Western Sun & General Advertiser, Volume 25, Number 8, Vincennes, Knox County, 15 March 1834 — Page 3
VlMJENNES, MARCH 15, l&M. I hae to-day given a synopsis of the Law creating a State Bank and branches in Indiana, furnished by S. Merrill, Esq., tfa President. The law itself is too long for publication, and Mr. Merrill has done the (mhlic a service in furnishing this abridement. The subject is important to all, and it is hoped will meet that attention and reflection, which its importance demands.
! state funds and public deposits if obtain I instrilclioiis tcquiring tm to do what the
;cd; may examine the situation ot lajrs Oeneral Assembly ot Virginia was sensi
nt the branches and, may make all njces-
PUBLIC LIEETII7G. A meeting of the citizens f Vincennes, is requested at John C Claries Hotel, this evening at CoVlock, . m. on business cf importance to the town, it is hoped the meeting will be general. AN OLD CITIZEN. March 15, 1834. COMHCS IC AT 10 X . Mil. Stout You will please publish tho following tteket for the approaching April election, for Vincennes Township. FEXCE VIEWERS. HENRY P. BROKAW, JOHN ROSS. SUPERVISOR'S OF ROADS. Road No. 1. PIERRE BROUILLET,
2. DAVID M' HENRY, 3. ABRAHAM SMITH,
4. JAMES P. BADOLLET,
5. ALEXIS LEUOY. 6. ANDREW JARDNER. 7. JOHN WISE. 8. JOSEPH REILEY.
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cc il cc i ( (
THE STATE BANK OF INDIANA. Messrs. Douglas Sf Maguirc: , I )Cfz leave to submit thrush vour col
timns, a brief sketch of the State Bank
of Indiana with such explanations as wiil,
I trust render it intelligible. Something of the kind appears to be called for, as the
tJharter tNeli is vcrv long aim requires
more attention to understand i than many
have tune to cive. I be general interest
that is felt n this subject occasions more
calls for infirmiti n than can be answer dd separately, so that this may be cons-id
crcd as a reply to such communications as
are ivt otherwise attended to.
The constitution ot" this state prohibits
the incorporation of any bank except
state bank and branches not exceeding
on j branch for any three counties, and no branch can be established unless there be
subscribed arid p.iid in specie by individ
uV.s thtrt) thousa'.d dollars as part of the
stock of such branch. The peculiar sit
uatiou of this state it is presumed, has a.
so ha 1 its influence in the adoption of the
plan devised tor the bank. Bv referring
to the map of the state, it will be seen tha
Its c Mnmerce and business must necessa
rilv take vcrv different directions. The
Whirevater region and eastern part, trade bv different routes, to Cincinnati. The
southern part are accommodated by the
river Ohio, tha western have the benoiit f the Wabash, and the northern of the ftlauuiee ai.d Lake Michigan. Accordingly there is no point in the state calculated lo command the business or extend its acqwiaattiiv e over any considerable portion of its sui face, and it is not a little
singular that in locatinz the branches of
our bank only three of them should be situated in tho interior of the state while the other seven are located on its very
confines, and it is probable that the two
hereafter to be established will be similar
Iv situated. It would therefore have
been extremely difficult, under such cir
cumstances. to have constituted such a
patent bank as could satisfactorily and
profitably, regulate all the movements of
the branches. The plan adopted, it is
con fidentlv believed, will not be liable to
be a fleeted by local jealousies, or influen ced bv political considerations.
That the state ma , at all times, be able
to ascertain the situation of her own in
terests in the concern, it is provided that
the Legislature shall elect the President of
the parent board for five years, and four directors for four years, one how ever going out of office every vear. This Board ap
point their own Clerk, locate the branches in Districts pointed out in the Charter,
appoint Commissioners to receive sub criptions of stock for the branches, ap
point three Directors for each branch, and 1 o 1
are the commissioners or me ohik
fund. They also procure the bank paper
for he branches, which is to be signed by
their President but to be countersigned at
the nroner branch. All the other duties
of the parent bank are performed by the whole board of directors, which with the four above mentioned, is composed ot Delegates from the branches, each branch electing one, so that the whole number will be fourteen, and hereafter sixteen. The branches bein responsible for each other, jn case of failure, but not participating in each others profits, the directors elected bv them as well as those elected by the state can have no common interest except t!,r wrlfare and nrosreritv of the whole
concern, and as this Board cannot nuke discounts they will have power to cxrcie anv political influence. Thi Board may limit the loans of the branches after they exceed once and a fourth the stock paid in; may require reports from branches at least once a month, andoftencr if nacessary ; may adjust the accounts between branches; may permit one bianch to loan to another branch;
sary by laws to carry their powers into
eflect. All the discounts are to be made solely through the branches. Each branch elects its own Directors, except the three before mentioned, and divides its own profits, and when any branch fails after its Direc tors who are in any measure culpable are first made liable, thon the private stock
holders to the amouTi t subscribed, and then the 6tate stock in the branch, and if
any balance still remain due, it is appor-
loned to be paid equally by the solvent
branches.
To furnish the capital for each branch,
individuals must subscribe for 1600
shares of $50 each, of which $18 75
must be paid on each share previous to
the bank commencing operations, and the
bilance in two annual instalments If the slock required from individuals be
subscribed by respon-ible persons at any of the branches within 30 davs after the
ooks are opened, the state will make a
oan sufficient to enable it to subscribe for
an equal number of shares and pay in
$'M 25 on each share, so that each
branch on commencing: operations will
lave in its vaults $S0,000 in specie. The
state will also borrow the sum of 4,000,
or each branch in one year, and the same
amount in two years, of which a portion
will pav her second and third instalments,
and individuals subscribing stock may
have their second and third instalments
paid bv the state on their securing the
siate by mortgage of double the value of
real estate without improvements to pav
the amount in nineteen years with interest annually The capital stock of the
branches may be increased by individual
subscription of stock wiCtthe assent of
the Legislature, and DirecYirs of the Stale
Bank.
The loan made by the state is to be re
deemed in .not less thantwentv nor more
than thirtv vears. The charter is to con
tinue in force until the first of Jan. 1859.
Such parts of the state loans as are not
applied in payment of stock, or loaned to
individuals to pay their instalments, and all dividends not required to pay inter
ests on the loans, are to constitute a sink
ing fund, to be loaned out on mortgage, tor
surh term and on such interest as the
commissioners of that fund shall deter
mine.
The bankjs never to have more debts due than twice its capital paid in, but as
the branches mav accommodate each oth
er, and as the pork season, when the great discounts are needed, cornea on at the Ohio river in November and December, and on the Wabash in February and March, while in the interior ihe purchase of hogs and cattle for fatening h generally made ptill later, and the lake tra c does not commence u.itil a subsequent period, there does not seem much difficulty in man tging the whole concern with profit
to the stockholders and advantage to the
state.
No other Bunk can be created in the
state until the year 1S57, when our popu
lation will in all probability be a million and a half. One additional branch is au
thorized to be established in one vear and
another in three years, making only twelve that can exist until the charter shall expire.
1 hero seems not so much reason for
the inquiry why a bank is now created to accommodate a population of half a mill
ion, as why the subject has not sooner excited public attention. The experiment
will be tried, and f)r the future credit and welfare of the state, it is ail important that it should fall into the best hinds Ten branches have been located, where
book will be opened for the subscription of stock from the 7th April to tho 10th May inclusive, and where tbe stock is subscribed banking operations will commence as soon as the loan is effected and other preparatory proceedings had, which it is supposed will not be completed until August next. Of the places selected for the location of branches, Indianapolis, Lawrenceburg. Richmond, Madison, New Albany, Vincennes, Torre-Haute, Lafayette, Bedford, an I Evansville, six of them contain a population of iiOOO each; the others have not so many inhabitants, but
all of them are places of extensive business, and banks have prospered in other states in situations possessing fewer ad vantages. Tlnre are no means for estimating with much correctness the amount of business
done in the state. In obtaining information for another purpose, a short time since, it was ascertained that in fourteen counties selected promiscuously and containing a population of 10l,000r there were one hundred and ninety persons enia?ed in Merchandise. This would make about 000 for the whole state, An equal number must be engaged in the river trade
and as horse, cattle, and hog drovers. Tha
ble ho could not conscientiously Jo, consistently with the opinions declared by him in his published speech,' Mr. Rives has given the last and best proof of the sincerity and purity of tbe republican principles which he has always professed, and which have been so happily, eloquently, and powerfully elucidated in all the noble efforts which have distinguished his congressional career. By his late act, Mr.
Rives has sacrificed his senatorial honors honors of which he was justly proud to give the force of what may justly be considered an illustrious example, to the great
principle which lies at the foundation of
our representative Government. The ex
positions of Virginia doctrines, contained
in the speech delivered bv Mr. Rives, at
the last session of Congress, which so tri-
umphantlv vindicated the principles laid
down in the Resolutions of J8, from the
spurious interpretations of Mr Calhoun
and his late refutation of Mr. Clay's
heresies, promulgated to re-establish, to render permanent and paramount ihe Bank Government in this countrv, have received the seal with the most authentic
stamp of republicanism, in his act of resignation, and the explanation with which it
is accompanied.
It will be observed, that in submitting to
the authority of the Legislature of Virgin la, Mr. Rives does not admit that the im
mediate Representatives of the people,
have truly expressed the will of the peo
pie, as to the question, in relation to which
he was required to surrender his ownopi nion or resign his station. On the con
trary, he appeals verv intelligibly, we
think, to the suffrages of his State, to sus
tain what he has advanced in the Senate
and what he believed, and still believes
to be the real sentiments of the people o
T. : - " ic i ll t i i
irginia. ii we snouia noi oe deceived
in this particular, the friends of this pure
and elevated statesman, (elevated stil
more bv descending from the elevation
he lately held,) will be re-elected to the
Senate of the United States, bv the nex
Legislature of his state. We understand
that he will not accept any appointmen
which it may be in the power ot the Pre
sident to tender him; and that he looks alone to his native state to do justice to his principles, and its own, if they have suffered any wrong, in the late interpretation given them, by resolutions which in effect were resolutions of recall, revoking his power, as having abused it, in misrepresenting the public opinion of the peo
ple ol lrginia. Ulobe.
grftat the evil of tbeir conduct might t,
who was to bell the cat 7 who warf to take
he bull bv the horns You might as well
attack Gibraltar with a pocket pistol, as
o attempt to punish them. Thera were
very few who dared to speak truth to this
mammoth: the Banks were so linked to
gether with the busines of the world, that
there were very few men exempt from
neir influence. The true secret is, the
Banks are creditors as well as debtors; and if we were merely creditors to them
or tho paper in our pockets, thev would
. . - j
soon, like Morris and Nicholson, co to sail
(figuratively speaking) for having issued more paper than they were able to pay-
when presented to them. A man has their note for fifty dollars, perhaps in his poc
ket, for which he wants fifty Spanish
millsed dollars ;and they have his note for
five thousand in their possession and lawh
at this demand. We are tied hand and
foot, and bound to conciliate this grand
mammoth, which is set up to worship in
this christian land: wo are bound to pro
pitiate it. Tus whilst our Government
denounces hierarchv: will permit no ori
viledged order for conducting the service
of the true God; whilst it denounces nobi
lity, &c. has a priviledged order of new
men grown up, the pressure of whose foot
he, at this moment felt on his neclc. But, he said, a man might as well go to Con
stantinople to preach Christianity, as to
get up here and preach against Banks.
"When the question on concurrence
with the amendements of the Senate was
stated, M. Randolph declared himself the
holder ov-ho stock whatever, except live stock, and had determined never to own
any : but if this bill passed, he would not
only be a stockholder to the utmost o his power, but would advise everv man
over whom he had any influence to do the same, because it was the creation of a
great priviledged order of the most hatcfu
kind to his feelings, and because he would
rather be the master than the slave.
he must have a master let him be one with
epaulettes something that he could fear
and respect, something that he could look up to but not a master with a quill belli ud his ear. lb.
Ssttanx iioat ZLtoi.
March 9.
a tt w
ARRIVALS. FAIRY QUEEN, from Lou isville, Ky. S LPH, from Iouisville. Ky.
10. MINER, from Cincinnati, O. 13. WATERLOO, from Louisville, Ky. DEPARTURES.
March 9. FAIRY QUEN, for Lafay
ette. " SYLPH, for do. 10. MINER, for do. " 13. WATERLOO, for do. The Wabash is at a good stage for steam
boats, but is now falling slowly.
Cauirttratcs' 3rartmrut.
Republican Nomination. ACCr ELECTION". FOR GOVERNOR, JAMES G. READ. FOR LT. GOVERNOR, DAVID V. CULLEY.
APBIL ELECTION VIXCENXES TOWNSHIP FOR COXSTABLE. JOHN Bt. LAPLANTE. JOSEPH ROSEMAN.
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Mr. RANDOLPH AGAINST THE
BANK. Mr. Randolph, in the briof paragraphs given below, in sketching wlyitpaAl before his eves, when he spoke ajainl chartering the present Bank, has given ltt a miniature of the scene now visible at Washington All who live without work all tbe idling gentry who swarm in cities and can only live by preying upon the industry of others who can only support their rulF.es and velvets by taxing the people for tolerating a paper instead of a spe
cie currency, are now haunting thexapitol to give a new lease of lifo tutheScat
mammoth from which thev likeott)iri,
suck a s-ibstance Stock iobbers all the.
papers gambler jis well as the political
gamblers irrcat and small not onlv those
khwita a quia behind a far, but those who
have nut all, arc engaged in electioneer
in for the Bank. The lobbies aro filled
with these people, and from grave judicial
aerKonnixes down to the sub-cashier who
is sent here as the confidential asent of
the monopoly, the whole corp3 are animat
ed with a peculiarly anxious busy afr,and
movcu a politeness uoruenng on servi
lity on the presence of those members of
ConzreCvho are known to have been e
iends of the administration.
lected
Mr. Randolph expressed his fears lest
gentlemen haJ got some ot their ideas on
this subject froai the wretched pamphlets
under which tho British and American
presses had groaned, on tho subject of a
circulating medium. The proposal to 03
tablish this great Bank, he described as i
curcth, t'.nd as tar as he understood it, l i
was a broken one: it would tend instead
of removing the evil, to aggravate it.
Ihe evil of the times w?s a spirit enen
dered in this Republic, fatal to republican
principles tatal to republican virtue:
spirit to live Dy any means nut mose o
huiest industry a spirit ol profusion:
in other words, the spirit of Cataline himself alieni aridus sui profusus a spirit of expediency, not only in puidic out in private life: the system of Diddler in the farce living any way and well; the wearing an expensive coat, and drinking the finest wines at anv body's expense. If we wUh to transmit oar institutions unimpaired to posterity, we must put bounds to the spirit that seeks wealth bv everv path but the plain and reu-
persons encased in manufactures are not J Ph f honest mdustry and honest
PENNSYLVANIA. In the Senate, yesterday numerous petitions were presented for making the permanent bridge across the Schuylkill at Philadelphia, a free bridge; and for and against the incorporation of the Dvottsville Glass Company. There were, also, peri tion handed in upon various other subjects, but none for new banks. Air. Petrikin, from the committee to whom were referred tbe memorials from certain banks and pub
lic meetings in Philadelphia, praying the
legislature to interfere in procuring a res oration of the public depositee to the Unied States Bank, and for tho recharterof
that institution, made a verv able and
highly interesting report, accompanied by the following resolutions, viz.
1. "Resolved, That the present Bank of
tho United States ought not to be rechar-
tered by Congress.
2. "Resolved) That the Government
dcpositcs, which have been withdrawn
from the Bank of the United States, ought
uotto be restored.'7 Penn. Reporter.
Rewarded Merit. There was once a
poor man, a shoemaker, named Gideon
Leo, who went to houses with his kit on
his back, to make and mend shoes for his
more wealthy neighbors, to obtain a livelihood. He is now immensely rich, and at this time holds the high and honorable office of the Mayor of the city of New Yoik, the largest city in the United States.
Capt. Ross describes the new race of
people whom ho discovered in the polar
regions, as mud, uonensive, and going ibout entirely naked! a circumstance almost incredible, considering the intense cold of the climate. Both Capt. Ros3 and his nephew vouch for this fact.
STOTICE. nHE accounts and notes due Taylor & Watson, are placed in the hands
of Samuel Hill t r iettiement all thoe interested will please call and settle, to save costs. TAYLOR & WATSON. March 10, 1631. 3t IMCTIOB jpHE undersigned have been appoint .8 ed Commissioners to receive propo sals for ihe support of the poor of Knox count : all persjns are herL. n. iuA
that they will receive proposals for that purpose until WeJnesday the 10tn day of April next, at which tune tbe proposals will be opened, and a contract entered into with the lowest bidder; and he will be required to take them in charge on tho first Monday of May, 13. ANDREW viARDNERJ JOHN PURCEL. ComMarch 14, 1834, 5 5t
i i
AKt,N UP by Emanuel IL iluil, in Vbiit.crourgh o inty, Pigeon icwusmp,
sujjjoseu te seven years oid, uiurKed with a crop and slit in the left tar and in the right ear an under stope. Valued at 11, by David Knigiu and Tnomas F. Johnson.
J. YV. LILLESTON. j.p. February 17, 1S34 a 3t
mm
We aro happy to learn that by a law of Pennsylvania! an act for ihe abolition ol all lotteries in that state, weut into operation the first of January last, and that it is th9 determination of the public authorities in Philadelpia strictly to enforce it A new method of taking a prcjile. Early on a very cold morning, a travelling profile cutter calUd at the house of a wag, and inquired if ho wanted a profile
taken, es' was the reply, 1 want vours
taken from my door. A certain preacher having changed his religion was much blamed by his friends for having deserted them. To excuse
himself, he said "he had seven reasons"
being asked what they, were, replied, "a
icije and six children.
ON COXPLArjfT OF INSOLVENCY.
A. . -
numerous at present, out everv year is rap- lame.
idly increasing their numbers, and the tune is not distant when our manufacturing capital will equal the commercial. These hasty and crude suggestions it is
h :ed will call the attention ot others
It was unpleasant, he said to put one's
.it
sen in array against a great leaning in-
terest in the community, le thev a knot of
land speculators, paper jobbers, or what not: but, every man you meet in this
more capable of communicating useful in- House or out of it, with some rare excep
tions, which served only to prove die iron eral rule, was either a stock hoider, presi
dent, cashier, clerk, door-keeper, runner,
engraver, paper-maker, or mechanic in
formation S. MERRILL. MT RIVES.
Tha speech of this gentleman, taking some wa or other to a Bank. The gentle-
arid for refusing to pay deb;s or misman- i his leave ot the Senate, will be found un- man from t ennsylvania, might dismiss his a-HMient or anv good cause, mav suspend der the congressional bead. In resigning fears for the State Banks, ith ihuir ne tbe operations of any branch and settle it his station, in obedience to the trill of tbe hundred aud seventy millions of paper on upas insolvent: they may equalize the j constituent body, so clearly implied iu the 'eighty -two millions of capital. However
A tailor having eloped with the wife of
n barber, a perso.i wondered w hat attractions she possessed to draw the tailor so powerfully towards her. Surelv, (says a
wag present) it is very easy to account f r the junction of the needle with the poc.1
TAK&N UP
- . M. Xilll U
"IL as Stewart, living in !... 1 i
wiuj ivnusuij1, j: ine county la.iijt.a, one dark bay mare, six veara oid, fourteen aud a half hands high, no other marks or brands perceivable; appraised to litieen dollars by Jacoo Frederic and tieorge Traylor, this bth day of March, lb3l. 1 do certify the above to bo a true copy of my estrav book. SEBASTIAN CONGER, J.P. Marck 10, lts3-l. d 3t
ST A TiS Jk INDIANA,)
MARTIN FHORATK COURT.
February Term, 1834.
hn bhppard, Adm. of
Peyton Douglass, deed.
vs.
Tha Creditors of said
l'ovton Douglass, deed.
gHE said John Shepard haying filed his memorial in this court, shewing
the condition of the said estate, and com
plaining that the personal property, (there being no real) is insufficient to par tho debts and demands outstanding against it: is therefore ordered. That the filing and pendency of the said complaint t mad known to the creditors of tho said Peyton DiMglas, deceased, by a publication of this order for tx weeks successively, in ihe We-ern Son. a weekly newspaper published ii Vincennes, and that they bo informed that unless they notify tho said Administrator of the existence and extent of their respective claim, by filing the same, or a statement of tho nature, date and description of the contractor assumpsit upon which the same may bo founded, in the onVe of the Clerk of thi court previous to the final distribution of the assets of the estate of the said dece dent, such claims will be postponed in favor of the claims of the more deligent
creditor,. A copy Test, LEWIS R. ROCERS, Clk. m.p.c. bv, S. L. HALBERT, DepUy. Februarv 15. 163 1. 5-Ct
DIED--On Monday evening the 10;h
FLr
iarv,
1&3I, at Mr. C'arkV Hotel,
William L. Withers. Esq.
HO US E BILLS, WITH A BEAUTIFUL FIGURE, Neatly and e;M'diti usly executed at the Qihce of hie Western dun.
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TIN AND SHEET-IRON HAN Uf ACT OR?. HAVr. a large assortment of TIN WAKE on hand, which I wili at
wholesale or retail low for CASH or I'KODUCK, such a mav suit. Jo wok done it short notice. N. SM 1 MI. Vinffiun-s. Jan. 21, 1&.2. 50 tf CLX'S BLAKK3. JUST PRiyTEl) 1A7 FOR SALE AT THIS OFFICE.