t-Onstitution is,i

that the Legislature should prescribe the bank Districts, from time to time, as the

general good might require. If bv the

barter, this power is surrendered, it is

our duty to reclaim it. out lor the

purpose of preventing the imputation

even, ol anv combination ol local interests

the establishments of new districts,

the committee recommend that not more

than two new districts, shall be formed in any one year; and for the purpose of preventing an increase of branches, beyond the wants of the state, or the ability

of the bank, that not more than one new

branch shall be organized in anv one year

without the consent of the directors on

the part of the state, in the state bank. Closely connected with the power of es

tablishing additional branches, is the pow

er of increasing the stock in any branch.

I'he control of this, is now with the

branch Directors, and as it is a matter in

which their individual interest, as the possessions of the control over a monopoly mav be and most often will be adverse

to the public interest, the committee recommend that this power should be

ested in the Legislature, from whom ndced it should never have been la-

ken.

In the opinion of the eominiitce, the

nt

the three are governed bv the eight. But this is not all in the Branches, the three are influenced by the same private interests, which inline-need the eiiit. They dare not dissent from the majority, because it is in the power of that majori

ty to render their situation uncomfortable,

and even injurious to themselves. So far

as the action of the State Directors on this

subject is known, it seems that their pow

er of appointment has been always exer

cised in accordance with the views and

wishes of the dominant party in eath

Branch.

The remedy is eav. Reclaim for the

state the right to a representation in the

Bank and Branch Directors, proportionate

to the interest of tha state in tho stock.

In the late Bank of the United States the Government owned one fifth of the stock and appoin ed one fifth of the Directors.

Under the inllucr.ee of private ami individual considerations, the Slate Bank

has failed to equalize the exchange with

in our own state. By the 40th section

ol tho charier, the Directors of the State Bank have power to adjust and settle all

accounts and balances between the Branch

es. Under this power, a slight degree of

financial skill and commercial knowledge. i - i - . i . . .

wouiu enaoie me state lianli to organise such a system for the settlement of Branch Balances, without the actual payment of

lion of the Branch at Indianapolis, that liable of directing the Government of the

I

Branch compels our own dealers in stock State

and produce, and our own merchants to

make its remittances to L mcinnati: '.or which it gets from Cincinnati one half per cent, commission, and compels them to pay one and a half per cent, for the liberty of doing its own business. If this be

Another conclusion, formed by the committee, is this. That all the stock of inviduals should be placed upon an equality as to taxation. By ihe 15th section ol I the Charter, Stock on account of which

stockholders are indebted to the State, is

usual at Indianapolis or in the other not subiect to the advaloreni tax. The

Branches two per cent is'made on collec- amount of Stock for which the stockholtions by the Bank, but it is made at the ders are indebted to the State, is 6255,expense of our farmers, traders, and 000 05 for this debt the stockholders pay merchants, of the active and enterprising to the State, interest at six per cent, acportion of the community of those in- cording to Section 90 of the charter. Acdeed, for whose benefit the Bank was cording to the statement of the President

created. Mr. Morris was asked, why it of the Bank, the average profit of the was that when the bank received a hail" bank, lias been about thirteen per cent.' per cent, commission for placing funds in leaving a profit of seven per cent, per year

Cincinnati, it charged a discount on bills to this class ol Stockholders. 1 he corn-

payable there' His answer is, "it is cus-linittee think that the stock thus profitable

tomary. I he same question in substance should be taxed. this class ot stock-

was put to the President of the Bank. holders make per year, after paving the

Mr. Merril attempted to explain, by sta-l interest to the state a profit of 617.H50. ting that the discount was charged as a The State tax at fifteen cents on the 6100

compensation for "risk, postage, etc." would be 63, H25, and there would be yet

He forgot that the compensation for the left a clear profit of 611,025. II it is risk is included with the compensation said that these gentlemen pay t;ix on the for the use in the amount of interest. lands mortgaged, it mav with justice be The postage is too small an item to form replied, that if those lands arc improved

any basis for a calculation of a per cent- they produce ati income, that il unimum. proved, most probably they were bought The President of the State Bank was and are now actually held, on speculaasked, "is it known to you that any of tion. In either case the owner has an the Branches have refused to t!icount equivalentfor the lax on the lands. There Notes, and at the same time purchased is good cause for complaints with the peo-

ident and Directors of the state bank

diould be vested with absolute power to

irescribe the amount of specie to be kept

in the vaults of each branch, and to control the expansion or contraction ol

the paper circulation of the branches.

This is a power which cannot with any

safety be intrusted to the branch lK-lu-

gates.

1 lie state haiui ol Indiana, acts in two

capacities. It is manager ol Ihe curren

cy of the state, and it is an ordinary money making mai'hii'.c Such are the functions of all English and American banks. But these functions are entirely distinct, and in many respects so conflicting that the committee are satisfied, that their administration should not be confided to the snmn persons; especially when those persons are engaged in the mercantile operations of the country. The state bank is a bank of issue and ol discount and deposite. As a bank of issue, it is entrusted with the creation of the circulating medium, and it is its duty to regulate ihe amount of the paper issued by some

tixcd rule, as well as to take proper

measures lor its issue upon sufhcicnt su curitv.

As a Bank of Disc-tint and dtpositc, it

is only concerned in the use ol ihe circu

luting medium, and its business is, to ob

tain as much ol it as possible, and to ap

ply it in such manner as will combine

security, with the hiis'irst rait of profit. By the Charter tho State bak it-sues eac!

lirancti a certain amount ot paper, nnu

may limit the discounts of the Branches

uut the Uranch Weieg.ues are a large ma

jority and their interest is so adverse 1o

any action of this sort, that they can o:i!y

be expected to act in some very strong

case never under ordinary circumstances

So the Stale Bank may indirectly compel

the Blanches to keep a certain amount of

specie. But this too may be, ai-d to

certain extent will always be, inconsistent

with the interests of ihe Stokholders ami

their Directors.

It is one of the greatest evils in the

credit system, that an inordinate desire for

irain continually forces it into excess. The

banks of England and America under the

influence of private interests and individ

u:d passions are subject to all ihe excite niRiit of speculation, anil to all the tbirs

for gain which operate on individuals. They are thus led into imprudent and excessive expansions, never lequired by regular commerce. We all know the great advantages secured in this country and in England by the credit system. A system which has places that country far in advanee of all European states, and has

enabled our own, to follow in the progress to greatness in commerce and man-

i';r....tnres " and in the development of all

our resources, with an energy unsurpassed,

and a rapidity unequalled.

This system is almost unknown on the continent of Europe. In January l!s37,

the situation of the bank of France wa

000. Nearly at the same time, the banks of the Stale of New York, had in specia 60,225,000. Circulation 621,125,000. Discounts 673,000,000. And Pennsylvania excluding the bank of the United States had specie 63,875,000. Circulation 610,932,000. Discounts 35,000,000. The bank of ihe United States liadspecit 67,050,000. Circulation 615,500,000. And Discounts 600,000,000. The bank of France is the only institution in that country issuing paper for circulation, and the above statement will show how limited the credit operations of that great conntry arc, when compared with

those of one of our large states. Ihe committee believe that it will conduce to the public advantage, inasmuch as it will lesson the power of private interest, to give an absolute control over the amount of specie, and over the issue of paper, to tho Directors on the part of tho State. These gentlemen ar bound by their official obligations to look only to 'the general good. They are officers of the State, holding their ol'Ices at tha pleasure of the Legislature. The people, through their Representatives, can influence and direct them. The branch delegates are irrrfo:ixil.!e to the public. 'I'he State Directors are responsible. It is the opinion of the committee, that thesa gentlemen, when thus made responsibledirectly, will faithfully discharge their duties, and secure to the people at all lime a fair proportion of specie for the discharge of the liabilities of the bank, and at the same time prevent all these expansions and contractions, which all admit to be so ruinous. It is true the bank will not make so great profits. But its credit will be more sure, and the enterprise and industry of iis customers will more safely rely on its supports. It has been generally asserted, that the operations of the Indiana Brandies have been directed with more than usual prudence, and the results

produced by the combinations of certain items in bank accounts will sustain ihi assertion. Nevertheless iu truth mav ba

well doubted. It is the opinion of the

committee that the only true test bv

which to ascertain the true situation of banks, as of individuals, is the comparison of the actual capital, with tha actual investments. If A having 61000 only for his capital, gives 65000 for a house, wa knew he must be in debt 51000. So if a bank with a capital of 61,8 15,000, invested 61,220,000, we know that it must be in debt the amount of the difference, deducting any surplus fund; and according to tho report of the State bank of Indiana, given by the Secretary of the Treasury, September, 1837, its capital was 61,815,000, and its surplus fund $250, 000 making together 62,005,000. And the amount of

us in vestments was 64,231,000. Tha balance is 62,130,000, or more than one hundred f cr emit, on its capital und sur

plus luiii.. I his is a very line situation when compared with the southern Banks. But it is vtry little better than the situation

of one of the Tennessee banks, or than

that the Commercial bank of Cincinnati; and not so good as that of the Franklin

iaiiiv of Cincinnati, of the Kentucky

banks, or of the New York banks taken together. To prevent a misconstruction, it may be well to observe, that no notice

is t:.. itii of the specie on hand, because that cannot alter the result; if added to the one side, it must be brought in on tho other. If counted as money on one hand, it must also be counted an investment iu specie. The annexed table will show tha situation of some of the banking institn-

ons iif the United States, when com

pared with our own, and perhaps may indue the Slate bank Directors htreafier to resnst all the temptations offered by large public deposites and extensile cir

culation.

In connection with the investigation :ibmiiti'd to them, the committee- have j ecu compelled to look to some other sub

jects. It has b:cn said that restrictions

of the sort con:impliid, will ho regarded by ths individual Stock holders as injurious to their interests and for that rrajon will bo rejected by th&m. But whatever may be the expression of opinion on the part of the officers of the bank or branches whatever may be the feeling of those who have speculated deeply in bank Mock we know that the large portion of the Stockholders are identified in interest and in feeling with the public That indeed these, took the stock beoaua ihcy were made to believe that the bank as constituted was a safe institution and would be a public blessing. Thev took the stock as an act of duty, and not with the expectation of great profits. Thia

large portion of the stockholders will ba

pleased at all reasonable and proper

amendments and restrictions; and aided as

they will be by public opinion, they will look down all opposition from speculators

an I bank oldce holders. But !or the purpose of doing justice to any who may seriously and honestly object to amendments, the committee recommend that tha State bank purchase at par for the Slate, and for ihe benefit of the Internal Improvement fund, the stock of anv wishing to sell, until the individual

stock in each branch shall be reduced to the constitutional requisition, 630,000. The attention of the committee has been necessarily drawn to the considers,-

f