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4. The attempt to build up a bank upon a debt-to create something out of nothing—to hazard debts to individuals upon State debts-looks very like an absurdity. If it could be assumed as certain that all the stocks pledged for the redemption of the bills issued, could be instantly converted into cash at their par value, there would be reason in the thing; but all experience shows that whenever there is a stringent demand for moneyspeciethen stocks, as well as other property, will sink or fall in price.

5. Consider the vast expense of maintaining any system of banking :— the numerous officials employed at large salaries——the presidents, cashiers, tellers, clerks, runners, attorneys, agents, collectors; the banking-houses, fixtures, engraved plates, stationery. Compute the expense of the whole machinery for furnishing the people with a substitute for the constitutional currency. How much does it cost? There are already eighty-seven free banks in operation, and others are being daily established, and there are thirteen other banks--making one hundred in all for Indiana. There are probably not less than three thousand banks of all sorts in the United States-employing some twelve or more thousand officers and servants—to say nothing of directors--and at a cost to the people of fifteen or twenty millions annually. Now this entire host of genteel workingmen, and this enormous expenditure of annual millions, do not produce a dollar, or add a dollar to the actual wealth or capital of the State or of the Union. People are continually deluded and mystified with the fancy that banks can make money plenty—that they possess some magical or creative powers.

6. But we are gravely assured, in the newspapers, that there is no cause for alarm or for a panic—that, at the worst, the noteholders need not lose more than from ten to twenty per cent., if they will only be patient, havo faith, and wait for the sale of the stocks deposited at Indianapolis. Why should they lose a cent or wait an hour? Again, we are told, that the banks are rapidly calling in and redeeming their paper, and that their circulation has already been reduced to about one-half of the original issue, or by some three or four millionsand that therefore we may dismiss all fear for the future. This is proof at least that there was abundant ground for fear, distrust and alarm—and hence the attempt to apply the only practicable remedy. But this remedy comes too late for the relief of the poor noteholders of a few dollars, needed for their daily bread—and which must be sacrificed for whatever they can get. Capitalists, speculators, merchants, brokers, may profit by the purchase of such bills at an enormous discount, i.e. by shaving the necessitous. The poor widow, for example, who last evening received her hard-earned pay in a one-dollar bill (of the Connersville Bank or any similar concern) goes to the market this morning to buy the necessary food for herself and children,—and is told by the butcher that her note won't pass, that the bank has just closed its doors, etc.— What can she do? Why, , just take whatever she can get, rather than starve, say fifty or twenty-five cents.

7. The fundamental error, fallacy, sophism, absurdity of the whole system, would be obvious, if, instead of dollars, the paper promises were to pay the bearer so many bags of cotton or barrels of flour or sugar or coffee, and when a demand is made for the promised commoditylo and behold, the said article is not on hand and cannot be procured. Will it suffice to offer tobacco or whisky or horses, or land, or even gold?

8. I blame no one who honestly engages in such banking according to the letter and meaning of the law. If the law allows him twenty per cent. for the use of his capital, he has a right to the privilege, though withheld from his neighbour.*

* The Auditor of the State of Indiana, in November, 1854, informs the public that: “All the free bank paper is taken for State and County taxes in this State, except the following, viz. : Connersville, Northern Indiana, Drovers' Bank of Rome, Plymouth Bank of Plymouth, Traders' Bank of Terre Haute, and the State Stock Bank of Logansport.” Again, he adds: “The circulation of all the [free stock] banks now is between three and four millions, but is daily growing less. The amount originally issued was between seven and eight millions.” Again: "I am surrendering the bonds of all the banks to holders of their notes."

What must result from such enormous expansion and contraction of the popular currency ? Already the pressure is heavy upon usvery like 1837.

The “Act to authorize and regulate the business of General Banking in Indiana," was approved May 28, 1852—to be in force from and after July 1, 1852. Most of the existing free banks, I believe, have gone into operation within the current year. Another, at Paoli, is to commence on the twentieth of this month, viz., December 20, 1854.

Each shareholder is held responsible in his individual capacity and private fortune to an amount equal to his stock subscription--and in addition to the public stock deposited at Indianapolis--for the redemption of the bills issued. But this provisional security will prove of little value in the case of foreign shareholders or those of other States : and of no value whatever when shareholders possess no other property.


THERE is a fashion of denouncing wealth and wealthy men, which is neither scriptural nor judicious. I suppose wealth may be righteously or honestly inherited, acquired, possessed, enjoyed, etc. The Bible, surely, encourages and enjoins the practice of all the virtues which contribute to worldly prosperity, and abounds in examples of good men who became rich. Thus, diligence, economy, sobriety, etc. are inculcated; while Abraham, Isaac, Jacob, Job, Moses, Joseph, Ruth, Esther, David, Daniel, etc. were examples in point. Good men were often tried by both prosperity and adversity—by poverty and wealth-neither desirable in the extreme. Religion is the principal concern— the one thing absolutely and pre-eminently needful. Hence the exhortation or command of Christ: “But seek ye first the kingdom of God, and his righteousness, and all these things shall be added unto you.” (Matt. vi. 33; see, also, 1 Tim. iv. 8.)

The acquisition of wealth by unlawful means or for unlawful ends, is, of course, sternly condemned. We are to use the world, but not to abuse it. “And they that use this world, as not abusing it.” (1 Cor. vii. 31.)

The inordinate pursuit of wealth, or of any mere earthly good, is forbidden. Covetousness is idolatry. See Coloss. iii. 5:6 and covetousness, which is idolatry.” “Labour not to be rich; cease from thine own wisdom.” (Prov. xxiii. 4.). "Lay not up for yourselves treasures upon earth,” etc. (Matt. vi. 19, 20, 21.

“Treasures of wickedness profit nothing: but righteousness delivereth from death." “The Lord will not suffer the soul of the righteous to famish: but he casteth away the substance of the wicked.” (Prov. x. 2, 3.) “An inheritance may be gotten hastily at the beginning; but the end thereof shall not be blessed.” (Prov. xx. 21.) “The getting of treasures by a lying tongue is a vanity tossed to and fro of them that seek death." (Prov. xxi. 6.) “A faithful man should abound with blessings: but he that maketh haste to be rich shall not be innocent." (Prov. xxviii. 20.)

“Trust not in oppression, and become not vain in robbery: if riches increase, set not your heart upon them.” (Ps. lxii. 10.)

“He that trusteth in his riches shall fall: but the righteous shall flourish as a branch.” (Prov. xi. 28.)

6 how hard is it for them that trust in riches to enter into the kingdom of God!” (Mark, x. 24; see Matt. xix. 21, etc., Luke, xviii. 23, etc.)

“Charge them that are rich in this world that they be not high-minded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy.” (1 Tim. vi. 17.)

“Riches profit not in the day of wrath; but righteousness delivereth from death.” (Prov. xi. 4.)

“There is an evil which I have seen under the sun,


and it is common among men;

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