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Federal Reserve Bank of St. Louis

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MATERIALS REGARDING INSURANCE OF BANK OBLIGATIONS
IN INDIANA, 1834-1865

Contents
Legislation
Letterbooks and journals - notes and excerpts
Excerpts from banking histories
Statistical data

S


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

BANE AND BRANCHES.

229

CHAPTER CXI.
AN ACT to estat.lii.h a Bank with Brancinm.

SECTION 1. Be it enacted by the General A88embly Bank anal
of the Sta.te of Indiana, That there shall be, and there
is hereby, established a bank, with so many branches,
as shall be organized under this charter, to be known
and styled "'Die Bank of the State of Indiana," which Name and ptyle
shall continue as such for the term and period of twenty
years from the date of its organization, and for such
longer period thereafter as shall be necessary promptly
to close its business, as hereinafter provided.
to
SEC. 2. That Thomas L. Smith, Andrew L. Osborn, Commi.ioaar
take oatt:.
Jehu T. Elliott. Addison L. Roache, and John D. Defrees, are hereby appointed commissioners, who, before
entering upon their duties, shall take an oath diligently,
faithfully, and impartially, to perforni the duties assigned them by this act. They shall keep a true record
of all their proceedings, which, together with all the
books and papers pertaining thereto, they shall deliver
to the board of directors of said bank when the same is
Sac. 3. Said commissioners shall meet at the city of
Indianapolis, within ninety days after the passage of town......rdTwobge
this act, and if any of their number shall refuse to vkkstdtrtt:
...rve, shall die or resign, they shall fill such vacancy or To appoin!, t7to
.cancies by the appointment of some suitable persons
thereto and they, or a majority of them, are authorized diRtfiet.
and it shall be their duty to divide the State into not
less than fifteen, nor more than twenty, bank districts,
and to locate one branch of the said bank in each of
said districts, at such place as they shall designate, selecting, where it can be done, other things being equal,
in each district wherein a branch of the present State
Bank of Indiana is now located, the same county in
which such branch is located; and they shall appoint
two sub-commissioners for each of said districts, who
shall be residents therein, to receive subscriptions of
stock, and perform such other duties as may be required
by this act. If said commissioners do not make the
whole number of districts authorized by this act, the
hoard of directors of the bank may, at any time after
being organized, lay off from time to time additional
districts, and locate branches therein: Provided, That
the whole number established shall not exceed the number herein authorized.


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GENERAL LAWS.

Sao. 4. Should any of the branches hereli established fail to organize, as herein contemplated, it shall
be the duty of the directors of the bank, once in each
year thereafter, if required by any number of the citizens who will be responsible for the expense, to open
books of subscription within such district, and locate
and organize a branch therein, at such place as they
may select, if the amount of stock herein required shall
be taken and paid for under the provisions of this act.
OM oil of Bank.
SEC. 5. The said bank shall keep an office: at the
meeting of dimotors. Corpocity of Indianapolis, and the directors thereof shall meet
rate powers.
and hold their sessions at least once in three months. It
shall be a body corporate and politic, with power to sue
and be sued, plead and be impleaded, in any court of
law or equity having jurisdiction, and to transact all
other lawful business herein permitted them to do; and
shall have power by and through her branches, and not
otherwise, to loan money, buy, sell and negotiate bills
of exchange, checks, promissory notes, and other evidences of debt, to discount, on banking principles and
usages, bills of exchange, post notes, promissory notes,
and other negotiable paper or obligations for the payment of money; to receive deposits, to buy and sell
gold, silver, bullion, and foreign coins; to draw, issue,
and put in circulation, bills, notes, post notes, bills of
exchange, and other evidences of debt, payable to order
or bearer, and not otherwise; and all such notes and
bills put in circulation as money, except post notes and
bills of exchange, shall be made payable on demand;
and to exercise such other incidental powers as shall be
necessary to carry on such business.
Whet real emtale
SEC. 6. The real estate which it shall be lawful for
nay be hebl by
Beak. Phan be said bank to purchase, hold and convey, shall be—first,
ookt, Le.
such as shall be required for its immediate accommodation in the convenient transaction of its business; or,
second, such as shall have been mortgaged to it in good
faith by way of security for stock, loans previously contracted, or for moneys due; or, third, such as shall have
been conveyed to it in satisfaction of debts previously
contracted in the course of its dealings; or, fourth, such
as shall have been purchased at sales upon judgments,
decrees or mortgages, obtained or made for such debts;
and the said bank shall not purchase, hold, or convey
real estate, in any other case, or for any other purpose;
and all such real estate not absolutely necessary for the
convenient discharge of its business, shall be set up,'at
least once a year, at public sale, after having given
thirty days' notice of such sale, describing the property to,
be sold, and the name of the mortgagor, in at least one
4i'
litobor Coaling
to orgsnige Mink
cony be opened
annually thereafter.


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Federal Reserve Bank of St. Louis

RANK AND BRANCHES.

241

newspaper in the district where said bank is situate,
and placing three written notices in the most public
places in the town where the bank is located, and shall
be sold, if the same will bring the amount of the debt,
interest, and costs for which the same may have been
bought, received, or taken by the bank, and which shall
remain after de lucting all profits received therefrom.
VPjitney ws
SEC. 7. All conveyances of real estate shall be signed 00n
rool
seal
the
affixed
have
by the president of the bank, and
thereof.
pay atrial
SEC. 8. The said bank shall not at any time suspend Specie
at notes, kc.
wen t r4n.4.4.
or refuse payment, in gold or silver, of any of its notes, holder+
entitled
bills, or obligations, due or payable, nor of any moneys I.I/moor.,
received upon deposit; and if said bank at any time refuse or neglect to pay any bill, note, or obligation, issued
by such bank, if demanded within the usual banking
hours, at the proper branch where the same is payable,
according to thecontract, promise,or undertaking therein
expressed, or shall neglect or refuse to pay on demand,
as aforesaid, any moneys received on deposit, to the person or persons entitled to receive the same,then, and in
every such case, the holder of any such bill, note, or
obligation, or the person or persons entitled to demand
or receive such moneys, as aforesaid, shall respectively
be entitled to receive and recover interest on their said
demands, until the same shall be fully paid and satisfied,
at the rate of twelve per centum per annum, from the
time of such demand, as aforesaid; and any branch so
- ling to meet its engagements may be closed, as in
of insolvency.
beak a•
SO.c. 9. The said bank, and each and every branch Draw• r•-;
debts,
the
all
be r sort
for
responsible
thereof, shall mutually
notes, and engagements of each other; and the stockholders of each and every branch shall be held and
bound to an amount over and above their stock equal to
their respective shares of stock, for all debts and liabilities of said bank or any of her branches.
SEC. 10. All suits or actions against said bank, on Nut.
bank two
any contract or engagement made, or liability incurred twiny*
by the board of directors of the bank, or on any contract
or engagement made or liability incurred by the board
of directors of any branch, or any bank bill or note, shall
be brought against the Bank of the State of Indiana.
Prins* sad op,
Sac. 11. The proems in such case shall be a sum- "ton
sireoid
bank,
the
of
mons, and shall be served on the president
in all cases where the contract, engagement, or liability
sued for shall have been made by the board of directors
of said bank; and in all cases where the contract, engagement,or liability sued on, has been made or incurred

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Federal Reserve Bank of St. Louis

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GENERAL LAWS.

by a branch, the process shall be served on the president of such branch; and so also where the snit shall be
brought on any bank bill or note, the process shall be
served on the president of the branch at which such bill
or note shall have been made payable, or, in all such
Copy of pror.aa cases a copy of the process may be left at the banking
1.ft at banking
L
hours good ...ca. House, or place of doing business of the bank, or of the
roper branch, as the case may be, during the usual
acid hank to be
"it
rwli6•4
ours of business, which shall be good service. And it
agatnat a branch.
is hereby made the duty of the president, or any other
officer of any branch knowing of such service, forthwith
to notify the president and directors of the bank thereof
In all snits brought against said bank, on any note, engagement, or liability of any branch, such suit shall be
brought in the county where such branch may be situate;
and all snits brought against the bank on any note,
engagement, or liability of the bank, shall be brought in
the county of Marion.
46.1 of ,
A1SEC. 12. There shall be no stay of execution on any
judgment against said bank, nor shall she be entitled on
judgment or execution against her to the benefit of valuation or appraisement laws.
eat.
SEC. 13. Said bank shall be entitled to charge and
"
1 "
"
4 . receive for *money loaned the legal rate of interest
established by law in this State, and not more, and the
same may, according to bank rules, be taken in advance
out of the sums loaned, and may be computed according
to the standard and rate set forth in "Rowlet's Tables.
reckoning the days for which a note or bill has to run
inclusively; but it shall not, directly or indirectly, place
any money in the hands of any broker or other person,
to be loancd to others, or charge, take, or receive any
interest, compensation, or benefit, whatever, from any
loan made by any other person or party, whether such
loan be made from its own funds or otherwise.
•
ttlitab‘nd i.f proSEC. 14. The profits arising, after paying expenses
"(''• and reservation for a contingent or surplus tiind, shall
be divided among the stockholders according to the
amount of stock owned and paid in by each; and in
making this calculation and division of profits, each
branch shall be independent of the others, and its own
profits be divided among its own stockholders.
SEC. 15. The capital stock of said bank shall be subs'apital stock
Mate '„
i e
to the same rate of taxation for State and county
Ja.I county purpi... but not for purposes
as the property or stock of other moneyed core
mono ipal put..
porations; and .the real estate and other property of said
bank and branches, situated in any city or town, shall
he taxable for municipal purposes, in the same manner
as other property so situated, but the capital stock of
rt,hazge.


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said bank or branches shall not be taxable for municipal
purposes.
Sac. 16. The person administering the government Pereunt inelligiof this State, Secretary of State, Treasurer, Auditor of tlert..e"
'
Pane accounts, Commissioner of Canal Fund, Judge
of the Supreme or any inferior Court, or any person
holding an office or appointment under the authority of
the General Government, shall not, while in such office,
hold the office of president of the bank, director of the
bank, or president, director, or cashier of any branch,
nor that of a member of the General Assembly; nor
shall any president, cashier, or director of any branch,
at the same time, hold the office of president or director
of the bank, on the part of the State, or the office of
president, director, or cashier of another branch.
SEC. 17. The notes issued by said bank shall be Notesb)
signed by the president of the bank, and shall be made =reed•pTy",:),,,
payable at the branch which shall issue the same, and
shall be signed by the cashier of such branch.
SEC. 18. It shall not be lawful for said bank at any Shall not buy
time, to use or employ any part of its capital stock or
other funds in the buying or selling of goods, wares, or
merchandise, or in any other business or dealing, than
is by this act authorized and permitted.
Sac. 19. It shall and may be lawful for said bank or Public &twat«
any branch thereof, to accept, receive, and become re- may be roomed.
Sponsible for the deposits and public
revenues of the
United States, upon such terms and conditions as may
I :reed upon by the agents of the general government and a majority of the directors of said bank.
SEQ. 20. That it shall be lawful for said bank to re Articles receira
ceive on deposit (exeept as above prohibited) moneys, ble on &watt.
bullion, plate, and other articles of value or small bulk,
on such terms and conditions as may be agreed upon by
the parties.
Sac. 21. It shall not be lawful for the directors of the Direct, re nut to
saii bank to locate any other branch or branches of said locate branchep
utiles*
bank than is herein authorized.
Sm. 22. The capital stock of said bank may be in- Capital stock
creased by individual subscriptions at any one or more increased by
Individual subbranches, by and with the assent and
concurrence of the ..crio°".
directors of the bank.
Su). 23. The General Assembly may at any time Agent appointed
appoint an agent to examine the state and condition of by General
said bank, and each and every branch thereof, who
shall have the same power and rights as examiners appointed by the directors of the bank; and when any
agen-, as aforesaid shall find and report, or the Governor
of the State shall have reason to believe that the charter

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GENERAL LAWS.

has been violated, it may be lawful for the Legislature
to direct, or the Governor to order a mire facia8 to be
sued out of the Marion Circuit Court in the name of the
State,(which shall be executed upon the President of
the bank for the time being at least fifteen days before
the commencement of the term of said Court), calling
on the said corporation to show cause wherefore the
charter hereby granted shall not be declared forfeited;
anti it shall be lawful for said Court upon the return of
said mire facia8, to examine into the truth of the alleged violation, and if such violation be made appal., then
to pronounce and adjudge the said charter is forfeited and
annulled; and every issue of fact which shall arise in
such proceeding and may be joined between the State
and corporation aforesaid, shall be tried by jury, and
it shall be lawful for the Court aforesaid, to require the
production of such of the books of the corporation as it
may deem necessary for the ascertainment of the controverted facts; and the final judgment of the court
aforesaid, shall be examinable in the Supreme Court of
the State, and may there be reversed or affirmed accord,
ing to usages of law; and it shall be the duty of the
Governor to employ counsel in behalf of the State to
prosecute such writ of 8cirefacias.
41..chers1 meeting
SEC. 24. That a general meeting of the stockholders
of stockholilors
hel,1 anon- of each branch shall be held annually, at such time as
ac.
the directors of the bank shall direct, at which time
elections for directors shall take place, to which meeting
the directors of the preceding year shall exhibit an exact and particular statement of the state, condition, and
affairs of said branch; and general meetings of the
stockholders may be held at any other time when ordered by the board of directors of the branch.
Cortlflcates of
SEC. 25. Certificates of stock shall be issued to stockstock to issue
How transforred. holders, signed by the president and cashier of the
Penalty for re.
tusing examina• proper branch, and may be transferred on the books of
lion of stock
the branch, to be kept for that purpose. and not otherwise; in which case the old certificate shall be surrendered and new ones issued. No stock shall be transferred
by any stockholder when any debt is due, or is then
owing and to become due from such stockholder, but by
the consent of the directors of the branch, and such stock
books shall, at all reasonable times during the rsual
hours of transacting business, be kept open for the examination of any person having in his possession any
note, bill, or obligation, on any branch, then due. and
the payment of which shall be refused. And in case
any officer having charge of such book shall refuse to
permit such examination, he shall, for every such offense,

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Federal Reserve Bank of St. Louis

BANK AND BRANCHES.

36

fox.,-it the sum of fifty dollars, to be recovered
in an action of debt by .the person so refused.
Sac. 26. Stock shall be considered as personal pro- Stock may be
Fold on erten
perty, and may be sold on execution and transferred
on tion.
the books of the branch by the officer selling the same,
but in all cases be subject to a lien in favor of the bank,
for #11 debts bona fide due, or then owing or to becom
e
due, the same, from the owner.
Sac. 27.
After the first election, no stockholder who mitir irrdrin
,
ivnt
shall not have held his stock, for which he votes,
for ov‘o.
r
three calender months previous to the day of election,
shall be entitled to vote; and the number of votes to
which stockholders shall be entitled, in voting for direct
ors, shall be in the proportion following, that is to say:for each and every share not exceeding fifty, one
vote;
for every five shares over fifty and up to one hundr
one vote; and for every ten shares over one hundred,
ed,
one vote; stockholders may vote in person or by proxy
;
but stockholders who are not residents of the
States shall not be entitled to vote their stock. United
Sac. 28.
No president, cashier, clerk, or teller of Pnvideut. kn ,
said bank, or any branch thereof, shall be permi
vote, at any election for directors, as the attorney,tted to r 1791nelitgi!eb;
I et:
agent,
or proxy of any stockholder. No president,
i+lature.
cashie
r,
or
director of the bank, or president or cashier of
the branches, shall, during the term of his either of
eligible to a seat in either branch of the Generaloffice, be
Assembly of this State.
8-- 29. There shall be a board of direct
Style of board of
bat ivhich shall be styled the Board of ors of the dirvetors
.
Direc
the Bank of the State of Indiana. Said board tors of
shall
annually, after its first organization, elect one of
President, how
be president, at such time and in such mannerits mem- el,
,eted
as
shall
be prescribbd by by-law, who shall hold his
office
one
year, and until his successor is elected and
qualified.
It shall be his duty to preside at all meetings
board, to call special meetings thereof when of the
he shall
41eem it necessary, and to transact all other busin
pertaining to his office, or required by this act ess apor the
by-laws of said bank. He shalt receive an annual salary
Duty and Wary
to be allowed by the board of directors of said bank, , of
Preeldent.
less than one thousand nor more than four thous not
and
dollars, payable quarterly.
Sm. 30. The General Assembly may, at its present Four director.
to
session, elect four directors of said bank, two of whom be elected by tha
General Amensmay be chosen by the Senate, and two by the House of bly; their
of office. 14"
ItJpresentatives; the House of •Representatives concu
rring in the election of those chosen by the Senat and
the Senate concurring in the election of those choseen
by

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GENERAL LAWS.

the house of Representatives; but in case of a failure
to elect by such concurrent vote after three trials, all said
directors shall be elected by the joint vote of both houses.
Said directors shall, at the first meeting of the board
after their election, determine by lot, which shall serve
t'or two years, and which for four years, and thereafter.
at each biennial session of the Legislature two directors
shall be chosen in like manner, or in such
'mode as may
be otherwise provided by law, who shall hold their
Removable by
office for four years, and until their successors are
joint resolution;
Such directors, or any one of
their compensa- elected and qualified.
tion Axed by
them, may at any time be removed by joint resolution
board of directors.
of the General Assembly. Their compensation shall
be fixed by the board of directors; but the compensation
of any member of the board shall not be increased during the term of his appointment.
Vacancies of
SEC. 31. Vacancies occurring in the office of any
State Director,
State director shall be filled by appointment, to be made
bow 611nd.
by the Governor, until the same shall be filled by the
General Assembly, as in this act is provided for the
election of directors.
One director of
SEC. 32. The board of directors of each branch shall
bank elected anannually. and as often as a vacancy may occur, elect
nually by each
breach.
one director for the bank, whose compensation shall be
fixed by the branch directors, and paid by such branch.
Revenues,' to be
SEC. 33. It shall be the duty of said branches to rers ceased and paid
ont by the Rank. ceive and pay out the revenues and funds of the State,
under the direction and control of the Treasurer of State.
whenever the Legislature may so direct.
Board of directSac. 34. The board of directors of the bank shall
re to appoint
have power to appoint a cashier, and such other inferior
rapider, &r.
officers and agents as may be necessary to carry on
their business, to fix their term of office and compensation, and require such bond and security from them as
they may from time to time deem expedient.
Power of the diSEC. 35. The directors of the bank shall have power
rectors over the
to limit and control the amount of discounts and loam:.
ranchos.
of the branches, after they shall amount to one and a
quarter the amount of the capital stock paid in, to settle
and adjust the accounts and balances between them,anti
for good cause may suspend the operations of the same.
They shall have power, and it shall be their duty, to
regulate and equalize the State funds and public deposits
that may be in bank, and may transfer the same front
one branch to another, as circumstances may require ;
but they shall in no case withdraw any part of the capital stock of any branch, or any part of its local funds,
without the consent of the board of directors of sueh
branch, to be used in any other branches, except in CUSCS


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rt.__ ring such branch to be closed, as herein provided
tor; and they shall have power to make and prescribe
all 'necessary by-laws to carry the powers herein conferred into effect.
SEC. 36. They shall have power to appoint one or Examination of
branches by
more of their number to visit and inspect the condition rectors
of the
bank.
and affairs of each branch, when and as often as to them
shill seem necessary; and it shall be their duty to make
such examination at least once in six months, and also
at any other time when thereto required by the directors
of any branch. No director shall be appointed by the
hank to examine, visit, and inspect the condition and
affairs of any branch from which he has received his appointment.
SEC. 37. The person or persons so examining shall Powers in ,u
have power to examine on oath or affirmation,(which
they are hereby authorized to administer,) all the officers, servants, or agents of any branch, or any other
person, in relation to the affairs and condition of such
branch; and they shall have power to examine all the
books, papers, notes, bonds, and other evidences of debt,
of any branch, to compare the books, funds, and property of said branch, with their returns and statements
made thereof; to ascertain the amount of money and
available funds on hand, and generally to make every
other inquiry and examination necessary to ascertain the
actual condition of such branch.
SEC. 38. The board of directors of the bank shall Directors of bank
to require reports
have power to require of the board of directors of each from
branches.
th, reports of their business and condition, as often
as --dnall be expedient, and not less than once in each
month.
SEc. 39. They shall have power, whenever they Branches may he
by
shall ascertain in any manner that any branch is insol- suspended
board of direct.
vent, or is mismanaging its affairs, whereby the interest 0..
of the other branches is -endangered, or that a branch
hath violated any of the provisions of this act, or any
other act binding upon them, or that any branch hath
neglected or refused to comply with any legal order or
direction of the board of directors of the bank, and it is
hereby made the duty of said board forthwith to suspend the business of such branch, and the power of the
branch directors over the same; and if the interest of
the State or the safety of' the other branches requires it,
to close up the affairs and business of said branch entirely; and to effect the same, they are hereby vested
with power to appoint a receiver, or receivers, who DiMtc"::Xf",,.,
shall, under their direction and control, collect and re- 47take cbstge
ceive the rights, credits, and effects due such branch, .4"4

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238

GEiVERAL LAWS.

and turn them into available funds; to settle, adjust, and
compound the same; to settle, adjust, an' pay off the
debts due by such branch; and if any portion of the
capital stock of such branch, or stock notes given then for, shall be unpaid, to sue for and collect the same, as
also all contributions required from stockholders, under
the provisions of the ninetieth section of this act, or so
much as shall be necessary to meet the demands against
such branch.
SEC. 40. That a copy of such order suspending or
thorny to act. *c..
closing any branch, and appointing a receiver or receivers, to take charge of the same, signed by the president
and attested by the clerk of said board and the seal of
said bank, shall be sufficient to authorize such receiver
to seize and take charge of the same; and all officers,
stockholders, servants and agents of such branch shall
be required to obey and submit to the same, and in default may be indicted for misdemeanor, and fined and
imprisoned at the discretion of the jury trying the same;
and any person fraudulently holding or concealing any
of the property or effects of such branch from such receiver shall, upon conviction thereof upon presentment
or indictment, be fined in any sum not exceeding one
thousand dollars, and confined at hard labor in the State
prison for any term of time not less than one year nor
more than ten years.
Debts of a faillug
SEC. 41. It shall be the duty of the directors of the
branch, how
bank to provide for the payment of all the debts of a
piud
failing branch that shall remain due after all the property, real and personal, rights, credits and effects, and all
the stock of such failing branch, and the contributions
of its stockholders, shall have been first applied; an,
for that purpose they are hereby authorized to call on
the other branches for their respective proportions, arranging the time of making such calls so that the
whole amount of such debt shall be paid within one
year after such failing branch shall have been suspended.
Rrancheo rdintSEC. 42. And if it shall so happen that the proper'
PaY. ty stock, contribution or effects of said failing
indult advancoo
branch
""
hui br
"
d'' shall not by that time have been turned into
available
means, the same shall be collected and distributed
among the several branches, to meet the advances by
them made to pay the debts of such failing branch.
lgtfecta nt failing
SEC. 43. After payment of all demands against a
branch after pay moatof dobto: failing branch,
if any residue remains, it shall be paid
bow dinp000d ot
to the stockholders in due proportion.
rbvior of duspoo.
Sec. 44. Any order of the board of directors to suseon, and how
pend or close a bcanch, shall be carried by at least the
media.
AU.


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of two-thirds of the members present at some
me -Ling, to atftnd which all the members of the board
shall have been notified; and the question shall be taken
by ayes and noes, and the same recorded on the minutes
of the board.
Sac. 45. The order of the board of directors of the Iutzinna
bank suspending any branch, shall likewise have the
et
effect to suspend all suits, judgments, orders, decrees ed branch
and executions, for any claim or demand which said
branch should have paid; nor shall any suit be progressed in until the matter in controversy shall have
been submitted to the board of directors of the bank,'or
the persons by them entrusted with the affairs of said
branch; and if, on such submission, the justice of such
claim shall not be admitted, and the same be agreed to
be paid on the closing up of the affairs of said branch,
the same may progress to judgment, but execution
thereon, and all other executions or decrees, shall remain until one year from the time such branch was
suspended.
SEC. 46. The directors of the bank shall have power
to regulate the manner of holding elections for directors brunch direr
of the branches, and may, if necessary, change and fix
the time of holding the same, of all which elections reasonable notice of time and place shall be given.
SEC. 47. And in case an election of directors should Order for new
wb.o to
not be made on the day when the same should have election;
be m
been, the directors of the bank shall order a new election, and the directors for the time being shall continue
to' id their offices until such election takes place and
th successors are qualified.
Sac. 48. No failure on the part of the General As- Failure to dem
of the
sembly, or of the branches, to elect directors of the directors
bank no dlaeolw
bank,shall be considered a dissolution of this corpora- rationof the corr.
tion, but the directors for the time being shall continue
to hold and exercise their offices until their successors
are chosen and cralified.
Sac. 49. Said directors shall have power to regulate Divictento rico
and control the dividends of profits so that the capital lated
stock shall never be diminished, and to create and keep
up a surplus fund that shall never be less than one-sixteenth of the capital stock in each branch.
Sac. 50. In the Calculation of the profits previous to
le Laded,
a dividend, interest then unpaid, although due or accrued on debts owing to any branch, shall not be included.
Sac. 51. Dividends of profits shall be declared Dividend& w bes
declared
semi-annually.


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Federal Reserve Bank of St. Louis

&C

WO

/ tarI'
110t CU
it &Jill:kn.&

GENERAL LAWS.
lirAnch may he
cloaed after the
tiret year. when
nit producing t;
per cent. per anu LIM

Aecoanta to tie
kApt with the
lacauche.t.

fl..-or,1 of
c'eedinge.

AiliAt10.1 of preeid,nt. itc.. of
batik apportion•
iliUMIK the
branched).

Sock suberpt-)n hooka to be
pro,
id.41 ant
!reader of -it ock
returned.

,
' Atee for bank.

Rank paper to be
telivered to the
branches. What

SEC. 52. Said board of directors shall have power
to close any branch which, after the first year, shall not
yield a profit of six per cent, per annum upon the capital actually paid in, and the same may be 7,4 oceeded in
as in cases of insolvency, unless the discount shall have
been limited and controlled by the directors of the Bank.
so as to prevent said stock from yielding such profit.
SEC. 53. They shall cause to be opened and kept, by
their clerks, accounts with each branch, showing the
operations of each, and keeping constantly in view their
business and condition, which shall be, at all reasonable
times, open to the inspection of any stockholder, and of
any person authorized by the Legislature to inspect the
same.
SEC. 54. They shall likewise keep a record of all
their proceedings, in which all their orders, votes and
resolutions shall be entered, with the ayes and noes on
all questions, which shall be open to like inspection.
SEC. 55. They shall apportion the salary of the
president and all other officers, agents and directors of
the bank, and all other general expenses, among the
several branches, according to the amount of stock in
each, and shall have power to demand and receive the
same.
SEC. 56. It shall be the duty of the directors of the
bank to keep and preserve the original books of sub
scription of stock, and to cause to be returned to them
from each branch every six months a statement of all
transfers of stock made the preceding six months.
SEC. 57. They shall also procure and take charge of
the plates on which the paper of said bank shall be
printed and shall cause a sufficient amount thereof to
be printed from time to time as occasion may require.
SEC. 58. They shall deliver, on the order of the
board of directors of each branch, an amount of such
paper not exceeding twice the amount of the capital actually paid in at such branch, except when more shall
be wanted to replace that which may have been worn
out, defaced, or lost; in which case all so defaced shall
be returned to said board of directors of the bank and
destroyed; and they shall give no other or greater
amount for paper lost than they shall have good reason
to believe is actually lost by circulation or otherwise.
No notes shall be issued of denominations bctween five
and ten, or ten and twenty, or twenty and fifty, or fifty
and one hundred dollars; nor shall more than one-sixth
of the notes issued to any branch be of denominations
less than five dollars, and no notes shall be issued of any
denomination less than one dollar.


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Federal Reserve Bank of St. Louis

BANK AND

BRANCIIBB.

241

SEC. 59. Five directors, with the president, shall be nruzn
essary to constitute a board for the transaction of
business; but in case of sickness or absence of the president,.his place may be supplied for the time being by
any director chosen by the board.
SEC. 60. It shall be the duty of the board of direct- Directors to ro
port biennially
ors, in the first week of each session of the Legislature, to
the begatla,
to make report to both Houses of the General Assembly, turo
of the affairs and business of said bank, and of each
branch thereof, setting forth in regard to each,
First—The amount of available funds on hand, designating each kind.
Second—The amount of notes discounted.
Third—The amount of bills of exchange.
Fourth—The amount and condition .of the surplus
fund.
Fffth—The amount of notes in circulation.
Sexth—The number of officers and .servants, and the
amount of compensation to each.
Seventh—The amount of rents paid, if any.
Eighth—The value of houses used for banking purposes.
Ninth—The value of other real estate, and whether
the same has been regularly offered for sale, as by this
act required.
Tenth—The amount of debts due to and from other
banks.
Eleventh—Alt such other matters as shall by them be
(teemed material and important, or shall be required of
them by the Legislature. A like report shall be *fur- Brara.b dIrocttni
shall report to
'tied to the General Assembly by the board of direct- (lie legielstorr
annually
4.of each branch; such report, made by the directors
of each branch, shall contain such statement of the condition of the same, as aforesaid, as the same is found on
the third Saturday of November, in such year, at two
o'clock in the afternoon.
SEC. 61. The directors, and all other officers and Or.0 u otben
agents of the bank, and of each branch, shall severally,
before they enter upon the duties of their office, make
oath or affirmation well and faithfully to discharge the
duties of the same.
Election of
SEC. 62. The stockholders of each branch shall, by brunch
directors.
ballot, annually elect not less than five nor more than
ten directors for such branch, the number to be settled
by the directors of the bank; and the directors of the
bank shall appoint two directors for each branch; such
branch directors shall hold their office for one year, and
until their successors are chosen and qualified.
16


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Federal Reserve Bank of St. Louis

242
GENERAL LAWS.
President. cash.
r. Lc , how
wen: vita:Andes
board, how

Site. 63. The said branch
meeting after each election, sha directors, at their first
ll choose one of their numher to be president, and
shall hay:" power te appoint a
cashier, and such other offi
deem necessary, whose ter cers awl agents as they may
pensation, together with tham .of office and whose comestablished by the directors t of the president, shall be
to fill all vacancies occurr . They shall also have power
ing
in those appointed by the ban in their own body, except
k, which shall be filled by
the directors of the bank.
p.reon chooton
Sm
. 64. No director appointed
oir.s:tdr nn,re
by the directors of
thsa twits, in
the bank shall be chosen mor
three >earl.
e than twice in three
years.
Necnmp.eetin
SIC. 65. No branch direct
brinch director, ext,•pt. jr
shall receive compensation foror, except the president,
his services, unless by
vote of the stockholders.
vni. rely hf
SEC. 66. No person shall be
breach thre.tor.
branch, by the stockholders, whoelected a director of a
such branch, nor unless such per shall be in armar to
son shall be a citizen of
the State an 1 a stockholder,
own
an 1 not in trust, at least five sha ing in his own right,
res in such branch. But
in case there ghoul 1 not be a suff
hol h'rs owning five shares, to icient number of stockths.y may be elected out of constitute the directory,
those having the highest
number of shares.
Rest of direetor
SEC. 6T. It', during his ter
may be racestod.
shall become in arrear, or fail inm of office, any director
the State, or cease bo own the req business, remove from
uisite amount of stock,
or otherwise become disqualified
,
the said boarl of directors forthw it shall be the duty of
an I appoint another in his place. ith to vacate his seat,
.ens
SEC. 63. No person shall be a
6,16 for director&
one branch at the same time; director in more than
nor shall two or more
partn..rs be at the same time
branch, or of' the bank and a bradirectors of the same
a director of any moneyed cor nch thereof; nor shall
poration, having power
to discount and receive deposits,
be a director of any
branch.
Of&•of each
SEC. 6'). The board of directors
branch to giro
of each branch shall
security.
have power to require such
sec
uri
ty
from their officers
an I .agents tOr the performan
ce
of
the
ir duties Its they
may Lem necessary.
hermit to the diEC. 70.
It shall be their duty to make
report of their
re-t"r* the L11'411088 an Icon liti
on of the
rectors of the bank, once inir branch to the board of dieach month, and oftener, if
thereto required by said board.
ulars required in their report setting tOrth all the particalso send copies of their mons to the Legislature,an,I shall
thly reports to each branch
.
.


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Federal Reserve Bank of St. Louis

rwr--•••----

• vier

-

BANK AND BRANCHES.

24.1

SEc. 71. The boarl of directors of each bran
ch shall Joiumal tot,
keep a book, or books, in which shall be ente
red and wr
kpt.• " fiZtor
faithfully recor led a journal of all their
proc
which book shall be open to the inspection eedings,
stockhol.lers. at all regular meetings of the of all the
also be open to the inspection of any three same, and
stockholders
holding together, in their own right, twen
ty shares of
stock, on application by them made to the
pres
ident or
cashier.
Sac. 72. All elections by the several boar
ds of di- Klectioas
rectors shall be viva voce and recor led.
SEC. 73. The directors of each bran
power to make and 'prescribe such by-l ch shall have nri.,
aws, rules, and
regulations as they shall deem needful, touc
First—The government of their respe hing,
branches,
ant the management anl disposition of ctive
its stock, business, property, estate, and effects.
Second-;--The• time, manner, and terms
upon which
discounts and deposits shall be made and
received in
and by the same.
Third—The duties and conduct of the
officers, clerks,
and servants employed by the same, an 1,
Fourth—All such matters as may appe
concerns of said branch; subject to the rtain to the
control of the
directors of the bank in the cases, an I acco
r
powers herein given to the directors of the ling to the
said bank.
Sac. 74. In the manageme
nt of their business the nov to t..8Boarl of Directors shall observe the followin
g rules:
baak
• Fir8t
-No branch shall loan
money on the security of
own stock.
'----',Secotid—No person shall be accommo
loan while in arrear for stock, for interest lated with a
ha 1 either on his own account or as secur or for loans'
and then due, unless the sums 80 due beity for others,
retained and
first paid out of such loan.
Mird—In the renewal of notes the secur
ities shall
never be lessened.
Fourth—No director shall be allowed to
borrow out
of bank on any other than the usual bank
ing terms.
Fipi—The president, cashier, an 1 direc
time being of any branch or of the bank shalltors ibr the
mitted to endorse for each other, nor shall not be perthey vote on
questions in which they are interested.
Sizth—On all applications for loan
dollars or upwards there shall be five s of five bun lred
concurring votes
out of seven, and' so on in proportion if
less number is present; and if any such any greater or
granted, the ayes an.1 noes shall be enteredapplication is
in the minutes of the board.

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Federal Reserve Bank of St. Louis

‘.344

GENERAL LAWS.

Seventh—No corporation of any description liall,
any one time, be permitted to be indebted, at one brancat
in a greater sum than five thousand dollars for moneyh,
loaned, unless by permission of the board of direct s
ors
of the bank.
Eighth—it shall be the duty of the board of direct
ors of each branch, as often as once in three month
s,
cause a strict examination to be made of the accounts to
the cashier, and a full and complete settlement thereoof
f;
and a full statement thereof shall be entered on the
journals of the proceedings of said board.
Ninth—No person shall be entitled to receive any
dividend of profits on stock owned, while indebted to
said bank for any debt or demand then due and payable,
but the same shall be placed to his credit, until such
debt or demand is paid.
Tenth—Five members shall be necessary to constitute
a board for the transaction of business.
1.‘ mate* ft,t•
SEC. 75. Every officer, agent, or clerk of said bank
king .:61toe Ont.or branches, who shall wilfully and knowingly subscribe'
or make false statements, or false entries in the books
of
such bank or any branch, or shall wilfully and knowingly subscribe or exhibit false papers with the intent
deceive any person authorized to examine or inquire to
to the condition of said corporation, or shall wilfulas
and knowingly subscribe or make false reports, shall ly
deemed guilty of felony, and shall be subjected to be
imprisonment at hard labor in the state prison for such
term of years as the jury trying the case may think
proper; and likewise any commissioner or exami
ner
wilfully and knowingly subscribing or making any false
reports, shall be deemed guilty of felony, and subjected
to like penalties.
SEC. 76. Any officer, agent, or clerk employed in
Peeekti.e les owsaid bank or any branch, who shall embezzel or appropriate the property or funds of said branch, with the
intent to cheat and defraud the same, shall be deemed
guilty of felony, and punished in like manner.
SEC. 77. That the president and directors of the said
!trench,.,•tri
prnin,m1 to iopenr"
. bank may empower ally
of the branches, at their own
books Glr the
tritotkr of Meet expense, to open books for
the transfer of their stock in
In July of the
any of the cities of the United States; and any such
du. of the
'flatted Mute&
branch may authorize transfers of any portion of its
stock, without lien or restriction, on which the State has
no lien, on said books; which books shall be kept
open
for public • inspection, conformably to the provis
ions of
the 25th section of this act, and such transf
ers shall be
regularly certified to the bank.
Mar


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Federal Reserve Bank of St. Louis

BANK AND BRANCHES.

.245

SEC. 78. That any branch or branches shall be au- Brat:rhos author
tyontrev..t
thorized to contract with such board and officers as the ized
with ragout ap
. State may empower, for the receipt and disbursement of pointed
by tle•
State for the reany deposit of public funds by the State, and for the in- ceipt
and dinburviennont ofany
terest to be paid thereon, subject to the approval of the of
the dewed. oi
public funds by.
board of directors,of the bank.
the Stabs, etc.
SEC. 79. The capital stock of said bank and branches
stock
shall be divided into shares of fifty dollars each. No Capital
vided into shares
each. No
branch shall be organized until capital stock to the $,(1
branch to be or
amount of one hundred thousand dollars shall be sub- ganived until
$100,000 is subscribed therefor, and the commissioners hereinbefore scribed. Duty of
r in
appointed, after giving at least thirty days' notice by commissione
regard to giving
noticv
tievrepa
in
publication in three or more newspapers published in pert; and opening
the city of Indianapolis, and at least twenty days booke for sub
notice in three or more newspapers published in each scriptiou.
bank district, or as many as may be published in any
district where there are not three published, shall cause
books to be opened by the sub-commissioners to be ,appointed for that purpose, for the subscription of the
requisite amount of stock, at such places within the districts aforesaid as shall have been designated for the location of branches; which books shall be opened between the hours of 9 and 12 A. M. on the days and at
the place specified in such notice, and if the requisite
amount of stock shall not sooner be subscribed, said
books may be kept open between the same hours each
day, for, the space of thirty days. .If more than the
requisite amount of stock shall be subscribed while the
hooks are open for any branch, the excess shall be taken
st from such as reside out of the State, next from con
'Orations ; and should there still be an excess, the same
shall he taken in proportion from subscriptions over one
thousand dollars, until all are reduced to that amoant,
and then from all equally.
Sac. 80. If a sufficient amount of stock shall be sub- Duty of subcornminerioaer
scribed, by responsible persons, at any branch, it shall regard
to subofstock
be the duty of the sub-commissioners to notify the com- scription
Oonunissioner to
missioners thereof, who shall give notice to the sub- notify clock bolder when the
scribers of the time when the first payment on their first
payment es
their
stock is Co
stock shall be made, which notice shall be by publication be insitio,
Lc..
in one or more newspapers, published in the proper
bank district, sixty days before such payment is to be
made; and they shall also give notice, in like manner,
that an election will be held on the day succeeding that
appointed for the payment of such installment, between
the hours of 10 A. M., and 2 o'clock, P. M., at some
specified place at the point where such branch is to be
located, for the election of five directors on the part of
the stockholders of such branch. ..At such time and

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Federal Reserve Bank of St. Louis

II*

GENERAL LAWS.

MI

place, the stockholders present shall appoint two suitable persons, who are not stockholders, to act as ju.iges,
and one to act.as clerk, who shall, after being duly sworn
faithfully to perform their duties, receive the ballots for
directors, and certify that those receiving a majority of
the votes cast were duly elected, and the directors so
elected shall constitute the board of directors of such
branch, for the purposes of its organization, an1 until
the board of directors of the Bank of the State of Indiana shall be organized. and appoint directors on the
part of said board, and the directors so appointed shall
then be added to such branch board.
SEC. 81. Such first installment shall be two dollars
,AMat of first
,a5E=tor 0:4 each share of stock subscribed, and shall be paid to
the sub-commissioners, by whom the books were opened,
in case of the
mgald and who shall attend for that purpose, and
aim"'
.heevas.
failure of any subscriber to pay such first installm.nt,
the sub-commissioner shall strike his name .from the
books, and immediately re-open said books to r,ctive
subscriptions, to make up the deficiency from any per-.
sons who will pay such installment. As soon as a
branch is organized. said sub-commissioners shall pay
over thereto all the money received from such subscriptions; and all books and papers appertaining thereto,
which, with the returns of the election for directors, and
the certificates thereof, shall be entered or copied into
the record books containing the proceedings of the board
of directors, which entries shall be primafacie evidence
of the tact therein stated. If any sub-commissioner
slfall, from any cause, fail to perform any of the duties
required of him, the same may be performed by any
other person appointed by the commissioners to supply
The residue of said stock shall be paitt iii
"ovlue or eff(Ck his place.
paid. on e hat insuch installments as the board of directors Of the proper
46Ilea,aI
branch shall require; but such installments shall be so
graduated that not less than one hundred thousand dollars shall be required to be paid into each branch on or
before the first day of January, 1857.
Weird of directSEC. S. The board of directors of each branch shall
ens to meet ae
their election,
moon as convent- meet as soon as conveniently may be after
r elect
,
,at aft
constitution
the
support
to
sworn
duly
being
after
Natio" they have and
to perform at
and faithfully and
Indiana,
of
State
the
of
laws
and
their ft/4
shall protog,.• honestly to perform the duties of their office,
ceed to elect the proper officers of such branch. and also
one of their number as a member of the board of difrectors of the Bank of the State of Indiana; and when not
less than ten branches hare thus organized, the members
elected to the board of directors of the bank shall melt
at the city of Indianapolis, at such time as shall be
BMA-


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Federal Reserve Bank of St. Louis

BANK AND BRANCHES.

247

„reed upon,ant organize said board. If any memters
of said board have then been elected by the Legislature,
'they shall be aided thereto; an 1 whenever, from time
to time, members of said boarl shall be elected by the
Legislature, or by brandies that may be subsequently
organiz.,.1, such members shall be admitted to tlhir seat
at sail boar,!.
SEC. $3. When not less than ten in .mbers of the 1!.h.in Dour, of
boar I of directors of the Bank of the State of Indiana :!ri;11=1,own
shall mmt as aforesaid, anti shall have been duly sworn
to support the constitution an 1 laws of the United itrikre:::Zon
Slat's, an 1 of the State of In liana. an 1 titithfully awl appertaining, to
honestly to perform the duties of their office, the corn- "i'::tlybm
„;ki,oerd of
missioners shall deliver to them all the books, papers,
an I property in their possession, app.rtaining to said
bank, together with a full report of all their proceedings
in the premises, which report shall be entered on the
recorl of sail boar I, anl when so entered, such record
shall be prinza facie .evidence of the contents thereof,
said boar.1 shall proceed to elect their proper officers,
awl when thus organized, said boarl shall cause a written stat..mait of all the procee.lings in the organization
of said bank and of each branch, to be ma le an:1
filed in the office of the Secretary of State; which statement shall be accompanied by the affi lavits of the president an 1 cashier, that to the best of their know%dge
belief said sta.tem2nt is correct, an 1 that sail bank an!
branches have been organized in goo I faith, and with
the intuit to carry out the objects of its charter fairly
1 honestly; an I thereupon sail bank shall be duly
'organized for all the purposes contemplated by this act,
except that it shall issue no bills or notes inten led to
circulate as currency until after the first day of January,
1857. awl no such bills'or notes shall then be issued to
any branch until at least fifty thousan 1 dollars shall have
110)0Cen paid into sudi branch upon the subscriptions for
its stock.
SEC. 84. The boar I of directors of the Bank of the hoard ofdirettors
State of In liana is authorized to increase the capital of the hulk of
the mate uf
stock of any of the brandies, by empowering them to re- dianot
authorised
to Inertia/ft cant.
ceive a-blitional subscriptions thereto, to such
an amount tit! stock of the
Grouches.
as can be profitably employed, but the aggegate capital Capital
of the
of the bank an 1 all its branches shall not exceed six hank and an ite
bronehes
not to
millions of dollars.
espy...4 $6,00U,U00
SEC. 85. Shoal 1 any subscriber for stock in any of SuLecriber failing to pay lirrt or
the brandies fail to make payin:nt of the first or any soy
..b.quent,
inetallm-ta, Low
snbAequeut installmmt, the party luiling shall
tin-reit the proorrded
'cai""-

first installment, to be recovered by said bank in an acton at law; and in case of the failure to pay any

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Federal Reserve Bank of St. Louis

MS

GENERAL LAWS.

subsequent installment, the board of directors of the
proper branch may sell and transfer any such share or
shares of stock at public auction, after ten days' notice.
in writing, put up at the door of such branch lank, or
so much thereof as may be necessary to pay all the dues
of the failing party, and if the same cannot be sold for
sufficient to pay all the installments due, the same shall
be forfeited and become the property of the proper
branch; and whenever any stockholder shall be indebted
to any branch, and such branch shall hold a lien upon
his stock to secure such indebtedness, if by reason of insolvency or other cause, he shall be unable to pay such
indebtedness, such branch shall have power to purchase
and hold so much of such stock as may be necessary to
discharge such lien.
Disconnt• not to
SEC. 86. The board of directors of the Bank of the
(+zoned their deState of Indiana may, from time to time, authorize the
inputs and two
4"d
'4 "e4ta'r
th" several branches, or any of them, to extend their disftpltal
atuck actually paid in.
cOunts to an amount the average of which,for each fiscal
,year, shall not exceed their deposits and two and a half
times the capital stock actually paid in, but never shall
exceed that proportion,and such discounts shall never exceed three times the amount ofthe capital actually paid in
and the amount of deposits, the power being still reserved by the board of directors of the bank to restrict
the branches in their discounts to once and a quarter the
amount of capital paid in at its discretion; and in case
of excess, the directors under whose administration it
'nitividua/ Ila.
shall happen, shall be liable for the same in their indility of dimtora
•
V/dual and private capacities, in an action of debt against
them, or any of them,in any court competent to try the
same, by any of the creditors of said bank, or the bank
itself, and may be prosecuted to judgment and execution,
any condition, covenant, or agreement to the contrary
notwithstanding; but this shall not be construed to exempt the said bank, or the lands, tenements, goals,
chattels, moneys, or effects of the same,from being also
And any
'newton &twit% liable for and chargeable with mph excess.
Z
‘
rd
=
"nf
orY director or directors who may be absent when such exfrom liability by cess is created or contracted, or who may have dissented
notice.
from the resolution or act, whereby the same was created
or contracted, may respectively exonerate themselves
from being so liable, by causing or requesting in writing, at the time his of their dissent, to be entered
' on the
minutes of the board, and by forthwith giving notice
of his or their absence or dissent, to the Governor as
the State, and to the stockholders, by giving notice
thereof in some newspaper published near said bank or
branch.
,d MOO

e.X 001111.

illg


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Federal Reserve Bank of St. Louis

BANK AND BEANC11103.

249

iac. 87. Every director not present at the meeting, Absent dire...tore
:when such excess shall be created or contracted, shall, foiling to give
notice
nevertheless, be deemed to have been concerned therein, able, deemed a
it: the same shall appear on the books of the board, and
he remain a director for six months thereafter, and does
not within that time give notice of the same, as required
in the preceding section.
• SEC. 88. The insolvency of said bank or any branch I nsuivency,
when deemed
Allan be deemed fraudulent, unless its affairs
shall ap- fraudulent.
pear, upon investigation, to have been fairly and legally Presumption of
bow repel •
administered, and generally with the same care and fraud.
lod.
diligence that agents receiving compensation for their
services, are bound .by law to observe; and it shall be
incumbent on the directors and stockholders of the bank,
or any branch, should the same become insolvent, to repel by proof the presumption of fraud.
SEC. 89. In case of the fraudulent insolvency of said Liability of preesdent and directbank, or any branch,the president and directors of said ors,
in case of
bank or branch respectively, by whose acts or omiEsions fraudulent insolvency.
the insolvency was wholly or in part Occasioned, and
whether then in office or not, shall each be liable; in the
first instance, to the creditors and stockholders of the
said bank or branch, or any or either of them, for his
proportional share for their respective losses; the proportion to be ascertained by dividing the whole loss
among the whole number of directors liable; and if any
such president or director shall be unable, by reason of
being insolvent, or for any other cause, to pay his proportional part of such loss, then the residue of said loss
'1 be borne and paid in equal parts by the remaining
ictors liable as aforesaid, until the whole loss shall
be 'reimbursed, or the whole property, rights, credits,
and effects of each of said directors shall have been exhausted toward the payment of such loss; but this section shall not be construed to diminish the liability of
directors as before declared.
Sao. 90: If the moneys remaining due to the creditors Moneys due to
crfditors in ca.*
of said bank or any branch whose insolvency shall be of
insolvency,
ljudged fraudulent, after distribution of its effects, and bow psi&
after the property, rights, credits, and effects of the presi lent and directors of such insolvent bank or branch
shall have been exhausted, shall not be paid by the
stockholders, the deficiency shall be made good by the
contributions of the stockholders of the branch becoming insolvent. The whole amount of the deficiency
shall be assessed on the whole number of shares of the
capital stock of said branch, and the sum necessary to
be paid on each share shall then be ascertained, and
each stockholder shall be liable for the.sum assessed on

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the number of shares hell by him not exce
eding the
nom:nal amount of such shares, in addit
ion to the sums
paid, or which he may be liable to pay
on account of
those shares; but, before such contributi
on shall be required, or assessment ma le on any share
s
whole stock ha I been paid, the installmen where the
ts unpaid on
any shares shall be required to be paid up,
and the estimates of the deficiency male accordingly.
dow.s..mton•
See. 91. That it shall be lawful for the Gene
(Pf !hi. claw ter
ral Asare to ne made. sembly,(by ant with the consent
of the presidtnt and
directors of the bank, and of the president an I
directors
of each branch, an I not otherwise.) to make
such
aneu Iments an I alterations in this charter as
Proviso,
foun1 expedient: Provided, That said bank may be
its branches, shall not be authorized by or any of
any,
amen(Ini.nt to suspen:1 or reffise the payment of such
specie
for its notes, bills, or obligations, or for any
moneys received upon deposit, an 1 that no such amendmen
be ma le, the faith of the State is hereby pledg t shall
ed to the
creditors of said bank and branches: And
prov
ided
further, That the State reserves the right to
autho
rize
the establishment of additional bank distr
branches with the consent of the boards of icts ane
directors of
two-thir Is the branches then organized.
Not lawful for
SEC. 92. It shall not be lawful for the said
mall &ant. aft,r
bank,
the expirAti„n If alter the expir
ation of twenty years from its organization. to discount, loan money, or to do any other
orgmetat.,.
bankdille°""t kan
ing business: an 1 all the powers herein confe
spon.y.
de.
rred shall
cease, except those incidental and necessary
to close up
its business, for which purposes only, its
organization
may be continued for any period of time not
more than
three years thereafter.
Darlared public
SEC.
93.
This Act shall be taken and recei
act.
courts, and by all judges. magistrates, and ved in all
sons as a public act; anl all printed copies ofother perwhich shall be printed by or under the autho the same
rity of the
General Assembly shall be admitted as good
evidence
thereof, without any other proof whatever.
1.:xpensee
SEC. 94. All expenses incurred in carrying
into elZliv!=l- feet the provisions of this act
shall be paid by said bank.
he pro.ipions of me
-11
this act.
board of directors, when organized. shall
whom pail
Boilable allowances for the services of the comm make reaissioners
anl other agents employed, and may
branch to contribute a rateable proportionrequire each
for the payment of all such expenses.
Emergency.
SEC. 95. Inasmuch as it is desirable
that the commissioners appointed by this act shall
perli)rm their duties, without delay, it be qualified am i
is declared that
an eme:rgeney exists in this case,
and this act shall bein

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261

, and take effect from and after its publication in one
-or more newspapers published in the city of Indianapolis.
Passed the Senate, Nlarch 3.1, 1S35, the Gores-lees objections to the contrary, uot:
wfthstanding.
l_401AJN 11:101AN, Secretary ,t/' Ude Matte.
•
Passed the !louse, March 3d. 1555, the Governor's objection to the contrary. notwithstanding.
JNO. LEVERING, (leek.
By A. E. JONES, Assistant.

CHAPTER, CXII.
AN ACT for the relief of IA atiant. Nlary, Jane, Nancy. and Lliza 711cConahar. stepchildren of J01/018 It. Wood, of 1)aN less county. and releasing to them certain real
aud perronal property vrtiieh escheated to the State.

[APPROVED MARCH 5, 1355.1
WHEREAS, It is represented to this General Assembly,
that Jonas B. Wood, late of Daviess county, in said
State, in the year 134—, intermarried with Mary
McConahay. a vi low, who hal five children by her
previous marriage, and that the said Mary McConahay, at the time of her intermarriage with the said
Jonas B. Wood, was the owner of personal property
of the value of six hundred dollars, which-was reduced
to possession by the said Jonas B. Woo I •
•.
WHEREAS, it is further represented, '
that the said
HIOnas B. Wood, after the death of his said wife, departed this life in the year 135—, leaving no heirs at
law surviving him;
AND WHEREAS, It is further represented, that after the
settlement of the estate of the said Jonas B. Wood,
one hundred and forty-two dollars and ten cents remained in the hands of his administrator, and was by
him paid into the State Treasury, and that the said
Jonas B. Wood,in his lifetime, and at the time of' his
death, was the owner in fee of the following tracts or
parcels of land, situate in Daviess county, Indiana,
viz: The west halt' of the southeast quarter of section
two, and the east half of the south quarter of section
two, and the southeast quarter of the northwest quarter of section numIxr eleven, township four north, of
ran!_re six WC8t;
AND WHEREAS, The said Jonas B. Wood was, at the
time of and previous to his death, desirous that all his
estate, both real and personal, should descend and be

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252

(3ENER AL LAWS.
confirmed to the children of his said wife, to wit:
William McConahay, Mary McConahay, Jane McConahay, Nancy McConahay, and Eliza McConahay
Therefore,
SECTION 1. Be it enacted by the General Amembly
of the State of Indiana, That the title to said tracts or
parcels of land above described, be and is hereby conveyed, confirmed to, and vested in the • said William
McConahay, Mary McConahay, Jane McConahay, Nancy McConahay, and Eliza McConahay, and their heirs
and assigns forever; and all the title and interest of the
said State.of Indiana, in and to the said lands, is hereby
relinquished to the said William McConahay, Mary
McConahay, Jane McConahay, Nancy McConahay, and
Eliza McConahay, and their heirs and assigns forever.
SEC. 2. Be itfurther enacted, That the said William
McConahay, Mary McConahay, Jane McConahay, Nancy McConahay, and Eliza McConahay, are hereby authorized to receive from the Treasurer of State the sum
of one hundred and forty-two dollars and ten cents, the
amount paid into the State Treasury by the administrator of the estate of the said Jonas B. Wood, deceased,
and it is hereby made the duty of the Treasurer of State
to pay the same.
S. 3. This act to be in foroe and take effect from
and after its publication in the Indiana State Journal
and Indiana State Sentinel.

CIIA PTER CXIII.
AN ACT to amend the second section of an act entitled An act to iacorporat
e the
Ward Cotton Mill," approved February 15th, 1s4A, and increasing
the Capital Stock
thereof.

[APPROVED FFBRUARY 28, 1855.)
SEcTioN 1. Be it enacted by the General A88emblY
of the State of Indiana, That the second section of an
act entitled ".An act to incorporate the Ward Cotton
Mill," approved February 15th, 1848, which is in the
words following, to wit: "Be itfurther enacted, That
the capital stock of said corporation shall not exceed
ve
hundred thousand dollars; and the said corpora
be seized and possessed of such real estate astion may
may be

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115

AN ACT ESTABLISHING A STA
TE BANK.
APPROVED JANUARY 28, 1834.
SECTION I. Be it enacted by the
General Assembly of the State of Indiana,
That there shall be, and is hereby
created and established, a State Bank with
ten branches, which, or so many as shall
be organized under this charter, to
be known and styled the "State Bank
of Indiana," and shall continue as
such until the first day of January, eigh
teen hundred and fifty-nine.
SEC. 2. The directors of the State Bank
first appointed are authorized,
and it is hereby made their duty to
locate one branch of said bank at such plac
e
within each of the districts herei
nafter named as they may deem expedient,
to-wit:
District No. One, composed of
the counties of Marion, Johnson, Shelby,
Hancock, Madison, Hamilton, Boon
, and Hendricks.
District No. Two,composed of the
counties of Dearborn, Franklin, Ripley,
Switzerland, and Decatur.
District No. Three, composed of the
counties of Union, Fayette, Rush,
Wayne, Henry, Delaware, and Randolph.
•
District No. Four, composed of the counties
of Jefferson, Jennings, Scott,
Bartholomew, and Jackson.
District No. Five, composed of the coun
ties of Floyd, Harrison, Washington, Crawford, and Clark.
District No. Six, composed of the count
ies of Posey, Vanderburgh, Perry,
Spencer, and Warrick.
District No. Seven, composed
of the counties of Knox, Sullivan, Daviess,
Gibson, Pike, and Dubois.
District No. Eight, composed of the
counties of Orange, Lawrence,
Monroe, Morgan, Martin, and Gree
ne.
District No. Nine, composed of the coun
ties of Vigo, Clay,()Wen, Putnam, Parke, and Vermillion.
District No. Ten, composed of the counties
of Tippecanoe, Fountain,
Montgomery, Warren, Carroll, and Clinton,
and of the territory lying north
of Warren and Tippecanoe and west of Carro
ll and Cass, to the southern
boundary of the northwest district.
SEC. 3. It shall be the duty of the directors
of the State Bank, after the
expiration of one year, to locate an additional
branch in the district to be
numbered eleven, composed of the counties
of Adams, Grant, Huntington,
Wabash, Miami, Allen, La Grange, Elkh
art, and the unorganized territory
attached to said several counties for judicial
purposes: and after the expira-


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tion of three years, to locate an additional branch of said bank within the
district of country lying north of the Wabash river, to be numbered twelve,
and not included in any of the districts before mentioned: Provided, that
there shall be more than three counties in said district: and like proceedings shall be had in organizing the same as are herein prescribed for organizing the other branches; and the state stock therein shall be obtained in
the same way; and paid over under the same restrictions and regulations
as is provided for the other branches: Provided, however, that nothing
herein contained shall prevent the board of state directors from paying the
same out of the sinking fund of the state, or any surplus funds under their
control.
SEC. 4. Should any of the branches herein established fail to organize, as
herein contemplated, it shall be the duty of the directors of the State Bank,
once in each year thereafter, if required by any number of the citizens who
will be responsible for the expense, to open books of subscription within such
district, and locate and organize a branch therein at such place as they may
select, if the amount of stock herein required shall be taken and paid for
under the provisions of this act.
SEC. 5. The said State Bank shall keep an office at the town of Indianapolis, and the directors thereof shall meet and hold their sessions at least
once in three months. It shall be a body corporate and politic, with power to
sue and be sued, plead and be impleaded, in any court of law or equity having
jurisdiction, and to transact all other lawful business herein permitted them to
do; and shall have power by and through her branches, and not otherwise, to
loan money, buy, sell, and negotiate bills of exchange, checks, promissory
notes, and other evidences of debt; to discount on banking principles and
usages, bills of exchange, post notes, promissory notes, and other negotiable
paper or obligations for the payment of money; to receive deposits, to buy
and sell gold, silver, bullion, and foreign coins; to draw, issue, and put in circulation bills, notes, post notes, bills of exchange, and other evidences of debt,
payable to order or bearer and not otherwise; and all such notes and bills
put in circulation as money, except post notes and bills of exchange, shall be
made payable on demand; and to exercise such other incidental powers as
shall be necessary to carry on such business.
SEC. 6. The real estate which it shall be lawful for said bank to purchase,
hold and convey, shall be, first, such as shall be required for its immediate
accommodation in the convenient transaction of its business; or second, such
as shall have been mortgaged to it in good faith by way of security for stock,
loans previously contracted, or for moneys due; or third, such as shall have
been conveyed to it in satisfaction of debts previously contracted in the course
of its dealings; or fourth, such as shall have been purchased at sales upon
judgments, decrees or mortgages obtained or made for such debts; and the


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117

said bank shall not purchase, hold or convey real estate in any other case,
or
for any other purpose; and all such real estate, not absolutely necess
ary for
the convenient discharge of its business, shall be set up. at least once
a year,
at public sale after having given thirty days' notice of such sale, describing
the property so to be sold, and the name of the mortgager, in at least
one
newspaper in the district where said bank is situate, and placin
g three
written notices in the most public places in the town where
the bank is
located; and shall be sold if the same will bring the amoun
t of the debt,
interest and costs for which the same may have been bought receiv
,
ed, or
taken by the bank, and which shall remain after deducting
all profits
received therefrom.
SEC. 7. All conveyances of real estate shall be signed by
the president of
the State Bank and have affixed the seal thereof.
SEC. 8. The said bank shall not at any time suspend or
refuse payment
in gold or silver of any of its notes, bills, or obligations due or payabl
e, nor of
any moneys received upon deposit; and if said bank at any
time refuse or
neglect to pay any bill, note or obligation issued by such
bank, if demanded
within the usual banking hours, at the proper branch
where the same is payable according to the contract, promise, or undertaking,
therein expressed, or
shall neglect or refuse to pay on demand as aforesaid,
any moneys received
on deposit, to the person or persons entitled to receive the same,
then, and in
every such case, the holder of any such bill, note, or obliga
tion, or the person or persons entitled to demand or receive such moneys as
aforesaid,
shall respectively be entitled to receive and recover interest on
their said
demands, until the same shall be fully paid and satisfied, at the
rate of 12
per centum per annum from the time of such demand as aforesaid;
and
any branch so failing to meet its engagements may be closed as
in case of
insolvency.
SEC. 9. The said State Bank and each and every branch thereo
f shall
mutually be responsible for all the debts. notes, and engagement
s of each other.
SEC. 10. All suits or actions against said bank on any
contract or engagement made, or liability incurred by the board of direct
ors, of the State Bank,
or on any contract or engagement made, or liability incurr
ed by the board of
directors of any branch, or on any bank bill or note,
shall be brought against
the State Bank of Indiana.
SEC. ii. The process in such case shall be a summons,and
shall be served
on the president of the State Bank, in all cases where the contra
ct, engagement, or liability sued for, shall have been made by the board
of directors of
said bank; and in all cases where the contract, engagement,
or liability sued
on, has been made or incurred by a branch, the process shall
be served on the
president of such branch; and so also where the suit shall be
brought on any bank
bill or note, the process shall be served on the president of
the branch at which


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such bill or note shall have been made payabl
e: or in all such cases, a copy
of the process may be left at the bankin
g house, or place of doing business
of the State Bank, or of the proper branch
, as the case may be, during the
usual hours of business, which shall be good
service. And it is hereby made
the duty of the president, or any other officer, of
any branch, knowing of such
service, forthwith to notify the president and directo
rs of the State Bank
thereof. In .all suits brought against said bank, on
any note, engagement, or
liability of any branch, such suit shall be brought
in the county where such
branch may be situate; and all suits brought against
the State Bank on any
note, engagement or liability of the State Bank,shall
be brought in the county
of Marion.
SEC. 12. There shall be no stay of execution on
judgments against the
bank for notes issued or deposits made therein, except
as herein provided for.
SEC. 13. Said bank shall be entitled to charge and receive
for moneys
loaned, six per cent. per annum and not higher, but the same
may,according
to bank rules, be discounted and taken in advance out of the
sums loaned.
SEC. 14. The profits arising, after paying expenses and
reservation for a
contingent or surplus fund, shall be divided among the
stockholders, according to the amount of stock owned and paid in by each ; and
in making this
calculation and division of profits, each branch shall
be independent of the
others, and its own profits be divided among its own
stockholders.
SEC. 15. There shall be deducted from the dividends,
and retained in
bank a year, the sum of twelve and one-half cents on each
share of stock,
other than that held by the state; which shall constitute part
of the permanent fund to be devoted to purposes of common school
education, under the
direction of the general assembly, and shall be suffered
to remain in bank,
and accumulate until such appropriation by the general assemb
ly; and said
tax shall be in lieu of all other taxes and assessments on the
stock in said
bank. And in case of an ad valorem system of taxation being
adopted during this charter, the said stock shall be subject to the same
ratio of taxation as
other capital, not exceeding one per cent, including the
aforesaid tax, and
the said tax shall only be assessed on such portion of the
stock as shall have
been paid, and on account of which, the stockholders shall
not be indebted to
the state.
SEC. 16. The person administering the government of this
state, secretary of state, treasurer, auditor of public accounts, commissioner
of the canal
fund, judge of the supreme or any inferior court, or any person
holding an
office or appointment under the authority of the general govern
ment, shall
not, while in such office, hold the office of president of
the State Bank,
director of the State Bank, or president, director, or cashier
of any branch,
nor that of a member of the general assembly; nor shall
any president,
cashier, or director of any branch at the same time hold
the office of presi-


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119

dent or director of the State Bank, on the part of the state, or the office of
president, director, or cashier of another branch.
SEC. 17. The notes issued by said bank shall be signed by the president
of the State Bank, and shall be made payable at the branch which shall issue
the same, and shall be signed by the cashier of such branch.
SEC. 18. No sale or forfeiture for unpaid taxes of any real estate,
mortgaged to said bank to secure the payment of loans made, shall, until
the lapse of five years from such sale, operate to prevent said bank from
redeeming the same, on payment of such taxes and damages and interest
thereon, as are required by law in other cases of lands forfeited and sold
on account of unpaid taxes, if at any time after such sale and forfeiture, such
real estate shall become the property of the bank for the payment of any
such debt.
Sic. 19. It shall not be lawful for said bank at any time to use or employ
any part of its capital stock or other funds in the biiying or selling of goods,
wares, or merchandise, or in any other business or dealing, than is by this act
authorized and permitted.
SEC. 20. It shall and may be lawful for said bank or any branch thereof
to accept, receive, and become responsible for the deposits and public revenues of the United States, upon such terms and conditions as may be agreed
on by the agents of the general government and a majority of the directors of
the State Bank.
SEC. 21. That it shall be lawful for said bank to receive on deposit
(except as above prohibited) moneys, bullion, plate and other articles of
value of small bulk, on such terms and conditions as may be agreed upon
by the parties.
SEC. 22. No note shall be issued of a less denomination than five dollars;
and the legislature hereby reserves the right, at any time after ten years, to
restrict and prohibit the circulation and issue of any note for less than ten
dollars.
SEC. 23. There shall be in said bank and branches an account created,
opened, and kept with the commissioners of the sinking fund, in which they
shall be credited with the dividends of profits accruing to the state on her
stock, and all other sums passing through or accruing in said bank properly
belonging to that fund, which fund shall be under the control and direction of
the said commisioners as herein provided.
SEC. 24. It shall not be lawful for the directors of the said State Bank to
locate any other branch or branches of said bank than is herein authorized.
SEC. 25. The capital stock of said bank may be increased by individual
subscriptions at any one or more branches, by and with the assent and concurrence of the legislature and directors of the State Bank.
Six. 26. The general assembly may at any time appoint an agent to


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examine the state and condition of said bank, and each and every branch
thereof, who shall have the same power and rights as examiners appointed
by the directors of the State Bank; and when any agent as aforesaid shall
find and report, or the governor of the state shall have reason to believe that
the charter has been violated, it may be lawful for the legislature to direct, or
the governor to order a scire facias to be sued out of the Marion Circuit
Court in the name of the state (which shall be executed upon the president
of the State Bank for the time being, at least fifteen days before the commencement of the term of said court) calling on the said corporation to show
cause wherefore the charter hereby granted shall not be declared forfeited;
and it shall be lawful for the said court, upon the return of said scire facias,
to examine into the truth of the alleged violation; and if such violation be
made appear, then to pronounce and adjudge that the said charter is forfeited and annulled; and every issue of fact, which shall arise in such
proceeding, and may be joined between the state and the Corporation aforesaid, shall be tried by jury, and it shall be lawful for the court aforesaid to
require the production of such of the books of the corporation as it may deem
necessary for the ascertainment of the controverted facts ; and the final
judgment of the court aforesaid shall be examinable in the Supreme Court of
the state, by writ of error, and may be there reversed or affirmed according
to usages of law; and it shall be the duty of the governor to employ
counsel on behalf of the state, to prosecute such writ of scire facias.
SEC. 27. That a general meeting of the stockholders of each branch
shall be held annually, at such time as the directors of the State Bank shall
direct, at which time elections for directors shall take place, to which meeting the directors of the preceding year shall exhibit an exact and particular
statement of the state, condition and affairs of said Branch,and general meetings of the stockholders may be held at any other time, when ordered by the
board of directors of the branch.
SEC. 28. Certificates of stock shall be issued to stockholders signed by
the president and cashier of the proper branch, and may be transferred on
the books of the branch to be kept for that purpose, and not otherwise; in
which case the old certificates shall be surrendered and new ones issued. No
stock shall be transferred, by any stockholder when any debt is due, or is
then owing and to become due from such stockholder, but by the consent of
.the directors of the branch; and such stock books shall, at all reasonable
times during the usual hours of transacting business, be kept open for the
examination of any person, having in his possession any note, bill, or obligation on any branch, then due, and the payment of which shall be refused.
And in case any officer having charge of such book shall refuse to permit
vich examination, he shall, for every such offense, forfeit the sum of fifty
dollars, to be recovered in an action of debt by the person so refused.


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SEC. 29. Stock shall be considered as personal property, and may be
sold on execution, and transferred on the books of the branch by the officer
selling the same, but in all cases be subject to a lien in favor of the bank,for
all debts bona fide due, or then owing and to become due the same, from
the owner.
SEC. 30. After the first election, no stockholder who shall not have held
his stock, for which he votes, for three calendar months previous to the day of
election, shall be entitled to vote; and the number of votes to which stockholders shall be entitled, in voting for directors, shall be in the proportio
n
following: that is to say, for each and every share, not exceeding four
shares,
one vote; for every two shares above four shares and not exceedin
g thirty,
one vote; for every four shares above thirty and not exceeding ninety,
one
vote; for every six shares above ninety and not exceeding one hundred
and
fifty, one vote; and for every ten shares above one hundred and fifty,
one
vote. But no person, co-partnership, or corporation, shall be entitled
to a
greater number than one hundred votes. In all elections, votes
may be
given either in person or by proxy, but no person shall vote by proxy
more
.than one hundred votes, and no individual stockholder, who shall be a resident of the county where the election is to be held at the time of such
election, shall vote by proxy, unless in case of unavoidable absence, except
females or minors.
, SEC. 31. No president, cashier, clerk or teller of said bank or any
branch
thereof, shall be permitted to vote at any election for directors, as the attorney, agent, or proxy of any stockholder. No president, cashier, or director
of the State Bank, or president or cashier of either of the branches, shall,
during the term of his office, be eligible to a seat in either branch of the
general assembly of this state.
SEC. 32. The president of the State Bank shall be elected by the general
assembly, by ballot of each house separately: Provided, That no person shall
be elected as such president unless he gets a separate majority of the votes
given by each house: Provided, however, That after three attempts at an
election as aforesaid, should no concurring choice be made, the two houses
shall proceed to elect the said president by joint ballot of both
houses; and
the person obtaining a majority of all the votes given on such joint
ballot,
shall be declared duly elected as in other cases. Such president
shall hold
his office for five years, unless sooner removed by joint resolutio
n, and
another appointed in his place.
SEC. 33. It shall he his duty to preside at all meetings of the board
and
decide all questions on which the board is equally divided, by
his casting
vote—he shall have power to call special meetings of the board
whenever
he may find necessary, and do and transact all other business naturally
appertaining to his office or conferred upon him by this act.


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SEC. 34. The president of the State Bank shall receive as a compensation, to be allowed by the board of directors of said bank, an annual salary,
not less than one thousand, nor more than fifteen hundred dollars, payable
quarterly.
SEC. 35. The general assembly shall elect four directors of the State
Bank, in the manner prescribed for electing the president thereof, who shall
respectively hold their offices, one, two, three, and four years, one going out
of office each year, and shall at their first meeting after their appointment,
determine, by lot, the periods they shall respectively hold their offices. Such
directors, or any one of them, may at any time be removed by joint resolution of the general assembly. Their compensation shall be fixed by the board
of directors of the State Bank; but the compensation of any member of the
board shall not be increased during the term of his appointment.
SEC. 36. Vacancies occurring in the office of president or of any state
director of the State Bank, shall be filled by appointment, to be made by the
governor, until the same shall be filled by the general assembly, as in this
act is provided for the election of the president and directors of the State
Bank.
SEC. 37. The board of directors of each branch shall annually and as often
as a vacancy may occur elect one director for the State Bank, whose compensation shall be fixed by the branch directors, and paid by such branch.
SEC. 38. It shall be the duty of said bank and branches to receive and
pay out the revenues and funds of the state, under the direction and control
of the treasurer of state, whenever the legislature may so direct.
SEC. 39. The board of directors of the State Bank shall have power to
appoint a cashier and such other inferior officers and agents as may be necessary to carry on their business, to fix their term of office and compensation,
and require such bond and security from them as they may from time to time
deem expedient.
SEC. 40. The directors of the State Bank shall have power to limit and
control the amount of discounts and loans of the branches after they shall
amount to once and a quarter the amount of capital stock paid in; to
settle and adjust the accounts and balances between them ; and for good
cause may suspend the operations of the same. They shall have power, and
it shall be their duty to regulate and equalize the state funds and public
deposits that may be in bank, and may transfer the same from one branch to
another as circumstances may require. But they shall in no case withdraw
any part of the capital stock of any branch,or any part of its own local funds,
without the consent of the hoard of directors of such branch, to be used in
any other branches, except in cases requiring such branch to be closed as
herein provided for ; and they shall have power to make and prescribe all
necessary by-laws to carry the powers herein conferred into effect.


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SEC. 41. They shall have power to appoint one or more of their number
to visit and inspect the condition and affairs of each branch, when and as
often as to them shall seem necessary; and it shall be their duty to make
such examination at least once in six months,and also at any other time when
thereto required by the directors of any branch. No director shall be
appointed by the State Bank to examine, visit, and inspect the condition and
affairs of any branch from which he has received his appointment.
SEC. 42. The person or persons so examining shall have power to examine
on oath or affirmation (which they are hereby authorized to administer), all
the officers, servants, or agents of any branch, or any other persons, in relation to the affairs and condition of such branch; and they shall have power
to examine all the books, papers, notes, bonds, and other evidences of debt
of any branch; to compare the books, funds, and property of said branch,
with their returns and statements made thereof; to ascertain the amount of
money and available funds on hand, and generally to make every other
inquiry and examination necessary to ascertain the actual condition of such
branch.
SEC. 43. The hoard of directors of the State Bank shall have power to
require of the board of directors of each branch, reports of their business
and condition, as often as shall be expedient, and not less than once each
month.
, SEC. 44. They shall have power whenever they shall ascertain in any
manner, that any branch is insolvent, or is mismanaging its affairs, whereby
the interest of the other branches is endangered, or that a branch hath
violated any of the provisions of this act, or any other act binding upon them,
or that any branch bath neglected or refused to comply with any legal order
or direction of the board of directors of the State Bank, and it is hereby
made the duty of said board forthwith to suspend the business of,such branch,
and the power of the branch directors over the same, and if the interest of
the state, or the safety of the other branches requires it, to close up the affairs
and business of said branch entirely; and to effect the same they are hereby
vested with power to appoint a receiver or receivers, who shall, under their
direction and control, collect and receive the rights, credits,and effects due such
branch, and turn them into available funds; to settle, adjust, and compound
the same; to settle, adjust, and pay off the debts due by such branch ; and
if any portion of the capital stock of such branch, or stock notes given
therefor, shall be upaid, to sue for, and collect the same, as also all contributions required from stockholders under the provisions of the one hundred and
second section of this act, or so much as shall be necessary to meet the
demands against such branch.
SEC. 45. That a copy of such order suspending or closing any branch and
appointing a receiver or receivers to take charge of the same, signed by the


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president and attested by the clerk of said board and the seal of said State
Bank, shall be sufficient to authorize such receiver to seize and take charge
of the same; and all officers,stockholders, servants, and agents of such branch
shall be required to obey and submit to the same, and in default may be
indicted for misdemeanor, and fined and imprisoned at the direction [discretion] of the jury trying the same; and any person fraudulently holding and
concealing any of the property or effects of such branch from such receiver
shall, upon conviction thereof upon presentment or indictment, be fined in
.1
any sum not exceeding one thousand dollars, and confined at hard labor in
the state prison for any term of time, not less than one year nor more than
ten years.
SEC. 46. It shall be the duty of the directors of the State Bank to provide for the payment of all the debts of a failing branch that shall remain
due after all the property, real and personal, rights, credits, and effects, and
all the stock of such failing branch, and the contributions of its stockholders,
shall have been first applied; and for that purpose they are hereby authorized
to call on the other branches for their respective proportions; arranging the
time of making such calls, so that the whole amount of such debt shall be
paid within one year after such failing branch shall have been suspended.
SEC. 47. And if it shall so happen that the property, stock, contributions,
or effects of said failing branch shall not by that time have been turned into
available means, the same shall be collected and distributed among the several branches to meet the advances by them made to pay the debts of such
failing branch.
SEC. 48. After payment of all demands against a failing branch, if
any of its effects, of whatever kind or description, shall remain, the same
shall be first applied to the payment of the state stock therein, and shall be
divided among the other branches and used as capital in the same as so much
state stock; and if any residue should still remain, it shall be paid over to the
other stockholders in their due proportions.
SEC. 49. Any order of the board of directors to suspend or close a branch
shall be carried by at least the votes of two-thirds of the members present at
some meeting, to attend which all the members of the board shall have been
notified; and the question shall be taken by ayes and noes, and the same
recorded on the minutes of the board.
SEC. 50. The order of the board of directors of the State Bank suspending any branch, shall likewise have the effect to suspend all suits, judgments,
orders, decrees, and executions, for any claim or demand which said branch
should have paid, nor shall any such suit be progressed in until the matter in
controversy shall have been submitted to the board of directors of the State
Bank, or the persons by them entrusted with the affairs of said branch; and
if, on such submission, the justice of such claim shall not be admitted, and


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the same be agreed to be paid on the closing up of the affairs of said branch,
the same may progress to judgment ; but execution thereon, and all other
executions or decrees, shall remain until one year from the time such branch
was suspended.
SEC. 51. The directors of the State Bank shall have power to regulate the
manner of holding elections for directors of the branches, and may, if necessary, change and fix the time of holding the same, of all which elections
reasonable notice of time and place shall be given.
SEC. 52. And in case an election of directors should not be made on the
day when the same should have been, the directors of the State Bank shall
order a new election, and the directors for the time being shall continue to
hold their offices until such election takes place and their successors are
qualified.
SEC. 53. No failure on the part of the general assembly or of the branches
to elect directors of the State Bank shall be considered as a dissolution of
this corporation, but the directors for the time being shall continue to hold
and exercise their offices until their successors are chosen and qualified.
SEC. 54. Said directors shall have power to regulate and control the dividends of profits so that the capital stock shall never be diminished, and to
create and keep up a surplus fund that shall never be less than one-sixteenth
of the capital stock in each branch.
SEC. 55. In the calculation of the profits previous to a dividend, interest
unpaid, although due, or accrued on debts owing to any branch, shall
not be included.
SEC. 56. Dividends of profits shall be declared semi-annually.
SEC. 57. They shall have power to close any branch which, after the first
year, shall not yield a profit of six per cent. per annum upon the capital
actually paid in, and the same may be proceeded in as in case of insolvency,
unless the discounts shall have been limited and controlled by the directors
of the State Bank, so as to prevent said stock from yielding such profit.
SEC. 58. They shall cause to be opened and kept, by their clerks, accounts
with each branch, showing the operations of each, and keeping constantly in
view their business and condition, which shall be at all reasonable times open
to the inspection of any stockholder, and of any person authorized by the
legislature to inspect the same.
SEC. 59. They shall likewise keep a record of all their proceedings, in •
which all their orders, votes, and resolutions shall be entered, with the ayes
and noes on all questions, which shall be open to like inspection.
SEC. 6o. They shall apportion the salary of the president and all other
officers, agents, and directors of the State Bank, and all other general
expenses, among the several branches, according to the amount of stock in
each, and shall have power to demand and receive the same.


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SEC. 61. It shall be the duty of the directors of the State Bank to keep
and preserve the original books of subscription of stock, and to cause to be
returned to them from each branch every six months a statement of all transfers of stock made the preceding six months.
SEC. 62. They shall also procure and take charge of the plates on which
the paper of said bank shall be printed, and shall cause a sufficient amount
thereof to be printed from time to time as occasion may require.
SEC. 63. They shall deliver on the order of the board of directors of
each branch an amount of such paper not exceeding twice the amount of
the capital actually paid in at such branch, except when more shall be
wanted to replace that which may have been worn out, defaced, or lost; in
which case all so defaced shall be returned to said board of directors of the
State Bank and destroyed; and they shall give no other or greater amount
for paper lost than they shall have good reason to believe is actually lost by
circulation or otherwise.
SEC. 64. Five directors, with the president, shall be necessary to constitute a board for the transaction of business. But in case of sickness or
absence of the president, his place may be supplied tor the time being by any
director whom the board may appoint.
SEC. 65. It shall be the duty of the board of directors of the State Bank,
in the first week of the session of the general assembly in each year, to make
report to both houses of the general assembly of the affairs and business of
said bank and each branch thereof, setting forth in regard to each:
1st. The amount of available funds on hand, designating each kind.
2d. The amount of notes discounted.
3d. The amount of bills of exchange.
4th. The amount and condition of the surplus fund.
5th. The amount of notes in circulation.
6th. The number of officers and servants, and the amount of compensation to each.
7th. The amount of rents paid, if any.
8th. The value of houses used for banking purposes.
9th. The value of other real estate, and whether the same has been regularly offered for sale, as by this act required.
loth. The amount of debts due to and from other banks.
th. All such other matters as shall by them be deemed material and
important, or shall be required of them by the legislature. A like report
shall be furnished to the general assembly, by the board of directors of each
branch. Such report made by the directors of each branch, shall contain
such statement of the condition of the same as aforesaid, as the same is found
on the third Saturday of November, in such year, at two o'clock in the
afternoon.


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SEC. 66. The directors, and all other officers and agents of the State
Bank, and of each branch shall severally, before they enter upon the duties of
their office, make oath or affirmation, well and faithfully to discharge the
duties of the same.
SEC. 67. The stockholders of each branch shall by ballot annually elect
not less than seven, nor more than ten directors for such branch, the number
to be settled by the directors of the State Bank; and the directors of the State
Bank shall appoint three directors for each branch: such branch directors
shall hold their office for one year, and until their successors are chosen and
qualified.
SEC. 68. The said branch directors, at their first meeting after each election, shall choose one of their number to be president, and shall have power
to appoint a cashier and such other officers and agents as they may deem
necessary, whose term of office, and whose compensation, together with that
of the president, shall be established by The directors. They shall also have
power to fill all vacancies occurring in their own body, except in those
appointed by the State Bank, which shall be filled by those directors of the
State Bank, appointed on the part of the state.
SEC. 69. No director appointed by the directors of the State Bank shall
be chosen more than twice in three years.
SEC. 70. No branch director, except the president; shall receive compensation for his services, unless by vote of the stockholders.
SEC. 71. No person shall he elected a director of a branch by the stockholders, who shall be in arrear to such branch, nor unless such person shall
be a citizen of the state, and a stockholder, owning in his own right and not
in trust, at least five shares in such branch. But in case there should not be
a sufficient number of stockholders owning five shares to constitute the
directory, they' may be elected out of those having the highest number of
shares.
SEC. 72. If during his term of office any director shall become in arrear,
or fail in business, remove from the state, or cease to own the requisite amount
of stock, or otherwise become disqualified, it shall be the duty of the said
board of directors forthwith to vacate his seat, and appoint another in his
place.
SEC. 73. No person shall be a director in more than one branch at the
same time; nor shall two or more partners be at the same time directors of
the same branch, or of the State Bank and a branch thereof; nor shall a
director of any monied corporation, having power to discount and to receive
deposits, be a director of any branch.
SEC. 74. The board of directors of each branch shall have power to
require such security from their officers and agents for the performance of
their duties as they may deem necessary.


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SEC. 75. It shall be their duty to make report
of their business and condition of their branch to the board of director
s of the state bank, once in each
month, and oftener if thereto required by said
board, setting forth all the
particulars required in their reports to the legislat
ure, and shall also send
copies of their monthly reports to each branch.
SEC. 76. The board of directors of each branch
shall keep a book or
books, in which shall he entered and faithfully
recorded a journal of all
their proceedings, which book shall be open to the
inspection of all the stockholders, at all regular meetings of the same; and also,
be open to the inspection of any three stockholders, holding together in
their own right, twenty
shares of stock, on application by them made to the
president or cashier.
SEC. 77. All elections by the several boards of director
s shall be viva voce
and recorded.
SEC. 78. The directors of each branch shall have power
to make and
prescribe such by-laws, rules, and regulations as they
shall deem needful,
touching:
1st. The government of their respective branches, and
the management
and disposition of its stock, business, property, estate and
effects.
2d. The time, manner, and terms upon which discounts and
deposits shall
be made and received in, and by the same.
3d. The duties and conduct of the officers, clerks, and servant
s employed
by the same, and
4th. All such matters as may appertain to the concerns of said branch
:
Subject to the control of the directors of the State Bank in the cases
and
according to the powers herein given to the directors of the
said State Bank.
SEC. 79. In the management of their business the board of director
s shall
observe the following rules:
1st. No branch shall loan money on the security of its own stock.
2d. No persons shall be accommodated with a loan while in arrear
for
stock, for interest or for loans had either on his own account
or as security
for others, and then due,unless the sums so due be retained
and first paid out
of such loan.
3d. In the renewal of notes the security shall never be lessene
d.
4th. No director shall be allowed to borrow out of bank on any
other than
the usual banking terms.
5th. The president, cashier,and directors for the time being of any
branch
or of the State Bank shall not be permitted to endorse for each other.
Nor
shall they vote on questions in which they are interested.
6th. On all applications for loans of five hundred dollars or upward
s, there
shall be five concurring votes out of seven, and so on in proportion
if any
greater number is present; and if any such application is granted
, the ayes
and noes shall be entered in the minutes of the board.


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7th. No corporation of any description shall, at any one time, be permitted
to be indebted, at one branch, in a greater sum than five thousand dollars, for
moneys loaned, unless by permission of the board of directors of the State Bank.
8th. It shall be the duty of the board of directors of each branch, as often
as once in three months, to cause a strict examination to be made of the
accounts of the cashier, and a full and complete settlement thereof; and a full
statement thereof shall be entered on the journals of the proceedings of said
board.
9th. No person shall be entitled to receive any dividend of profits on stock
owned, while indebted to said bank for any debt or demand then due and
payable, but the same shall be placed to his credit until such debt or demand
is paid.
loth. Seven members shall be necessary to constitute a board for the transaction of business.
SEC. 80. Every officer, agent, or clerk of said bank or branches, who shall
wilfully and knowingly subscribe or make false statements, or false entries in
the books of such bank or any branch, or shall wilfully and knowingly subscribe or exhibit false papers with the intent to deceive any person authorized
to examine or inquire as to the condition of said corporation, or shall wilfully
and knowingly subscribe or make false reports,shall be deemed guilty of felony,
and shall be subjected to imprisonment at hard labor in the state prison,for such
'term of years as the jury trying the case may think proper; and likewise any
commissioner or examiner wilfully and knowingly subscribing or making any
false report, shall be deemed guilty of felony and subjected to like penalties.
SEC. 81. Any officer, agent, or clerk employed in said bank or any
branch, who shall embezzle or appropriate the property or funds of said bank
or any branch, with the intent to cheat and defraud the same,shall be deemed
guilty of felony and punished in like manner.
SEC. 82. The capital stock of said bank shall be one million six hundred
thousand dollars, in shares of fifty dollars each, one-half thereof to be subscribed for, and owned by the State of Indiana, and the other half by individuals or corporations.
SEC. 83. The said capital stock shall be equally divided among the several
branches hereby created, making the sum of one hundred and sixty thousand
dollars at each branch, and if at any time that amount cannot be profitably
used in any branch,the directors of the State Bank by and with the consent of
the directors of such branch, may withdraw such portion of the state capital
as cannot be profitably employed in said branch, and place it in such of the
other branches as can most advantageously use the same; and such portion,
when placed in a branch, shall, for the time it shall remain therein, be considered as so much of an addition to its capital and it may govern its operations accordingly; and the branch from which such state stock is taken, shall


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ECONOMY.

be regulated in its operations
according to its remaining capital; and
the
directors of the State Bank may,
when they deem it expedient, withdraw such
portion of the state stock from
any branch, for the purpose of being repla
ced
as state stock in the branch from
which it shall have been taken, or in any
new branch that shall be organized,
or in any of the other branches.
SEC. 84. The directors of the State Bank
after giving thirty days' notice
in all the newspapers of this state
, shall cause to be opened books for the
subscription of stock at such places within the
districts aforesaid as they may designate for the location of branches, unde
r the direction of three commissioner
s,
whom they shall appoint. Said book
s to be kept open between the hours of
9 and 12 o'clock A. NI. of each day for the
space of thirty days.
SEC. 85. If stock to the amount of eight
y thousand dollars shall be
subscribed within said time for either of the
branches aforesaid, it shall be the
duty of the commissioners having charge
of the stock subscription books, to
examine as to the responsibility of the subsc
ribers for the stock, and if by
them deemed responsible, or not, to make their
report accordingly in writing
under their signatures, to the directors of
the State bank without delay.
SEC. 86. If on closing the books at any
of said places it shall be found
that more than eighty thousand dolla
rs have been subscribed for any branch,
the excess shall be taken first from
such as reside out of this state; then from
corporations, and should there still
be an excess, the same shall be taken in
proportion from the subscriptions
over five hundred dollars until all are
reduced to that amount, then from all
equally, until the whole amount shall
not exceed eighty thousand dollars.
SEC. 87. If a sufficient amount of stock
shall he subscribed for by respo
nsible persons at any of the branches, it
shall be the duty of the State
Bank
directors, as soon as they can ascertain
when said branches can be
furnished
with the capital on the state stock in said
branches, to give notice to the subscribers for stock, of the time when the
first payment on their stock
shall be
made, which notice shall be by publicatio
n in the nearest newspaper to
each
branch, sixty days before any payment shall
be required to be made.
SEC. 88. The directors of the State Bank
at the time of giving the notic
e
as to the payment of the first instalment
on the stock, shall also, in like
manner, give notice, that an election will be
held on the day succeeding that
appointed for the payment of the stock,
between the hours of 10 A. m.
and 4
o'clock P. M. of said day, at some publi
c place, at the point where the bran
ches
shall be located, for the election of direc
tors on the part of the stockholde
rs
in their respective branches.
SEC. 89. In case of failure, on the part
of any subscribers for said stock
to meet the first instalment, the commissi
oners having in charge the subscription books for stock, shall immediately
re-open said books and keep the same
open for the space of twelve hours, for
the purpose of permitting subscripti
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for such share or shares on which payment has failed to
be made; and should
there be more subscribers than there are shares to be subscr
ibed for, preference shall be given to such as are not holders of shares, and
the shares shall
be equally distributed among the remaining subscribers;
and if the number
of subscribers shall still more than equal the number of shares
to be taken,
those who shall have shares shall be decided by lot, under the
direction of said
commissioners.
SEC. 90. The subscribers for stock at each of the branch
es shall, at the
time appointed by the president and directors of the State
Bank, pay, in specie,
the sum of thirty thousand dollars to the commissioners
having charge of the
stock subscription books for the respective branches,
as the first payment on
their stock ; and the residue of said stock shall be
paid in specie in two
equal annual instalments: and each resident stockh
older in said branches
shall have the right of having the instalments that shall
become due on his
stock paid for by the state of Indiana, in specie, to the
proper branch, upon
securing the amount of the same to the state, to be
repaid on or before the
expiration of nineteen years from the year eighteen
hundred and thirty-four,
with interest thereon at the rate of six per cent. per
annum, payable semiannually, by giving a bond and mortgage on the fee simple
of unincumbered
real estate, the fair cash value of which shall be (exclu
sive of perishable
improvements) at least equal to twice the amount of such
loan. The said
bond and mortgage to be taken in the manner and subject to
the provisions
hereinafter specified.
SEC. 91. As soon as the stock shall have been subscribed and paid
for, at
any of the branches as aforesaid, it shall be the duty of the
president and
directors of the State Bank to subscribe for eighty thousand
dollars of stock
in such branch,(in the part of the state; of which fifty thousa
nd dollars in
specie shall he paid by the president and directors of the State
Bank, to such
branch at the first general meeting of the board of directo
rs of the State
Bank after the organization of the board of directors
of any such branch ;
and at the same time the president and directors of
the State Bank shall
give to the president and directors of the branch an order
on the commissioners for the subscription of stock, for the payment of the thirty
thousand dollars paid on the stock of said branch. And the residue of
the state stock
shall be paid in like manner, in two equal annual instalments
from the time
of said general meeting of the president and directors of the State
Bank.
SEC. 92. When the president and directors of the State Bank
and branches
shall have been qualified by taking their oath or affirmation of office,
and shall
have organized themselves and informed the governor of the
state that the
State Bank and branches are prepared to enter upon the busines
s of banking,
he shall, by proclamation, authorize said State Bank and
branches to commence their banking operations.


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SEC. 93. At the first general meeting of the board of directors of
the
State Bank they shall deliver to the president and directors of eac h branch
the by-laws, rules, and regulations for the same, together with the bills,
notes,
checks, books, and papers provided for such branch, taking the necessary
receipts therefor; and also for the amount of stock, paid on the part of the
state, in such branch; a duplicate of which receipts shall be filed by the president and directors of the State Bank, in the office of the treasurer of state.
SEC. 94. Should any failure of payment on the first, or any subsequent
instalment, take place on the part of any subscribers for said stock, then and
in such case the party failing shall forfeit and pay, if for the first
instalment,
the sum of ten dollars per share to the president and directors of the State
Bank, to be recovered by an action of debt; and in case of a failure to pay
any subsequent instalment at the time required by this charter, the president
and directors of the branch shall be at liberty to sell and transfer any such
share or shares of stock at public auction, after giving ten days' notice
thereof in writing, put up at the door of said branch bank; and any surplus remaining, after paying the amount due and incidental charges, with
ten per cent. on the amount paid on such share or shares on which such instalment shall be due, shall be paid over to the owner or owners of such stock
previous to the sale thereof; and, if the same cannot be sold for sufficient
to pay up the instalment then due thereon, the same shall be forfeited and
become the property of the proper branch.
SEC. 95. The dividends declared by the directors of the state bank, on
the state stock, and on such portions of the stock belonging to the other
stockholders who have had their stock paid for through the medium of the
state loan, and which shall not have been paid for by such stockholders, shall
be paid by the directors of the State Bank and branches to the board of
commissioners of the sinking fund, and not otherwise, unless upon the written
instructions of the board to that effect. And it shall be the duty of the
directors of the state bank to ascertain, at the times of making their dividends, the amount due of the loan, on the part of the state, to such stockholder, and declare the dividend thereon accordingly; and the dividends
accruing on the stock, or such portions of the stock as shall not be required
to be paid to said board, shall be paid, on demand, to the holders thereof
respectively, except in cases expressly provided by this charter.
SEC. 96. In case the amount of such divided on individual stock so herein
provided to be paid to the commissioners of the sinking fund shall not be sufficient to pay the interest due from the owner of such stock for the money so
loaned to him by the state, then it shall be lawful for said commissioners to
demand and receive of said bank a sufficient sum from the dividends due on
the residue of the stock of such owner, as will pay the balance of such
interest.


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Federal Reserve Bank of St. Louis

APPENDIX.

133

SEC. 97. It shall not be lawful for said bank or any branch to discount
or receive any note or other evidence of debt in payment of any instalment
due, or to become due on any shares of stock, or with the intent of providing
the means of making such payment,or to receive or discount any note or evidence of debt, with the intent of enabling any stockholder to withdraw any
part of the money paid in by him on his stock; nor shall said bank or any
branch make any loan of its specie, or discount or receive any note or other
evidence of debt for the purpose of furnishing means for any new branch to
organize, or to enable any subscriber for, or holder of, shares of the stock of
any branch, to make payment of any instalment due thereon.
SEC. 98. It shall not be lawful for said bank and branches at any time
to have a greater amount of debts due to said bank and branches, than twice
the amount of the capital stock actually paid in; nor shall said bank and
branches, owe or be indebted in a larger sum than twice the amount of its
capital paid in, exclusive of sums due on deposits; nor shall any branch at
any time have due or owing to it, or be indebted, exclusive of deposits, in a
larger sum than twice the amount of its capital stock actually paid in, without express permission from the board of directors of the State Bank; and
such permission shall.only be given in cases where one branch shall loan to
another branch a part of its funds, to be used for a definite time, and such
permission shall only extend to such period of time; and in case of excess,
.the directors under whose administration it shall happen, shall be liable for
the same in their individual and private capacities, in an action of debt
against them, or any of them, in any court competent to try the same, by any
of the creditors of said bank or the bank itself, and may be prosecuted to
judgment and execution, any condition, covenant or agreement to the contrary notwithstanding; but this shall not be construed to exempt the said
bank, or the lands, tenements, goods, chattels, money or effects of the same,
from being also liable for, and chargeable with such excess. And any
director or directors, who may be absent when such excess is created or
contracted, or who may have dissented from the resolution or act, whereby
the same was created or contracted, may respectively exonerate themselves
from being so liable by causing or requesting, in writing, at the time, his
or their dissent, to be entered on the minutes of the board, and by forthwith giving notice, of his or their absence or dissent, to the governor of
the state, and to the stockholders by giving notice thereof in some newspaper published near said bank or branch.
SEC. 99. Every director not present at the meeting when such excess
shall be created or contracted, shall, nevertheless, be deemed to have been
concerned therein, if the same shall appear on the books of the board, and
he remain a director for six months thereafter, and does not within that time
give notice of the same, as required in the preceding section.


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Federal Reserve Bank of St. Louis

1 34

JOURNAL OF POLITICAL ECONOMY.

SEC. too. The insolvency of said bank or
any branch shall be deemed
fraudulent unless its affairs shall appear, upon investi
gation, to have been
fairly and legally administered, and generally
with the same care and diligence that agents, receiving compensation for
their services, are bound by
law to observe; and it shall be incumbent on
the directors and stockholders
of the bank, or any branch, should the same
become insolvent, to repel by
proof the presumption of fraud.
SEC. rot. In case of the fraudulent insolvency of
said bank or any branch,
the president and directors of said bank or branch
, respectively, by whose
acts or omissions the insolvency was wholly, or
in part occasioned, and
whether then in office or not, shall each be liable, in
the first instance, to the
creditors and stockholders of said bank or branch, or
any or either of them,
for his proportional share of their respective losses;
the proportion to be
ascertained by dividing the whole loss among the whole
number of directors
liable; and if any such president or director shall be
unable, by reason of being
insolvent, or for any other cause to pay his proport
ional part of such loss,
then the residue of said 'loss shall be borne and
paid in equal parts by the
remaining directors liable as aforesaid, until the whole
loss shall be reim1:?ursed, or the whole property, rights, credits, and
effects of each of said
directors shall have been exhausted toward the paymen
t of such loss; but
this section shall not be construed to diminish
the liability of directors as
before declared.
SEC. 102. If the moneys remaining due to the credito
rs of said bank or
any branch whose insolvency shall be adjudged
fraudulent, after distribution of its effects, and after the property, rights, credits
, and effects of the
president and directors of such insolvent bank or branch
shall have been
exhausted, shall not be paid by the stockholders, the
deficiency shall be made
good by the contributions of the stockholders of the branch
becoming insolvent. The whole amount of the deficiency shall be assesse
d on the whole
number of shares of the capital stock of said branch,
and the sum necessary
to be paid on each share shall then be ascertained, and
each stockholder
shall be liable for the sum assessed on the number of
shares held by him
not exceeding the nominal amount of such shares, in
addition to the sums
paid, or which he may be liable to pay, on account of
those shares; but,
before such contribution shall be required, or assessment made,
on any shares
where the whole stock had been paid, the instalments unpaid
on any shares
shall be required to be paid up, and the estimate of the deficie
ncy made
accordingly.
SEC. 103. For the purpose of providing funds on the part
of the state to
.pay her subscription of stock in said bank and afford to
her citizens, who
may become stockholders therein, the ability of paying up
their second and
third instalments of stock, the commissioners of the canal
fund are hereby


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Federal Reserve Bank of St. Louis

APPENDIX.

1 35

authorized and directed to contract on the part of this state, a loan of one
million three hundred thousand dollars, or so much thereof as shall be
required for the purposes of this act, at a rate of interest not exceeding five
per cent. per annum, redeemable after twenty and within thirty years, at the
pleasure of the state; for the payment of which and the interest thereon, at
such time and place as agreed upon, the faith of the state is hereby irrevocably pledged. Previously however, to said fund commissioners performing
any duties by this section provided, they shall enter into bond with good
security, in a penalty to be fixed by the treasurer of state, payable to the state
of Indiana, conditioned well and truly to perform the trust reposed in them,
and to pay over all moneys to the president and directors of the State Bank
of Indiana, which they may receive, on account of any contract or loans
made by them, in behalf of the president and directors of the State Bank of
Indiana; which bond shall be approved by the treasurer of state, and when
so approved it shall be his duty to cause it to be filed in the office of the
secretary of state.
SEC. to. Said loan shall be so negotiated from time to time as to be
drawn for by instalments as follows: not exceeding five hundred thousand
dollars when the said bank shall be ready to receive the same for business,
and the residue in two annual payments thereafter; such instalments to be
varied in amount to suit the number of branches that shall organize under
the provisions of this act.
SEC. 105. The said commissioners or a majority of them, shall have
power to issue bonds for said loan executed by them payable to order or
bearer,copies of which bonds shall be filed in the office of the secretary of state.
SEC. 106. Said commissioners shall receive the same per diem compensation for their services herein as now allowed them, also their expenses to
be adjusted by the directors of the State Bank.
SEC. 107. Said fund commissioners shall make report to the general
assembly fully of their proceedings herein; they shall keep a record of their
proceedings; shall pay over the said loan on the order of the president and
directors of the State Bank, and take and preserve all proper drafts and
vouchers therefor.
SEC. 108. That it shall be lawful for the general assembly, by and with
the consent of the president and directors of the State Bank and of the president and directors of each branch, and not otherwise, to make such amendments and alterations in this charter as may be found expedient: Provided,
That said bank or any of its branches, shall not be authorized by any such
amendment to suspend or refuse the payment of specie for its notes, bills,
or obligations; or for any moneys received upon deposit, and that no such
amendment shall be made, the faith of the state is hereby pledged to the
creditors of said bank and branches.


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36

JOURNAL OF POLITICAL ECONOMY.

SEC. 109. The state reserves the power of making provisi
on hereafter for
the investment of the proceeds of the sales of
the college lands, lands
reserved for the use of township schools, and saline reservat
ions, and such
other corporate or state funds which may be deemed
expedient, as stock in
said bank under such regulations as will secure the safety
of the same, and
make them more productive and guard the rights of those
concerned.
SEC. 110. That the president and directors of the State Bank, first elected
by the state shall have power to organize themselves
as a board of directors
of the State Bank, by taking the oath or affirmation
and giving bond as herein
required, and shall, when so organized, have power to open or cause
to be
opened the books of subscription and to locate and organiz
e the branches
herein authorized, to procure plates, and cause paper to be struck
and to do
and perform all those things requisite and necessary to put the
said branches
in operation, anything in the sixty-fourths ection of this act, to
the contrary
notwithstanding.
SEC. iii. That it shall not be lawful for the said bank, after the first o
January, eighteen hundred and fifty-seven, to discount, loan money,
or do any
other banking business, and all the powers herein conferred
shall cease,
except those incidental and necessary to collect and close up its busines
s. And,
the general assembly hereby retains the power at any time after the
said first
of January, eighteen hundred and fifty-seven, to establish a new
bank and
branches, notwithstanding the privilege herein conferred.
SEC. 112. This act shall be taken and received in all courts, and by all
judges and magistrates, and other persons as a public act: and
all printed
copies of the same, which shall be printed by or under the
authority of the
general assembly, shall be admitted as good evidence thereof
, without any
other proof whatever.

SINKING FUND.
SEC. 113. There shall be created a fund to he called the
sinking fund,
which shall consist of all unapplied balances of the loan or loans
procured on
the part of the state for its stock in the State Bank, or for
the purpose of
being loaned to stockholders to enable them to meet their
stock instalments in
the bank; the semi-annual payments of interest on the
state loans to stockholders, and the sums that shall be received in payment of
said loans; the
dividends that shall be declared and paid by the State Bank
on the state
stock, and the dividends accruing on such portions of the stock
belonging to
the other stockholders as shall have been paid for by the loan
on the part of
the state, and which shall not have been repaid by such stockho
lders.
SEC. 114. The principal and interest of said sinking
fund shall be
reserved and set apart for the purpose of liquidating and Paying
of the loan or
loans and the interest thereon, that shall be negotiated on
the part of the state
for the payment of its stock in the State Bank, and
the second and third


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Federal Reserve Bank of St. Louis

APPENDIX.

37

instalments on the shares of the other stockholders in said bank, and shall not
be exfiendedfor any other turfiose, until said loan or loans, and the interest
thereon, and incidental expenses shall have been fully paid; and after the
payment of said loan or loans, the interest and expenses, the residue of said
fund shall be a permanent fund, and appropriated to the cause of common
school education in such manner as the general assembly shall hereafter direct.
SEC. I 15. The president and directors, on the part of the state, of the
State Bank, shall constitute a standing board of commissioners of the sinking
fund, and the president of said bank shall be the president of said board, and
the cashier of said bank shall be the clerk of said board. They shall have
the superintendence and management of said fund under such powers and
restrictions as are conferred or imposed by this act, or the legislature from time
to time shall prescribe. It shall be the duty of said board to loan all moneys
belonging to said fund, and examine the title to all real estate mortgaged to
the state to secure the loans made by the state to the stockholders in the
State Bank, and the loans made by said board of moneys belonging to said
fund; to ascertain and determine the value of such real estate; to take the
necessary bonds and mortgages to secure the payment of any such loans and
the interest thereon; to receive and collect the amount due of the principal or
interest of any such loans; and in the examination of the title to real estate,
fixing the value thereof and the amount for which it is to be mortgaged, the
amount of the loan, its duration and rate of interest, the nature of the mortgage, the registering, cancelling, or foreclosing thereof and in the making and
collecting any of said loans with the interest thereon, the said board shall be
governed in all respects by the provisions of the several acts authorizing the
loaning of the seminary funds, except on loans made by the state to stockholders in the State Bank, the time for the payment of the trincifial and
interest of said loans shall be regulated by this charter. The said board shall
receive and collect from the State Bank the semi-annual dividend that shall
be declared on the state stock, and on such portions of the stock of other
stockholders as shall have been paid for through the medium of the state
loan, and which shall not have been repaid by such stockholders to said board.
SEC. 116. It shall be the duty of said board to see that the interest is
promptly paid on the state loan or loans made for the payment of its stock,
or that of the other stockholders, in the State Bank; and, for this purpose,
they shall have the right to command the services of the president and directors of the State Bank, free of charge, to pay the same; and it shall be the
duty of said bank to pay said interest on said loan or loans, when required
by said board, the said bank to be reimbursed, for the amount of interest
thus paid, by said board,and all exchange and expenses actually incurred.
SEC. 117. Said board shall make all necessary arrangements for meeting
any legal charges or requisitions on said fund, and pay and discharge the


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Federal Reserve Bank of St. Louis

138

JOURNAL OF POLITICAL ECONOMY.

keep in a book, to be
same in the manner prescribed by law. They shall
and proceedings, and
acts
provided for that purpose, full accounts of all their
loans, and disburses,
receipt
the
detail
in
g
an account shall be kept showin
shall be entered
which
in
kept,
be
shall
books
e
separat
ments of said fund;
bank, and an
the
in
stock
the amount of the receipts of dividends on the state
and after
board;
said
to
paid
be
to
account of each stockholder, that is required
state,
the
to
lder
stockho
such
any
of
loan
the
on
the payment of the interest due
dividends shall be
such
of
residue
the
se,
otherwi
or
ds,
out of said dividen
d on his bond and mortapplied to the payment of his loan, and shall be credite
ge shall be satisfied by
mortga
and
bond
gage by said board; and when such
ed, and the bank divicancell
be
shall
same
the
se,
said dividends, or otherwi
be paid to said board, but to
dends on the stock of such stockholder shall not
the owner of said stock.
to the legislature, during
SEC. I 18. The said board shall annually report
statement of the opered
'detail
and
full
a
giving
,
session
the first week of its
ations and situation of said fund.
said board, the clerk, and
SEC. 119. The president and commissioners of
duties, take an oath or
their
on
g
enterin
all its agents, shall each, before
d them, a certified copy of
affirmation faithfully to discharge the duties assigne
the
state. The said presiof
er
treasur
which shall be filed in the office of the
bond to the state of
a
give
ly
several
shall
clerk
dent, commissioners, and
the governor, in the
by
of
ed
approv
be
shall
as
es
securiti
such
Indiana, with
performance of the
the
faithful
for
sum of fifty thousand dollars, conditioned
d from time
be
enlarge
may
bonds
which
of
duties of their office, the amount
ture may
legisla
the
as
d,
require
bonds
nal
additio
more
to time, or one or
er of state.
treasur
the
of
office
the
in
filed
be
also
shall
bonds
which
require,
day they may be
SEC. 1 20. The said commissioners for each and every
office, shall each
their
of
duties
the
of
ge
dischar
necessarily engaged in the
nce for the
allowa
such
make
shall
they
and
day;
per
dollars
be allowed two
compenble
reasona
and
services of their clerks and agents as shall be a fair
etc.,
ery,
station
or
es
expens
sation therefor, which sums with the incidental
be
thereof
t
accoun
an
and
fund,
said
of
out
paid
for said board, shall be
right
the
s
reserve
ture
legisla
The
of
board.
said
report
annual
embraced in the
of the officers in this secof changing the amount of the compensation of any
tion mentioned other than that of the president.
sinking fund shall be
SEC. 121. The board of commissioners of the
of the state, in any of
part
the
on
rs
directo
the
agents,
as
,
employ
authorized to
g any loan, or to collect
the branches, for the purpose of making and securin
to said fund from
coming
ds
dividen
,
the same or the interest thereon or the
responsible for
being
board
said
the
rs,
are
directo
agents
any branch of which
agents.
such
of
the acts
.
SEC. 122. This act shall be in force from and after its passage

‘)

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Federal Reserve Bank of St. Louis

STATUTORY PROVISIONS STATE BANK OF INDIANA
(1834-57 and 1857-66)

BANK OBLIGATIONS COVERED
Period:
Obligations covered:

1834-57 and 1857-66
All debts for both periods (Sec. 41, Ch. CXI, 1851)

Percentage of total
circulating notes and
deposits covered by
insurance:

100 (Sec. 8, Ch. CXI, 184)

B

ASSESSMENTS AND CONTRIBUTIONS IN BANK OBLIGATION INSURANCE PLAN
Initial contribution:
Annual assessment:
Special assessment: Proportionate sum necessary to pay debts of a failing
branch, after application of own property and contributions
of stockholders, upon call by board of directors of State
bank, covering period of not over one year. (Sec. 410Ch.CXI,
185V

C

STATUTORY LIMITATIONS ON OPERATIONS OF INSURED BANKS
I Responsibility of Directors and Stockholders
Directors:

Directors individually liable for loss on account of any
violation of limits on debts owed by or to bank, unless
dissenting in writing. Directors liable for proportionate
share (and if other directors unable to pay proportinnate
share, to full amount) of loss in case of fraudulent insolvency. Any insolvency deemed fraudulent unless proved
otherwise, and incumbent on directors and stock-holders
to repel by proof the presumption of fraud. (Sec. 86,88,89,
Ch. CXI, 185/)

5
Stockholders


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Federal Reserve Bank of St. Louis

Double liability (Sec. 90, Ch. CXI, 185't)

II Limitations on Loans and Investments
To officers and employees:
To directors:

No loan except on usual terms. (Sec. 74, Ch. CXI, 1850

To stockholders:
Maximum to single borrowers:

$500 and over only with approval of five out of
seven directors; $5,000 to any corporation, over
this amount only by permission of board of
directors of State Bank. (Sec. 7)i., Ch. CXI, 18%)

Total loans and
discounts:

Debts due to branch limited to tvoice amount of capital
stock, except with permission of board of directors of
State Bankt (Sec. 98, Ch. CXI, 185P9


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Federal Reserve Bank of St. Louis

-2-

* Annual average discounts not to exceed 2 1/2 times capital stock paid
in, if authorized by State Bank; and debts due to them, exclusive of
deposits and cash balances in other banks and branches, never to exceed
on annual average 2 1/2 times paid-in capital stock, or 3 times paid-in
capital stock at any one time. State Board power to restrict branches
in discounts to 1 1/4 amount of capital paid in. ( Sec. 86, Ch. MCI, 1855)


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Federal Reserve Bank of St. Louis

STATUTORY PROVISIONS STATE BANK OF INDIANA
(183)1-57 and 1857-66)

III Limitations on Ownership of Property
Banking house
and fixtures:

Time limit on realestate acquired by
collection of debt:

Ownership of other
real estate:

Such as required in immediate accommodation in
convenient transaction of business.(Sec. 6, Ch. CXI, 1855)

Unless necessary for discharge of business, must be
offered for sale at least once each year for amount
of debt with costs. ( See. 6, Ch. CXI, 1855)

Forbidden (Sec.

6, Ch. cxi, 1855)

Ownership of
corporate stock:
IV

Limitations on Circulation, Deposits and Borrowings

Maximum circulation:
Maximum deposits:
Rate of interest on deposits:
Maximum borrowings:

V

Debts owed by bank, exclusive of deposits, not to exceed
twice capital stock without permission of board of
directors of State Bank. (Sec. 98, Ch. CXI, 1834)

Required Reserves

VIM IOW MD Oa

VI Limitations on Payment of Dividends
Percentage of earnings
to be carried to surplus prior
Dividends to be controlled by board of directors of State
to dividends:
Bank, so as to create and keep a surplus of not less than
1/16 of capital stock in each branch. (Sec. 49, Ch. CXI,
1855)
If losses exceed undivided
profits, or in excess of net profits:
If reserve is impaired:
If capital is impaired: Dividends to be controlled by Board of Directors qf
State Bank so that capital stock shall never be dOminished.
(Sec. 49, Ch. CXI, 1855)


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Federal Reserve Bank of St. Louis

D

CHARACTER AND POWERS OF SUPERVISORY AUTHORrTIES OVER INSURED BARKS
I Character of Supervisory Agency
Name of board:

1855, President and directors of the Bank of the
State of Indiana. (Sec. 291 Ch. CXI, 1855)

Composition and
method of appointment: One director appointed by each branch annually.
(Sec. 32, Ch. CXI, 1855)
II Opening of New Banks
Authority approving
opening of new banks:
Conditions to be taken into
consideration in approval of
charters or issue of certificates to begin business:
ItIlixaminations and Reports
Number of required examinaTwo (Sec. 36, Ch. CXI, 1855)
tions each year:
Additional examinations by supervisor: When and as often as necessary.** (Sec. 36, Ch. CXI, 1g)
Minimum number of
condition reports
each year:

Twelve (Sec. 38, Ch. CXI, 1855)

IV Character of Assets and Management
Circulation and
liabilities:

May limit amount of loans and discounts after they
amount to once and a quarter the amount of capital
stock paid in. (Sec. 35, Ch. CXI, 1855)

Board of directors of State Bank to appoint two directors
of each branch (stockholders not less than five nor more
than ten) (Sec. 62, Ch. CXI, 1855). In Sec. 66 of 1834 la76
stodkholders 7-10
Board of State Bank to appoint 3 directors of each branch
* No branches to be opened except those authorized in the law (Sec. 21, Ch. CXI,
1855) --maximum of thirteen (amendment Feb. 7, 1838) later fifteen (Act of Feb. 10,
18)43).
**May also be examined at any time by an agent of the general assembly. (Sec. 23,
Ch. CXI, 1855).
Other powers:


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Federal Reserve Bank of St. Louis

-5-

V

Closing and Liquidation of Banks

Power to close for
violation of law:

Power to close for
unsatisfactory
condition:

Definition of
insolvency:

PoVers of
Liquidation:

By two-thirds vote. If branch has violated any act,
or has neglected or re-fused to comply with legal
order or direction of State Bank. (Sec. 39 and 44,
Ch. CXI, 1855)

By two-thirds vote, if insolvent, or mismanaging its
affairs, or fails to earn six percent after first year
(unless discounts have been limited and controlled by
State Bank). (Sec. 19, 44, 52, Ch. CXI, 1855)
If suspends or refuses payment on any notes, bills or
obligations due or payable, or any deposit. (Sec. 8,
Act of 1834)
To appoint receiver if interest of state or safety of
other branches requires closing of affairs of a branch.
(Sec. 39, Ch. CXI, 1855)

7
a

EXCERPTS REGARDING BANKING INSTITUTIONS FROM
INDIANA STATE DOCUMENTS, 1835-69

From a communication from the President of the State Bank of
Indiana to the Senate, December 5, 1834 (Indiana State Journal,
1834-35p
6o-62J.
1834-35

•

•

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Federal Reserve Bank of St. Louis

"The management of the institution, which the Legislature chartered last session, has been committed principally to
the stockholders, whose interests are such that it does not well
appear how a majority of them can unite in any measure injurious
to the common welfare. The state only appoints such a portion
of the officers, that she can, through them at all times know the
true situation of the institution; but the control has been wiseli
committed to persons chosen by the stockholders, that the steady
course of individual enterprise may never be interrupted by
political changes and revolutions.
"Every person may participate in the privileges granted
by our charter; those who have capital may at any time purchase
stock, much of which will at all times be in market; and those who
have not capital, may still exercise an important power in the
selection through the Legislature, of the persons who are to guard
the equal interests of the state in the institution. By reference
to the charter, it will be seen that proper guards have been
placed against too great an accumulation of power. A bank has
been established and not a loan office. The objects to be effected
by the former are to supply a convenient currency--to facilitate
exchanges--to furnish temporary loans--to aid in carrying away the
surplus produce of the country, and to cheapen the prices of imports,
by affording facilities and exciting competition. But no authority
is given in the charter, to exercise the powers that properly belong
to a loan office. It is not allowed to take landed security in
the first instance, it is prohibited from holding land, except for
special purposes;--and the Branches are liable to suspension, unless
they yield a certain dividend, which can never be made if long
loans be allowed: so that it would appear that the Bank was never
intended to supply capital to a few favored persons, like a loan
office, but to furnish a currency and supply facilities for trade
and exchange. This will appear still more evident, by reference
to that proceeding of the Legislature which struck from the bill a
clause originally inserted in it that authorised permanent loans.
That power might well be called dangerous, that in addition to the
usual banking privileges, could also influence a large portion of
community, by lending capital for long periods on the pledge of
their land. The real interests of the Bank are undoubtedly in
accordance with the course intended by the Legislature, when the
charter was granted; and if any complain that their cases are not
provided for, it will appear on examination that they have indulged
expectations that cannot in the nature of things be realized. What

2

•

they expected from the Bank, no well managed institution could
ever afford; and it would be better for them to devise some other
remedy than to attempt to divert the Bank from the accomplishment of its legitimate objects.
"To make loans for short periods and for special purposes, and to require them to be paid punctually, will be found
the most profitable to the Bank, and the most useful to the
country. This mode of doing business will keep out the paper of
the Bank;--will bring in good funds:--will accommodate the greatest number of customers;--will suit the business of those who
are taking the productions of the country to a market; and, by
encouraging punctuality and regularity, will benefit the whole
community.
"If long loans are made, only one set of men can be
accommodated; nothing will be coming in but the interest, thefaper
of the Bank cannot be kept out; when the expenses are deducted, a
dividend sufficient to keep the Branch from be'ng suspended, cannot be made; the customers who are not asked to pay in good times
will hardly make an effort in hard times; the Board of Directors
will cease to assemble and to take any interest when nothing new
is to be done; the responsibility of endorsers will be less and
less regarded, and it will not require the aid of prophecy to
foretell the result. As the Directors are all made personally
responsible for the consequences, it is very important that they
should commence right at first. If they deal impartially with each
others' claims, when loans are asked for, by any of their own
board; if they aim to encourage the exporters, the manufacturers,
the employers, and the safe business men of their vicinity, they
can scarcely fail to augment vastly the business, enterprise, and
prosperity of the state. But if they suffer a community of wants
to produce concert of action in granting long loans to themselves
or others--if they accept as principals or endorsers, those who
suffer themselves to be sued for just debts--if they cannot appeal
to a uniform and reasonable course of action--if they suffer their
vaults to be emptied and their files to be burthened with often
renewed notes, theirs will be no light account to settle with the
public.

•

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Federal Reserve Bank of St. Louis

"In the circulation of Bank paper, it has been found by
experience, that efforts to send it to a distance are very rarely
of any advantage to the Bank. The piper soon returns for redemption,
and if large quantities tx be found in a remote district, out of
the usual way of trade, suspicions are excited, the reputation of
the Bank is injured, and the field is soon very limited in which
the paper will be freely received. But when the business men
around a Bank understand that it is prudently managed, when it
stands ready to give support instead of asking it, general confidence is created, it extends and enlarges the circle of business
in every direction, and it soon expels other currency from what

3

•

may be deemed its natural field of circulation. Unless a bank
can be thus conducted, its establishment must have been premature,
and all further operations should cease."
"By order of the Board,
LL, President."
S.

From the annual report of the Directors of the State Bank, December 12, 1835 (Indiana State Journal, 185,20, pp. 69-74).

1835-36

•

"The semi annual examinations of the branches, required
by the charters, have been duly made, and it does not appear that
a single desperate debt has been contracted to any of the branches;
though as many of the debtors are yet untried, experience alone
can determine, how far they can be relied upon for strictly punctual payments, when they shall be exacted. The officers of the
branches, generally, are well qualified, and the duties confided
to them, with scarce an exception, are well performed. At one of
the examinations, an attempt was made to ascertain what number of
persons engaged in the several different occupations had been
accommodated with loans, and it appeared that notes and bills
had been discounted for 722 farmers, 339 merchants, druggists and
grocers, 272 mechanics, 134 produce and cattle dealers, 87 manufacturers, millers and distillers, 121 persons of the different professions, 27 inn-keepers and 266 persons whose employment was
unknown to the officers of the branches.
"It was not to be expected, but that differences of
opinions, as to the construction of the charter, and the privileges
granted by it should arise. Such have occurred, not originating,
it is believed, from wrong motives; yet, wherever these have led
to questionOle transactions, they have been submitted to the State
Board, all of whose proceedings have been in general conducted with
great unanimity.
"The operations of the several branches present, on the
whole, a state of prosperity wholly unequalled in institutions and
a community circumstanced like ours. Business was commenced under
the most favorable auspices. The paper of the United States Bank
and Branches, which had previously constituted our chief circulation,
was rapidly disappearing, and but for our Bank its place must have
been supplied by the paper of local institutions which never could
have obtained general confidence. The state was free from pecuniary
embarrassments, our citizens out of debt, our agricultural interests
highly prosperous, and with a large surplus produce, it only
required facilities to render these sources of wealth and prosperity
available. Such facilities have been afforded by the Bank.

•

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Federal Reserve Bank of St. Louis

4

•

"From the table annexed it will appear that the loans
of all the branches on the 21st Nov. were
$1,810,965.51
The paper in circulation
$1,393,035.00
$ 797,811.97
The specie in the vaults
Cash on hand, Bank notes and specie $1,369,845.64
"The circulation obtained by the paper and the specie
on hand, are such as have not often appeared in the operations
of Banking.
"It will be important both for community and the Bank,
that at as early a period as possible, its customers should be of
the right class. Before its organization, much of the produce of
the State was purchased by foreign capital, and a large portion
of the profits of its exportation fell to foreign hands, and when
the Bank comnenced operations, a year since, the season was too
far advanced to afford our own exporters as much aid as was
desirable.--The loans, therefore, not required for active business,
have, in some instances, been made for the purchase of lands, either
from the Government or individuals. That temporary loans should
be made for these purposes, cannot be objected to, especially
when the funds for payment are expected to be derived from other
sources than the sale of the lands. But if funds are borrowed
largely from the Bank, to buy lands for speculation; if the farmers
of the country forget that their prosperity depends upon raising
good crops, and not upon an imaginary rise of the value of their
land; if town lots and quarter sections are to become current
like promissory notes or bank bills, it must be apparent to every
person of reflection, that though a few may realize immense fortunes before the bubbles shall burst, yet the effects must paralize
all that is good and desirable in community. The ordinary pursuits
of business are neglected, wherever a speculating mania prevails.
Many engage in enterprizes, for which they were never calculated;
the throng of competitors prevents all reflection, and a tempest
succeeds, amidst which industry, economy, order and good principles
are lost. Every intelligent observer must be aware of the impossibility, that general prosperity can be enjoyed, except by
gradually improving the conditions of the different classes of community in their respective occupations, yet too many of these are
found willing to convulse society to its foundations, for the purpose of rising on the ruins.

•

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Federal Reserve Bank of St. Louis

"It is gratifying to state that the business of most of
the branches has been sr conducted, as to have no direct influence
in raising the prices of real property in their immediate vicinity,
and it io believed that it has not been a leading motive at any of
them to effect this object, and if for want of other customers,
too many loans have been heretofore made to speculators in lands
and town lots, this evil will soon be corrected. Business paper
more than can be discounted is now offered to several of the branches,
and at all of them a rapid increase of business profitable to them
and useful to the country may be perceived.

5
"If their operations be thus conducted, lands will
advance in price, produce rise in value, and towns increase in
size, on the basis of solid business, and the occasional depre
tions of either will not be seriously felt, either by the Bank or
cIII unity. That such depreciation mEy take place and at no distant
period is not improbable. Produce for some years has borne high
irices from various causes. The three last seasons have not been
as productive bS usual. A large amount has been required for the
accImmodation of emigrants. The high prices of cotton, the great
amount of foreign capital introduced into some of the southwestern
sttes, and the rapid improvements made there within a few years
have occasioned an unusual demand for our products. The price of
cotton is already depreciating, that of lands and other property
will probably follow, and if such harvests should be here gathered
as have been heretofore, the prices may be, as they have been, one
third or one fnurth of their present rates. The rents and of course
the prices of land must fall, to the injury and perhaps the ruin
of such as may be in debt and calculating to pay by the produce of
the soil or an increase of its value. These fluctuations in
prices may be greater than ever heretofore, if a general system of
internal improvements be commenced, and nothing should occur to
check the extravagant calculations that under such circumstEnces
would be indulged. The Bank may exercise an important influence
in these matters, by withholding its aio. and encouragement from all
business, uncertain in its character and that is adapted more for
private advantage than public good, and this will be thf the more
importance from the vast field for business now opening around us,
into which many will rush without any experience of the difficulties
to which it has always been subject in the West."

•

From the annual report of the Directors of the State Bank December 17, 18'16 (IndiEna State Journal, 1Q36-37, pp. 100-05).
1836-37

•

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Federal Reserve Bank of St. Louis

"During a considerable part of the present year nearly
all the Branches have extended their discount to twice and onethird their capitals, which was the limit fixed by the State Board;
and the circulation of the bank in general extended near1.1, as far
as is allowed by the charter. Specie
abundant, and the busi"I
ness of the bank and its customers never
appeared more flourishing.
Within a short period, however, a material change has taken place.
Specie has
been imported as usual from Mexico. The efforts of
nottJ-t
the Government and others to draw specie from Europe have been
much counteracted by the Bank of England. The suppression of small
notes in several of the states, and especially the distinction made
by the Government between specie and paper, in the payment for public lands, have altogether brought about a state of things seriously
affecting theone
my market. A portion of the specie in the vaults
of banks represented by twice or thrice its amount in paper has
been withdrawn by the paper being thrown upon the banks for redemption, and the circulating medium of the country has been much
diminished. Under these circumstances it is evident that the
accommodations of banks would necessarily be much restricted; and
that banks situated as ours, are peculiarly affected, may be gathered
from the following facts:

6

•

"At the end of the first six months of the last fiscal
year, 30th April, the circulation of the Bank amounted to $2,204,
630. At the close of the year, 31st October, it was $1,825,150,
being a reduction of $379,480 in six months.
"The private deposits within the same period were
reduced $73,641.73, from $404,273.37 to $330,631.64. With the
new instalment coming in, the aggregate of our business is of
course somewhat since enlarged. To what extent the progressive
diminution of circulation will extend after the 15th December,
when nothing but gold or silver will be received for public lands,
cannot be anticipated. But it is manifest, that from the location of our branches in the vicinity of the land offices, and that
the public land in our state continues deservedly to be so much an
object of attraction, our circulation must be liable to be so much
influenced by these and other causes, that the extent of accommodations which the business of the country calls for, and which for
its own interest and prosperity, the bank v.ould be prompt to render,
may not be in its power, consistently with its higher obligttion
to be at all times abundantly safe.
"There appears, however, no sound reason why we may not
anticipate that the principal obstructions to the usual banking
facilities, and especially with regard to our own Bank will before
long be removed.
"Our specie is abundant--our capital is small compared
business, wealth, and wants of the state. The last
actual
with the
instalment in the original branches, the second instalment in the
eleventh branch, and the increase by private subscription of
$60,000 at Madison, and $45,000 at Lawrenceburgh, will make our
capital actually paid in but $1,825,000. The Directors of the
Branches being personally liable for its correct management, and
the separate interests yet common responsibilities of the branches
for each other, would seem to secure its solvency under almost any
circumstances. If, therefore, it furnishes a secure circulating
medium to do the business of the country, if it facilitates our
trade and increases the amount of our comforts, all which must be
apparent to those who will fully examine the subject, there would
seem to be no more necessity of throwing obstructions in its way,
than there is of checking the improvements in the mechanic arts,
or the facilities of intercommunication between the different parts
of our country. As well might we destroy the steamboat, canal and
railroad, and return to packhorsesand perogues, as attempt to
destroy all the facilities, which universal credit and deserved
confidence have given to our banking institutions.

•

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Federal Reserve Bank of St. Louis

"It may not be amiss to inquire in what manner, and at
what expense the business of the country would be done, if specie
alone were the circulating medium. The advantages of credit could
ho longer be enjoyed, and capacity for business, integrity, and
enterprise, which now not unfrequently, with merely borrowed capital, engage in the most important concerns with success, would no
longer find encouragement. Only the few who possess large capitals

7
could engage in business to any extent, and (as there would be no
accumulation of funds through banks for usq,) they would gather
specie slowly, and much of it wL.uld lie long useless, previous to
being employed in any important operations. Its transportation
would be tedious, expensive and hazardous, and the thousand conveniences that now arise from exchanges, commissions, and atencies,
must be lost when credit perishes. What little business could be
done, would be at the discretion of the few, whose interest would
never lead them to compete with each other.

•

"But the amount of business which can be performed with
specie is far less, perhaps not half that which can be done with
even the same amount of paper. The one has, as it were, wings,
passes swiftly from hand to hand, and meets with little detention
or obstruction in its career of usefulness. The other passes
heavily along, or is, upon the slightest suspicion of an unfavorable change in the stqte of the times, laid aside, so as often
sensibly to affect every kind of business in the community; while
being collected or in transitu from one point to another, or while
deposited in the private desk or money bag, it is not of the
slightest use
ny one. But banks use even their temporary
deposits in exchanges and other useful operations. Thwcalculate
accurately,whi
le their funds are being transmitted without hazard
I
loss, from and to all places where correct business is done;
and thwmay keep in•active operation not only the whole means of
the country, but by credit and character double, and perhaps
treble those means to increase the general prosperity and comfort.
It is manifest to every reflecting mind how fatal the consequences
to us must be, if, instead of a sound paper currency, sufficient
for the business of the country, we were obliged to substitute a
medium one third in amount, and with a much diminished capacity
for usefulness."

s:t

•

From Report of the State Bank, October 31, 1839 (Indiana Documents,
1838729, reports to House of Rekusentatives, pp. 79-90.)

1838-39

•

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Federal Reserve Bank of St. Louis

"Another difficulty arises from the tendency of business,
and the constant efforts of borrowers, to turn what were intended
to be temporary accommodations, into long loans. When this is
effected to any extent, in the same proportion, new loans cease
to be made, the Bank paper no longer issues regularly as a circulating medium for the country. Thse
o
who would borrow to carry off
produce, or temporarily for other useful purposes, are told time
after time, "the bank is not discounting." And the institution,
instead of resembling the unfailing fountain, which pours a constant stream to cheer and gladden the country, becomes like the
exhausted cistern, a mere deposit for dregs.
"Long loans are in general not less injurious to the
borrower, than to the Bank and the country. If they were only
made while property was rising rapidly in price, and borrowers
would be sure to sell before a fall of prices commenced, they might
be more fortunate; but all experience shows that no business men
are so unreasonable as those who have dealt long on
borrowed

8

•

capital,--that success only stimulates them to incur increased
liabilities; and that the neglect to pay when money is plenty,
makes the attempt hopeless when it is scarce.
"The periods during which prices rise rapidly are short,
compared with those in which they are about stationary or are
falling; and there can he no question that in common times, the
farmer cannot afford to pay a rent equal to the interest of the
cost of his farm and stock; nor can the merchant afford to pay
interest on what, by his credit and capital, he uses in his business. Most active men may, with advantage, pay interest for short
periods, on money to aid their operations; but there are few indeed, who can meet a constant drain on their income, equal to the
interest of the capital employed.
"Another great difficulty in the way of useful banking
is, the accommodation loans to merchants. While the balance of
trade is against the State, the money, loaned for the purchase of
goods from abroad, only increases the evil. And when the merchant
borrows directly from the Bank, in the place of those who would
circulate its paper, he takes from the people the means to do
business and pay debts; and while his sales increase their liabilities, his policy cuts off the resources for payment. If he would
give way to the produce buyer, the manufacturer, the employer,
&c., the money loaned, after performing its proper functions
among the people, would in the end come to him in payment of
debts. But when he insists on being the borrower himself, his conduct is as absurd as that of the physician, who had rather swallow
his own drugs, than sell them for the benefit of others."

•

From report of the President of the State Bank, February 17, 1840
(Indiana Documents, 1838-39, pp. 283-90).
1838-39

"In comPliance with a resolution of the 14th instant, the
undersigned submits the following Exhibits of the proceedings of
the Directors of the State Bank.
"At the late session of the Directors, commenced February 10, 1840, among other proceedings the following items from the
Business Committee were referred to the Committee on the State of
the Bank:
"To ascertain whether the several Branches have kept
their disc:,o)_,t‘i Jithin the prescribed limit;
"The subject of suspension of the various Banks in the
adjoining States, and the probable effects upon the future action
of the State Bank and Branches;

•

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Federal Reserve Bank of St. Louis

"The present condition of the Lawrenceburgh and Lafayette
Branches, and the steps they have taken to comply with orders and
requisitions of the last board of Directors of the State Bank;

9

•

"How far the various Branches have complied, with recommendations of the last session of this Board in confining and using
their discounts and purchase of bills to the facilitating the conveyance of the surplus produce of the country to market.
"The committee above named, on the state of the Bank, reported
on the above subject,as follows:
"That the several Branches have kept their discounts
within the limits prescribed;
"In relation to the subject of suspension, we do not conceive, that any change so material has taken place since the meeting
of the last Board, as to require any additional action on that subject;

•

"In regard to the present condition of the Lawrenceburgh
and Lafayette Branches, and the steps they have taken to comply with
orders and requisitions of the last Board of Directors of the State
Bank, that after a careful examination into the affairs of these two
Branches, they find, that the Lawrenceburgh Branch, without decreasing the amount of their specie capital more than eight thousand dollars, have paid their whole debt, amounting to about $47,000 to the
United States; that while they have increased the amount of their
bills discounted and bills of exchange to some extent, they have
decreased their circulation about $19,000; leaving their immediate
liabilities, however, greater than a strict regard to the safety of
the Institution, would indicate to be right, when compared with the
amount of means in hand to discharge them.
"The committee are well satisfied, that the general condition of both the Branches is better, than at the last meeting of the
Board, yet recommend, that in their future operations, they continue
to adhere strictly to the orders and recommendations of this Board at
its last meeting."
* *** * * **

•

"The committee further state and report, that they have had
under consideration the situation of the Branches and their future
prospects of business as well in regard to the increase of their specie
capital, as their continuing to aid the business of the country, and
they feel constrained to recommend to the Branches the exercise of
great caution and prudence in their banking operations--such of them
cis require and receive an instalment of at least one-fifth on all their
discounts every 90 days, and such of them as have a third to a fourth
of their whole discounts in bills of exchange, which will be promptly
paid at maturity, may, without much trouble prepare for any state of
things, that is likely to take place, and they may still continue to
make discounts, which will keep up a supply of circulating medium in
the district in which they are situated, although of course their
business will be contracted during summer, to be again expanded, when
the exporting season commences. Such of the Branches as have a large
debt due them from the State, and in addition a considerable amount of
loans from individuals, on which very little reduction can be made,
must, without doubt, be considered in a critical and difficult situation.


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Federal Reserve Bank of St. Louis

- 10-

•

"Where a Branch ceases to make new loans, the difficulties
of collection increase, for the means to make payments diminish, as
the Branches lessen their discounts. No pains should be spared to
realize from the State, at an early day, the balances that are due,
and whenever by sale of property or Bank stock, the debtors of the
Bank can diminish the amount of their dues, such sales should be
earnestly pressed. Every long loan collected and all stock held by
persons, who seldom wish to borrow, furnish additional means to increase
the profits of the Bank, and promote the useful business of the
country. When old debts are thus collected, great care should be
taken, that the money does not again fall into wrong hands. To guard
against this, no new loans for any purpose whatever should be made, without requiring at least one-fifth every 90 days. All debtors of the
Bank, who are unable to pay instalments of at least a tenth on their
present debts, should be debarred from future loans until their circumstances change; and on no account should loans be made to persons,
who will not feel it both a pride and duty continually to keep up
their credit in Bank.
"As to future business, much must be left to the sound discretion and judgment of the Branch Directors: yet your committee
deem it their duty to present the following resolutions:
"Resolved, That none of the Branches of the State Bank
ought to have in accommodation notes, and in its debt due from the state,
an amount exceeding once and a fourth its capital; and that efficient
steps ought to be taken to restrain any Branch, which shall not, at the
earliest day practicable, place itself in this situation.
"Resolved, That the Cashiers of each and all the Branches
hereafter be required, in their quarterly reports, to add, to the
usual mode, the following facts.
"1st, The amount of loans each, of notes discounted, or
bills of exchange to merchants, and what number of persons to whom
made.
"2d, The amount of loans on notes and bills to producers.
"3d, The amount of loans on notes or bills to those actually
engaged in the exportation of produce.
"4th, The amount of loans on notes or bills to manufacturers
and mechanics."

•

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Federal Reserve Bank of St. Louis

-11-

From Report of the State Bank
1839-40, pp. 93-98)•
1839-40

November 1840 (Indiana Documents,

"As near as could be ascertained at the last semi-annual
examination, the discounts to different classes of business men were:
To
To
To
To
To

merchants,
farmers,
manufacturers and mechanics,
_
_
exporters,
_
all others,

$1,032,136,
600,310,
610,754,
723,842,
771,376.

"The loans to exporters will have been increased near a
million of dollars before April; and these to others, merchants
especially, a good deal diminished.
"The notes and bills under discount amounted to 6,590.
$430,802.
The discounts to directors amounted to
907,797.
to
stockholders,
other
The discounts to
2,399,819.
stockholders,
not
persons
to
The discounts

•

"Of the private stock, $820,500, was owned by persons who
borrow nothing or to a less amount than their stock; and $545,353, by
persons who owe the bank more than their stock. In eight of the
branches, more than seven-tenths of the private stock is held by persons, who usually borrow nothing or very little; and the discounts to
their directors were $203,108, being $154,888 less than was due tom
the directors of the same branches in 1838.
"In some other branches, there is more stpck held by borrowers than is desirable; yet where there are but few capitaiists in
a bank district wishing to invest funds in bank stock--where the borrowing stockholders would sell their stock at once if purchasers of
the right kind could be found; and where the business is safely and
prudently managed, no interference can be required of the State Board.
"There have been almost no difficulties in managing the
bank, which have not arisen mainly from the purchase of stock by persons with the expectation of borrowing money on more favorable terms
than could be allowed to others. As these difficulties have occurred
from time to time, such measures have been adopted by the State Board
as appeared necessary to correct the evil, and no positive failure to
do so, has yet occurred. In regard to these and all other exceptional
proceedings in branches, it is understood by the State Board that they
must be corrected; "that the branches which conduct their business
properly, "must not be endangered by others, and that "the whole
institution can and must carry with it a good share of "favor from the
well informed business men of the State."

•

"The following table shows the highest and lowest discounts
and circulation of the bank for the last four years.


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Federal Reserve Bank of St. Louis

12

1837, highest discounts
April 1,
$4,314,827.
highest circulation April 29,
2,615,275
1838, highest discounts
Jan. 20,
3,596,957.
highest circulation Oct. 31,
2,804,468.
highest
discounts
1839,
March 15,
4,995,382.
Ti
highest circulation March 30,
3,847,503.
1844, highest discounts
4,309,757.
March 31,
ft
circulahighest
tion March 31,
3,279,897.

•

Lowest discounts Oct. 31,

11

Ti

11

n

It

It

u

H

ft

11

$3,367,267

2,205,812

July 21,
Jan'y 6,

Oct. 31,

3,182,503

2,308,130
3,940,382
2,985,372

11

3,617,249
2,835,902

"Except in the year 1838, when the suspension of specie payments discouraged to a great extent new enterprizes, and which accounts
for the difference in the business of that year, it appears that the
discounts and circulation of the bank are usually considerable larger
in the winter and spring than in the summer and fall. While the produce business of the State maintains its relative importance, and is managed as heretofore, these fluctuations must be expected. If more industry
and capital were employed in manufactures, and if it would suit a portion of the farming interest to engage more extensively, at the proper
season, in buying and fattening stock and hogs, to pay when exporters
want their accommodations, the business of the bank might be nearly
uniform throughout the year. Any attempt however to force a circulation beyond the business wants for a currenc, will not be found
advantageous to the bank, or the country.
"Since October, 1839, most of the banks in the middle,
southern and western States, have not paid specie on their notes as
usual. A heavy drain of specie from these banks was submitted to
for some months, in the hope that it would cease with the panic
which produced it. But when it was feared that some of them might
fail, and this would occasion so much alarm as to others, that the
demand for specie would continue and increase, it was believed that
suspension for a time was the least of the evils which the hanks could
make choice of. The most of them by paying out their specie, and
forcing collections to the utmost, could have met all demands; but
it would have been at the expense of blighting the hopes and blasting the prospects not only of business men generally, but of most of
the creditors and debtors of the State.
"By Mr. Woodbury's Report of April 9th,1840, it appears that
the circulation of all the banks in the Union, has been as follows,
at the times specified:

•

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Federal Reserve Bank of St. Louis

-13-

•

January
January
January
January
January
January

1st,
1st,
1st,
1st,
1st,
1st,

1835
1836
1837
1838
1839
1840

-603,692,495.
140,301,038.
- 149,185,890.
- 116,138,910.
- 135,170,995.
- - - 106,968,572.

"The great reduction of circulation in 1838 and 1840,
must have been much greater in each case, but for the suspension,
which still left a currency not in general five per cent below
specie. With this, much of the debt of the country has been
paid, often, no doubt, at considerable sacrifices; yet still
insignificant to what they must have been, had no suspension taken
place.
"The circulation of the State Bank of Indiana has varied
more in reference to the business demands of the country, than
from any other cause, and yet the baneful influences of the
fluctuations in other States, have been severely felt here.
"It is understood that specie payments will be resumed
at an early day, and may it not be hoped that general confidence
will be restored--that enterprize and industry will again seek
their appropriate rewards, and that years of steady improvement
and increaseing prosperity, may follow the severe lessons which
should not have been given in vain."

•

From Report of Mr. S. Merrill, President of the State Bank
December 1843 CIndiana Documents 1842-4,32_pp. 276-88.
1842-43

•

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Federal Reserve Bank of St. Louis

"The difficulties with which the bank has had to contend
from the outset, have not been met by the branches with equal
resolution and success. To correct errors and misconduct, that
had been discovered, and to prevent injury to the state and the public, the state board have repeatedly ordered admonitions, censures,
and restrictions in reference to several of the branches. The
South Bend branch was for a time during the past year considered
to be in an unsafe position. It was restricted in its discounts
and required to make collections, which being effected and the
character of the officers of the branch being a guarantee, that
the privilege would not be abused, the transaction of bank business to a limited extent was again permitted.
"Almost from the commencement of operations, there have
been difficulties with the Lawrenceburgh branch. The officers,
directors, and stockholders were accommodated with large loans,
many of which were suffered to continue for long periods without
any material reduction. These and other illegal transactions in
the branch, had from time to time called for severe animadversions
from the State Board. During the period from June 1842, to
April 1843, the branch was in continual danger of failure. But

14

•

•

instead of making prompt collections, expedients were resorted
to, hazardous in their character, and not authorized by the
charter. At first they were concealed from the State Board, but
when they were discovered by the examiners, a' change of policy
was required, and had it not been adopted immediately, the
branch would have been suspended at the time. From April to
November, the policy pursued was satisfactory to the State Board.
Payments were required, debts secured, and preparations made to
enable the branch to become useful and profitable, though it
was understood that the efforts made for this purpose were very
unpalatable to many of the stockholders. At the late election
of directors, the opponents of the policy approved by the State Board
prevailed and all the efforts that had been made for years to
reform the branch, appeared to have been fruitless. Other remedies
to keep it within the limits prescribed by the charter having
failed, its suspension was ordered by the State Board without a
dissenting voice, at their last session.
"Whether the branch will be restored or not, must depend
on its prospects of future usefulness. If satisfactory assurances
can be given that the provisions of the charter will be observed,
and if the interests of the state and the safety of the other
branches will permit, there will not only be no objections to the
restoration of the branch, but every member of the State Board
would be gratified and most of the branches would cheerfully contribute to effect the object. Were the means of the branch to
be such that it could discount its $100,000 of prompt paper every
three months, the advantages would be so great that there could be
little danger of returning to the former vicious policy, or if
this state of things could not be effected at once, the State
Board ought to have in the known characters and views of those
who shall manage the branch, an assurance that there shall be no
risk to the other branches and no needless delay in effectiqg this
object.
"The long endurance of the misconduct of the Lawrenceburgh branch, the adoption of all other means authorized by the
charter before having recourse to that provided in the last
resort, and the repeated applications for assistance to the other
branches, which has been cheerfully granted, may be referred to
as proofs how unwillingly the suspension was ordered. It is perfectly idle to suppose that a branch can be well managed by men
often under protest, accommodating themselves first and manifesting no desire to possess the confidence of the other branches, nor
can it be of any advantage to keep a branch in existence, when
it has not the means to do real business and cannot or will not
contribute its share to the common credit and usefulness of the
whole institution.

•

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Federal Reserve Bank of St. Louis

"The State Board have had a deep sense of their responsibility in this exercise of the powers committed to them by the
charter, and they are well satisfied that the credit of the bank

-15-

will not suffer by what has taken place. Not only the other
branches, but the public will feel that this dispensation of
discipline is a guarantee that the interests of the state and of
1,:.5vtte citizens, having claims on the bank, must and will be
secured.
"Receivers are now in possession of the effects of the
branch. Until redeemed by them, its paper will be taken as
heretofore by the other branches, and whether it be restored, as
there is some reason to hope, or closed up entirely, there will
be but little if any loss, and this must fall entirely on the
private stockholders, of whom a considerable number approve fully
the proceedings against the branch.
"A majority of the branches have, ever since their
organization, managed their affairs with prudence and propriety.
Their officers and directors possess and deserve public confidence
and though persons of influence and presses of both political
parties occasionally assail the bank with much injustice, yet the
effect in general is not seriously to impair its interests."

From Report of the President of the State Bank to the General
Assembly, December 1844 (Indiana Documents, 1843-44, pp. 111-19).

1843-44

"Since the last annual Report, the Lawrenceburgh Branch,
which was then under suspension, by order of the State Board, has
been restored to its former functions and franchises, under
auspices altogether favorable to its future prosperity and usefulness. The re-instatement took place on the 26th da?.6f February
last, and thus far, its career has not disappointed the hope then
formed of its prospective utility and efficiency.
"The South Bend Branch is gradually emerging from its
late crippled condition, and it is no only subject to those
restrictions that are common to all the Branches.
"Mile on the one hand, the Bank as a unit, is in a
sound and healthy condition, and the Branches abundantly able to
extend all needed facilities to all classes of the community, so
on the other, the stockholbrs in most of them, are realizing fair
profits on their investments. Some one or two of them however,
have not been so active as it is thought they might be, and most
of them are still laboring under the burden of a large suspended
debt, which if no heavier amount of it be ultimately lost, than
may be reasonably anticipated, will be fully met by the surplus
fund in each."

•

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Federal Reserve Bank of St. Louis

-16Fi.om Report of the President of the State Bank to the General
Assembly, December 1.46 (Indiana Documents, 1846, pp. 127733).

•
1846

"It will be noticed, that the "Suspended Debt" in several
of the Branches continues large; and independently of its inconvenience to the Branches themselves, it is otherwise injurious-affording occasion for misrepresenting the condition of the Bank.
In mercantile communities, suspension is only another name for
bankruptcy; but it is believed that by far the greater portion of
the suspended debt of this Bank, is as well secured as any other
debt the Bank has.
"To obviate, however, the objection which that item
presents to the minds of those unacquainted with its real character, the Board of Directors have resolved to carry an increased
portion of the profits of the several Branches to the "Surplus
Fund," until the aggregate surplus in all the Branches shall
equal the amount of the suspended debt, and the amount invested
in banking houses. In pursuance of this resolve, an order was
made at the last quarterly session of the Board, that at least
one-sixth part of the then net semi-tinnunl profits of the respective Branches should be carried to the Surplus Fund; that, at
the next May session of the Board, at least one-fifth part of the
profits, and at each half-yearly dividend thereafter, at least onefourth of the profits should be carried to such fund; and that,
when the surplus profits of the whole Bank should equal the
suspended debt and amount invested in banking houses in the whole
Bank, no extra dividend should be allowed by which such surplus
should be reduced below that point."

FrnmxREpludocrifxliallExxiiip:Rxxxlzhocbc
impanaiWxxxx

•

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Federal Reserve Bank of St. Louis

.tkax2luciaudlacsicpcDgmx

-17-

•

From Statement of the President of the State Bank showing the
amounts loaned to stockholders and others (Indiana Documents
1850-5],j pp. 41,3-15).

1850-51

TABLE

Of Loans in all the branches of the State Bank of Indiana (except
the Richmond Branch) to stockholders, and others, during the past
year.

Branch

Indianapolis
Lawrenceburgh
Madison
New Albany
Evansville
Vincennes
Bedford
Terre Haute
Lafayette
Fort Wayne
South Bend
Michigan City

Loans to
Stockholders

Loans to others
not Stockholders

Total loans

$ 10,323.64
284,215.00
71,470.71
45,063.00
195,712.04
51,500.00
125,000.00
235,791.00
328,303.00
103,000.00
70,654.16
478,660.56

$1,517,419.75
1,595,034.77
1,442,532.76
429,229.45
515,573.37
367,500.00
215,000.00
1,149,594.00
1,136,150.00
650,000.00
772,616.21
547,226.25

$1,227,743.39
1,879,249.77
1,514,003.47
474,292.45
711,285.41
419,000.00
340,000.00
1,385,385.00
1,464,453.00
753,000.00
843,270.37
1,025,886.81

$1,999,693.11

$10,337,876.56

$12,337,569.67

JAMES M. RAY, Cashier.
State Bank, Indianapolis, Feb. 3, 1852.

•

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Federal Reserve Bank of St. Louis

I

-18-

•

From Report of the Auditor of State showing names, etc., of the
free banks organized and applied for. (Indiana Documents? 185152, pp. 22-25)
1851-52

REPORT

OFFICE OF AUDITOR OF STATE,]
Indianapolis, January 22, 1853.]
Hon. O. B. Torbet,
Speaker of the House of Representatives:
Sir--In answer to a resolution of the House, I submit the following statement showing the names, location, capital, and names of
Stockholders of the several Banks orginized, or for which applications are filed, under the act approved May 28, 1852, to wit:

STATEMENT Showing the Names, Location, Capital, and the names of
Stockholders of the several Banks of Indiana.*

•
Names of Banks

Location

Capital

1-

•

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Federal Reserve Bank of St. Louis

Bank of Connersville
State Stock Bank of Indiana
Plymouth Bank
Indiana Stock Bank
Prairie City Bank
Southern Bank of Indiana
Public Stock Bank
Bank of North America
Government Stock Bank
Gramercy Bank
Merchants' Bank
State Stock Bank
Wabash Valley Bank
City Bank
City Bank of Indianapolis
Bank of Richmond
Bank of Richmond
Bank of Indiana
State Stock Bank of Madison
Commercial Bank of Madison
Madison City Bank
City Bank of New Albany

Connerville
Peru
Plymauth
Laporte
Terre Haute
Terre Haute
Newport
Newport
Lafayette
Lafayette
Lafayette
Logansport
Logansport
Indianapolis
Indianapolis
Richmond
Richmond
Indianapolis
Madison
Madison
Madison
New Albany

$500,000
200,000
50,000
50,000
200,000
100,000
100,000
50,000
50,000
100,000
50,000
100,000
200,000
500,000
500,000
500,000
500,000
400,000
500,000
200,000
500,000
500,000

-19-

•

State Stock Bank of
New Albany
Traders Bank of Terre Haute
Merchants' Bank
Bank of Enstern Indiana
Bank of Lawrenceburgh
Bank of Goshen
State Stock Security Bank
Bank of Northern Indiana
Canal Bank
Bank of Salem
Bank of Cannelton

300,000
100,000
50,000
500,000
500,000
200,000
50,000
200,000
100,000
250,000
800,000

New Albany
Terre Haute
Terre Haute
Rushville
Lawrenceburgh
Goshen
Newport
South Bend
Evansville
Salem
Indianapolis

Total number of Banks
Total amount of Capital
Total number of Stockholders

33
$8,900,000

97

E. W. H. ELLIS, Auditor of State.

* Names of stockholders not copied.

•

From Report of the Select Committee appointed by the House of
Representatives relative to the Bank of North America LIndiana
Documents, 1851-52, p
.p 367-70)
1851-52


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Federal Reserve Bank of St. Louis

"The select committee appointed on the part of the House
to inquire into the facts relative to the late reported refusal
of the Bank of North America, at Newport, Indiana, to redeem its
paper, have had said resolution under consideration, and beg
leave respectfully to submit the followiag report:"

"From the above testimony, it appears that the run upon
the Bank of North America was the result of some sort of an
arrangement between certain citizens of the State of Ohio and
others of the State of Indiana. What particular object they could
have had in view, it is difficult to conjecture, unless, as is
most probable, they intended, by throwing temporary discredit
upon one of the free banks of this State, to influence the action
of the present Legislature upon the system of free banking. Certain it is, no good whatever has resulted from the course which
has been pursued, on the contrary, no little inconvenience has

-20 -

•

been experienced by many citizens of the State. The brokers of
Cincinnati, improving upon the hue and cry raised against the Bank
of North America, by their united efforts on the street and througg
the public press, appear to have succeeded in casting a temporary
reflection upon the value of all Indiana free bank paper, and to
be now reaping a very fair pecuniary harvest in a shave of something like five cents on the dollar.
"It is seriously to be regretted that there should be
any in our midst apparently disposed to use undue influences
in order to break down and cast odium upon a system of banking
now in its infancy in the west, but which is the result of many
centuries ofiinancial legislation, and is, probably, the best
which has ever obtained in the world.
"It is, nevertheless, the unanimous opinion of the committee that every bank should be compelled to redeem its paper
upon presentation. Sound policy and a due regard to the interests
of tie people of the State dictate that a suspension of specie
payment should not, under any circumstances, be countenanced by
our laws.
"The committee would respectfully suggest that some very
stringent provisions are necessary in order to compel foreign
bankers to carry on a legitimate banking business within the State.
There are, doubtless, a number of institutions in the State similar to those which, in the State of New York, are denominated
"movable" banks. As subjects of taxation an4ffices for redemption
they will prove -most inaccessible to the people. The committee
would respectfully recommend that every bank be compelled to
have a regular banking office--to keep said office open a certain number of hours each day--and to !pay a heavy forfeit, or be
subject to be put in a state of liquidation by tae Auditor, upon
every failure to redeem its paper.

•

"Your committee ask to be discharged from further consideration of the subject."

From Annual Report of the Auditor of State for the State of Indiana
to the General Assembly, November 1 1854 (Indiana Auditor, 185456, first section, pp. 80-87.)
1854'156


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Federal Reserve Bank of St. Louis

FREE BANKING
"The duties of the Auditor in the Banking Department of
his cffice, have been peculiarly important, laborious alasponsible. From about the first of May, last, from severalrcauses, a
heavy run commenced upon the State Stock Banks of Indiana, for
coin. The scarcity and demand for Eastern Exchange, which yielded
a sufficient profit to the Brokers of our neighboring cities to
induce them to collect and assort the notes of our banks, and to

-21-

•

send them home in large sums for redemption in coin, caused such
a drain upon their specie as to give them great trouble to keep
an adequate supply on hand. So inveterate was the demand for
coin and nothing but coin, that many of the banks which had
provided themselves with Eastern exchange, and offered it to
those who presented large amounts of their paper, were told in
reply, that the notes promised to pay dollars, and that exchange
would not be taken instead thereof. This unprecedented, and
dmost unheard of run, continued to increase for more than sixty
days, before any one of those banks declined to furnish to the
numerous bads of brokers and bankers, who continued to assort
and send home their paper, the heavy sums demanded by them in
specie.
"A crisis then shoaed itself in the whole monetary
operations of the Western country. A large number of bankers and
brokers in Cincinnati, who had supplied themselves in a great
measure, with exchange and coin drawn from the Indiana Banks,
under their assorting system, were compelled to suspend business,
when they could no longer use the Indiana Banks as the fountains
of their existence. Indeed, several of the Ohio banks, in other
cities than Cincinnati, felt the same want of a place for the
supply of the precious metals, and at Cleaveland, Columbus, Circleville, Toledo and Sandusky, banks which had hitherto been in
full confidence, were also brought to suspension, and their notes
to a very severe and ruinous rate of discount. Chicago and Illinois generally were next the theatre of the effects of this combined demand for coin, also, resulting in the failure of several
banking houses, and a depreciation of their notes. The fact that
the notes of the Indiana banks, under the General Banking Law,
were secured by interest paying bonds of the several States of the
Union, and in many instances by the very best securities that
any State issues, seemed to be of no value in the estimate put
upon their notes by the public. A general depreciation ensued.
Those banks which cohtinued through all the pressure thRt was made
upon them, to redeem in coin, were alike discredited with those
which had refused to pay to brokers, bankers and their agents.
There are many banks in the State, which have rigidly complied
with the demands made upon them for specie at all times, when
they might have saved or made much money by refusing to pay, and
by aurrendering bonds to note holders.

•

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Federal Reserve Bank of St. Louis

"Added to the disorganization of financial affairs in
the West, at the same time, an unusual stringent state of the money
market exhibited itself in New York, and the other great commercial
cities in the East. This tight condition of money facilities in
the East, being the point at which all heavy transactions in State
Stocks and bonds are usually made, served materially to depress
Indiana Stock secured paper, for capitalists could not be found,
who were able and willing to protect the paper to purchase the
State bonds which secured it, unless they were sold at unreasonable depreciation and loss.

.10•••-

-22 -

•

'She excited and unsettled condition of European affairs
seemed, at this crisis, to be also unfavorable to the Stock market of New York, and there was a consequent falling off of foreign
orders for the purchase of State Stocks. The large amount of
those Stocks which by the redemption of bank paper was liable to
be thrown upon an already depressed market, produced the conviction upon my mind, that if they were, by operation of law, to be
forced to sale for what they would or might bring, much loss
must ultimately result to the public by an insufficiency of the
securities to meet the issues of the banks. If a bank has notes
out to the amount of one hundred thousand dollars, which were
issued upon an equal sum in State bonds, if those bonds be forced
into market at a loss of twenty per cent, a deficiency of twenty
thousand dollars must be the result, which sum mwt fall upon the
note holders, if there be no other assets or personal responsibility.
"To avoid such a state of things, I resolved, after due
deliberation, to exercise such power as was conferred upon me by
law, to give as much opportunity as the emergency would allow,
for a re-action in the money markets, and to give opportunity to
foreign capitalists, through their friends in this country, to
make orders from abroad. It is my belief that in thus acting
under the law, the bill holier was benefitted, and the interests
of the bond owner promoted, and, that, at no distant day a heavy
foreign competition in our own markets will bring our State
securities back to their face, and to their full value. In order
that all persons interested in these results should be placed
upon a footng of equality, I publthed a Circular, dated on the
first day of November last, and which is in these words, to-wit:
CIRCULAR.
Office of Auditor of State, 1
Indianapolis, Nov. 1, 1854. 1
"Toc-orrect an erroneous impression, entertained by many
persons, that the holder of notes of the Stock banks, having them
protested thereby acquires a priority in the payment, the undersigned deems it his duty to state that such is not the fact. In
case of the winding up of any bank under the Statute, the notes
not protested, are placed on the same footing as those which have
been pro-tasted, and a dividend of the assets will be made pro.
rata.
"Holders of notes should also bear in mind that the amount
of the dividend would be essentially diminished by the costs and
fees of protests, and expenses of sales of assets.

•

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Federal Reserve Bank of St. Louis

The undersigned has also determined, that in discha#ng
his duty to all the creditors of any bank which may be forced
into liquidation, he will not proceed to offer any of the assets

-23-

•

of such bank in the market, until after at least sixty days'
notice in New York, London, and Paris, so as to insure the largest
and best price for the securities, and not tnen, if, in his
opinion, the ultimate interests of all concerned will be promoted
by a further extension.
"He
also, authorized to exchange the State Stocks
deposited in his office as collateral by several of the banks,
at par for their circulation, when presented in sums of not less
than one thousand dollars.
"JOHN P. DUNN,
Auditor of State."
"So great has
country, on the subject
the tLnes has marked it
yet have been felt, nor

•

been the commotion throughout the whole
of money and currency, that the history of
as an epoch. The whole effect may not
the great results known.

"The circulation or issues of the banks organized under
the security system of our general banking law, was on the first
of May last, near nine million of dollars, since which period,
and up to the 15th of December there has been cancelled and
destroyed of said amount, near the sum of two million, eight hundred and fifty-four thousand, two hundred and seventy-nine dollars,
thus reducing to less than six millions, at that day, since which
time the work of redemption and cancellation is still in rapid
and extensive progress, giving almost positive assurance that full
five-sevenths of the whole amount ever issued, will be retired
I-fore the first of May next, which will leave but about two
millions in circulation or existence at that time: provided
the same unfavorable course is pursued by the public in demanding
coin for every bill which falls into their hands.
"In such a contraction of the circulating mediam of a
State, so vigorous, industrious and enterprising as Indiana, much
embarrassment and difficulty must ensue, unless some other and
better circulation shall fill this suddenly vacuum.
"It will be one of the most dcult and important
S uties of the Legislative department to devise a system which can
furnish, on a safe and reliable basis, so large a sum, or a sum
sufficient for the trade, business, and commerce of our people.
The want of confidence, now so generally diffused, in reference
to banks or bankers, will make it exceedingly difficult to organize
any system of credit, as represented by paper promises to pay,
which will command the confidence of the public.

•

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Federal Reserve Bank of St. Louis

"If bank notes isaued upon the stocks of States which
have never failed to pay the interest as it became due upon their
bonds, with the additional securities of personal responsibilities,
in many cases worth more than the whole issues of the bank, and
the whole specie and assets of the 5ank faithfully applied to the

•

•

redemption of their notes, are insufficient to inspire confidence,
in the safety and value of the paper, then indeed, it would
seem to be very questionable whether any system of paper currency
would be regarded with public favor. Indeed, those banks which
have been most prompt and unceasing in the redemption of every
note as it is presented, have met with but little more favor,
than have those who conveniently allowed the brokers, bankers,
and other bill holders to take what they can get under the compromises of parties or the strength of the law. If this want of
public confidence, this desire to make tradaand traffic of exchange
and of coin shall continue, and what shall abate it? What hope
is there that the old system of mere confidence banking, with
power to issue two or three dollars in paper to every dollar of
specie in their vaults, and in many cases five dollprs to one in
coin, can ever again obtain favor, countenance or confidence among
a people who can compare the advantage and disadvantgges of real
security and nominal words of confidence. It is true that the
paper of the Indiana Stock Banks has depreciated under the general
panic, and has been sold at a loss, but to all who took the trouble
to read and to learn, it was always manifest, that there was no
great necessity for large losses. Whilst on the other hand, old
and respectable confidence banks which failed in Ohio and elsewhere, were so little upheld by public opinion, and the protestations of their officers, that their notes fell almost valueless
in the hands of innocent holders.
"The securities of no bank have been lessened in any
instance, but, where parties, by agreement, have surrendered notes
and taken bonds. Care has been taken to give the least valuable
securities first so that no deterioration should ultimately occur.
"Where banks have failed, or may fail, to protect or take
up their notes to the satisfaction of holders thereof, I have determined to collect the accrued interest upon their bonds, and reinvest it in additional securities, to strengthen the fund for
the redemption of their notes, by the action of compound interest.
"It is quite probable that a number of the existing
stock banks, will voluntarially close their operations and
finally wind up. Several have already signified their intention
to close, and are engaged in redeeming all their issues. Others
have made their arrangements to continue business in a legitimate
and regular manner provided the action of the legislature be such
as to permit them to operate without embarrassing and
impracticable restrictions.
"It is obkious that the existing banking law, requires
careful revision and amendments.

•

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Federal Reserve Bank of St. Louis

"The great amount of capital which has been invested
in banks in the State, should be permitted to remain, if it be

- 25 -

•

content tc remain upon terms compatible with the public interest,
and that interest can only be properly protected by requiring the
most certain and prompt payment of all the notes of every bank that
may be allowed to issue bills.
"No security should be taken upo/piany other pretext or basis
than the absolute intrinsic value of such security. Five per cent
and six per cent bonds should only be estimated at the relative
value between them, without reference to any fluctuating condition
of the market, which may be made to vary according to the cupidity
and stock jobbing schemes of those who expect to profit by ephemeral
prices or ficticious or fancy rates of the stock market.
"The reliable character of the State and its ability to
pay the interest upon its bonds, should form the principal estimate
of their value.
"There are some alterations and restrictions to be made to
the present law which seem to attract general attention. It is
conceeded that every bank should have a location and a business house,
of a permanent character. That it should be subjected to the ordinary rules of banking business. It should be kept open at least
five hours in each day--it should have a due portion of responsible
stockholders--it should never be permitted to suspend specie payments except upon the forfeiture of all of its franchises--it should
give such undoubted security, as to availability and value as would
leave no apprehension on the mind of the bill holders, of its ability
and certainty to pay the last cent of its issues. It is suggested, as
to location, to prevent the practice of selecting remote and unknown
situations, that no bank should be located at any point which does
not contain from two to three thousand permanent citizens. That an
amount of from twenty to twenty-five percent of securities, over and
above the amount of bills issued, be required in all cases, that such
security should either be in good interest paying bonds, equal to six
per cents, or in good real estate, valued at a two-thirds value,
without reference to the improvements of a perishable nature thereon,
to be appraised by disinterested appraisers, under oath, in such
manner as similar real estate is taken in security for the trust
funds of the State.
"It is also respectfully suggested, to require the establishment of an agency of equalization or redemption, at Indianapolis,
or at some other convenient and proper point in the State, where the
several banks will be compelled to have their paper redeemed in
eastern sight exchange at a rate varying from one to one and a half
per cent, where bill holders may be disposed to receive such exchange,
at such rates. A plan similar to this in principle, is in existence
in New York, and in Massachusetts, and serves to keep up a uniform
value of the notes of all the banks, however remotely they may be
located.

•

If, under such a regulation, bill holders refuse to receive
exchange, as before suggested, then the bank upon which they may hold
bills, should have such reasonable time as may be just, to furnish and
pay coin.


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Federal Reserve Bank of St. Louis

- 26 —

•

"With these and such other improvements as experience and
the wisdom of the Legislature may indicate, it is confidently believed
that a very useful, safe and necessary system of Banking may exist,
capable of resisting the effects of panics and pressures, and of
affording a circulating medium which will have credit, both at home
and abroad, and which is absolutely necessary to the business wants
of our enterprising community.
"Whilst I have never been the advocate of any system of
banking, as being better than the use of the precious metals, I am
free to say that I think the day has passed when the people will be
willing to create or sustain any other system of Banking than that
which is based upon the most positive and available securities.
"As the charter of the State Bank of Indiana will expire
before another Legislature shall convene, it will be the duty of the
present General Assembly to make such disposition of the interests
of the State now in that institution, as will best accord with the
safety of those large funds, which consist of the capital stock,
sinking fund securities, surplus fund of the Bank, real estate and
banking houses, together with a variety of other assets and claims.
*
*

From Governor's Message delivered to the General Assembly of the State
of Indiana, January 4, 1855 (Indiana Documents. 1853-54, pp. 609701.
1853-54

"Before the next session of the General Assembly, the
charter of the State Bank will expire; and, therefore, it devolves
on the present Legislature to make some disposition of the interest
that the State holds in that Institution. It is wisely provided
by the constitution that, hereafter, the State shall not be a stockholder in any bank, nor lend her credit to any corporation. With the
object of carrying out this principle, and keeping in view the interests which the State holds in the Bank, consisting of stocks, sinking
fund, surplus revenue, real estate, and other assets, I recommend the
appointment of a Board of Commissioners with full authority to make
a settlement of the affairs of the State and the Bank, on the expiration of the charter.
"The State is liable for the bonds originally issued for
the capital stock, upon which the Bank has promptly paid the interest,
and the stock, at this time, commands a premium.
"The whole legislation of the State, as well as the letter
and the spirit of the constitution, declares the expediency of a
separation of the interests of the State from all corporations. I
concur, fully, with the Auditor of State in his views as to the
propriety of the future investment of the sinking fund in the bonds
of the State.

111

"The law upon the subject of General Banking, has failed to
accomplish the purpose for which it was enacted. It has not furnished,


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Federal Reserve Bank of St. Louis

- 27 -

•

for the use of the people, a sound circulating medium. The experience
of the two past years fully establishes the correctness of my remarks
addressed to the last General Assembly on the subject of banking;
and I may adopt, in its fullest meaning, the sentiment then expressed,
"that past events have clearly shown that t1 restrictions provided
by the law are insufficient to prevent abuses of the privileges
granted."
"It is a matter of regret that this subject did not engage
the attention of the General Assembly at its last session. I again
urge upon your consideration, the views expressed on this question
at that time.
"The country having over-traded, a necessary demand for
exchange to meet Eastern liabilities, was created. This state of
affairs caused the broker to seek for gold; and, in pursuing this
object, he placed himself in the position of the merchant or business
man, and was fulfilling one of those vocations not uncommon in such
conditions of the country. It was a fortunate circumstance that the
broker came early. We had, in less than six months, issued more than
six millions of currency--an amount not required for the maintenance
of a healthy condition in our monetary affairs; and if the broker
had delayed his visit for a year longer, a greatly increase amount
of paper circulation would have resulted in greatly increased
pecuniary losses to the people.

•

"The practical operation of the law in many instances, has
been that the individual has not sought to locate and commence the
business of banking to accommodate the commercial community, but to
borrow money for himself under the sanction of the law. Men without
capital or with barely credit sufficient to borrow a few thousand
dollars of stocks, have been furnished facilities under the law, to
become bankers to the extent of millions. Wlh the currency procured
upon the first deposit of stocks, other securities have been purchased,
and other notes procured, and thus a large circulation has been
created without a dollar of actual capital.
"Directors and Bank Presidents are now issuing this
depreciated currency over their own counters without any effort, or,
it is believed, intention ever to redeem it. With this currency
they purchase bills payable East, and the farmer instead of getting
an equivalent for his products, is paid in a circulation which he
cannot dispose of without sacrifice, nor retain in his possession
without danger. Instances are not wanting where the proprietors of
Banks, after suffering their institutions to suspend, have themselves
embarked in the business of buying up their own paper at a heavy discount, and thus plundering the laborer of his hard earnings. You
will be wanting in your duty to an outraged people if you fail to
adopt prompt measures to suppress this practice, which is not only
unjust and disreputable, but subversive of public morals.

•

"The indispensable duty of protecting the people of the
State from the evils of a depreciated paper currency, required that
no special indulgence should, under any circumstances, be granted to


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Federal Reserve Bank of St. Louis

- 28 -

any banking institution that neglects or refuses to redeem its
issues in coin. Any bank refusing to redeem its circulation, with
the constitutional currency of the country, should be immediately
wound up. No state of facts should be allowed to justify any delay
in closing the business of such a bank. Every hour's delay affords
to the broker and the speculator, a harvest--yielding as the delay
continues, richer and more abundant fruits, and alwaysat the expense
of the laborers and the business men of the country.
"The law itself is not only glaringly defective, but the
construction given to it, and consequently the practice under it.
It was evidently contemplated by its framers that no Bank should be
established with a capital of less than fifty thousand dollars, that
it should have a convenient and accessible place of doing business,
that it should redeem its issues promptly on demand, and that its
proprietors should be at least men of pecuniary ability, and that
it should embark in no other than a legitimate bona fide banking
business. And yet in how few instances have these requisites been
complied with.
"Under the 12th and 28th sections of the law it was undoubtedly competent for the Auditor to wind up any Bank not doing business
at the place where its bills were payable. To give more efficiency
to this provision, and to make the duty imperative upon that officer,
I called the attention of the Legislature to the subject in my last
annual communication, but having failed to procure the required
legislation, I renew my recommendations on this point.
"The great error in the law, is, that the entire responsibilit, of the stem is placed in the hands of a single individual, and
he an officer of the State already charged with duties and trusts of
the most important character. This single individual determines
upon the validity of the organization, the character and value of the
stocks, issues the circulation, holds the securities, passes upon the
correctness of the reports, delivers powers of attorney for the
collection of interest, and in short settles all questions connected
with the Banks according to his own unaided judgment. With a bond of
only $10,000 he is the custodian of near $10,000,000 of the public
securities.
"If it be the design of the Legislature to continue this
system, it will, in my judgment, be necessary, in order to secure the
confidence of the people, and to protect their interests, to provide
for the organization of a Bank Department, with a Board of Bank Commissioners, with full powers to determine upon the locality of the
Bank, the necessity for its creation, the solvency of the securities
offered, and who should, alsol be charged with their custody.

•

"I also recommend, that, inasmuch as the term of the
present incumbent is about to close, a committee of the two Houses be
appointed to investigate fully the condition of all matters pertaining to the Banks connected with the Office of the Auditor of State.
A full report will doubtless do much to allay the apprehensions of the
public, and establish confidence wherever merited.


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Federal Reserve Bank of St. Louis

- 29 -

•

"The valuable and interesting report of that officer will
present you in detail the operations of the Free Banking system in
his hands.
"It will doubtless be the policy of the Legislature to
provide for the immediate closing, and withdrawal from circulation of
the paper, of all such institutions as persist in the violation of the
palpable provisions of law. In doing so, due regard should be had
both to the interests of the people, and of the banker so as to
prevent undue excitement and apprehensions on the one hand, and loss
and insolvency on the other. A contrary policy might involve the
solvent with the insolvent, the upright man of business with the
dishonest and corrupt.
"With the state of things we have had for the last year it
was not possible to avoid revulsions and monetary excitements.

•

The circulation of the State Bank in Oct., 1853, was
Circulation in October, 1854,

$3,834,765.50

Decrease
The Stock Bank circulation July 1st, 1854,
Circulation January 1st, 1855,
Estimated am't in hands of Bankers not in circulation
Decrease in six months
The precise amount surrendered at the Auditor's office
to the 1st day of January 1855, is

$1,031,117.50
$9,299,575.00
5,565,099.00
1,000,000.00
$4,734,475.00

2,803,648.00

up
$3,734,475.00

"Here we have a withdrawal frop, circulation in twelve months,
and the greater part in four months, of $5,766,123.00, or more than
one-half of all the circulation called money ipthe State. More than
three miiAtions of this circulation is depreciated; its value being at
the mercy of the broker and speculator. The same facts, in regard to
the decrease of the currency, are true, although perhaps in less
proportions, in the adjoining States with which we have commercial
intercourse. How can any people have stability under this state of
monetary affairs?
"We shall always have revulsions, expansions, contractions,
and derangement in the whole business of the country, so long as we
foster any system that makes promises to pay, money, instead of gold
and silver. If the inferior circulation were this day withdrawn, I
have no doubt we should find a sufficient amount of the constitutional
currency among our people for all ordinary business purposes.

•

"We have not only a depreciated currency, issued under the
authority of law, but we have a depreciate currency, issued by railroad, plank road, and insurance companies, without the authority of
law. Thousands of dollars of this latter kind of depreciated paper
have been thrown into circulation, and left to represent an uncertain
and variable value in the ordinary transactions of business. The
credit of the State and the interests of the people demand an abatement of this evil.


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Federal Reserve Bank of St. Louis

-30-

•

From Report of the Condition of the State Bank of Indiana and Each of
Its Branches to the Governor November 242 1855 (Indiana Documents,

1854-55, pp. 221-45).
1854-55

"In reference to the power of the Bank to discount, or to
issue notes of circulaticn ceasing after the 1st day of January,
1857, and that the closing of the business of the Bank, for which
(two years thereafter, until January 1, 1859, is given by her charter),
may be expedited as much as may be practicable, with as little pressure
on the community as is possible, the following resolution was unanimously adopted at the late session of the Board of Directors of the Bank,
held during the present month.
"Resolved, That in view of the approaching close of the
Bank, it is recommended to the several branches, that they call in at
least twenty-five per cent every four months, on all standing or
accommodation loans; and in future confine their discounts to strictly
prompt paper, to be paid at maturity."

From Annual Report of the Auditor of State of the State of Indiana
to the Governor, December 10, 185 (Indiana Documents, 1854-55.
pp. 308-12) - (Also in Indiana Auditor, 1854-56, second section.)

•

FREE BANKING OPERATIONS
The Gerira1 Assembly of this State, at its last session,
appointed a joint committee "to investigate the condition of the Free
Banking system of the State, so far as the same was connected with
this office." This committee engaged the services of Dr. E. W. H.
Ellis, Mr. Jno. Hunt and Mr. J. R. Slack, to examine the Books of the
Auditor, and to ascertain the amount of the circulation and securities
of the several Banks. The report of these gentlemen as to the circulation outstanding and securities on hand, at the time the Banking
Department was turned over to me, formeilA2L13Epls_21.1,1:ffilqh_qa,RaujoILL
L4
of the several Bankers were opened anew77creTTria
-ct—of
their condition hereto appended. The tabular statement annexed,
gives the condition of the specie paying Free Banks at this time-setting forth the kind and amount, as their par value, of th4 securities deposited, and the amount of the circulntion issued thereon.
Suspended Free Banks
The circulation of the fifty-three suspended
Free Banks as ascertained and reported to be outstanding on the 25th of January 1, 55, was
$2,868,403.00
Redeemed to December 15, 1855
$2,711,928.00

•

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Federal Reserve Bank of St. Louis

Outstanding

$ 156,475.00

-31-

Some of the notes of the following named Banks having been
protested, and said Banks having failed to comply with the requisitions of the General Banking Law in regard to protests, the securities of said Bank were sold in accordance with the Law, and the proceeds and other assets applied to the redemption of the circulating
notes at the rates affixed to each, which rates were predicated on
the circulation outstanding as shown Iv the Books of my predecessor:
Bank of Connersville
Wabash Valley Bank
Bank of America at Morocco
Atlantic Bank at Jackson
Public Stock Bank, Newport
Bank of Bridgeport
State Stock Bank of Indiana, Peru
Bank of Albany
Bank of Attica
Government Stock Bank
Laurel Bank
Bank of T. Wadsworth
Greene County Bank
Elkhart County Bank
Traders' Bank at Nashville
Merchants' Bank, Lafayette
Merchants' Bank, Springfield
Orange Bank

87 cents
92 cents
87 It
80 t,
89 tt
88 t,
85 tt
90 tt
89 tt
80 tt
82 It
91 It
81 it
97
92 t,
90 tt
90 t,
100 11

The securities of the following named banks were sold in
pursuance of the requirements of the Law, on the 29th day of October
last. To guard against the possibility of any error in the amount
of circulation outstanding, notice was given for those holding the
notes of said Banks to return them to this office within ninety
days for cancellation, and a certificate issued for the same, payable after the first day of February, at the rate to be ascertained
when the amount of 3lastanding circulation should be correctly
determined:
Farmers' Bank of Jasper
Plymouth Bank at Plymouth
State Stock Security Bank, Newport
Traders' Bank at Terre Haute
Drovers' Bank at Rome
New York Stock Bank at Vincennes
The securities of the following Banks are to be sold under
the provisions of the General Banking Law, on Tuesday the 29th inst:

•

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Federal Reserve Bank of St. Louis

Northern Indiana Bank at Logansport
Bank of Covington
State Stock Bank at Marion
Kalamazoo Bank

-32-

It having been ascertained that the outstanding circulation
of the following Banks, as reported by the joint committee, was correct--the amount burned by my predecessor, and the amount cancelled
and left on hand by him, and the amount ascertained to be outstanding
on the 25th day of January, 1855, agreeing with the whole amount
originally issued--arrangements were made for the redemption of the
circulating notes at par, at the places named:
Upper Wasbash Bank
North Western Bank
Steuben County Bank
Wayne Bank, Richmond
Wayne Bank, Logansport
Bank of Perryville
Bank of Rockport
Starke County Bank
Bank of South Bend
Great Western Bank

At the Office of Auditor of State

Delaware County Bank, at Central Bank, Indianapolis
Agricultural Bank, at Bank of the Capitol, Indianapolis
Bank of Fort Wayne, at Branch State Bank, Indianapolis

•

Thus, it will be seen that of the fifty-three suspended Free
Banks, all, except the following, are being rapidly liquidated:
Western Bank at Plymouth
Bank of North America at Newport
State Stock Bank at Jamestown
Specie-Paying. Free Banks
The Tabular Statement annexed, gives the kind and amount of
Bonds deposited by each Bank as security for the redemption of their
notes, and the amount of circulation issued thereon, and designates
those which have complied with the requisitions of the amended law of
the last General Assembly. By this it will be seen tivit the actual
securities in stocks amount to two millions forty-nine thousand and
five hundred and forty-four dollars. The amount of notes received by
them for issue one million six hundred and seventy-four thousand and
eight hundred and seventy-two dollars.


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Federal Reserve Bank of St. Louis

These securities consist of the following State Stocks, viz:
Indiana 6 per cents
Indiana 5 per cents
Indiana 2-1/2 per cents
Virginia 6 per cents
Tennessee 6 per cents
Missouri 6 per cents
Georgia 6 per cents
Louisiana 6 per cents
Kentucky 6 per cents
North Carolina 6 per cents
Pennsylvania 5 per cents

$ 12,000.00
700,600.00
387,444.00
228,000.00
12,000.00
265,000.00
73,000.0C
298,000.0C
42,500.00
30,000.00
1,000.00

-33-

•

Thus it will be seen that the securities thus deposited
are the Bonds of those States which pay their interest thereon
regularly semi-annually, and are of the very best class I' State
Bonds, whose value is more permanently fixed than the Bonds of
other States, and liable but to slight fluctuations.
Those specie-paying Free Banks whose securities were not
sufficient at the lowest market value to cover their outstanding
circulation, were required to surrender an amount of their issues,
or deposit additional bonds to make their securities, on this
basis, to cover their circulation dollar for dollar. In almost
every instance this requisition has been complied with. This, in
connection with the fact, that the securities of those Banks which
have accepted the provisions of the amended law, are taken at trie
lowest market value and ten per cent. additional retained above
their circulation, justifies the assertion that the circulating
medium of no other State is better secured than that of Indiana.

•


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Federal Reserve Bank of St. Louis

The experiment of Free Banking in Indiana, disastrous
been in some particulars, has demonstrated most concluhas
as it
safety and wisdom of the system. The original bill
the
sively
imperfect, admitting of such a construction as
and
crude
was
held out to irresponsible men, inducements and facilities for embarking largely in the business of banking, without the ability to
sustain themselves in a period of revulsion.
That revulsion came at a time of universal commercial
depression, when the circulation of the Free Banks had been expanded to over nine millions of dollars, when the rate of exchange
ruled heavily against the West, and a suspension of a large majority
of the Banks had created a wide spread panic, forcing home the
entire circulation for redemption; and yet the loss to which the
bill holder was necessarily subjected, in many cases, did not
exceed five per cent., and in no case exceeded twenty per cent. of
the amount in his hands. While, in numerous instances, in other
States, under the system so much lauded by the opponents of Free
Banking, when the securities were all in the vakits of the Banker,
the wreck had been complete, the issues of the Banks proving
entirely worthless in the hands of the holders, here was a basis,
which although insufficient to re-imburse the bill holder in full,
furnished a guaranty against, and ultimately saved him from any
heavy sacrifice. Whatever defects there were, it was evident, could
not be attributed to the Free Banking system, but resulted from the
ambiguity of the law itself.
The amendatory act, enacted by the Legislature at its
last session, was designed to remedy these defects, to guard
against erroneous constructions of the law by the officers administering it, to prevent the receipt of doubtful or insufficient security,
and to require the deposit of such an amount of security, as should

34-

•

in any emergency, be adequate for the protection of the bill holder.
And, so far, the expectations of the authors of the amended law
have been fully realized. Several of the specie-paying Banks
have come under the provisions of the amended Statute, and assurances given that all will do so within the period named in the
act. No suspension has taken place, even temporarily, and should
any occur, the public are fully protected.
Mile the law does not extend to men without responsibility, to speculators and adventurers, facilities for flooding the
State with an irredeemable issue, it is yet liberal enough in its
provisions to justify men of capital, integrity, and business
capacity, to embark in Banking to the extent of the wants of the
community. Such, so far as we can judge, are the men now engaged
in Free Banking in the State of Indiana, and we regard them as
fully entitled to the confidence of the public.
No safer circulation can be produced than the issue of
the specie-paying Free Banks, nor any so much entitled to the
approbation and encouragament of our citizens. It is the interest
of the banker, to have this issue promptly convertible into gold
or silver at the pleasure of the holder, and it is, therefore, a
closer approximation to the constitutional currency than any
other. From these manifest advantages of the system, we feel
fully assured that it will increase in popular favor, and that our
citizens will be slow in extending their confidence to any mode
of banking, which fails to furnish the guaranty of ample collateral
securities, deposited in the hands of disinterested and responsible
officers of State.

•

From Annual Report of the Auditor of State of the State of Indiana
to the General Assembly, November 1, 1856 (Indiana Auditor, 185456, third section, pp. 3)-37).
1854-56

FREE BANKING OPERATIONS
Annexed is an abstract of the present condition of the
suspended Free Banks, as compared with their coqdition at the time
of my last annual report. By the recapitulation of this abstract,
it will be seen that the outstanding circulntion of these Banks at
$155,818
that time, was
Since which there has been redeemed
$101,759
Less excess on Plymouth Bank, New
York Stock Bank, and Traders'
1,130
Bank Terre Haute
Leaving yet outstanding

•

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Federal Reserve Bank of St. Louis

100,629
$ 55,189

The circulation of the following Banks, as shown on the
Books of my predecessor to have been outstanding at the time of my
assuming the duties of this Trice, has all been redeemed; and the
securities and other assets turned over to me, for the redemption

-35-

•

of the circulation then shown to have been outstanding, have been
all exhuasted, viz:
Government Stock Bank
Merchants Bank at Lafayette
Merchants Bank at Springfield
State Stock Bank at Logansport
Public Stock Bank at Newport
Steuben Count./ Bank
Bank of Rensselaer
Bank of Fort Wayne
Wabash River Bank at Newville
Trader's at Terre Haute
Greene County Bank at Bloomfield
Farmers and Mechanics' Bank at Rensselaer
Upper Wabash Bank
Perry County Bank
Starke County Bank
Wabash River Bank at New Corydon
Wabash River Bank at Jasper

spe cict=1211ylag_11.2.9_pp.nks
The tabular statement No. 10, gives the kind and amount
of Bonds on deposit by each of the specie-paying Free Banks
remaining under the General Banking Law of May 28th., 1852, and
the amount of circulating notes outstanding. By this it will be
seen that the circulation of these Banks is but seven hundred and
seventy-seven thousand and thirty-nine dollars, wiile the securities on deposit, consisting of the very best of State Stocks, amount
at their par value, to ninchundred and three thousand nine hundred
and ninety-four dollars.
These securities consist of the following State Stocks,
viz:
Indiana 5 per cent
Indiana 2-1/2 per cent
Virginia 6 per cent
Louisiana 6 per cent
Missouri 6 per cent
Georgia 6 and 7 per cent
Kentucky 6 per cent
Tennessee 6 per cent
North Carolina 6 per cent
Gold for Bank of Warsaw

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

$288,000.00
139,449.00
95,500.00
134,500.00
142,000.00
62,500.00
13,000.00
12,000.00
2,000.00
15,045.00
$903,994.00

The law under which these Banks were organized, permitted
Indiana Bonds deposite d as securities "to be, or be made to be,

•

•

equal to Stocks producing 5 per cent. per annum." And as a large
portion of these securities consisted of Indiana Stocks so estimated,
and their market value was so much below said estimate, it was
deemed necessary--to inspire public confidence in these Banks--to
require them to surrender an amount of their issues, or deposit
additional Bonds to make their securities at the lowest market value,
to cover their circulation dollar for dollar. With this requisition
there was a ready compliance on the part of most of these Banks.
And it will be perceived, that now their securities at their present
market value—with but one or two exceptions--are sufficient to
redeem their outstanding circulation at par. This class of Banks
"have until the 1st day of March, 1857, to wind up or accept the
proons" of the General Banking Law as amended and passed
March 3, 1855.
The only violation of the spirit of the General Banking
Law, which has come to my knowledge, was in the case of the Savings
Bank at Connersville. This Bank assumed the right to have its
original plate of the denomination of ten dollars, so altered as
to leave therefrom the words "Auditor of State" and "Register,"
and had printed thereon, as appears by the statement of the Engraver,
2,000 impressions. No authority was given for such alteration
and for the printing of such notes; and the Bank proceeded to issue
the same—unknown to me--and without having deposited any securities
forlthe redemption of the same, although said notes bore upon their
face the words "secured by pledge of public stocks," which was
liable to deceive the receivers thereof. It is very evident that
was never intended by the law that such a right should be
assumed by the Bankirreorganized under it, as it opens a wide door
for deception and fraud, and there should be some provision with
heavy penalty, to guard against such an occurrence in the future.
It is due to this Bank to state, that when its attention was called
to this objectipnable procedure, zionbmiximmimpcxbrinuddiack
thssmxmmtmsxmatudad and remonstrated with against it, that the most
podtive and satisfactory assurances were given that these notes would
be called in. And so far as I have learned, this pledge is being
complied with, and the Bank in every instance has continued to
redeem all its notes in specie upon presentation. Had not this
assurance been given, and all the notes of the Bank presented
promptly redeemed, I should have proceededagainst said Bank as
directed
Sec. 47 of the General Banking Law as amended.

T:

t1

•

1


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Statement No. 11, gives, in detail, the condition of each
of the specie paying Free Banks which have complied with and organized
under the General Banking Law, as amended and passed March 3, 1855;
showing the kind and amount of securities on deposit, the rate
at which the same were taken, as certed to by the Treasurer of
Jim State, and the circulation issued thereon. By this statement
it will be seen that the aggregate par_ value of the Bonds deposited
as securities for the redemption of their circulating notes, is
one million three hundred and twenty-two thousand five hundred and
sixty-seven dollars; the aggregate market value of which is, one

- 37 -

•

million eighty-nine thousand nine hundred and eighty-seven dollars;
while the circulation issued, amounts to but nine hundred and
eighty-eight thousand and twenty-one dollars. The whole circulation of the specie-paying Free Banks is as follows:
Banks remaining under the law of May 28, 1852
Banks organized under the amended law of
March 3, 1855

$777,039.00
_ 983,021.00

Total

$1,765,060.00

Secured by stocks, amounting at their par value, to

$2,226,561.00

The Free Bank experiment marks an important era in the
history of Indiana, and the lessons therein taught will be valuable
in the future, not only to ourselves, but to the citizens of other
States, who may have in comtemplation similar schemes of finance
and speculation. While the system of Free Banking, combining the
features of equality of privilege and adequate security is in itself
correct, and perhaps the best and wisest ever originated, it is yet
true that in the form it first appeared upon our statute books it
was most crudely and lossely framed;and instead of affording the
people adequate and undoubted security, it opened facilities for
swildlers and speculators to plunder community and escape detection.

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Within the first two years of its operation nearly one
hundred Banks were organized in the State, with an aggregate circulation of over nine and a half millions of dollars. A large proportion of the capitalists who selected Indiana as the theater of
their transactions, were citizens of Usher States, who detected in
the loose meshes of the law the opportunites of speculation and
the loopholes of escape. Their sagacity was manifested in the
selection of their points for business--points almost inaccessible
to the broker, where neither commercial, mercantile or mechanical
pursuits existed, to require their assistance. To what extent the
mania af Free Banking would have been carried but for the bursting
of the bubble in 1854, can only be imagined, but we may well
suppose that at the rate it progressed, Indiana could have furnished
the commercial world with currency. The decline of the system was
quite as rapid as its rise. In little more than two years from the
issue of the first Free Bank note, more than one-half of the circulation was returned and cancelled, leaving at the commencement of
my official term a balance of $4,581,833 still outstanding, while
the par value of the securities placed in my hands was$4,941,515.
So far as the Banks were owned by citizens of the State a creditable exertion was made to protect the bill holder from loss, and
most of the institutions thus held, sustained themselves with honor,
and are still solvent and specie-paying. Those still remaining
under the law of 1852, having securities sufficient at the lowest
market value to redeem their ciralation at par in any emergency;
while those which have complied with and have organized under the
law as amended in 1855, have had retained, as will be seen by the

•

accompanying table, 10 per cent. off the market value of their
securities, thus placing the specie paying Free Banks of Indiana
upon the most safe and reliable basis. Those held by foreign
capitalists were generally abandoned to their fate, the holders of
its notes being compelled to exchange them for depreciated bonds,
or accept a pro rata of the proceeds when sold. In no case as
applied to foreign bankers was the principle of individual liability
resorted to by the bill holder, and the value of that feature
therefore cannot be estimated.
The amended act of 1855, while it discourages the operations of speculators and swindlers, affords tle public ample guaranty of security. With a strict and vigilant execution of the law
there can be no recurrence of the calamity of 1854-55. The present
Banks are believed to be solvent and shown tp be fully able to
redeem all their circulation at par, and are known to be in the
hands of men of honor and responsibility.
The operations under the amended act will be found in
the accompanying exhibit. Further legislation may be necessary in
regard to some of the details of the system, but nothing more is
required to insure its safety and security.
The new State Bank is authorised to issue twelve millions
and as the Free Banks are restricted to six, the public
dollars;
of
have in this feature a guaranty of safety against any excessive
issue, quite as effectual as ary other restrictions that can be
placed upon the Banker. Thus a total issue of eighteen millions
of dollars is provided for--a sum sufficient for the commercial
transactions of the State.

•

The interests of community and the rights of our own
people would seem also to require that the privilege of Free
Banking should be extended only to citizens of the State. Such a
restriction would give character to the circulation at home, and
prevent another invasion of straw capitalists, whose only vocation is to plunder the public.

From Annual Report of the Auditor of State of the State of Indiana
to the Governorj November
1857 (Indiana Documents, 1856-57,
PP. 13-423
1856-57

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

The annexed tables exhibit the condition of the Free
Banks of this State, and show the gratifying fact, that there has
beelin no failure among the banks which complied with the amended
law of 1855, ifivolving the loss of a dollar to billholders.
The ten per cent. excess of securities over circulation,
required by the law, has been an effectual protection from loss,
even under the almost unprecedented depreciation of stocks experienced during the last sixty days; so that the note:; of the only

- 39 -

•

bank
will
more
when

under protect, which has complied with that law, (Tippecanoe,)
be redeemed at this office dollar for dollar, provided no
notes were issued than the amount of securities on deposit
I came into office.

The prmmptness with which the Free Banks responded to
the call for additional securities, at El time when stocks were
heavily depressed, and when old and long tried institutions were
failing on every hand, shows that they are controlled by honorable
and responsible men, and is a proof of the correctness of the
principle of banking with adequate security, that no other system
has furnished during the late Biancial crisis.
Two Free Banks (North America at Clinton and Savings
Bank) have been wound up during the past year by this department,
at a loss to the billholders; but these banks had only the amount
of securities required by the law of 1852, and had not complied
with the law of 1855. The circulation of these banks was qtite
small, and the loss nominal.
The failure of these banks to redeem their notes demonstrates the wisdom of those provisions of the law of 1855 requiring
an excess of securities, to guard against sudden depreciation in
stocks, and fixing a minimum of capital of fifty thousand dollars;
thus preventing the establishment of banks with a small circulation, by adventurers from abroad without capital.
Had the law of 1852 contained the provisions of the law
now in force, requiring a deposit of fifty thousand dollars worth
of stocks, and ten per cent, above the circulation of a bank,
the calamities of 3854 would not have been experienced, and the
banks
now doing business would not feel so heavily the discredit thrown
upon the system by the failure of the brood which sprang into
existence under the law of 1852. The securities required by the
law now in force, for the redemption of the issues of the free
banks, are ample in any emergency likely to occur, provided the
officers in charge of this Department are faithful to the law and
their duties.

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

There is a provision in the free banking law requiring
the banks to appoint an agent at Indianapolis for the redemption
of their notes, but there is no penalty for non-compliance. Such
banks as have given notice to wind up will be entitled at the end
of two years from the date of such notice, to their remaining
securities, by giving bond to the Auditor for the redemption of
any notes that may be outstanding. These banks do not appoint
the agent required by law, but compel their notes to be presented
at the bank for redemption. As the circulation of these banks
becomes reduced, and can be collected only in small quantitiths, it
is received at a discount, to repay the expense of sending it home
for redemption. Thus community is shaved for the benefit of bankers
and brokers, while the securities for the redemption of the notes
are ample. The law requiring an agent to redeem at Indianapolis
should contain such a penalty as would enforce a compliance
on the
part of banks winding up and redeeming their circulation
.

4.0-

•
1857-58

From Report of the Condition of the State Bank. of Indiana to the
General Assembly, Janu7'ry 7, 1859 (Indiana Documents, 1857-5S,
pp. 369-85)
The report of this Bank, marked "A," is herewith submitted,
exhibiting her condition on the 20th of November last, as required
by the charter; by which it will be seen, that the settlement of tiv
business of the respective branches had so far progressed, that the
final arrangement therefor could be consummated by the first day of
the present year, the period fixed by the charter for closing its
affairs.
With such a result in view, the Board of Directors of
the Bank, at an early session after the expiration of the period
for continuing the active business of the Bank (the first of January, 1857), directed a prompt commencement of the distribution of
the capital stock of the several branches of the State and the
other stockholders, requiring it to be made in five equal instalments to fall due as rapidly as the means could be realized by
the branches therefor, in addition to promptly redeeming their
circulation. * * * * * *
*** * * *** * **

•

Iiregard to the circulation of the bank, earnest solicishown by the several branches to hasten its redempbeen
tude has
extensive
advertisements, and finally by arranging to
tion by
of
all the branches until the last day of the bank
notes
the
redeem
charter at Indianapolis in cash or exchange at par. Still it
will be seen by the accompanying statement there remained outstanding of the circulation, on the 20th of November last, the sum of
$339,789.00, to which amount it had been reduced by redemption from
the sum of $4,208,725.00, which was the amount of the whole circulation on the first of January, 1857, when the business of the bank
ceased. * * * * * *

From Report of the Bank of the State of Indiana to the General
Assembly, November 20, 1858 (Indiana Documents, 1857-58, pp. ,35964).
1857-58

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Since our first report to the Legislature important
changes have taken place in the financial condition of the country.
Although a large amount of capital had been invested in
unprofitable, not to say disastrous, enterprises, and speculation
had in some quarters taken the place of productive industry, there
was nothing in the circumstances of the country generally, at the
meeting of our State Board, in July, 1857, calculated to excite
on the part of the most prudent and far seeing any apprehensions
of the crisis that was so soon to follow. The domestic exchanges
were regular and easy; the prospect of crops was satisfactory; the
foreign demand for our leading staples was encouraging; while the

-41-

•

mines of this and other countries were rapidly adding to the supply and the circulation of the precious metals.
Anticipating, therefore, a prosperous season, our branche::
liberally increased their discount line and their circulation, for
the purpose of occupting the field, from which, by the expiration
Sf its charter, the State Bank was withdrawing.
These favorable indications were, however, of short
duration. The unexpected failure, in August,of an institution of
large capital, which had possessed for many years, to an unlimited
degree, the confidence of the public, carrying down in its fall
banking houses of established credit, created a panic throughout
the Union, under the influence of which confidence ceased, and
enterprise was paralized. A suspension of specie payments by all
the Banks of the country, except those of Ohio, Indiana, Kentucky
and Louisiana, soon followed. A distrust of everything but gold
and silver everywhere prevailed, and the notes of specie paying
Banks were rapidly returned for redemption.

•

That our branches under such circumstulces, with a liberal
discount line and a full circulation, when coin commanded from
eight to ten per cent. premium over well secured Bank notes, were
able to maintain specie payments, proved satisfactorily the excellence of the system, and the solvent condition of the business of
the State. I venture to say, that no Banking Institution in the
United States was ever subjected to so severe a trial as this Rnnk
was exposed to, from September, 1857, to January, 1858.
While the Banks of one neighboring State were to a great
extent protected by the inaccessibility of the points from which
the most of their notes were issued; and a spirit of forbearance
was generally exercised
a
n
lnegr
•ntoi#
neighboring
State, on account o
e
e
he
from the failure
of their Eastern depositaries, the branches of this Bank, exposed
at all points, met and withstood the full force of the storm. It
is, perhaps, not an exaggeration to say, that during the months
of September, October and November the Bank of the State of Indiana
furnished more coin and exchange in the redemption of its notes
aI' the payment of its deposits, than was ever furnished, in an
equal period of time, by any other Bank, in prol.ortion to its
capital and circulation.
That it was able to do so was not only honorable to the
Bank, but creditable to the State, with whose financial interests
it has become so largely identified.

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

I am gratified to be able to state, that the branches
generally are in excellent condition. Nearly all of them are under
the management of men who have large interests to protect, who
have much experience in Banking, and an accurate knowledge of the
wants and resources of the State. Our notes are di.. good credit

- 42 -

throughout the West, and it will be the constant aim of those who
manage, and those who supervise the affairs of the branches, to
make good the tledge given to the people of Indiana when we commenced business--to furnish them with a currency of undoUbted solvency, always convertible into coin at the pleasure of the holder.
By order of the Board of Directors,
H. McCULLOCH, President.
of State
From Annual Report of the Auditor/of the State of Indiana, Novem1 1859 (Indiana Documents, 1858-59_, PD. 96-124).
FREE BANKING

1858-59

The annexed tables show that there are seventeen banks continuing to do business under the law of 1855, with at least fifty
thousand dollars worth of securities at the market value in New
York,--seven banks that are winding up and redeeming their circulation with securities remaining in this department, and seven which
have withdrawn their securities and given bond to redeem their outstanding circulation, under the provisions of section 52 of the
general banking law of 1855.

•

The seventeen banks under the law have a circulation of
The seven winding up have a circulation of

$1,076,984
54,411

Making an aggregate of circulation for which there is
over ten per cent. excess of securities in this
department, of
To which add the circulation of the seven banks that
have withdrawn their securities and given bond

$1,131,395

Makes the total circulation
The total circulation of the Free Banks on the 31st of
October, 1858, as shown in my report to the Legislature, was
Present circulation as above
Decrease

28,8
$1,160,196

$1,233,880
1,160,196
$

73,684

Since my last report the securities of the Bank of Gosport
have been sold in New York, and the circulating notes redeemed at
par, except a small balance not yet presented for redemption. With
this exception there has been no protest filed for non-payment of
any of the notes of the Free Banks, and they continue to possess,
as they deserve, the confidence of the business community.

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

-43-

From Supplementary Statement, Annual Report of the Auditor of State
of the State of Indiana, January 1, 1861 (Indiana Documents, 186061, pp. 184:792).

1860-61

•

Since the first of November and the date of this report,
the Boone county Bank has been protested and wound up; its affairs
revealing an attempted fraud on the part of those who put it in
operation, which, had it been as successful as the projectors
hoped, would have cost the people of the Western States nearly a
quarter of a million dollars. * * *
*
**
*
About the first of October the managers of the Boone
county Bank were enabled, by an arrangement with other parties,
to take up from the Bank of the State a portion of the registered
circulation, which was paid out in Toledo, and along the line of
the Wabash road, shortly after which they went west in the States
of Illinois, Iowa, Wisconsin and Missouri, and sold about ten
thousand dollars, with forged signatures of the Auditor and Register, the notes being printed on the genuine plates of the Boone
county Bank.
* ***
**
The early detection of this fraud prevented an extensive
sale of the counterfeit notes, add, while some individuals have
suffered severely, the loss to the public has been quite insignificant when comiared with what might have been accomplished.
It is to be hoped that the Legislature, at its approachsession,
will so amend the Free Banking Law as to give the
ing
Auditor of State the control of all engraving and printing for the
Free Banks, and thus prevent any further attempts at such wholesale
fraud and villainy.
BLOOMINGTON BANK
On the tenth of December, the notes of the Bloomington
Bank were protested for non-payment, when notice was given that
the securities of the bank would be applied to the redemption of
the same. The stocks deposited by this bank consisting entirely
of Missouri 6 per cent. bonds, have been sold in New York, and the
circulating notes will be redeemed at this department on and after
the tenth inst at eighty-five cents on the dollar.

From Annual Report of the Auditor of State of the State of Indiana,
November 1.1_g_865 (Indiana Documents, 18647651 Pt._ 1, pp. 169-84).

1864-65

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

As will be seen, in the foregoing statement, the total
circulation of the Free Banks, April 1, 1865, was one million two
hundred and ninety-three thousand seven hundred and fifty dollars
(1,293,750.00). Soon after this date it became evident that the
public would not willingly receive and pay out other currency than
Government Greenbacks and the notes of the National Banks, and

44

•

that without discrediting the ability of the Free Banks to pay on
demand, it was preferred to recognize only the notes mentioned, as
the uniform currency of the country. In view of this, and the
difficulty of paying out Free Bank notes, which immediately followed,
the Bankers of Indianapolis, on the 19th of April, 1865, gave the
following
NOTICE
"The Banks and Bankers of Indianapolis have unanimously
agreed not to purchase or receive Ohio or Kentucky or Indiana Free
Bank notes, after the first of May next, at less than 2 per cent.
discount; or Eastern notes at less than 5 per cent, discount, and
will not pay out any such money after this date, but will have
the same sent home for redemption.
April 19, 1865."
The notice was afterwards amended, and notes of some of
redeemed at 1/2 cent, discount; others at 2 and 5.
Banks
the Free

•

Under the effectof this notice, and the quiet decision
previously made, the notes of the Free Banks were
public
the
of
rapidly returned to their respective counters, and then by the Banks
to this Department for burning.
During the quarter ending June 30, there had been
returned and destroyed in the manner mentioned, eight hundred and
eighty-four thousand seven hundred and ten dollars; and during the
quarter ending September 30, one hundred and ninety-six thousand
two hundred and sixty-five dollars, leaving outstanding October 1,
two-hundred and twelve thousand seven hundred and seventy-five
dollars, as the total circulation of the Free Banks of the State,
showing a reduction of one million and eighty thousand nine hundred
and seventy-five dollars ($1,080,975.00) during the six monPis
ending September 30.
The notes were taken up on presentation to the several
Banks, without hesitation or delay in any case, and without causing
embarrassment or pecuniary trouble to any community.
The prompt recognition of the decision of the public on
the part of the Free Banks, and the speedy retirement of their outstanding circulation, without producing panic, or loss, or distrust among the people, have well merited the approbation which has
been extended to them.

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A majority of the Banks have given the notice required
before closing business, though, as will be seen in the statement,
five are still continuing business under the law.

-45-

•
1864-65

From Report of the Bank of the State of Indiana to the General
Assembly, January 5, 1865 (Indiana Documents, 1864765, Pt. 2,
pp. 151-157).
Since the report to the last Legislature, two years ago,
the policy of the Bank has been the same as during the preceding
years after the commencement of the still existing civil war.
The legitimate wants of the communities accustomed to
look to the Bank for loans and other business facilities, have
been fully met; and, owing to its strong condition, this has been
done and the usual dividends declared, without intereference with
those general measures, which, in the unsettled state of the
country, were deemed essential to the welfare of the Bank.

•

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

The issues of the Bank have been steadily withdrawn from
circulation; the surplus has been largely increased; the suspended
debt has been materially reduced; a good reserve of coin has, at
all times, been held; the active discounts have been carefully made
and closely watched; and,generally, the Bank has been kept in position for all contingencies, whether of war or accident. This has
been considered the only true policy for times such as we have
been passing through. By it the interests of stockholders and
public in the Bank were alike protected, as far as possible to
protect them, against the dangers that seemed impending, but which,
it is believed, have now gone by.
* *
Owing to the large currency issues and heavy disbursements of the Government in carrying on the war, dind the general
distribution of money in exchange, at enhanced prices, for the
produce, skill, and labor of the country, the demand for loans,
except at the more commercial points, has been largely diminished;
hence, at a number of the Branches, the capital was found more than
ample for the wants of their localities, or than could be prudently or profitably employed. In view of this, reductions were
made in such Branches upon the request of their stockholders; in
most to $100,000, the minimum established by the Charter for the
organization of Branches.
**
*
The Bank was never in a sounder condition than now; and
over thirty years experience having demonstrated its value to the
business interests of the State, no less than its worth to its
owners, (for the Bank of the State is practically a continuation
of the old State Bank,) there is no disposition on the part of
those who control it, to abandon the Charter to embark in a new, and
as yet unproved system. They feel a just pride in a Bank which for
so long a period has maintained its position for character and
usefulness at the head of all the western banks, and which, through
all the changes of times, has been so conducted as to command and
secure the confidence of the people. Hence, whatever the discouragements now, they shall patiently await events, leaving the future to
determine whether the day is over for this long tried, well approved
State institution.

•

From Annual Report of the Auditor of State of the State of
Indiana to the Legislature November 1, 1866 (Indiana Auditor t
1865-69, second section, pp., 297
)9).
1865-69

CONDITION OF THE FREE BANKS
The following statement shows the condition of the Free
Banks of the State on the 31st of October, 1866; also the number
continuing under the law, the number that are closing and that
have withdrawn their securities, and the amount of notes retired
from circulation from the 1st of April, 1865, to the date of this
report.

•

Under the influence of the system of finances adopted
by the General Government during the war, and which system
brought into existence Government currency and National Banks,
the Free Banks of Indiana have been compelled to close business
as Banks of issue, or continue to transact business under the
law of 1855, regulating Free Banking, except so far as the same
relates to the issue of circulating notes. There are, however,
but three Banks which have not given notice, as the law requires,
previous to winding up and withdrawing securities--the Bank of
Salem, New Albany, Bank of Salem, Salem, and Bank of Paoli, Paoli.
All the rest of the Free Banks--twenty-eight in number--have
given notice of closing, and are winding up. Their aggregate
circulation is fifty-seven thousand eight hundred and fifty-nine
dollars.
The total circulation of the Free Banks, on the first
of April, 1865, as shown in the report for the fiscal year
ending October 31, 1865, was one million two hundred and ninetythree thousand seven hundred and fifty dollars ($1,293,750).
The amount outstanding October 31, 1866, seventy-three thousand
seven hundred and seventy dollars (73,770), a reduction during the
eighteen months between the dates given, of one million two
hundred and nineteen thousand nine hundred and eighty dollars
$1,219,980).
This amount of currency was withdrawn and destroyed by
the several Free Banks, as stated in the arnual report for 1865,
in obedience to a decided preference, manifested by the public,
for Government Greenbacks and the notes of National Banks, and
for the purpose of organizing under the acts of Congres relative
to the formation of National Bank

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

It is a matter of congratdaion on the part of the citizens of the State, and which reflects great credit upon the Banks,
to know that the decision of the public was promptly recognized
by the latter, and the greater part of their circulation retired
without hesitation or delay, and without causing panic or pecuniary embarrassment in any community.

- 47 -

•

During the quarter following the first of April, 1865,
there had been returned to this arfice and destroyed by burning,
eight hundred and eighty-four thousand seven hundred and ten dollars, or mare than two-thirds of all the circulating notes of
the Free Banks at the date mentioned.

4

During the six months ending September 30, 1365, there
had been returned and destroyed one million and eighty thousand
nina hundred and seventy-five dollars; and during the nine months
ending December 31, 1865, one million one hundred and seventythree thousand six hundred and sixty-eight dollars.
In view of the fact that the Banks are winding up
business as rapidly as they are enabled to do so by the slow
return of the outstanding notes, and that they have now a limited
circulation, I would suggest an amendment to the Free Banking
law, limiting the time of bonds, given to secure the redemption
of notes, so that there may be a time when the bonds can be surrendered, and the business relations between the State and the
Free Banks brought to a close.
The averag96irculation of the several Banks is, at
this date, reduced to an amount which probably little exceeds
the notes destroyed and lost, and it is not, therefore, necessary
to continue a nominal liability of principals and sureties, and
their heirs, to an indefinite period.

•

From Annual Report of the Auditor of State of the State of
Indiana to the Governor, November 1, 1867 (Indiana Auditor,
1865-69, third section, in. 18-22)

1865-69

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

The aggregate circulation of the Banks is sixty-five
thousand seven hundred and ninety-nine dollars ($65,799), which
is seven thousand nine hundred and seventy-one dollars ($7,971)
less than the amount outstanding at the date of the last report
--October 31, 1866. The notes are returned to the Banks very
slowly; and most of the Banks having a nominal circulation of a
few hundred, or thousand, have doubtless redeemed nearly all
that are in existence. Nevertheless, the entire circulation is
secured as required by law.

LIT OF EalIN.L. DOCU=TL HNIEWED FOR aTERIAL
'ELrTI-.7 TO GIJ i- - TY OF

Matf:ri. 1 from which excerpts were copied
Indiana Senate Journal, 1834-35
1!
tt
1835-36
II
rt
"
1836-37
Indiana Documents, 1838-39
TI
TI
1839-40
ftII
1842-43
It
11
1843-44
It
II
1846
tt
1850-51
1851-52

Indiana Documents, 185-54
H
it
1854-55
II
II
1856-57
It
It
1857-58
It
II
1858-59
tt
It
1860-61, pts. 1-2
tI
It
1864-65, pts. 1-2
Indiana Auditor, 1854-56
It
It
1865-69

Material reviewed by from which no excerpts
were copied

Indiana Documents, 1844-45
It
tt
1847-48
II
II
1848-49
It
II
1849-50
it
H
1852-53
Indiana Senate Journal, 1858
Indiana Auditor, 1861
Indiana Documents, pt. 1, 1861-62
Indiana Documents, 1862-63
Indiana Documents, pt. 1, vol. 1, 1863-64

- V3
/8(7‘S-Liea.

2.„

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

,G:rh

Stat

November

7, 1951

MEMORANDUM
Dr. Warburton
TO:
FROM:

Mr. Golembe

SUBJECT:

Material collected at the Inuiana State Library, October 29 to
November 3, 1951

The following notes were taken in the course of an examination of
the Letterbooks ana Journal of the State Bank of Indiana. Since all of the
information secured may not be incorporated in our study of the Iaiiana
banking system as presently constituted, it seems advisable to have a
permanent record for our files.
The Letterbooks and Journal of the State Bank are manuscript
volumes, now held in the Archives Division of the Indiana State Library,
Indianapolis. The Letterbooks, in two volumes, cover the entire period of
the bank's operation (1834-1857), while the Journal contains entries for
the years 1834-42. Subsequent Journals could not be located.
During much of the pre-Civil War period, Letterbooks took the place
of todays carbon copy. That is, letters sent in the course of business were
re-copied in ai large volume kept for that purpose. Since the Letterbook was
for the writers awn use, letters were often copiei hastily, and may possibly
differ from the originals so far as abbreviations and paragraphing are
concerned.
The large majority of letters dealt with routine matters; e.g., the
printing of new bank notes or the settlement of branch balances. Those described below probably constitute not more than 10 or 15 percent of the total
number of letters read. It will also be noted that there are no entries
after 1844. Apparently when Samuel Merrill was succeeded by James Morrison
aa President of the State Bank, the policy of incorporating other than
routine letters in the Letterbook was Abandoned. This may have been due to
the feet that the new President did not -wish to have available for investigatory committees his letters of strong condemnation or praise of the Branch
Bank officials. In any case, after 1844 most letters are by the Cashier,
James Ray,and the letters of Morrison and Dumont, the last President, are
infrequent and of a routine nature.
The Journal contains the minutes of the meetings of the Board of
Directors of the State Bank. Again, much of the material is routine and


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Federal Reserve Bank of St. Louis

2

some which deals with matters of interest to us is covered by the Letterbooks.
However, a number of resolutions and committee reports which provide insights
on the operation of the State Bank are included below.
Letterbook of the State Bank of Indiana
Volume I - February 20, 1834 - June 22, 1842
November 23, 1834 - Merrill to various people
Series of letters dealing with the possibility of securing the
federal deposits, terms to be arranged, etc. The State Bank badly wanted
the deposits, although on the best possible terms.
Note: The federal government commenced withdrawing its deposits from the Second Bank of the United States in
the fall of 1833 and depositing them in state banks the so-called "pet banks"; The State Bank of
Indiana eventually became one of the largest deposit
banks in the West, although the withdrawal of the
deposits in 1837 was to cause the bank much hardship. It should be noted that these letters were
written before the State Bank had opened for
business.
December 16, 1834 - Merrill to Cashier of Bedford Branch
Generally critical of long loans; i.e., six months or more -- "altogether
without precedent in banking". Also advises on borrowers banks should
favor;exporters, farmers when preparing produce for market, business men
December 18. 1834 - Merrill to John Brown, Cashier Bedford Branch
Demonstrates how to draw up condition report.
December 19, 1834 - Merrill to Samuel Taylor, Cashier Lafayette Branch
Similar to December 18 letter to Brown
December 22, 1934 - Merrill to President Lafayette Branch
Very critical of statement of condition recently submitted, bookkeeping methods. "It is no disgrace to your Cashier or Clerk not to
.now a business they have never learned." Suggests that competent help
be secured or "your affairs will soon be involved in utter confusion."
December 29, 1834 - Merrill to Brown of Bedford Branch
In answer to a series of questions dealing with bank practices and
interpretation of the charter. Again indicates inexperience.


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January

6, 1835 - Merrill to McLane, President Bedford Branch

General advice on banking, criticizes long loans. Friendly tone.
"The business of Banking is measurably new to us here and it would
not be wonderful if at the commencement we should conceive some
very absurd notions."
January 15, 1835 - Merrill to R. W. Thompsca
Question is whether a Branch Bank may purchase a promissory note
at more than a 6 percent discount. If the transaction is not a loan
"no one can legally complain however hard the terms may have been."
However, warns against using this device tc charge more than the
legal intereat on actual loans.
Note: The State Bank was forbidden by its charter to
discount at more than 6 percent. Most banks
continually sought ways of avoiding such restrictions and it is therefore noteworthy t at
Merrill took the above stand in a private letter.
January 15, 1835 - Merrill to J. F. D. Lanier
SEE PHOTOSTAT
January 25, 1835 - Merrill to Fitch, President New Albany Branch
Concerns negotiations for securing federal deposits. States
that parent board will want to supervise matter.
"If the deposites are obtained they must be placed in the
branches most convenient for receiving and paying them
out, but some general regulation must be made which will
as far as possible prevent difficulty and jealousy between
Branches."
February

4, 1835 - Merrill's handwriting.

To a bookkeeper asking if he desires employment at one of the
Branch Banks. Ireither &ashier of the branch in questio0 nor his
Clk. have ever been in a bank and they are fearful if they were to
start their books they might get into some difficulty."
November

al, 1835 -

Merrill, Circular letter to the Branch Banks
SEE PHOTOSTAT

November 30, 1835 - Merrill to E. D. John, Cashier of Lawrenceburgh Branch
Long letter defending Board's action in refusing to allow
federal funds to be deposited at his branch. Main objection seems
to have been lack of a good safe.


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Federal Reserve Bank of St. Louis

- 4 Jecember 28, 1835 - Merrill to John Mitchell
Concerns loans from Sinking Fund, of which Merrill was evidently
both Treasurer and Commissioner. Gives indication of Merrill's
attitude towards real estate loans.
States that a loan cannot be made on some mortgages submitted by
Mitchell. "Your part of the country has been long settled and if land
is to change prices so rapidly it may change back again in as short a
time."
“We do not expect all our acts to be popular, but we hope to
protect the rights of the state and this will be approved at a
future date if not at present."
Note: The Sinking Fund was established to stand for the
redemptiont of bonds issued by the State to secure
capital for the State Bank. Merrill's last statement was correct. Those in charge of managing the
fund did so well that after the debt for which it
had been created was repaid, over $3,000,000 was
turned over to the Common School Fund.
February 2, 1836 - Merrill to Wm. Crompton
States that policy of the State Bank is opposed to loans on land,

the value of which has recently undergone substantial change.
June 30, 1836 - Merrill to D. R. Donahue, Cashier Bedford Branch
Concerns a note discounted at Donahue's branch. Merrill advises
granting borrower additional time since it is clear that he was led,
perhaps inadvertently, to expect a renewal at the time -Rke loan was
granted.
July 7, 1836 - Merrill Circular Letter to Branch Banks
Advises acceptance of new government terms for the keeping of
the federal deposits. Deposits help bank maintain its circulation,
keep up profits. New terms involved change in interest paid the
government, limits on total of deposits which could be held by
any one bank.

May 8, 1837 - Ray to Levi Woodbury
Concerns the rapid withdrawal by the government of its deposits
in the Lawrenceburgh Branch. Requests that the calls be smaller and
extended over a longer period of time.
"The extreme rapidity with which the business would have to be
reduced (which must have been induced by the deposites)... would be
very sevefly felt and would bear heavily on our part of the West."


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Federal Reserve Bank of St. Louis

Note: Ray was Cashier of the State Bank during the entire
period of its operation; Levi Woodbury was Secretary
of the Treasury at this time.

-5
May 19, 1837 - Merrill to Dunn and Tousey
SEE PHOTOSTAT
May 22, 1837 - Merrill, Circular Letter to Branch Banks
Long letter written at the time of the suspension of specie payments.
Several parts of interest follow:
"The institution was intended to furnish a sound currency on a
specie basis." Proposes, in the present emergency, severe restrictive
measures, such as reducing total circulation by $1,000,000 in three
months.
Argues in favor of a paper (bank) currency. "Until we are prepared to dispense with the Cotton and Sugar of Louisiana, the manufactures of New England and the iron of Pennsylvania, we must have a
paper medium of exchange. However a small nation supplying its own
wants within itself may do its business with specie, such cannot be
the case with these U. States."
Asks the branches to be doubly careful now that they no longer
have to redeem in specie. The branches collectively; i. e., the
State Bank "will look with much uneasiness upon any transaction of
a branch that may be questionable in its propriety and for their own
safety they will not hesitate to suspend immediately any one that
shall endanger the safety of the others."
Note: Although the suspension of specie paymenta in a period
of real crisis was a relief to banks, there was a real
danger involved. Firstjanti-bank forces used the
suspension as proof that banks were actually insolvent
and pushed more strongly proposals for their abolishment. Also, many banks took advantage of the situation
to expand their discounts, and therefore their circulation, with the result usually being failure when
specie payments were resumed. Clearly, Merrill and
the State Board were determined to avoid both dangers
and keep the State Bank solvent and in operation.
July 21, 1837 - Merrill to McCulloch, Cashier Fort Wayne Branch
Critical of failure to reduce discounts as ordered by the State
Board. Will have to explain this to the Board. "The rapid withdrawal of the U. S. Deposites and the loss of credit we are sustaining
by the suspension will probably not allow us for a long time to discount
more than twice the capital."


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Federal Reserve Bank of St. Louis

Note: The Branch Banks were ordered to reduce their
discounts in a resolution of the State Board on
May 19, 1837. See Journal notes. By "suspension"
Merrill was referring to the suspension of specie
payments.

-6
ATat 23, 1837 - Merrill to Shields, Cashier New Albany Branch
Recent re3olution of the State Board relating to deposits in
insurance companies was directed at Shield's Branch and "vas
in fact a
substitute for a much severer rpeasur4 than was proposed.."
Apparently
Branch had been showing money due from an insurance compan
y as a "bank
balance" in its condition reports and Merrill is very dubiou
s that
there is any similarity.
September

8, 1837 - Merrill to President Lafayette Branch

Writes in conformity with a resolution of the State Board requir
ing
the President and Cashier of the State Bank to determine
the reasons why
any Branch Bank might refuse to obey an order of the Board.
Lafayette
is charged with not reducinSits discounts to twice the
capital stock.
Merrill makes a formal request for an explanation and then,
in a long
postscript,appears to be urging the Branch to make some
sort of
explanation so that the Board will not have to take furthe
r action.
Note'

This is one of a number of letters, some of which
will be found below, suggesting that in many instances it was the State Board which was determined
to
exercise close supervision over the branches,
while
Merrill did his best to shield the branches. This
is of significance, of course, in evaluating
the
effect of the mutual guaranty provision on the
operation of the State Bank.

September 14, 1837 - Merrill to V??
Announces the readiness of the State Bank to resume
specie
payments "whenever any respectable number of banks make the
attempt."
Note: Resumption did not take place until the following
year.
December 11, 1837 - Merrill to E. D. John, Cashier Lawrenceburg
h Branch
Concerns failure of John's Branch to extend
exporters:
"If the bank can do nothing in an emergency
general welfare, I fear that it will be regarded
the attempts making to destroy it will meet with


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Federal Reserve Bank of St. Louis

new discounts to
so important for the
as a nuisance and that
general encouragement."

Note: The emergency referred to is the suspension of s
ie
payments and the general tightness of the money
Zkilt
which lasted from the spring of 1837 to the spring
of
1838. This letter. along with others, reflects
Merrill's concern with political attacks on the State
Bank by anti-bank Democrats.

-7March 10, 1838 - Ray to Cashier of Vincennes Branch
Routine letter, of interest because it involves shipment of post-notes
to that Branch.
Note: The State Bank was authorized by its charter to issue
such notes but it is not certain whether any were ever
actually paid out)except in the case of the Lawrenceburgh Branch
May 15, 1838 - Merrill to Clark of Lafayette Branch
The activities of the Cashier and several of the directors of
this Branch have been disapproved by the State Board and Merrill
writes Clark, who presumably is a heavy stockholder, to take over:
. . . it was the opinion if not of all at least nearly every
of the State Board thatunless Mr. White (Cashier) leave the branch
and the directors provide for having their business done in a more
satisfactory manner, the branch must be suspended."
Note: This is one of several letters which show that the
State Board and Merrill often went so far as to try
to handpick officials of certain Branch Banks when
they felt that the bank was mismanaged.
June

5 and June 6, 1838 - Merrill to Hanna and jClark
SEE PHOTOSTAT

June 27, 1838 - Merrill to Deming, President Lafayette Branch
White was kept as Cashier of the Branch Bank (see May 15, 1838
above) but several changes were made in the directorship and Deming
was installed as President. Merrill is suspicious and announces
that he will shortly examine the Branch to secure more definite
information. In a thinly veiled threat he states:
'You have gone an as you suppose to set yourselves right with
the other branches and the public. If you are so I shall be much gratified, for when you have acted finally in the matter there can be no
middle ground. You must either be sustained or the branch must be
removed and. in all probability never again established at your place.V
July

6, 1838 - Merrill to Deming, President Lafayette Branch
Remains on the subject of continuing White as Cashier: "The
question must resolve itself into this I presume. Is Mr. White supported
by honorable disinterested men on account of his merits notwithstanding
some faults or is he supported on account of party and private interest,
regardless of the regulations of the Bank and the opinions of the
other branches, which as partners are eclIally responsible."


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Federal Reserve Bank of St. Louis

-8

jaly 16, 1838 - Merrill to Deming
SEE PHOTOSTAT
August 4, 1838 - Merrill to White, Cashier, Lafayette Branch
Critical letter but in friendlier tone. Perhaps a personal letter
rather than one written at the request of the Board.
August 17. 1838 - Merrill to E. D. John. Cashier Lawrenceburgh Branch
Reminds him of Board's resolution urging Branch Banks to attempt
to collect debts by other means than use of the courts. Written apparently with an eye to political scene.: "The expense and odium of
being frequently on the dockets of the Courts reflect even more
discredit upon Banks than upon individuals."
August 21, 1838 - Merrill to Deming, President Lafayette Branch
Still suspicious of this branch. Emphasizes Importance of avoiding
long loans, particularly to officers and directors.
October 6, 1838 - Merrill to Deming, President Lafayette Branch
White has gone and a new Cashier secured.
the directors support him.

Merrill urges that

December 11, 1838 - Merrill to Clark and Harrison of Michigan City Branch
States that control of the South Bend Branch has passed into the
hands of a group of local men combined with several Michigan residents.
Thinks they are not to be trusted. Understands they also desire to
secure control of Michigan City Branch and urges caution.
"The safety of the other branches will not be endangered to gratify
any set of men. The credit of the Bank is an essential part of the
institution and those who manage it must be persons in whom the better
part of the community can confide."
January 1, 1839 - Merrill to Deming, President Lafayette Branch
Lafayette Branch not imArving as rapidly as might be desired.
Warns against long loans.
January 22 1839 - Merrill to E. D. John, Cashier Lawrenceburg Bank
"I beg leave to call your attention to the preamble and resolution
2nd page of the printed proceedings of the State Board February
the
on
1838 in reference to the Cashier of a branch engaging in other
business than that of the duties of his office. You will also see
on the 3rd page the views of the board in relation to officers of the


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Federal Reserve Bank of St. Louis

-9
branches connecting themselves with other institutions. What the
board expect from the officers of the branches is expressed so
clearly that it cannot be mistaken. If as is represented you are
engaged largely in the pork business, even with other to an
attempted monopoly of it, there is great impropriety it your continuing in the bank. The resolution it was understood was aimed at
Mr. Ross . . If one of the kind was thought necessary in his cede
much more must something be if as alleged you are engaged in
operations to the amount of hundreds of thousands."
Note: This is the first indication in the Letterbook of eerikelks
serious trouble with the Lawrenceburgh Branch Bank. A
number of letters bearing on this will be found below.
It will be recalled that the situation was finally resolved when the Board suspended the Branch.
January 22, 1839 - Merrill to D. Major of Lavrenceburgh Branch
Long letter on same subject as above. Implies situation may be
resolved if the Cashier either leaves his business or the bank.
May 16, 1839 - Merrill to D. Major of Lawrenceburgh Branch
Long letter, same subject as above.
August

3,

1839 Merrill to Tyner

Tyner was apparently a Lawrenceburgh director. Merrill asks his
advice on the situation there. Adds: "I much fear that there are almost
no stockholders in the Law. br. who hold the stock for any other purpose
than to borrow money. . . I fear too that there are at least three
directors in the branch who would fail at once if they were called
upon to pay even an eighth every three months . . . I do not doubt the
good intention of your Cash. according to his notions of propriety
but I believe he maneuvers too much . . ."
October

3, 1839 -

Merrill to D. Major, President Lawrenceburgh Branch

Severely criticizes Branch for issuing post-notes without consulting
State Board. If used at all they must be for short loans and, even more
important, must have been furnished by the State Board. Other branches
will refuse to accept the notes. Action is not only illegal but strikes
at heart of the whole system.
November 2, 1839 - Merrill to Woodbury
Regrets inability of Lawrenceburgh Branch to make a payment due the
U. S. on its deposit account. Requests delay until the State Board has
chantle to meet.


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Federal Reserve Bank of St. Louis

:er

4, 1839 - Merrill to D. Major, President, Lawrenceburgh
Branch

Concerns failure to make payment to U. S. mention
ed above: "it
appears that the other Branches must be called
on in aid of your
Branch."
November 15, 1839 - Merrill to Woodbury
Makes arrangements for paying the Lawrenc
eburgh deposit (see
November 2nd and 4th). Implies branches
contributed required
amount.
Note: No further information is available on this inciden
t.
However, it appears likely that the other branches did
provide the necessary amount, probably as a loan to
the Lawrenceburgh Branch Bank. Significance lies in
the fact that the other member banks could, and did,
come to the aid of a distressed bank even before they
were legally obligated to do so.
November 15, 1839 - Merrill to D. Major, President Lawrenc
eburgh Branch
On same subject as November 15 letter above.
the removal of John as Cashier of bank.

Also presses for

November 18, 1839 - Merrill to John Brownfield, Branch unidentified
Concerns struggle for control of Branch by two factions.
wants affair settled immediately.

Merrill

February 19, 1840 - Merrill to E. D. John, Cashier Lawrenceburgh
Branch
Criticizes failure to reduce discounts as ordered by the State
Board.
March

3, 1840 - Merrill to McLane. President Bedford Branch

"In looking over the proceedings of your branch I approve in
general your mod of doing business but I am under the necessity
of
complaining of one practice that appears to have been allowed to
some
extent contrary to the directives of the Charter. In the 79th Section
4th clause there is a provision that no 'Director shall be allowed
to
borrow out of Bank on any other than the usual banking terms.
,
Though it may not be wrong to loan money to a Director for the promoti
on
of public improvement, or for some usefUl object in the same manner
as would be allowed to others, yet if Directors are suffered to renew
their notes without curtailment the reason for each proceeding
should appear on the minutes, and if the building a Mill or
other
sufficient cause be alleged for the grant of such a favor I suppose
no complaint could be made. I notice that Miss. Bishop and Vestal
have several times renewed their notes without any reduction. If
there be any special cause why they are more favored than others,
it


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Federal Reserve Bank of St. Louis

-11 would be well to state the same in a Resolution of your Board to be
forwarded up to the State Board . . . but if you have inadvertently
made allowances in these cases which should not have been it would be
well by Resolution of your Board to condemn the practice and Abandon
it hereafter."
Note: Letters such as these should be considered in light of
the very common practice in western banks of doing exactly what Merrill complains of here. Not only was it
common, but most banks defended the practice. Note
also the conciliatory tone. It may be presumed that
the State Board was much more concerned than Merrill.
March 9, 1840 - Merrill to James
SEE PHOTOSTAT
May 12, 1840 - Merrill to William Clark, President Michigan City Branch
Concerns "improper acts alleged to have been committed by the
Cashier and several of the Directors." Wrongdoing involved some
overdrafts, not further identified. Wants offenders removed from
Branch, especially since Branch Board has already condemned them.
"If this is not done at an early date I shall visit your place
at once and investigate the whole matter carefully and if there be
a Cashier in office, or a Director on the Board, having influence
in its mangaement, who in disregard of duty will allow such acts
as appear to have been committed there, there will be no delay in
proceeding to suspend and close up the Branch."
August 13, 1840 - Merrill to Hanna, President Lafayette Branch
Very sharp letter asking if it is true that several "Directors
of your branch had within a short time discounted a number of new
accomodation notes in direct violation of orders of the State
Board." Threatens investigation and report to State Board unless
matter is satisfactorily explained.
Note: Accomodation notes were notes on the personal
security of the borrower, usually for the longest
term possible. Since they were not based on a
specific transaction; e. g., a shipment of hogs to
Cincinnati, they were difficult to collect and, in
fact when made were usually considered by both the
lender and the borrower as subject to renewal.
September 23, 1840 - Merrill to J. F. D. Lanier, Madison Branch
Criticizes purchase by Madison Branch of State Treasury notes.
Funds used in this fashion will bot be available "to carry off the
produce of the country.


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Federal Reserve Bank of St. Louis

- 12 "The State already owes the Bank so much it materially cripples
our operations."
Note:

Indiana had become indebted to the State Bank as
a result of failure on the part of some of the
purchasers of its internal improvements bonds to
make payment. Merrill and the Board were determined
that the State Bank not become entangled in the internal improvements projects of the State.

October 7, 1840 - Merrill to Major
SEE PHOTOSTAT
October ??, 1840 - Merrill to Hanna, President Lafayette
Branch
Criticizes practice of not fully describing each discounted bill
of exchange, of showing dissolved partnerships as debtors of
the bank
in its reports, permitting loans to run for long periods of time.
On latter point: "'these must necessarily swallow up your capital
so
that you only do business on your circulation which could not be
kept up a day if specie payments were resumed. Your branch if
it
were an independent institution must sink at once and you now live
an the credit which the other branches give you.
Note: Specie payments had been resumed in 1838 but were
suspended again in about a year. Resumption was
not finally achieved until 1842.
October 27, 1840 - Merrill to President and Directors South Bend Branch
Criticizes long loans: "One of the orders or rules of the State
Board for the government of the branches requires in substance that
the branches respectively shall not discount accomodation notes
exceeding once and a fourth the capital actually paid in.
Sometime in November of December, 1840 - Merrill to Corney
Evidently the recipient of the letter was considering taking the
post of Cashier at Lawrenceburgh. Merrill advises that he be certain
the policy of the bank has changed or "it will be hazardous for you
to have anything to do with the concern."
arch 29, 1841 - Merrill to Hanna, President Lafayette Branch
Criticizes small reduction in circulation. Letter gives impressJ
that Merrill is pushed in this instance by State Board.

April 1, 1841 - Merrill to Thomiston, () Cashier Lawrenceburgh Branch


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Generally critical of Branch

-13 -

May 27, 1841 - Merrill to Henry Clay
Sends copy of State Bank charter. Comments: "Nearly all of the
difficulties in managing our institution have arisen from the large
loans to Directors and stockholders in a few br. who subscribed
stock not for the Dividends but to borrow mone ."
Note: The Whig party, of which Clay was an acknowledged
leader, had triumphed in the 1840 presidential
election (Harrison) and was pledged to re-establish
a United States Bank. Evidently Clay had sought
Merrill's opinion and advice.
July

7, 1841 - Merrill to several stockholders of Lawrenceburgh Branch.
The Branch was in new difficulties with State Board. Merrill
names three men whom he, and the Board, would prefer to see
elected to the Board of Directors.

July 19, 1841 - Merrill to Major, Lavrenceburgh Branch
Very critical.

Mentions same subject as in preceding letter.

August ??, 1841 - Merrill to Fitch, President New Albany Branch
Reviews Lawrenceburgh difficulties. A vote to suspend the
Branch was carried 8 to 6 but was not eqfficient because of the
necessity for a two-thirds affirmative vote. "There would I think
have been a larger affirmitive vote but for zealous efforts on my
part to prevent it."
Note: Another indication that Merrill often tried to
protect branches from the wrath of the State Board.
However, Merrill remained critical of the Branch,
especially of those officers who, he felt, were
using it to serve their own ends.
December

4, 1841 - Merrill to officers South Bend Branch

Defends himself against charge that he advocated unsafe loans.
Maintains his position has always been opposed to such loans.
Note: There seems little doubt that Merrill was unjustly
criticized on this point.
April

4, 1842 - Merrill to Cashier Lawrenceburgh Branch

Orders him to reduce the circulation of the Branch which "still
continued so large."


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Federal Reserve Bank of St. Louis

Note:

See draft of Indiana article for data on Lawrenceburgh's circulation.

14
April 25, 1842 - Merrill, Circular Letter to Branch Banks
Concerns impending resumtpion of specie payments: "It is evident
that for a successful resumption every Branch must be sustained."

Letterbook of the State Bank of Indiana
Volume II
July 9, 1842 "' Merrill to Cashier Lafayette Branch
Describes agreement reached with two Cincinnati banks relative to
the mutual redemption of the notes of these banks and of the branches
of the State Bank. Apparently one or two of the Branch Banks had been
refusing to redeem in specie large batches of their notes presented
by the Cincinnati banks. Merrill was concerned lest some branches get
the reputation of "good", others 'bad".
October 18, 1842 - Merrill to Dunn, Cashier Lavrenceburgh Branch
Resumption of specie payments had taken place in June but the Branch
Banks were having a little difficulty. "Several of the br. feel and
complain that the Lawgh. br. is not doing its part to keep up the credit
of the institution and the time has now come when every br. needs and
expects that each other br. shall do its whole duty."
November II, 1842 - Merrill to Cashier and State Directors South Bend Branch
"I have been instructed by the Directors of the State Bank tc
inquire and report whether some two or three of the Directors of your
br. are insolvent and subject themselves habitually to be protested
and sued on their Debts. Merely bei_4( _poor is no objection but a
Director indebted to the Branch without property and not making
prompt and habitual payments ought to be removed."
December 2, 1842 - Ray to President Terra Haute Branch
The Lawrenceburgh Branch Atd just paid out a large amount of specie
and was fearful that it would not be able to meet any new demands.
lir. Merrill conilerred with with the Branch here (Indianapolis) and
the conclusion was that this Branch handed him $2,500 with an understanding that before he use it he was to get $5,000 from Richmond and
$2,500 from Madison." Asks that Terra Haute Branch help also: "It
will be to the true interests to the Branches to sustain them."
Deasibir

3, 1342 - Merrill to Jacob Noyes

Noyes was apparently a large stockholder at Lawrenceburgh. He
had borrowed quite heavily and Merrill urges him to make repayment.
Threatens to ask for the suspension of the Branch if stockholders
loans are not paid.


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Federal Reserve Bank of St. Louis

-15 -

February 25, 1843 - Ray to Cashier Lafayette Branch
Routine letter refulsing request by Branch to have State Bank
pay out of general fund a mutilated note. Apparently the State
Bank had decided that the note had been issued by the Lafayette Branch.
Letter is of interest because ofikay's Observation that the Branch banks
are virtually independent and that redemption of notes out of a common
fund would diminish the profits of some of the Branch banks.
March 21, 1843 - Ray to President New Albany Branch
Tells of the election of a new President at Lawrenceburgh and
the high hopes which Merrill holds for the new administration of
the Branch.
June 11, 1843 - Merrill to Defrees (7?) (Possibly Lawrenceburgh Baanch)
Concerns certain long loans made by the recipient's bank which are
causing the State Board much concern. "I would not however deal with
you as I wish to be dealt by if I did not say to you that some members
of the State Board are very fearful that my opinions are too favorable
to your br..„and that I am too much opposed to suspending a branch. It
Is natural that it should be so, for meeting only once a quarter they
bring together in their minds the complaints and causes of difficulties
that have rri us if the same men were chargeable with the whole . . .
the Directors of the br. ought to be able to manage it better than
any Receiver and I hope that they will be Able to convince our
Board that they are doing so."
August ??, 1843 - Merrill to Defrees
Warns of suspension unless long loans are called.
August ?? 1843 - Merrill to Bates, President Indianapolis Branch
Critical of policy, especially: (1) requiring an unnecessary
number of endorsers, (2) "the requiring of larger payments from old
Debtors than they could possibly make", (3) sending large batches
of small notes to brokers locally to be used for exchange purposes.
October 17, 1843 - Merrill to Blaadale, Lawrenceburgh Branch
Reviews history of difficulty with this Branch, warns that other
branches will not permit continuance of its policies for long.
Note: The long struggle between the State Board and the
Lawrenceburgh Branch ended on November 16, 1843 when the Branch
was suspended by the Board. This is the only letance of the use
of the Board's power to suspend, although in several instances
other branches were dangerously close to suspension.


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Federal Reserve Bank of St. Louis

-16 December 29, 1843 - Merrill to Lawrenceburgh Branch, circularized to all brandhes
Calls for a definite guarantee that policies of the bank will be
changed before bank can be reinstated. Suggests the selection of
officers who will have the confidence of the State Board.
December 18, 1843 - Merrill to Bates, President Indianapolis Branch
Notes of the various branches are being taken in St. Louis at
very heavy discounts and in some cases refused. This is due to the
large amount of notes in that city and the poor quality of the paper
on which they are printed. The situation is serious and Merrill asks
Bates to go to St. Louis and buy notes to force up price.
"Considering the large circulation your Branch has, and the
probab4lity that a heavy portion of it is vest of this State, we
feel authorized rather to call upon you but will write also tb the
Branches at Terra Haute, Vincennes and Evansville for their cooperation. If you are not remunerated for the expense of the trip,
as a Branch, we do not doubt the concurrence of the Directors in
expenses being incurred on the general account for so necessary
an dblect."
December 29, 1843 - Merrill, Circular to Branch Banks
Suggests advisability of making loans to the State since, if this
is not done, the State will probably be forced to issue scrip. "The
circulation of the Bank will be injuriously affected and all the
business portion of the community must suffer when depreciated paper
is continually thrust in their way."
January 11, 1844 - Merrill to Hobbs, Cashier Lawrenceburgh
Long letter in which he quotes statements of many members of
the State Board to the effect that the Branch must change its policy
before it is reinstated. This was evidently sent to impress upon
the Lavrenceburgh officers the fact that it was the State Board
they had to satisfy, not Merrill.
Note: The Lawrenceburgh Branch was reinstated in February
of 1844, apparently with the State Board completely
victorious.
'
Shortly after the above letter was written, Merrill was replaced
as President by James Morrison. The Democrats had secured control
of the legislature and Merrill, a Whig, was defeated for a third
term. As noted previously, most of the letters after this date
are of a routine nature and have not been copied.


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Federal Reserve Bank of St. Louis

•

-17 -

Journal of the State Bank of Indiana

November 30, 1834
Unanimously resolves that: "until the next quarterly meeting of the
Board the several Branches shall not issue paper beyond once and a quarter
the Capital naid and that the Cashier make known this order to each Branch."
Note:

The State Bank had not yet opened for business
when this resolution was passed.

November 21, 1834
Routine
prime object
Increase and
industry and

resolution but introduction bs of interest: Whereas the
of this, as well as all other well regulated banks, is to
regulate the circulating medium, to encourage trade and
to afford safe depositories . . ."

March 11, 1835
Adopts resolution which permits Madison Branch to borrow up to
$251000 from other branches. Evidently Madison Branch had been doing a
brisk busimeOS while other branches were doing little. Madison was,
at that time, the major town in the State.
May 19, 1835
Branch Banks which held federal deposits have been refusing to
accept notes of other branches on deposit. (Why they did this is not clear.)
Committee investigated and recommends that the practice be stopped, or
the retaliation which is certain to take place will hurt State bank.
November 17, 1835
Committee of the Board disapproves excessive purchases of bills
of exchange, though approves such purchases in general.
November 18, 1835
Committee of the Board investigated Lafayette Branch. Charge it
with (1) purchasing promissory notes as commercial paper in order to
avoid restrictions on interest, (2) not keeping accurate cash accounts.
BMW agrees that these practices will arouse public hostility and
unanimously disapproves.
February 181 1836
Discussion of Lafayette affair described above, and also the
failure of the Madison Branch to make sufficiently detailed condition
reports.


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Federal Reserve Bank of St. Louis

-18:tbraary 19, 1836
Board recommends that breaches assent to change in charter and,
when such assent is given, will permit discounts to be extended to
twice and one-third paid in capital. Recommends that examiners
1.quire into deposits of branches and investigate possibility of
enla,'Iing them by payment of a small interest. Takes occasion t.
notify branches that its orders as to discounts viii be changed
as conditions warrant.
Note: The charter was amended by the legislature in January
of 1336 to permit the State Board to allow the branches
to extend both their discounts and debts (exclusive of
deposits and cash in other banks) to twice and onehalf the paid in capital. Formerly the limit had
been twice the paid in capital.
May 19, 1836
Committee of the Board suggests resolution, which is unanimously
adopted, that "the Branches be advised to prepare at the close of this
present quarter to reduce their discounts to an amount not exceeding
twice the amount of capital paid in, that they be advised to act
with great Caution as to the Species of Business they encourage by
Bank facilities."
Reason for this action is "state of the currency and exchange in
the Vest, and the heavy demands made by the Secretary of the Treasury
on the Deposit. branches. .
Note:

This resolution was passed near the peak of the
speculative land boom which had enveloped the
West. The withdrawal of the federal deposits was
not to take place for about six months so that
the mheavy demands" referred to here were probably
the result of the large land sales in the area.
As indicated, not all of the branches held the
deposits, the policy being for the State Board to
designate only those branches which possessed
acceptable vaults and which were located in areas
where payments for the federal government were
required.

November 27, 1836
Board permits branches to extend discounts to twice and one-half
paid in capital.


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Federal Reserve Bank of St. Louis

Aay 18, 1837

Board has received letter complaining of activities of the
Lawrenceburgh Branch and appoints a committee to investigate. Also,
orders branches to reduce discounts to twice the paid in capital
because of "the rapid withdrawal of the United States Deposites, and
the confusion that now prevails in the money market."
Note:
_ _.

This appears to be the first hint, in the Journal, of
trouble with the Lavrenceburgh Branch. The federal
government was now in the process of distributing
its surplus among the states, which surplus had been
deposited with the State banks. It was this action
and the panic of 1837 to which the Board refers.

November 25, 1837
Board adopts following resolution: "Whereas it is of great importanee
to the interests of this State that such Bank accomodations should be
extended to the exporters of produce .. ." the branches (1) are authorized
to extend discounts to twice and one-quarter times capital by "discounting such 1.)aper", (2) must reduce discounts to twice the paid in
capital by June 1, 1838 and (3) hold circulation to once and onequarter time capital unless given for paper which will be pun*tually
paid; i.e., exporters' notes.
February 17, 1838
Resolves that it will not be prudent for the branches, once specie
payments are resumed, to discount more than twice capital unless at
least one-fifth of their discount paper is paid every 90 days.
Note: In this and the preceding entry it will be noted how
actively the State Board encouraged loans to the
export trade and how it used its powers of varying
the discounts-capital ratio so as to achieve its
goal.
May 14, 1838
Report of a committee formed to investigate charges against
branches at Indianapolis, Lawreneeburgh and Lafayette. The Indianapolis
Branch had been charged with dealing in fictitious bills and making
exorbitant exchange charges. Committee finds Branch innocent.


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Federal Reserve Bank of St. Louis

Note: By "fictitious" bills was probably meant billr of
of exchange not arising from actual shipments but
drawn simply to permit the bank to secure a higher
discount than was allowed.

-20

Lawrenceburgh was criticized gently by the committee, primarily
because what they did was not conducive to good public relations.
Charges that the Lafayette Branch had discounted notes of individuals in arrears to bank and also that the Cashier vas a heavy
borrower are found to be true. Recommends considering suspension
of Branch.
August 16, 1838
Report of a committee of the State Board which investigated
Lafayette Branch (see Letterbook notes). Board had actually secured
a court order requiring the Branch to show cause why it should not be
suspended but committee recommends postponing action to give Branch
opportunity to remove its Cashier, Mr. White. Implies that if it
dose so, order will be dropped.
August 14, 1839
Adopts resolution that branches are not to allow discounts to
exceed more than once and one-quarter the paid in capital unless on
prompt paper of not more than 6 months. However, if one-fifth of a
branch's accomodation notes are paid every 90 days its discounts may
be extended to once and one-half its paid in capital.
The Lawrenceburgh, Madison and New Albany branches are
specifically ordered to keep at least one-third of their total
discounts in bona fide bills of exchange not having more than four
months to run.
February 12, 1340
Some discussion of difficulties with Lawrenceburgh Branch.
Among resolutions passed: (1) No branch shall make loans to the
State Internal Improvements Board or the Board of Fund Commissioners;
(2) branches shall not have accomodation notes in excess of once and
one-quarter their paid in capital; (3) liabilities o! the New Albany
Branch are greater than safety permits and President must take steps
to improve matters.
May 12, 1840
Report of committee of the State Board, headed by McCulloch, which
investigated Michigan City Branch. Very critical -- misconduct on
the part of its directors and officers, also unnecessary demands on
other branches for specie. Suggests resolution, which was unanimously
adopted, condemning practice and ordering President of Branch to take
appropriate action.
May 13, 1840
Long report of a committee of the State Board criticizes Lawrenceburgh Branch.
Another report calls for branches to make only small loans during
the suspension period.


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Federal Reserve Bank of St. Louis

21

May 14, 1840
Michigan City Branch discovered to have made a substantial loan
to an individual for the purpose of betting. Adcpts unanimously a
resolution stating that branches are only to discount business paper
and bills of exchange having not more than six months to run.
August 11, 1840
Report of a committee of the State Board which investigated whether
branches were obeying order to limit accomodation notes to once and onequarter paid in capital. Finds 8 branches have not, with greatest
offender being Lawrenceburgh.
November 11, 1840
Board orders South Bend Branch to limit discounts to once and
one-quarter its paid in capital and permits it to renew accomodation
notes only if one-tenth of each note is paid at the time of renewal.
It may also discount up to $30,000 of new bills of exchange,
providing they do not run more than six months and are not presented by persons now indebted to the Branch.
August 11, 1841
Board orders branches at Lawrenceburgh,
Fort Wayne to reduce their circulation. "In
these Branches profits should be a secondary
duction of their liabilities primary. It is
begin now to put ourselves in a condition to
specie payments, perhaps early next year."

Lafayette, Routh Bend and
the present condition of
consideration - the reevidently our duty to
meet a resumption of

February (
2
', 1841
Board considers series of resolutions by Merrill which severely
limit operations of the Lawrenceburgh Branch until it decreases its
accomodation paper. Several not adopted, others amended, but Board,
In general, accepts them.


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Federal Reserve Bank of St. Louis

•
Dear Sir;
Your two looA :ports haoe al,
to tlie Legislature for any alteration
cannot be mistaken in the intention of the
and the discounts of the branches to once ro
2d Monday of February next:--and in this we
Resolution on thst subject. Our Board has
Bank paper, and it could never have intended
paper even if it had been called for, and could uiv
greater amount. The meanin7; of the Fesolution must tht;r
limit the Discounts RS we are authorized to do in the 40'
kind of parer i/olaich is restricted and was intended to be. •U't(,f
transcended the restrictions you remerk in your last "the restriction must -Lie
removed," appears very extraordinary when you pay not the slightest attention
to it.
But laying these considerations aside, and also the difficulties in which
your customers must be involved if by having a large number of their debts
payable about the same time they shall not be able to assist each other. I
fear very much the effect of the example upon other Branches, and its influence
on our Board in reference to your future operations.F17711not the Delegated-7—
the other Branches unite against you if you go on rashly as they may be led to
think? Will they not wish and resolve to make as much as your Branch? Will
they not forget the determination which we all seemed to entertain, that we
would proceed cautiously, establish the credit and character of the Bank, and
give our Citizens a Dew, or a shower, not a Deluge or an inundation?
It is altogether unnecessary for you to say anything about the securit,
of your loans, the importance of the business operations you have aided, or
the ability and judgement with which you conduct your operations. On these
matters nothing I am satisfied can be said by yourselves and your friends which
I should not assent to at once. Nor must you suspect for a moment that I
Impeach your motives, but I am so situated as to be bound to keep a look out
on the operations of all the Branches. You expect it from me, and were you to
Imagine that I was careless or inattentive on these subjects, you would be the
first to know it and complain. Though your banking reputation is known and
appreciated, such is not the case with many of the Branches, and if there be
no need on your account to keep always something in reserve, there certainly
Is in my opinion a necessity of your taking some such course on account of the
other branches. I have urged upon some of them, in very strong terms, that
large Discounts should not be paid at once, that something should be constantly
coming in, or paper will soon cease to go out: that the eyes of the Directors
hould be constantly over their customers, and on the state of their affairs,

e


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Federal Reserve Bank of St. Louis

•

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

President Merrill to Messrs. Dunn and Tousey

1111

May 19th 1837
Messrs. Dunn and Tousey.

Gentlemen.

Your Letter and Memorial complaining of the management of the Lawrenceburgh Branch reached this place about the time of my return from Fort
Wayne and nothing further being heard from you until last evening: The letter and
Memorial were laid before the Board, and by their order Messrs. Morrison,
Fitch, and James M. Ray were decided to go immediately to your place and inquire into the state of things there. On the receipt of your last communication,
the order for sending the Committee at this time was reconsidered and an order
was made, that as soon as practicalbe, I should visit Lawrenceburgh and examine matter over again. The lipard •lo not consider that they have any choice
as to passing over malconduct even if the complainants should have been
satisfied, for if the facts alledged to exist in your memorial be true, it will
not be sufficient for the offending parties merely to reconcile individual
complainants. But while it is our duty to keep the officers of the Branch
within the limits of the Charter, which from the state of the times is becoming
every day more important, we have no wish to excite unnecessary alarm, which
might be the case were a Committee of our Branoh at this time to visit and
spend the time necessary for an examination at your place. My own visit may
pass as a matter of course, and will not be noticed. In this time of common
calamity, it is much to be desired that the efforts of all business men should
be directed to promote the common good and not turned against each other. But
If there be guilt or a dangerous tampering with the interests of the Branches,
any where, the sooner it is discovered and routed out from amongst us the better,
and to effect this no effort of the parent board will be spared. All of you
have had much experience in business, and in your judgment as to measures
proper to be taken at this time. I should have great confidence, and if you
have leisure it will gratify me much to receive such suggestions from you as to the
general state of the country, as you may think proper to make. I am Gentlemen

•

Yours Respectfully

Samuel Merrill

•

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Federal Reserve Bank of St. Louis

June

5,

to Jos. S. Hanna

Sir;
It is the both to you and myself that I should explain to you fully my
views in regard to your branch, as far as I have formed them, though I shall
always be ready to correct them when better advised if I am in error. I need
bp+ T
not mention any of the proceedings of the State board at their late session,
informed.
been
have
probably
will refer to a matter of which you could not
Before those of the board here, aSthe latter part of the session separated,
they gave me to understand, that it was their wish if your branch did not at
once conform to the requisitions of the State Board, that a special session
3hould be called immediately, and your branch and the other branches be notified
on
as the Charter requires previous to suspending a branch, and had nct informati
taken
been
have
would
this
course
on
resignati
been communicated of Mr. White's
considered
before this time. The requirement of Mr. White's resignation was not
had been
he
but
him
towards
personal
matter
by any one of the State board as a
e,
disapprov
to
had
refused
board
branch
guilty of several matters, which the
the
satisfy
to
of
the
branch
part
the
on
and some decisive act was necessary
other branches that no new offence would be committed as soon as those complained
of had been passed over. It seemed to those of the State board, who had the
subject under consideration that Mr. White's dismissal and the employment of a
Cashier in whom universal confidence could be placed would be best for the
branch and they also as you will recollect spoke of the propriety of having a
pres.of the same character who without other business to attend to, would
take a pert of the responsibility. Were there such officers I am satisfied
that no further change would be asked to restore your branch to full confie
with the other branches. The indiscrete act of your Exchange Committee in
discounting the bills, done without reflection and for no private profit, all
of our board felt disposed to pass over after expressing their disapprobation,
but the use of the Bank .funds by Mr. White and the refusal of the branch board
to disapprove the act after fully inquiring into it together with other matterr
e
testified to by Henkle called for a strong assurance that no similar occurrenc
all
should hereafter take place. Though the changes I have referred to were
that were talked of as indispensable, yet I have no doubt if your branch
prefers it a different course may be taken that will be eTially satisfactory.
All that the State bosrd expect is that your branch shall by its safe prudent
the
and honorable management, recover and retain public confidence and that of
been
has
which
other branches. If this can be dene in any other way than that
much
pointed out, no reasonable man will complain. I suppose this might be done
are
who
more effectually even than by removing the Cashier, if your Directors
large borrowers would resign and their places could be supplied by prudent
sensible men not borrowers, who would deal justly and lfberally with the present
condition of the Bank and with such other business men as require accommodations.
if
I know not whether such men can be found in and about your place or whether
place
this
they could be they would be sustained by the stock holders. In
serve as
two of our largest dealers and best business men declined originally to
of the
something
directors on the ground that they would wish to borrow often and
brought
kind has taken place at most of the branches. If you think this can be
as to the Cashier
about and it should be done very little inquiry will be made

•

•


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Federal Reserve Bank of St. Louis

•

-2-

/411 and if he be as he ought to be the agent of safe and prudent (lirectora it is
their business alone to select him. But to have Directors generally large
borrowers, receiving special favors of the Cashier and each other, suffering
their own notes to him under protest, refusing to disapprove misconduct in
their Agents, and favors at the expense of the bank granted by the Cashr. to
the Directors, such acts when taken together, are of a character not tc be
tolerated. The State board must have assurance that matters will be managed
otherwise or your branch must and will be suspended. Either Mr. White or the
persons who have been tempted or who from circumstances seem to have been
tempted to use him to their own purposes, must leave the branch. That he
regrets the course he has taken I have no doubt, that he has few superiors in
capability, I have as little, and that were he under the oversight of Mr. Den
and such Directors as they have at Terre Haute he would be a most valuable
officer, I am fully of the opinion and I should be much gratified if he could
be so situated. In this letter when I have not stated my own opinion as mine
it has been rather what I think the S. board will expect and require. I .shall
go to Ohio next week to be about 1C or 12 days and when I return I will cc
out to your place if nothing be done in the mean time for I would take no step
not indispensably necessary. I have not the slightest prejudice personally
against any one of your Directors and could give no preference or very little.
The opinions of your best disinterested men ought to quote you.

•

•

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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

President to Pinckney James, Esq.

Ste. Bank

March

9, 1840

Sir:
You are appointed an Examiner on the part of the State Bank to
visit and examine the Branches at Fort Wayne, South Bend, and Michigan
City, previous to the May Session of the State Board. You can consult
your convenience as to time, but perhaps it would be best to go on
horse back from your place to Fort Wayne, thence 80 miles to South Bend,
Thence 37 to Michigan City, Thence by Laporte 82 miles to Logansport.
I annex a Copy of Interrogatories propounded to the Branches.

Yours Truly,
S. Merrill, Presd.
Question
No. 1.

S

No. 2

No.

Do you know of any proceedings in your Branch which are not allowed
by the Charter, and if so what are they?
For what period are your notes discounted, and what is the usual
requisition on renewing notes?

3. Are there any Directors in your Branch who do not regularly pay
the usual curtailments on their loans, and if so who are they,
and on how many occasions since they have been Directors have
they neglected to pay such curtailments?

No.

4. Are any of your stockholders permitted to renew their loans without
curtailment, and if so what is the amount of their loans and the
stock held by them?

No. 5.

No.

Can your stock be sold at par or over for cash, or on short credits,
or if not, what prices can it be sold in either way?

6. Are Notes renewed for persons who do not or cannot make any
curtailment without requiring better security for the same, and
if so what are the reasons for granting such favors

No.

7. When notes are renewed without curtailment, are any reasons spread
on the minutes by any of the Directors to prevent their being liable
in their individual capacities for losses if such should occasion
the insolvency of the Branch?

•

No.

8. What is the amount due your Branch from persons who do not pay


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Federal Reserve Bank of St. Louis

regular curtailments on their notes, and do any such persons
obtain new discounts and if so, who are the persons obtaining
these discounts, and what is the amount due from each?

•

- 2 -

No.

9.

What is due from each of your Directors:

No. 10.

What amount is due from stockholders who owe more than their stock
and what is the amount of their stock

No. 11.

What amount of stock is owned by persons who owe nothing or less
than their stock'

No. 12.

What is the amount of actual payments on Bills and Notes the last
90 days and what is the usual proportion of payments9

No. 13.

What is the amount of your Loans in the hands of Dry Goods Merchants
and what amount of money has been loaned to this class of borrowers
within the last 90 days

No. 14.

Do you know of any Loans being made by your Branch in
one person for the benefit of another, or do you know
Directors or officer of the Bank who use the names of
diminish their apparent indebtedness, and if so state

No. 15.

What is the suspended debt in your Branch, what part of it is in
suit, what part is considered doubtful, and what part desperate?

No. 16.

What is the usual premium charged on the purchase of Bills of
exchange at the principal points where they are payable?

No. 17.

What is the amount of purchased notes on hand, and what is the
average discount charged?

No. 18.

What amount beyond your present discounts could your Branch loan
quarterly which would be punctually paid on an average of not more
than six months?

No. 19.

What preference if any is given to Directors and Stockholders?

No. 20.

When business paper--of Merchants, Farmers, Manufacturers, exporters of produce, and other classes of business men apply for
Loans--what is the order in which they are preferred?

No. 21.

Are new discounts ever made to persons who suffer their paper,
either for collection or loans to lie under protest':

•

•

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Federal Reserve Bank of St. Louis

the name of
of any
others to
the particulars?

•

. Lawrenceburgh br.

,

before leaving your place I addressed a note to your Board pointi::out a course which I believed should be pursued by your that it mi.
be safe at the resumption of specie payments. The rapid reduction of ,
accommodation paper then and now seems to me indispensable to effect f;'
object. By reference to your Report of the 3dI find only a decrease '
$2743 from the 2 Sept to the 30th. At tlais rate I must consider, unless thenbe a -great increase of maturity paper, that your branch is not managed safely
as respect the others nor for the interest of the State.
It has been heretofort.often difficult to ascertain when discounts to
individuals were assuming the character of permanent loans and the date
changes in the times have not readily permitted a remedy for the evil where
it exists, but as I firmly believe that any branch which shall allow loans
this kind to any extent must be in a situation hazardous to the other branchec
and subversive of the main object for which Banks are established (that of
furnishing a regular currency) a high sense of duty will compel me to see that
the branches do their duty in this respect. Those which have been out of the
way must take and continue taking decisive steps to return to the right path.
I had hoped that your Board also would immediately take up the matter complained
of in the latter part of my note and that their determination would be expressed
that a Director should not It while his paper remained under protest and
that moreover Drafts should even be knowingly allowed.
Our experience has now been such that we must all be presumed
to know
our respective duties and for myself, while I know I have no personal prejudices
against any individual concerned in the Bank I do not expect to yield any thing
because others who ought to know better allege the existence of prejudices or
partialities.
S Merrill

•

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Federal Reserve Bank of St. Louis

THE WILLIAM HENRY SMITH MEMORIAL LIBRARY

•

OF

THE INDIANA HISTORICAL SOCIETY
STATE LIBRARY AND HISTORICAL BUILDING

INDIANAPOLIS 4, INDIANA
CAROLINE DUNN, Librarian
February 4, 1955
Mr. Carter H. Golembo
Federal Deposit Inspection Corporation
Washington, D. C.
My dear Mr. Golembo:
Enclosed is list of indices of manuscripts in the collection
of Samuel Merrill papers in the Indiana Historical Society Library at
Indianapolis.
These manuscripts contain references to the Indiana State Bank,
and the indeces indicate briefly the nature of the references which, we
trust, may give you an idea as to whether the matter is sufficiently perti—
nent to your cause as to warrant transcription of the letters, and possibly
photostats, or microfilm.

411

r. Ralph Henderson, who has been working on the Merrill papers,
has made these selections from the letters.
Very truly yours,

Librarian
CD:en

I

•

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rAf'

1634. June 7, ALS. 3p.
S. Merrill, New York, to Mrs. Jane Merrill, Indianapolis. Account of trip via
Buffalo, Niagara Falls, Lockport, Rochester, Schenectady, Albany and New York,
by stage, canal boat, railroad and steamboat. Prospects for loan good (State
Bank). Visited City Hall (N.Y.) until the Capitol in Washington, the most
splendid building in U. S.
June 14. ALS (signature partly torn away). 3p.
E!errillj Samuel, 1.9.shington, D.C. to Mrs. Jane Merrill, Indianapolis. Arrived
from New York and Philadelphia where he met Mr. Biddle, Pres. U. S. Bank, Mr.
Sargent ard"other great men", with Mr. Hendricks (Gov.) called on President
and "other big officers". Attended both houses of Congress and heard speeches
by 'ebster, Clay, Burgess, Lane and Ewing. Gen. Jackson looks old and careworn, and Van Buren as he is pictured. Business of the loan in abeyance.
July 25, ALS. 3p. Have transcript.
Merrill, Sp.-luel, Indianapolis to Merrill, Rev. David, Urbana, Ohio. On return
home after 59 days absence, learned of death of youngest child 4 weeks prior.
Plan for David's trip to Peacham to bring daughter Jane home - expenses paid.
Comments on family and other personnel on his trip to Peacham. Activities
for loan (to State Bank) in N. Y. uncertain and vexatious but prospect good
that arrangements made in New York for the engraving. Returned home and left
the matter with McCarty, Linton and Ray.

•

August, Memo book. 6 pages only of writing.
Memorandum of S. Merrill, Pres., in account with State Bank, indicates deposits with Merchants Bank, City of N. Y. and of drafts to various individuals
including W. Purcell, McCarty and Williams, and Ithiel Town, Daniel Comstock,
George and Andrew Buchanan, David Merrill, A. Moore, Cashier Franklin Bank,
P. Benson, cashier, James Blake & Co., Milton Stapp, C. Fletcher, W. Shiels,
N. Noble, T. F. Benbridge, W. Hatch, Ira Grover, Oner Town.
August 10, ALS. 3p. Have transcript.
S. Merrill, Indianapolis to Rev. David Merrill, Urbana, O. Considerable
sickness; crops good but scarcity of hands to harvest. Noble elected, also
Wallace, Lt. Governor. Legislature unchanged. Plans for trip for David to
Peacham, expense to be bourne by Father, Hazen, Jesse, James and himself,
amount about $90.00. Loan in N. Y. to State Bank pending. Commissioners
were to receive proposals on 6th inst.
August 25, ALS. 3p. Have transcript.
S. Merrill, Cincinnati, O. to Rev. David Merrill, Urbana, O. Arrangements
for David's trip east and Jane's return. In Cincy toi-rure specie in lieu
of Eastern funds for State BEI: which will go into operation Nov. 20, 1834.
Advice for David to'keep cool in East on subjects of abolition, colonization,
and anti Masonry.

•

November 15, ALS. lp.
A. H. Dunnihue, Bedford, Ind. to Samuel Merrill, Indianapolis. Introducing
George H. Dunn of Bedford, elected Clerk of Bedford Branch Bank , and who
seeks information in regard to discharge of his duties.


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2.
November 15, ALS. lp.
A. H. Dunihue, Bedford, Ind. to Samuel Merrill. Request to acquaint his
brother, David R. Dunihue, newly elected cashier of Bedford Branch Bank,
with banking transactions.
November 27,
Thos. H.
Relating
(govt.)
private

ALS. 2p.
Blake, Terre Haute to Samuel Merrill, Pres. Ind. State Bank, Indianapolis.
views of Capt. Ogden, Supt. of Cumberland Road in re public deposits
(Comments on Mr. Scott's letter touching on Merrill's attention to
affairs at expense of public interest.)

December 16,
S. lp.
Jonathan Lyon, White Lick Mills, to Samuel Merrill, Indianapolis. Request
for cash in U. S. paper, balance in Madison and New Albany Branches, to be
exchanged for Eastern paper, for convenience of his children sending to
Philadelphia for goods.
December 27, ALS. 3p. Have transcript.
Samuel Merrill, Indianapolis, to Rev. David Merrill, Urbana, O. State Bank
in operation and takes 12-13 hours daily of his time. Two branches lag account
insisting on local personnel for officers. Hopes for place for Mr. Fyffe, from
East, which should correct.
1835. April 2, ADS. 2p.
Draft on State Bank of Indiana, Lafayette Branch, of 30.12 by Samuel Merrill
for cash left at Madison instead of Louisville, $20.00; cash paid for Ky.
specie, $9.00; cash $1.12. (Printed form filled in)

111

April 9, ADS. lp.
Order on cashier, Branch Bank at Indianapolis by Samuel Merrill to pay to
D. Yandes, or order,$1450.00 and charge to S. Merrill account. "D. Yandes" is
crossed out and "washers order" substtuted; "or order" is crossed out;
"fifty" is crossed out and "twenty-five" is substituted; "seven" is inserted
after "and"; "$425.07" is written in at the bottom.
July 17, ALS. lp.
Nath. West to Samuel Merrill. Disagreement at the Bank concerning West's
deposit. Request Merrill to present West's check of $140.00 (?) and if
refused, to exhibit a regular protest.

1836.

October 3, ALS. lp.
J.F.D. Lanier, Madison, to Samuel Merrill, Indianapolis. Advice on caution
necessary in bona fide circulation of notes "or we will be injured by the
operation."
November 12, ALS. lp.
D. L. Kimball, Jr, Wheeling, to Samuel Merrill, Burton's Tavern, Smithfield,
Somerset County, Pa. Solicitation on Merrill's accident, and acknowledgment
of orders to proceed to Madison; difficulty obtaining specie or drafts at
Pittsburgh or Lo- isville.

•

November 21, ALS. 3p. Have transcript.
Samuel Merrill, Lawrenceburg, Ind. to Rev. David Merrill, Urbana, O.
Recovering from broken and badly torn leg sustained in runaway down the
mountain and overturning of stage near Smithfield, Pa., 90 miles east of
Wheeling. Previously, at Concord, had picked up Jesse and proceeded to
Peacham for visit. Comments on Peacham and family personnel. Accident embarrassing to his State Bank business.


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November 27, ALS. 2p.
J.B.D. Lanier to Samuel Merrill.
the Branches.

State Bank matters in connection with

December 1, ALS. 3p. Have transcript.
Samuel Merrill, Lawrenceburgh, Ind. to Rev. David Merrill, Urbana, Ohio.
convalescing from stage coach accident. Col. Kinnard, Representative in
Congress, died from burns in steamboat Flora, accident in which 5 others
lost lives. Preparing State Bank Report to Legislature. Comments on
family and local personnel matters.
December 16, ADS. 2p.
Cashier's check of $20.00 on Bank of Louisville, signed A. Thruston, favor
A. B. Fontaine, to Branch Bank of Indiana at Lafayette. Endorsed credit
A. B. Fontaine account; to S. Merrill. Place to credit of Branch at Terre
Haute, James White, cashier.
1837.

January 2, ALS. lp.
James White, cashier, to Samuel Merrill. Matter of discrepancy of $20.00
of Lafayette Branch acct. with Bank of Louisville.
Have transcript.
February 25, ALS. 2p.
Samuel Merrill, Indianapolis, to Rev. David Merrill, Urbana, Ohio. Details
of Bell's judgment and purchase of land. Other details concerning David's
land in the north. Planning circuit for State Bank branches - by steamboat
and on horseback. Directors in session now.

•

April 7, ALS. 3p. Have transcript.
Samuel Merrill, Indianapolis, to Rev. David Merrill, Urbana, Ohio. Return
from month's trip visiting Bank Branches. Details of connections for Mr.
Bell and purchase of land. Plans for meeting up with David and visiting
his land and Covington. Roads are very bad and ev/e7KcOtstituting for
stages can't run, so advises not to send his boys west until roads improve.
May 15, ADS. 4p.
Samuel Merrill to Mr. Marshall, Chairmen. Copies of Resolutions and Minutes
of Proceedings by Directors of State Bank, which have been adopted from
time to time as occasion called. Specifying that employes of State Bank
shall not be connected with insurance company or savings institution in
Indiana, and State Bank Branches to be investigated at Lawrenceburgh.
July 28, ADS. lp.
Draft by Samuel Merrill on Indianapolis branch of State Bank of Indiana
for $275.00.

•

December 11, ALS. 3p. Have transcript.
Samuel Merrill, Indianapolis to Rev. David Merrill, Urbana, Ohio. Account
of trip to Washington, Philadelphia, New York, Harrisburgh and New Berlin.
Heard Mr. McLean, Push, Dr. Philips preach. Janes Merrill in Penna. making name for himself. Frank Merrill miraculously recovering from congestive fever. His life had been despaired of. Report of State Bank beinE
prepared for legislation. Dispute at State Bank as to security of currency
and specie. Recommends Bedwell's Tetter Ointment for David's health.
Indianapolis gains in population of good class, Presbyterian and Episcopal
churches as well. Latter to build $4,000 church.
December 16, ALS. lp.
A. B. Fontaine, cashier Terre Haute Branc,h State Bank of Indiana, to Samuel
Merrill. Enclosure of Merrill's $500.00 note and memorandum of disposition
of items.


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4.
1838.

January 5, ALS. 3p. Have transcript.
Much
Samuel Merrill, Indianapolis, to Rev. David Merrill, Urbana, Ohio.
interference in management of State Bank by the non initiated and non informed, and may prevent his re-election. Plan to resume specie payments
by May 1. Comments on other and local family matters and personnel.
March 14, ALS. lp.
A. C. Blanchard, Pres., State Bank of Indiana, Branch at Richmond, to Samuel
Merrill. Commission to buy eastern funds up to $30,000.00 for Richmond
Branch Bank at New Orleans or elsewhere on the Mississippi.
March 24, ALS. 3p.
for
J.B.D. Lanier, Madison BrancliBahk, to Samuel Merrill. Arrangements
and
of
obligations
list
New
Orleans,
Bank,
paying $30,000.00 to Commercial
due the Madison Branch by April 21, 1838.
March 30, ALS. 2p.
D. Deming, Terre Haute, to Samuel Merrill.
Commercial Bank of New Orleans.

Report on conditions with

March 30, ALS. 2p.
John Douglas to Samuel Merrill. Report on condition of account with disposition in New Orleans and action of Evansville directors to pay off.
April 1, ALS. 2p.
John Douglas, cashier Evansville Branch Bank, to Samuel Merrill, New Orleans.
Arrangements for paying off the public deposits and orders by John Douglas,
cashier, on Charles Stewart and W.D. Robinson to pay Samuel Merrill $3,000
and $2,000 to redeem notes.
September 1, ALS. 3p. Have transcript.
Samuel Merrill, Indianapolis, to Rev. David Merrill, Urbana, Ohio. Plans
for separation in (Presbyterian) Church and for David Merrill coming to
Indianapolis. Commerts on two mattress's Merrill had ordered. Takes
small interest in his election as Bank President scheduled for this winter.
1839.

January 24, ALS. 4p.
Samuel Merrill to Mr. Ketcham (Attorney at law, Indianapolis) Forwarding of
account and vouchers against Franklin Merrill of about $2500.00, favor
Samuel Merrill. Obligation of $3700.00 on judgment to Fleming and McIntire
and notes of undetermined amounts in McCarty's hands, all at the responsibility of Franklin Merrill. Soliciting help to straighten up the affairs
of Franklin Merrill. If his obligations are forced on Samuel Merrill to
discharge, the embarrassment will force Samuel to retire from the Bank.
February 24, ALS. 2p.
J.G. Brice, Dayton, Ohio, to Samuel Merrill. Application for employment
in one of Indiana State Bank Branches or in office of Indiana State Auditor,
as bookkeeper or clerk.
April 6, ADS, 2p.
True copy of resolution signed by Samuel Merrill, President Sinking Fund
Commissioners, attested to by James M. Ray, Clerk, for organization of
Board of Fund Commissioners as tote competent to negotiate loan of
$1,500,000.00 for Indiana State Bank stock, as authorized by General Assembly resolution of Feb. 13, 1839. Loan to be at 6% interest for 20 to 35
years secured by bonds of State of Indiana in sums of $1,000.00.


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5.

411

August 20, ALS. 3p.
Lanier (J.E.D.), Madison, to Samuel Merrill, New York.
Merrill and Fitch to raise money in New York.

Suggestions for

November 20, ALS. 2p.
L.H. Scott, Terre Haute, to Samuel Merrill or James M. Ray, Indianapolis,
with copy of confidential letter by J.D. Burt, President North American
Trust and Bonding Co., 47 Wall Street, New York, to L. H. Scott, Fund Commissioner, Indianapolis, setting forth that his company, having purchased upwards
of 2 million deAlars of Indiana State Sterling and Dollar bonds, of which
a large proportion has been sent to agents in London and $850,000 worth to
the Morris Canal and Banking Co. on account of the purchase of stock from
them. Circumstances have arisen making it necessary for a visit by the Fund
Commissioners to preserve the credit of the state. The Dollar bonds are
selling freely at 50q discount. Scott's letter to Merrill urges him to go
on immediately, or referr the matter to Stapp to act for the board and to
confer with Fletcher, who has a cool head, and to keep the matter confidential, as alarum could cause them to refute their taxes, and to say nothing
to the legislature.
December 5, ALS. lp.
Joseph Williams, Philadelphia, to Samuel Merrill, Merchants Bank, New York.
Information on specie selling 9% for halves and francs and laid for Spanish
dollars. Deposits in Mechanics Bank for safe keeping. Can arrange to
deliver the specie in New York if desirable.
042.

February 11, 1842. ALS. 3p. Have transcript.
Samuel Merrill, Indianapolis, to Rev. David Merrill, Peacham, Vt. Legisla,
ture investigation of loans made for State. Merrill cleared, but Dr. Coe
and Gen. Stapp incriminated. Church revivals successful. Financial stringencies - no collections in money but arrangements in property, very few
new indebtedness and much more economy and industry. But for Property Law,
there would be many foreclosures. "The hail of adversity will be better for
us than the bank paper prosperity of the last 7 years." Help for brother
Frank with family of workers, horses, oxen and stock.
April 29, ALS. 3p. Have transcript.
Samuel Merrill, Indianapolis, to Rev. David Merrill, Peacham, Vt. Comments
on brother Frank's financial difficulties, poor character, dilatory habits
and vague plans, returned to Samuel as liabilities. Liability of corrupt
state officials easing up so will not make David deed to 240 acres near
Plymouth.
Lawrenceburgh, to Samuel Merrill, Pres.
July 21, ALS. 3p. C.G.W. Comeggs
Indianapolis, Ind. As can be noted by the report, the runs on the Branch
are unabated and the end will come as the Branch is exhausted and general
credit g-rne. Details of the precarious condition with specie and circulation of large notes.

1843.

•

March 23, ALS. 22.
R. Morrison, Richmond, to Samuel Merrill. Discourse on three locals elected
directors of State Bank; policy of Whig party in Legislature to prostrate
the bank; arrangements for Morrisonis retirement.
March 25, ALS, 12.
John H. Cooley, Rochester, Franklin Co., Indiana, to Samuel Merrill. Inquiry
on action by State Bank Branches on proposition by Legislature to withdraw
stock to meet state deficit. Lawrenceburgh Branch will not honor his check
by Treas. of State for $140.00 until this is done.


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6.

411

Kay 10, ALS. 2p.
James Kay, Jersey City, to Samuel Merrill, Indianapolis
As employe of Morris Canal & Banking Co., is out of job upon appointment of Receiver for Company and solicits Merrill's influence for job
in Branch Bank or state office.
May 22, ALS. 3p. Have transcript.
Vt. ResponsiSamuel Merrill, Indianapolis, to Rev. David Merrill, Peacham,
up.
easing
state
Comments
corrupt
for
ps,
officials,
securityshi
bility on
it
eventually.
discharging
good
and
for
prospects
Hazen
to
s
indebtedhes
on his
if
prosre-elected,
next
winter
Bank,
expires
State
President,
Office of
in
worth:Share
Illinois
of
his
Appraisal
present
brighter.
be
will
pects
farm $3500; 600 acres, Fulton County, $2000.; 1400 acres Marshall County,
$5000; $4000. in bank stock. Opening of canal Lake Erie to Lafayette and
finishing Madison, Indianapolis R.R. to Indianapolis in 2 years. enhances his
property. Frank will be replaced on big farm (Illinois) by 2 families in
July. He has not done well, and his experience on the smaller farm will be
his test. Severe winter in the north. Religious activity good.Mrs. Carter
died in Crawfordsville.

•

August 21, ALS. 3p. Have transcript.
Samuel Merrill, Indianapolis, to Rev. David Merrill, Peacham, Vt. Democrats
won election (in Indiana). Senate, tie; House, 8 majorityChance of reelection (Pres. State Bank) good. Frank settled on (Samuel's) farm 5 miles
from town, The worst, as to times, is over. Hopes Hazen will settle debt
by taking farm on Michigan Road. Worth $2.00 per acre. In ten years all
land will be worth $10.00 to $20.00. Methodists agressive with 2 churches.
Presbyterians progress with 200 members.

1844. January 17, ALS. 3p.
Samuel Merrill, Indianapolis, to Rev. David Merrill, Peacham, Vt. Defeated
in election, as President State Bank. Priscilla (Merrill) married to Alex
Wilson and moved to Lafayette, where Wilson manages a paper mill owned by
Mr. Yandes. Considering readjustment plans. May take up farming in Marshall
County, as prospects in northern part of state are good, due to the Northern
canal finished from Lake Erie to Lafayette, and soon to Covington. MadisonIndianapolis Railroad finished to Columbus and this summer to Edinburgh, and
in 2 years the whole completed. All of which enhances his property. Comments on church matters. Cutting down all expenses until future looks brighter.
March 2, ALS. 4p.
David Merrill, Peacham, Vt. to Samuel Merrill, Indianapolis. Comments on
Samuel's failure of re-election after 20 years in service (State Bank and
Treas. State) Comments on local and family matters and personnel.
September 16.

ALS. lp.

Y. H. Stredknell, N.H., Lafayette, to Samuel Merrill. Answering letter
addressed to Mr. Reynolds in re Bank stock. Condisers Merrill's price high.
Stock is available at $45.00 at 4 months, and less for cash. Offers $45.00
without interest and exchange at 4 months.

•

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</17


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113

APPENDIX.
TABLE I.—Cordite:red.
1)ate

Discounts

1850, May 31
June 29
July 31
Aug. 31
Sept. 30

mdi'idual

Circulation

Speck

Deposits

Government
Ileposits

$4.522,910.55 $1,077,590.76 $3.696,514.00 S524,047.23
4.072.252.21
96i,727.63 3,725,652.50 502.794.95
3.730.302.08 ! 1,071,892.33 3,539.516.50 521,145.S3
4,003.492.97 ;

4.106,904.09
4.105,516.10
4,750,309.95
5446411.39
5,585,802.67
5.628,018.54
5,360,309.98
4.872.946.44
4.597.950.50

Oct. 31
Nov. so

Dec. 31
1851, Jan. 31
Feb. 28
Mar. 31
April 30
May 3!
June 3o
July 31
Aug. 31
Sept. 30

4.105.027.7 1
'3,716.295.47
4.102.747.7 1
4,105.003.49

845.23549
1.019.033.07
1.275.353.81
1.115,536.89
992.626.15
900,000.45
1.050.485.51
1.013,004.64
1.070,902.56

3405.777.50
3.51011.50
3,454,251.50
3.099.577.00
3.094.824.00
4.044.000.00
4.032,010.00
4.031,855.50
3,925,076.00

1,092.079.72

X939.325.50
X900,423.00

1,049.760.55
1.125.307.39
1.045.903.13
926.095.20

3.928,353.50
3,94,,,S16.50
3.957,055.50

477.721.27
435.170.48
494.010.24
575.248.04
571.864.97
770.202.11
729.531.53
585,631.09
547.233.21
615.204.14
616,267.98
633.047.74
566,734.06
561.070.48

...... • • • •

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TABLE II.
SPECIE ON IIAND.

.835,

Date

Nov
1836, "
1837. "
1838, "
1839, Oct.
1840, Nov
1841, "

21
26
18
17
31
21

1842, "

19
18
16

1843. "
1844. "
1845. "
1846, "
1847, "
1848. "
1849, "

20

15
21'
20
iS

Silver
$771,095.19
1,137,710.42
962,226.07
1,159.406.33

87,013.69
72.664.50
40,621.16

989.535.25
1,055.236.57
770,613.24

811,23440

112.033.28

853.1 93-57

965,226 85

220,075.16
214.361.99
151,247.65

899.935.03

1.120,013.19

865,006.27

1,079,368.26

852.399.73
887,463.11

152,050.48

1,003,647.40
1,083,979-39
1,273,895.54
1,285,406.93
1,197,880.58
1,245.407.25
1,308,1)33.38
1,377,804.81

65,523.42
57,1 74.82

1,086,968.86
1,223,199.80

94,207.66

1,119,469.49
420,662.68
140,070.96

196,536.28

"

1854. " 31
1855. " 31'••••
1856, " 31
1857, " 31
1858, Nov. 20

Total

S26,01 q.uS
67,027.17
165,504.59
156425.75

17

16
1851. " 15
1852, " 20
1853, Oct. 31'

1850.

Gold

1,225.754.33
1,041445.44
1,165,024.98
1,025,261.83

$797,811.97
1.204,737.59
1,128,031.56
1.345,832.05
1.021,490.18
1.070,551.94
1,127,901.37

At these dates the gold and silver were not separated in the reports of the State
Bank, although they were in those of all the branches except Fort Wayne and Lawrenceburgh. An estimate has therefore been made as to these two branches, based
upon the proportion in all the others.

•


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JOURNAL OF POLITICAL ECONOMY.

114

TABLE 111.
DISCOUNT I:I:SINE:SS.

1)ate

1835, Nov. 21
1836, "

26

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7
0438, "
1839, Oct. 31
21
1840, Nov.
66

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1849, " 17
16
1850,
i81,
1852, " 20
"

.....

"
66

15

1853, Oct. 31
1854. "

1855,
1856,
1557,
i88.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

"
"
"
"

51.434.7q0.19
2,292,724.69
2,849,116.60
3.037.649.72

$376,175.32
8'53,888.41
374.955.63
500.441.12

2,422.305.78
2,132,608.40
1,603,229.77
1,645,132.46
1,830,181.84

19

1847, "

Bill of Exchange

2,514,629.21

20

66

1843,
1844, "
1845, "
1846,

Pmm i•cory Notes

31
31
31
31 ...........
20

1,659.35840
1.574.722.47
1.647,622.59
1.677.08.80
1.709.935-38
1.522,358-45
1.485.172.81
1.598,532-41
863-574-47
1.024.648.69
834,708.20
499.321.32
142.273.27

796.316.76
857,168.08
327,898.51
366.161.21
442.830-91
1.197.435.05
1.359.485.07
1.464,075.88
1.791.321.58
1,911,924.50
2.414.951.06
2.835.266.55
2.764.821.62
3.438,862.02
3.345.0104S
3.054.132-46
3.855.027.51
208.407.57
144.755.03

1ofa: I s.ans

51,810,965.51
3,176,613.10
3,264.072.23
3.538.090-84
3-940.196M
3.310.945.97
3.279.474.06
2.460.506.91
co0.9S
2.088,163.37
3.027.616.89
3.019.743.57
3.c38.798.35
3438-94447
3.584413.30
4.124.86.44
4.357.625.00
4-24-4.994-42
5.037.z94-43
4.t -48.585.45
4.078.781.15
4.699-635.71
707.515.89
257,028.90

•

TABLE IV.
CONSPECTUS 4 W ANNUAL STATEMENTS.'
.

:835
Bills discounted .
Bills of exchange .
Total discounts .

$1.434-700.19
70075.32
-S .810.965.51

Real estate.
Furniture
Due from Branche..
Due from other banks
Commissioners of the Canal Fund. Sinking Fund,etc..
Remittances, etc .....
Stocks, bonds, etc.
Due from state -advances for public works.
Indiana Treasury Notes
Deficit by robbery
Suspense and other item
Other items..... .
SUspended debt.. .
Bank notes- bram.hes and other banks- and stocks..
Specie
Silver on special deposit by United States
Total resources
Capital stock
Surplus fund
Undrawn
.
F irofit and loss ....... .
t
'
.....
ue to branche..
Wilue to other bank,- Due Sinking Fund, Shoo' Fund and /Aber items . .
United States Treasury.
1-- Pension Agent, Indiana
State Bank of Indiana ......
A-United States special deposit
ue depositors

ak

Circulation

.1(4
.1 4450
S
5,060.92
203.001.36

457.739.87


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1841

1st:

1814

S2.514,020.21
706.316.70

$2,422.;05.0S
S57.16S OS

$2.1.42,008.40
327.808.51

$1.00 4.229.77
3(.6.161.21

$3.040,196.01

$3.310.945•07

$4.274,474.00

52,460.600.9

$187.40 4.10

A223.030.40
0.53 4.3.4
12.477-53
;05.1 46.07
634,41 4.8o
76,6;0.60
204.000.00

2,241,051.15
5.404.48
42.264.61
152.151.07
...
4%0.45.27
41%‘2.203.IS

1537

1835

$2.292,724.69
883,888.41

$3.037.649.72
500.441 - 12

....

$3.176,613.10

$2.880.116.60
374.955.63
_
$3,264.072.23

$3.538.000.84

$48,901.32
6,001.72
886.025.98
1.457.204.65
109.701.13
1 54.494.34

- $95.569.98
5427.96
301.105.25
460.520.51
307,181.49
39.316.08

$1.44.297.08
5,088.33
40,621.72
226,521.44
588,484.89
265.287.58

•

i 12.20* 44
208.;01 90
91.728.09
294,000.00
041.200.17

$:60.5 17.46
5.570.o5
20.410.27
227.o 44.56

2.050.00

..
..... . . .
110.401.06
216.516.00
1,128,031.50
101.573.70

141.104.05
270,473.00
1,345.832.0

16%500.00
1,021.440.18

475,1.41.7
t4 1.77."

0
411.902.70
1.127,901.37

5326,050.85

127

5.572.55
5t.501.41
364.5211.04
12,742.80

60.7.40.l,t)
.442.790.00

75.952.07
.- • •

4,41.711.00

457.977.00

480.75130
1.204.737.59

54.520,863.46

57.536.083.22

$0.126.215.82

$6,566,808.0!

$0.060.019. 44

S0.070.701.55

MO ;.01 s 90

41 ;42.4:9

:11,199,778.65
46.1 79.35
7,000.00
11,832.12
203,082.87
23.415.22
46.097.86
1.062,238.58
17,670.81

S1.585.481.51
129,312.56
30.345-44
30.003.44
832.199.90
66,867.08
68.777.87
2,207,489.08
8,868.08
157.984.50

51,867,906.25
240.958.47
4.598.63
170,725.95
329.646.38
101,179.19
19,060.29
576,277.75
5.817.75

$2.216,700.00
308,958.35
22.131.31
78,512.51
53.560.33
26%905.30
64.466.22
206.5 14.10
79:. to

5:.594,000.00
222.041.84
, 6942
4.‘
145,544.35
0.100.25
I 26.088.74
70.254.46
17.707.60

:-2.671.615.7 4
24,77 I.10
005.7 ;

)1.02
!'2.71.1,

5.7.727.542 14

40.732.61
46.068 ,j;
32,55 ;.60
40.:Si.;3
110,04,4.19
I6.,,55 55

17.121.2.6
71.91r.. 48
16.5;4.6;
64.92.i. 17
80. 425.0.:

49 4.4 49.70
2.951.795.00

420.2 ;*.5,,
2.985.371,60

379.543.00 .
1,534.025.00 ,

431.703.16
1.927,050.00

84.520.86346

87,536.083.22

161.573.7c
336.1 4445
2.374.550.0C
....... • • • •
$6,202,447.82

;4,110.09
4%.%29.7 1
140,1724 1

707,940,10.

4040
104,,015.2;
S i 1.2 :4.10

732.440.77
747.11 4.87

1

41,2i.O.::

5.590.7 1
42,705.02
-92
0.141
71
72,415.19
t#0. 25.77
..... • • • • .
•• ••• •••
554.952.00
27.105.o0

7111,2:• 1;
267.601 40
1.120.014 10

8342.3i6.47
5.853.80
1.918.9;
o3,5,099.7-4

!..t.100.
42

;Al

9,272.2;
440.6804;

S.o91.57
04,059 It)
;,120.7
0.942 II
4I4(.

:856

1857

$1.485,172.81
2.764.821.62

51.598.53241
3.438.8432.02

,57447
8863
3.345.040.98

$1,024.648.60
3.654.132.46

$834.708.20
3.855.927.51

$499,321.32
298.497.57

8142,273.27
144.755-63

S4.124.886.41 . 54.357.025.00 ; 34.249,994.4.;

55,037.394-43

84.198.585.45

54,678,781.15

54.690.635.71

$797,8:8.89

$287,028.99

8200.653-09

$198,488.84

$177,825.82

51 74.644.97

$90,707.15

931.109.53

3.808.8t
1.205,083.02

12,338.42
020,42(1.79

10,900-41
1.078,242.58

$138,202.06
2.067.71
78,270.20
946.841-16

1 44.955.37

90.336-77

366,102.16

157,159.10

94,462.71

11,650,3;8.40
L359.385.17

81.571.722.47
1.464.075.85

$1,647,622.49
1,791.321.8S

$1.077.058.80 $1.700.935.38 ; 81.522.358.45
1.411.024.50 , 2.414.45 1.06 I 2.835.2ob.55

S3.018.743.57

$ t.035.798.35

83.418.941-47

S3,580.013.30

$343.845-80
5.04 1 -04
01,534.19
803.06541

s368,175. 15
5.252.40
81,271.90
1,081.194.66

02.070.71

8369.561.04
4.929-56

148.642.49
021,064.20

12.020.24
744•St)3-S7

$304.233.54

698.014.26

:13.577.99
9..000.00

2 47.408.30

23i.t56.03
71.000.00

205.586.01
71,000.00

61 4.s 1 o.00

419.;10.ou

:7 4.555.0o

$106.00

106,21 5.00

105.455.00

0,92sIt
224,341.5o

577-047.10
119.470.00
1.004.617.10
. .. . .

400,115 N.,
240.240 00
1.05 4.070

ii7.45$00
1.2; 4.8.15.54

323.7% 4.0.)
101.070.00
1,215.400.9

50.510,284.76

$7.030.324.54

$6.997.947. 41

..).0% 4,824. 47
;14.44. ;.;;

52.082,874.37
44.4.441-50
25.710.10
19.777.21
69.147.1.0
34.;;;.•s

S324.827-53

925.326.40
...
266,301.37

298.448.18
8.378.44
1.423.911.54
54.164-41
109,681.60

292.736-48 j

1.084-56
58,590.27
197.642-20

...

'9,.727.621.:0

$2.104.92S.96

52.057,894.49
.175.2.44.51
24.016.11
71,.5h1.0;
20.7%0..;;

41.99 t.71

:855

184%

207.784.14
37.000.00

$0.0704 IS.14

;no.oi
z.51.7.51.

1854

185:

1847

1%40

1858

1853

4851

1850

I S 10

247,048.01

....... • .

4.41 cab.

...

•
...

20.9 44.71
74.400.12
12.

t;

..
270.21 ;•77
224.842.00

1,377.804-81

79427-21
180,600.48
304,379.00
1,080,068.86

252.142.14
238,203.00
1,223.144.80

81.210.009.31

57./00,017. i 7

87-347.07844

$2.01 4.007.44
908.0'10.03
30.103.05
50.289.0

32.150.107.4;

264.101.85
444.280.00
1.245.407.25

207,80340
554.754.00
1.308.933-38

80.879.049.03
.

' S7-7 1 7.875.40
87.115.00 OH

$2.082,010.49
527.799.32
21.5%1.85
105.1.90.71,

$2,082.010.59
007.902 71
44.683-63
83.352 40

7 1.41 7.20
82.291_90
101,404.00

107,242.87
1!.4.627.66

52.052.950.5o
7;0.078.17
27,661.0
97.258.59
6.108.75
112.175.47
80,832.42

1.1,17.•80.0

007.44
52.014.

;
100.913.5.
27.507.15
124.452.49
5.8428.81
123,51741
1.43.838.94

108.302.77
410.80.4,,

1 47.004.94

979.100.08
7.284.40
204.602.81
1.5.48.31
109,191.59
107,000.28

261,104_72
185,851.00
420,662.68

139,410.87
24,706.00
140.070.06

57.804.703.05

57.966.187.64 j $2,987.977-52

31,038,703.62

S2.150,106-44
t,108.955.99
4.045.63
211,543.02

52,150,107.44
1,228.301.94)
3.972.68
195.7841.88

$2,1;0,107.44
1.265.202.67
4.058.10
207.793-43

$336,582.39
1,434.006-93
58.504-14
36,377-09

599.595-62
26,93,4-71

225,520.65
41.425.07

120.606.70

176.224.41
.274-75
32

4.277.34
230,961.57

7,620.41
01,370•47

..

......

27,760.03
•

.......

304.385.32
221,024.00

1.1 19.46949

••

.....

..

207.772."'
4.0.41.042.00

272.15; 71
4.1404;7.90

I*1.210 *2
;71 00

Is".74;•1
2.410.090.00

$0.000,089.33 , $6,070,701.55

292.7 41.41
4.101.000.0u

450.265. 40
4.607•445 00

I
;;1..53 4.00

5.727.025. 10

$0.510.2S,1.70

5;5.7; 4.12
3.606. 51.00

..
452.624.74
Z.552,210.00

47 s.574-81
3.304,200.00

554..4.42.7o
.4.422445.00

...... • • • -

..

_
$6,506,808.01

:845

645.332.46 $1,830,181.84
81.
442.830.91
IA97.415.05
- :689
$3,027.6
11.,10.1.590.91 02.011,103.37

• • ••
4 4.4)55.01

'1 hese statements are taken from the annual reports of the State Bank, and show the condition
on this score no trace of suspicion.

1514

1840

18 ;9

t 83o

Suspense circulation to supply estimated loss of notes...
Total liabilities

- --

_

-

56.844,015.00

$4,332.550.41

55,160.413.4;

sto.)70. g i 8.25

s7,039.324.5

8'.'s17..)47.41

S0.S79.649.63 ; $7,136.603-69

legislature, ilo not balance. owing. %about doubt, to typographical errors.
Several of them, a. printed in the Doclamen1A'Y Journal of 1lit•
rune day in the year, usually the third SaturdaY in November.

030.03626

3.772,193.00
...
-57417,875.10

No5,22S.52
3.800.524.

710.048.70
3.834.705.50

030,234.64
2.835.148.00
143,198.00

599.177-90
3,335,726.00
143.198.00

604,022.78
3.381,806.00
143.198.00

59.351.56
684.718.50
143.198 00

1.388-41
339489-00

$88,107,009.38

$8,169,834.17

87.350.677.44

87.804,703.05

S7.966,158.14

$2,987,977.52

$1.038.703.62

It the statements had been really defective, the opponents of the bank Would have at once expressed their suspicion; but there is

1
•
Chapters from
AN ANALYST

F (71,177.pcTiL RAIKING IN

by
=RICE O'REAR ROSS

Chapter
III THE DEVELOPMENT OF BANKING IN THIT STATE OF INDIANA PRIOR TO 1834
The Establishment of the First State Bank of Indiana
The Farmers' and Mechanics' Bank of Madison
The Bankless Period, 1825 to 1834
IV

acoNr

THF ORGANIZATION AND OPERATION OF THE
INDIANA FROM 1834 to 1859

STLTE BANK OF

The Effects of the Panic of 1837 on the State Bank of Indiana
The Second Suspension of Specie Payment
Rising Criticism of the State Bank of Indiana
THE FREE BANKING ERA AND

vir

BANK OF THE STATE OF INDIANA

Tankin6 Provisions of the Constitution of 1851
The Establishment of the Free Banking 6ystem in Indiana, 1852
The Bank of the State of Indiana
,L:ummar,

•

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Federal Reserve Bank of St. Louis

CHAPTER III

THE DEVELOPITENT OF BANKING IN THE STATE
OF INDIANA PRIOR TO 1834

As a means of providing a background for the more detailed
study and analysis of modern commercial banking practice in the state
of Indiana, in which this study is primarily interested, the present
chapter introduces a discussion of the development of banking in the
state from the early territorial period down to the close of the Nineteenth Century.
Throughout its existence, Indiana has had a varied and colorful history in the field of banking. During the period before the admittance of the Indiana Territory into the Union as a state, there exist no records of any type of banking institution in operation within
its boundaries prior to 1811.
'Toney in the form of specie or bank currency was practically
unknown in the early days of the Territory. The media of exchange and
the common denominators of value in use were for the most part peltries
of animals, such as coonskins, muskrat skins and other furs trapped in
pioneer communities.1 Manufacturing, as knozn at a later date, was nonexistent, and the only trading done was for the actual necessities of
life, such as salt, iron, dyestuffs, powder and shot, obtained through
the process of bartering peltries and small amounts of agricultural products. Occasionally, a few notes of the First Bank of the United States
and small quantities of Spanish milled dollars found their way into the
Territory through the trading posts located on the Ohio and 7abash
Rivers.
Many of the early settlers of Indiana during the pioneering
period were in debt to the United States Land Offices for the land upon which they had located.' This debtor class was anxious to increase
the volume of circulating medium, thereby hopinE, to ease the burden of

1Tilliam H. Smith, The History of the State of Indiana from
the Earliest Exploration by the French to the Present Time, 176F to
1897 (Indianapolis, 1897), II, 592-59F.
2American State Papers, Documents, Legislative and Executive
of the Congress of the United States, Class IIIt Finance (ashington:
Gales and Seaton, 1832-1861), III, 782.


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debt payment. This group, furthermore, shared the widespread prejudice of the people of the Test, particul-rly the v.estern Democrats,
against a central national bank. This prejudice was so strongly intrenched that many of the early resicents of Indiana preferred to endure the dangers and evils of a "wildcat" private banking system, with
its fluctuating and unstable currency, in preference to a relatively
stable national currency issued and controlled by a central bank, as
in the case of the First Bank of the United states prior to the expiration of its charter in 1811. It is doubtless true that in the case
of many of the early settlers the evils resultin,; from the operation of
the uncontrolled private banks of the time vere not understood or seen;
it is obvious, however, from the records of the period that some of the
leaders of the pioneering communities of the rest understood the 'possible dangers involved.1 The primary reason for the existence of this
preference was the greater case of borrowing from the local institutions on the part of the debtor classes.

S

As a result of this active hostility toward the operation of
the First Bank of the United States - later extended to include the
Second Bank of the United States - there grew up in the !rest after
1811 a type of financial institution which hardly deserved the title
of bank. Apparently, any individual could supply himself with a quantity of currency of various small denominations and open an office or
"bank" in a conveniently located town or village. These institutions
were ordinarily open only one or two days in the week. Since they received no deposits in the ordinary course of business, their prinary
object as to put the newly engraved notes into circulation through
the process of making loans and discounts. Frequently, the operators
of these "wilccat" banks, not finding business as profitable as they
desired, would leave without notice for ;nore favorable sites, permitting the notes placed in circulation to care for themselves. These institutions have been very aptly described as "nomadic banks" by Professor Logan Esarey, formerly of Indiana University.4. The early territorial banks organized at Brookville, New Harmony an Lexington were of
this type.
As a result of the expenditures of the federal government for
6 increasing quantities of
munitions and troops during the Tar of 181.
currency issued by banks in the various states and territories flowed
into the Territory of Indiana. .As already indicated, many of these
state and territorial institutions, created after the expiration of the
charter of the First Bqnk of the United States in 1311, issued bank
notes without adequate earning resources and reserves. The inevitable
result was that wide variations in value occurred. The situation was

IV 2 820 874.
2 V, 66.
Bankinr in Indianaj 1814 to 1873
State
4Logan Fsarey,
(Indianapolis, 1912).2 I, No. 15, 221.
lIbid*2
,-

•

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Federal Reserve Bank of St. Louis

-5-

•

complicated by the increase in circulation -)f spurious or counterfeit
notes. As a result of this confusing situation, agitation arose in
Indiana for the creation of more permanent banking institutions issuir
currency of uIiform value.
Consequently, the territorial legislature of 18140 meeting in
wir,t is no,N the southern portion of the state, in the small town of
Corydon, was presented with a petition on rlonday, August 21, 1814, sj4by Nathaniel Ewin,, receiver for the federal land offices located at
Vincennes and the leading business man of the territory, and others, requesting the legislature to grant a charter for the establishment of a
bank in Vincennes.' Not to be outdone, a few days later, on August 24,
1814, citizens of madison, located on the Ohio Fiver, led by a !qr. Brown,
also petitioned the territorial legislature for the chartering of a
ilar institution in the village of Madison.2 Both petitions were granted and legislation was enacted permitting the organization of the Bank
of Vincennes and the Farmers' and Mechanics' Bank of Madison.

•

The powers -nt.: privileges embodied in the charters eranted
these two institutions 'were quite similar, excepting thLt the Bank of
Vincennes Wt:42 permitted to have a capitalization of ;500,000 and the
Farmers' ane Mechanics' Bank of Madison, capitalization of ;750,000.
The charters of both institutions stated that neither was permitted to
go out of business until it had redeemed fully all of its notes issued
and paid all outstLnding debts. The length of life of each charter was
the same, fifteen years; the officers of both banks -cre required by
the terms of the charter to wind up the business of the two institutions
immediately upon the expiration of the charter period. Both banks were
given the specific right by churter to issue circulating notes redeemable in specie. The rate of interest charged to borrowers, furthermore,
was limited to a maximum of six per centum annually.
Within a fel- months after the organization of the tro banks
chartered by the territorial government, the Territory of Indiana was
admitted to the Union as a state. The members of the first constitutional convention of the netly created state, in addition to specifically recognizing the territorial charters granted the Bank of Vincennes
and thc Farmers' and Mechanics' Bank at Madison, placed the following •
provision concerning banking in the organic law of the state:3

1Manuscripts of the Territorial Legislature of 1814 now preserved in the office of the Secretary of State, Capitol Building,
Indianapolis.
2Ibid.
37i7E7cis N. Thorpe, Federal and State Constitutions, Colonial
Charters and Other Organic Laws of the States, Territories and Colonies
(Washington: Government Printing Office, 1300), pp. 1069-1070.


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Federal Reserve Bank of St. Louis

-4-

•

-

•

1 in

•

r the purpose of issuing bills of crf-lit or
1-)ills payable to order D,.' tearer; Provided, Tt Aot-ing
-, 1
Aeroik: o -4' - _a as to prevent the
'
4
L
n
,,
-id
rleneral 1.--Le.,..,
_
hr-,nches, not e:_cee, kLii„ ,,A... 9-.1.' -.4,.2-, 2Ji. t.i......: (:',J6
.1u,:,:,. s_
and to be established i -,
as the Director of the
There be suczerit;er] and p,i., i,. _
2,, 01
Y
the in Ividuals, a sum e'lual to t_iirtj t,_1 - :oll.rs."

•

The reason for the insertion of this stringent restriction
upon the organization and operation of other banks than the existing
territorial banks and a state bunk rith branches is found in the experience of the Territory with the unsatisfactory bank note currene:
in circulation in the years immediately prior to the ad-Assion to the
Union in 181G. The rapid inflow of private bank note currency as a
result of the huge war time expenditures of the federal government had
produced in Indiana as elsewhere a period of speculative activity in
lands and commodities, and prices rose accordingly. The r!ar of 1312
came suddenly to an end, and government expenditures ceased abruptly.
Consequently, a deflationary movement got under way. To the difficulties of a downward trend in business activity, ;vas added the disrupting influence of an unsound currency situation. Luring the progress of the war, specie payments by banks of issue had been universally suspended in the Test. Many of these institutions had issued
much larger quantity of notes than they could hope to redeem, even
under more favorable circumstances. Again, the situAtion was complicated by the fact that many notes IlL.•d been issued through the process
of making unsound and unjustified loans, thus creating additional
liabilities without an accompanyin:, increase in sound earning assets.
7oreover, due to the large number of banks issuing notes, counterfeiting was facilitAC.

The Estab.,_Lit or the First State Bank of Indiana

The first Guierai Assembly of the state of Indiana enacted
legislation on January 1, 1817, designating the existin:., Dank of
Vincennes as the state Ix ', authorized by the recently adopted constitution, with the power
'At_shing a maxi-num of fourteen branches to accommodate and proviue banking facilities for the fourteen

•

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•

^

districts into whie_
that neither the acti
visions of thc
additioLal po,- ers as a
with the exception of the fact that '
increased by ;1,000,000.2 Of the tell
norized, the Governor was permitted I% '
seven hundred and fifty
LLhn he thoukht it advisable to do so. Tile re,nainih„
to hundred and fifty shares Tere authorizc:
by individuals, companies and corporations.

,

oL
The Act provided that each branch organized
directors, chosen by the stockholders, with three additional ihers f
the board appointed by the state government. Each branch was to be a
constituent part of the Bank of Vincennes. The Act, moreover, laid
down definite regulations concerning the presentation of reports of
condition and operation to the state authorities, providing for an annual report to be made to the General Assembly and monthly statements
to the Governor containing information concerning capital stock outstanding, debts incurred, deposits received, notes in circulation, ind
specie maintained for redemption purposes.

•

The state government as authorized to borrow from the new
state bank to the extent of ;50,000. Limitations were placed upon loans
to directors, and a maximum interest rate of six per cent annually was
placed upon all.loans.
It was evidently the object of the proponents of the First
State Bank to secure for it a monopoly of the bankin_ business, and to
place under its control the issuance of notes within the state- since
this was at that time the most important function of banking institutions. In order to make complete this power and control, the Bank of

1Laws of Indiana. 1816-1817, p. 185.
The law provided that the first branch was to be organi-ed
at Centerville, with capital of 720,000, and the others -fere to be located as follows: second branch at Brookville, capital Z35,000; third
branch at Lawrenceburg, capital ;35,000; fourth branch at Vevay, capital 20,000; fifth branch at Madison, capital ;30,000--It apparently
'was hoped that the Farmers' and mechanics' Bank would reorganize into a branch of the state bank; sixth branch at Charlestown, capital
55,000; seventh branch at DrownstoLal capital ;10,000; eighth branch
at Paoli, capital ;10,000; ninth branch at Salem, capital ;710,000;
tenth branch at Corydon, capital ;55,000; eleventh branch at Troy,
capital ;10,000; twelfth branch at Darlington, capital ;10,000;
thirteenth brunch at Poseyville, capital ;10,000; fourteenth branch
in Gibson County, capital 110,000.
2ibid., pp. 187-193.


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•

-6Vincennes was empowered, conditionally, to absorb the Farmers' and
Mechanics' Bank of Madison, the second bank created by the original
-t.T.ritorial government, as one of its branches.
It is apparent also that a secondary object existing in
the minds of the organizers of this state institution was to so cont-)1 an,), restrict the bank note issue within the state that the State
Ban': could not issue more notes than it would be able to redeem. Although the empowering act or the legislature did not set a maxiAum
limitation on the right of the bank and its branches to issue circulating notes, yet it did require that the total debt of tne bank v.as
never to exceed twice the amount of paid up capital stock. Vioreover,
should the total debt at any time exceed this limit, unlimited liability in a common law suit for debt against the bank was ilJpooed
upon all of its directors.
The organizers of the new State Bank seemed to have felt
th:t the patronage of the state government was assured to the bank
due to the ownership of a portion of the capital stock by the state,
and that many of its officers and directors also held political offices. It appeared, moreover, that the patronage of the United States
government was likewise assured, since the first president of the
State Bank, Nathaniel Ewing, held, in addition, the office of receiver
for the largest federal land office in the state.
There were, however, certain economic conditions existing
in the state unfavorable to the successful operation of the new
state bank. The most densely settled area was located in the southern
portion of the state, along the banks of the Ohio River, one of the
arterial highways of early commerce, trade and travel in the assissippi Valley. The town of Madison was the commercial and industrial center of this area, the banking needs of which .ere bcinc
adequately met through the operation of the Farmers' and Mechanics'
Bank of Madison. The Act of 1817 provided that this institution
should become a branch of the state bank, the Bank of Vincennes, on
condition that thc consent of the owners was secured. The stockholders and officers of the Madison Bank, however, persistently refused to permit it to be converted into a branch, in spite of the
appeals of the organizers of the state institution. The population,
furthermore, in 1817 was slightly less than 75,000, niety per cent of
.hom were cultivators of the soil. 1, very large number of the land
owners were still deeply in debt to the federal land offices for the
land upon which they lived anu worked.' In the face of this relatively small population, the major portion of which lacked large

'American State Papers. Finance, III, 782. In January, 1319,
land buyers owed to the office of the federal land bureau at Vincennes
the sum of Z1,390,909, and to the Jeffersonville office there was due
the sum of 1,021,854.


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S

-7monetary incomes, the organizers of the first State Bank of Indiana
sought to dispose of bank stock amounting in the aggregate to
E2,225,0001 or an average of .170 a person living within the state.
In certain of the fourteen districts, moreover, in which branch banks
were to be organized, there did not exist villages of sufficient size
to accoiamodate a branch. This was particularly true of the thriteenth and fourteenth districts. In the case of Troy, Darlington, Paoli
and Brownstown, the villages were so small that they did not possess
commercial or industrial enterprises of any importance whatever•1
There was, in adaLion, active opposition to the new state
bank on the part of various interests in the state. One of the severest critics of the bank was Elihu Stout, editor of the Western
Sun, the first newspapter to be printed in Indiana. A personal
friend of Andrew Jackson, Mr. Stout had come to Indiana from Mashville,
Tennessee, and had settled in Vincennes to publish his weekly paper.2
The news sheet was used to support the Democratic Party and the principle of competition and opposition to monopoly. It was inevitable
that the aavocate of such principles should strenuously oppose the organization and operation of the State Bank.

•

The primary reason for the establishment of the headquarters
of the State Bank at Vincennes in 1817, rather than at Tdadison, which
was the commercial and industrial center, of the state, was in order
that it might act as depository for the federal land offices located
at that point. This particular federal land office was the most lucrative in the Test at the time, and it was, therefore, expected that
the use of the large deposits of the land office Toulu accrue to the
profit of the state institution. This situation was, likewise, of advantage to the land office at Vincennes, since the regular depository
of all United States funds, the Second Bank of the United States, had
established no branches in the state of Indiana, the nearest branches
being located at Louisville, Kentucky, and Cincinnati, Ohio. Transportation facilities were slow and at times extremely hazardous.
In the days of distress following the close of the War of
1812, the Bank of Vincennes had suspended specie payment along with
all other financial institutions west of the Alleghenies. On February 201 1817, the directors of the bank, now the first State Bank of
Indiana, voted to redeem all of thcir own notes in gold and silver,
whenever presented for that purpose.S In the meantime, the Second
Bank of the United States, organized during the preceding year, had
forbidden the depositing of federal funds in local banks refusing to
redeem their notes in specie. Upon beinf notified that the Bank of
Vincennes had resumed specie payments, Secretary of the Treasury Crawford, on May 7, 1817, directed the land office receivers of the state

•

lEsarey, op. cit., p. 228.
2William H. Smith, Recollections of Early Indiana
(Indianapolis, 1899), p. 84.
3American State Papers, Finance, IV, 713.


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411

-8of Indiana to use the offices of the Bank of Vincennes as a federal
depository. The continuation of the privilege of acting as a federal
depositary was made dependent upon certain prescribed conditions involving, on the part of the federal government, a guaranteed deposit
with notice beforehand of federal drafts drawn, and, on the part of
the depositary bank, presentation of monthly statements of condition,
and the agreement on the part of the depositary to accept as cash all
money received at the land offices.'
In spite, however, of the business prospects of the State
Bank and the enthusiasm of its organizers, the new institution was
never successful. Only three of the proposed fourteen branches were
organized. These were located at Brookville, Corydon and Vevay.
Shortly after its organization as a state bank, the Bank of Vincennes
entered upon an era of such pronounced mismanagement, marked not only
by ignorance of what constituted sound bankinE, practice, but by dishonesty, that its ultimate failure was assured. Twice during the
period from 1817 to 1822, the federal government ceased using the bank
and its branches as a depositary, due to its inability to meet government time drafts.2 By the year 1821, mismanagement of the institution
had become so obvious that the General Assembly of the state authorized legal proceedings to cancel its charter. In the subsequent investigation by a committee of the legislature of the condition and
operations of the bank from the time it was reorganized as a state
bank to 1822, it was proved, among other things, that the officials
of the bank had embezzled *250,000 deposited by an agent of the
United States government, that they had issued, with fraudulent intent, more bank notes than the bank had power to redeem, that dividends were declared and paid to stockholders while the bank was refusing to pay specie to its note holders, and that loans were made in
unwarranted amounts to business organizations operated by some of the
larger stockholders of the bank.6
The report presented by the Bank of Vincennes to the Governor for January, 1822, is indicative of the situation into which the
State Bank had been precipitated by its manage%ent. The combined
capital stock of the bank and its branches amounted to .7129,363. The
obligations owed to the bank equaled Z184,7351 of which approximately
two-thirds, or ;116,284, was owed by a manufacturing company in Vincennes, known as the "Steam Ii110" in which the officers of the bank,
including its president, Nathaniel Ewing, and many of its stockholders, were financially interested. Another sum of ;317,330 was
owed the institution by its directors. Among its assets, the bank's
report to the Governor listed ;33,218 in currency of various descriptions and 30 in specie.4 Yet, in the face of the precarious condi-

•

lIbid.
2Ibid., III, 735.
3"Report of the Investizating Committee," Journal of the
-If Representatives of the State of Indiana, 1822, pp. 283-4.
• J..
4Esarey, op. cit., p. 239.


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-9tion of the bank revealed in this report, early in 1822 the board of
directors of the bank voted a forty percent dividend to the stockholders and the sum of Fd7,500 to Nathaniel Ewing as president of the
institution.'
Upon hearing of the insolvency of the Bank of Vincennes,
the Secretary of the Treasury of the United States sent an agent to
arraive settlement of the amounts due the federal government. The
directors of the bank turned over to the agent whatever bonds they
possessed plus all real estate belonging to the bank. As a commentary upon the management of the bank, the deeds to the real est.cte
held by it were so imperfectly drawn thal_a decision or the Supreme
Court was necessary to settle the title.'
In June, 1822, a jury in the Knox County Circuit Court found
in the light of the evidence presented that the
violiterj. its
charter in various ways. The judge, conseduently, issued a Tit of
"quo warranto" closing, the institution. This decision on appeal was
sustained by the Supreme Court of the state of Indiana.

The Farmers' and Mechanics' Bank of Madison

As described earlier in this chapter, the Farmers' and
Mechanics' Bank of Madison, located in the southern portion of the
state on the Ohio River, approximately half way between the cities of
Cincinnati and Louisville, was one of the two territorial banks chartered by the legislature of the Indiana Territory in 181.1. Under its
territorial charter, the bank mo ,i_ven the right to issue notes payable in specie on demand. Its caidital stock was limited to a maximum of ;750,000. In return for the charter granted by the legislature, the 'fadison bank agreed to make loans to the territorial government in anticipation of taxes levied. The maximum rate of' interest
on loans ;-s fixed by the charter t six per cent annually.3
The
of this bunk is in striking contrast to that of
Vince.n.es.
of
Its business of makin loans to settlers to
-Lae ink
purchase and cultivate ncir 1 n. and to traders transporting merchandise to and from various river ports as distant as :'.ew Orleans,
conducted by :en of conservatism an( interrrity. Among the officials of the bank were such -len as J. P. i. Lanier, later famous internationally as ,financier, ,r1. John 7erin, tht bank's first
cashier.

1

, -arch 6, 1822.
2 _
op. cit., p. 219.
3Terr.l.torial Laws of Indiana, p. 95.

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-10-

•

•

As in the case of similar institutions located i- Vie Forthwest, the Farmers' and Mechanics' Bank was peculitrly dependent upon
the policies pursued by the federal land offices in disposin - of the
sumo received in parent for federal lands sole to settlers. The refusz..1 o7 the 1Lnu offices to e.cccpt certain issues of bank notes in
payment for land made it difficult for the issuing bank to maintain
Its circulation. On April 6, 1616, Congress directed that all pkiylents m.-de to the federal autlioritiec be pair in legal currency.'
This ConLressionel mandate was interpreted by the ,TEcrttar, of the
Treasury to include specie, the notes of the newly established Second
'ank or the United aatcs, and the notes of other banks redeeming
their obligations in specie on demand. The Second rank of the Unite
:tates, however, actin, as the federal depositor; of funJ..30
-,tosses at various times due to the acceldtance b;.• land offices of L.
_lotes of different banks of the Northwest that were nominally redeeming their notes in specie on demand. Consequently, orders tere issued,
roinc, into effect on June 30, 1618, to all federal land offices to rezeive only specie and notes of th: federal lankin 1,ayment of obligations due the national government.2
As a result of this action brought about by the Second Ban'
of the United States, the Farmers' and mechanics' Bank found itsclf
in the situation of having its notes returned to it for conversion into specie as soon as they were put into circulation. The directors
, therefore, decided to cease issuing notes rather

Lue.to the inability of the land buyers of the state to secflre ade uate amounts of specie and notes of the federal bank to r:
th fedcl land offie: , oince the
-i_ncennes had suspended specie payments and the Farmers' and
'lechanics' Rank had ceased issuinL additional note:, protests were
made to the Secretary of the Treasury by the state officials. rue to
the increasing political power of the western states, these protests
were effective in securing the agreement described above,4 whereby the
to bank;,-, operatinL. in Indiana vould again receive deposits of the
federal government and their notes would, once more, be acceptable at
the land offices.
There is no record or any
er's and Mechanics' Bank or Madison
the agreement with the Treasury and
Ztatc, L,cting as depositary for the

failure on
in meeting
the Second
Treasury.

the part of the Farmits obligations under
Bank of the United
Yet, the officials of

op, cit., p. 223.
Jrivan State Papers, Einance, V, 69.
3Ibid., pp. 739-74g.

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4Supral p. 34.

-11the federal Lank and of its branches at Louisville and Cincinnati seem•
to have z3dopted a definitely hostile attitude toward the Indiana institution. This inirlical position taken by the federal bank officials
is illustrateC and partially explained by
eSown excerpt from
a letter va-itten by the president of the Second Bank of the United
Lanc7Con Cheeves, to the Secretary of the Treasury at the time:1
"The Bank refuses to deal with the banks in Tennessee,
Indianu and Illinois, for reasons it would be invidious to
mention. But among them are the general bad conditions of
the currency in these states and the laws impairing the obliLations of contracts passed by their le,islatucez_ am'. the
actual CE I:reciLtion of their notes."
The truce betreen the Indiana banks and the Second Bank of
tile United autes, however, WaS short lived. In August, 1821, t:.
Bank of the United States refused to permit the Farmers' and Mechanics'
Bank to act as the disbursing agent for the feCeral pension funds, and
a fez weeks later the notes of the Madison were for the second tih._
refused at the federal land offices unCer orders of the SeconC Bank of
the United States.A-

•

As a consequence of the apparently implacable hostility of
the Bank of the United States, the directors of the Farmers' and mce
ics' Bank deciced to dissolve the institution. Liquidating operations
rere started immediately. Finally, in the spring of 1825 the bank
closed its doors, after havin7 met in full all obligations to its crCitors.

The Bankless PeripC, 1825 to 1834

From the closing of the Bank of Vincennes by court decree in
ultimate liquidation of the Farmers' anC Mechanics' Bank
the
1822 and
1825, the state of Indiana Aas completely lackint, in
Madison
in
of
banking institutions of any type. The period folloving the cessation
of operations of the tro banks ras marked by economic depression
throuEhout the state. Land values declined. Congress, hopin to
alleviate distress in the Northwest, lowered the price of government
land from the former price of two dollars and acre to one dollar and
twenty-five cents. The results, however, of this reduction were not
os expected, since the land helC by private individuals and business
organizations in the state also declined in price. One historian of
the period estimates that in the three-year period from 1821 to 1827,
one-fourth of the state's population Cif,d iron epide-lics or .nov,

lAmerican State Papers, Finance, IV, 95C.
2Ibid.
killiam H. Smith, History of the state of InCiaga, II,

•
595-596.

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-12The economic difficulties of the state during the period
from 1821 to 1834 were complicated by an unsound currency. The
mary sources of currency for the inhabitants of Indiana were the
branches of the Second Bank of the United States, located at Louisville and Cincinnati, and, more important still from the standpoint
of volume, the notes of banks of issue located in Ohio and Illinois.
During the latter portion of this period, beginning vdth the year
1831, the state v,as flooded with bank notes from Michigan, where a
very liberal and lax bankinil law had recently been enacted permitting the establishment of banks of issue with very inadequate regulation and supervision. Many of the banks organized under the Act
possessed virtually no sound assets bank of their note issue. The
same was true of the notes issued by many of the bamcs of Ohio and
Illinois that circulated in InCiana. Consequently, tne notes of
these various banks of issue were accepted in Indiana at varying rates
of discount. The process of "shaving" or over discounting sucn notes
ame quite prevalent.
by merchants and other recipients bec:
Additional tunaoil 1-,as added to the already confused currency situation in the state during this bankless period by the practice of merchants, millers and other persons engaged in commerce and
industry of issuing their own private bills redeemable in merchandise at the issuer's place of business. These private bills, or
"shinplasters," as they came to be ',mom in the vernacular of the
time, were o: little value outside the particular neighborhood in
which they were originally issued. Many of the business organizations issuing these trade notes failed, leaving their worthless notes
in circulation.
In 1832, the state of Indiana borrowed several million
dollars from the federal government and with the proceeds of the loan
begun a series of internal improvements, which aided in ushering in a
period of prosperity by giving employment to labor and capital in the
state.1 Unfortunately, however, wages were paid frequently in the
notes of the banks of the neighborin6 states, most of which circulated at varying rates of discount. As a result, the practice of
shavini- notes by merchants and others grew at a rapid rate, causing
widespread discontent and the development of agitation for currency
reform within the stute throuch banking legislation.
The financial leaders of the state, among whom were Victor
Kini„, a former president of the Farmers! and Mechanics' Bank of MadiD. Lanier, a former cashier of the same institution,
son, and
felt, however, that any attempt to establish adonal banking institutions in the state would be unsuccessful as long as the Second
Bank of the United States was in operation and maintained its hostile
attitude toward banking institutions in the NorthTest.

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'Ibid., p. 596.

-1--

•

In 1832, however, the nig Party and its canuidate, Henr;
Clay, were defeated, and Andrew Jackson was re-elected to the presidency of the United States. The victory of President Jackson, who
was known to be an implacable enemy of the Second Bank of the Unite,
States, gave definite assurance of a decline in that institution's
influence and forecast its possible extinction. In the light of these
events, a movement got under way immediately in Indiana to provide
the citizens of the state with a banking institution and a more stable
currency. The results of this movement will be considered in the
succeeding chapter.

•

•

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CHAPTER IV

ORGAIII7ATIOn 1.tNI OPERATION OF THE SFCONI. LA:ATE BANK
- 1859
OF INrIANA FROM 1854 6
As a result of the insistent agitation for currency reform
in the state of Indiana and the passin: of the domination of the
American banking and currency situation by "that monster," the Second
Funk of the United States, the st.,,te legislature of 1334 enacted
legislation chartering the second State Bank of Indiana.

•

Profiting by the experience of the state with the first
State Bank of Indiana, the Bank of Vincennes, and, furthermore, by
the experience of other states durim: Indiana's bankless period,
greA care Tas taken by the legislative committee in drafting the
bill creating the new bank. This was accomplished under the Luidance of Governor Noble, who had stressed in his message to the openin, session of the General Assembly the general demand for banking
legislation and the need for care to be exercised in its formulation.1 The excellent record made by the Second State Bank of Indiana
was due in no small measure to the carefully drawn charter created by
the legislation of January, 1854. The progress of the institution
established by this legislation marks a bright chapter in the all too
drab history of other banking ventures in America during the twentyfive years of its life.
The seconC State Bank of Indiana was not so much a central
bank with branches, as it was a federation of banks under the broad
generEl control of a central board of directors, located in Indianapolis, th capital of the state. There was no parent bank. The
branches of the nerA state hank were given equality and protected
against any undue influence being exercised over them by the head
office at the capital.
The capital of the institution was set at Z1,600,000, to
be distributed in shares of fifty dollars par value, one-half of the
entire capital stock to be subscribed to by the state government.
An interestin6 provision was inserted in tae or54,inal
providing that the state should issue bonds to secure the funds to
pay for its share of the bank's capital stock. In compliance wit_
-Lai:, provision, the state government issued five per cent bonds to
amount of n,300,0001 selling them in the eastern portion of the

•

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1Journal of the House of 7eresentatives of Indiana, 187,3,

United States and in Europe. From the proceeds of the sale of the
state's obligations, Z,800,000 was used to pay for the state's share
in the bank's capitalization, the remaining *500,000 being set up as
a loan fund from which loans were made to individual subscribers to
the remainder of the bank's capital stock, in order to enable them
to purchase more readily the shares. rach individual subscriber vas
permitted to borrow up to the sum of 3l.25 on each share of 5.).00
per value subscribed to, interest being paid the state at the rate
of six per cent annually. It is even more interesting to note the
provisions made by which the subscriber's indebtedness to the state
nuld be paid. The bank authorities were required by law to hold the
dividends on the stock purchased by individual subscribers under this
plan and pay them into the state treasury in payment of both principal and interest of the debt. The operations of the bank were so
profitable that the individual subscribers under this plan were able
to secure their stock by a cash payment of ,718.75,1 the loan being repaid from dividends earned.
In order to administer the state debt crca-Ld to pay for
the subscription of the state to the capital stock of the bank and
aid in the financing of individual subscribers' stock purchases, a
sinkinL Fund Commission was organized. The charter ()_' the bank :ranted by the legislature required that all dividends upon the state
owned stock, all semi-annual interest payments on the loans extended
to individual subscribers, all funds received in the payment of the
principal of such loans, and all sums received by the state in winding up the affairs of the bank at the expiration of the charter period should be paid into the sinking fund set up under the supervision
of the Sinking Fund Colfflaission. The legislation creating tat: bank
specified, furthermore, that any funds remaining after the payment of
principal and interest of the state debt created for the purposes of
the bank and after oeetin all operating expenses of the Commission,
were to be paid into a permanent fun, to be knovrn as the Common
School Fund, to be used for the benefit of common school education in
the st-te. Lurin, its lifetimL thL proiits of ta,, bank 'vere so large
and the administration of the sinkinL fun:' of such nature that a sum
in excess of 3,,)002)00 was eventually turned over to the Common
7chool Fund.2
The oriL;ind charter - rant,d provided for the division of
the state into ten districts, in which an cual number of branches
would be locted, immediately, and for f-IE creation of three more
such districts in the future, as the growth of population and industry demanded. The various branches established were required to be
mutually liable for the obligations of the system as a whole.

•

'Smith, History of Indiana, II, p. 597.
2”Annual Report of Auditor or State," DocumentAry Journal
of India_,
(Iniunai)olis, 1861).


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„
)

_

4- -

1-

•
4-

•

of the
one-half
-thorize
,
notL_ r
the bank was at
of paying twelve
ed to be mutuall:,
romin_tion of no
Any loan m,
be concurred in by at least five of
case the pplication for a loan was .
of the central board in Indianapoli..:
One of the most unusual sa8n L.1 Opi
of the bank by its charter, in the light of the practices of otnL
banks in existence in the
1 2 was that the bank could invest
of its funds in "
2 war, or merchandise" or in real estate,
cepting such real estate as was necessary for the trahsaction of
in practice or such as came into its possession through the legal
process of foreel
. Additional restrictions upon the extension
credit by the bank were that it could make no loans upon the securi
of its own stock, nor upon the security of one direc-tl- fn-

•

lin 1841, the - aeral Asse:lbly amended the
notes with denominations as loT as one dollar to be issued by t'
Bank.


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Federal Reserve Bank of St. Louis

-17t,) deduct from ear
annually the SUM of telve an: one-h- 1 cents for each share of
capital stock outstanding in the hands of others 4'
.,:ay this sum into the sinking fund. This deductiot-e
of taxation per-lit-Led in connection with the operation of thc
It i3 note- ort_ly taat cven tnis small tax ras paid only in the case of
profits Imci,17 acculul ted.
rairement resembling that of a more modern period was
that in c' se of fraudulent insolvency of the institution, the presidc_at and. the members of the board of directors 1-ere unli-lite(=ly liable to the creditors. It vas further provided that if this liabil
ity was not sufficient to satisfy the claims of the directors, stoc. _ders became individually liable to an amount equal to the value
their shares.' In case insolvency should result from non-fraudulent
e_-,_ 1 the charter is not clear as to waetiler or not the liaoility of
stockholders Tould be the same. One of thc officials of the banl-,
writing in later years, states that the liability of stoc-claol('r •
1 4-) the par value of their shares under any cireums-L.ncr_.
-

•

In November, 1854, the ten branches originally provided for
in the charter were opened for operation.3 By 1337, three additional
districts had been created out of the rapidly settled northern area
of the state and new branches located at Fort rayne, South Bend and
”ichigan City.4 The first president appointed by the state was S:-uel Merril, a very capable and highly respected business man of the
state.' It is interesting to note that the original directors and
officers of the bank v.ere practically all entirely without experience
in the field of banking, though all were definitely experienced in
various fields of business.5
The charter of the Second State Bank of Indiana seems definitely to have been modeled after the charter of the Second Bank of
the United States. Both charters restricted the life of the institution to a definite period, each allowing two years after cessation of
active operations for winding up the affairs of the bank. The penalty
for suspension of specie payment was the same in both charters. The
restrictions upon credit extension -ere quite simil.r; both prohibited dealings in real estate and merchandise, and the interest rate
which might be charged was in both cases set at six per cent. Accumulated debt in both cases was limited to a definite ratio to cpital.

•

3-Charter of Second State Bank of Indiana, Section 102.
2Hugh McCulloch, Men and Measures of Half a Century (New
York, 1888), p. 113.
5Branches were located at Indianapolis, Lawrenceburg,
Richomnd, 'Tadison, New Albany, Evansville, Vincennes, Bedford,
Terre Haute and Lafayette.
4rhe cie-renth branch was opened at Fort Tayne, Nov. 25, 1865;
the twelfth at South Bend, November 3, 1838; and the thirteenth branch
,t 7icni7an Ciy in Decembet, 1838.
5naliam F. Hardin, "The State Bank of Indiana," Journal of
IV, (1895), p. 54.
Fconony,
Political


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Federal Reserve Bank of St. Louis

-18In three important respects, however, the organization of
the State Bank of Indiana differed from that of the federal institution. The most pronounced difference in structure between the two
institutions lay in the fact that the Indiana bank was a federation
of banks without a central bank dominating the situation, while the
Second Bank of the United States was composed of a large central
bank with subordin Ite offices located in different portions of the
country. Again, the interest of the state government in the State
Bank of Indiana was crreater than that of the federal government in
the national institution. This larger ownership of capital by the
state lead to greater control over the policies and a greater interest in the management of the bank by the state government. The
turd difference existing between the two institutions lay in the
strict requirement of the charter of the State Bank of Indiana that
the entire capital be paid in specie and that a minimum of one-half
the amount of the capital stock be paid in before the bank could berrin operations.

The Effects of the Panic of 1837
on the State Bank of Indiana

•

Within the first six years of its lire, the second State
Bank of Indiana passed through two periods of severe stress and
strain, during which its continued existence was in doubt. In fact,
the career of the bank has been divided into three distinct periods
by one of the Historians of its growth; namely, a brief period of
prosperity from 1834 to 1836, a period of greet depression from 1837
to 1847, and thereafter a more prolonged period of prosperity for
the remainder of the bank's existence.'
In order to understanJ more thoroughly the difficulties
through which the Second State Bank of Indiana passed during the period of depression beginning in 1837, it is necessary to review briefly the economic and financial developments occurring in the United
States as a whole at that time. The establishment of the Indiana
Stqte Bank in 1334 took pl,ce in the alr'st of a period of nationwide
i%ternal improvements in the form of highways, canals and railroad
expansion. The completion of the Erie Canal made the northern portion of the country bordering on the Great Lakes more readily accessible. Steamboat navigation on the western rivers grew rapidly resulting in the more rapid settle:lent and development of the Mississippi Valley. Railroad mileage increased greatly. In 1830 only
twenty miles of railroad was in use in the entire country; by 1835
this figure had mounted to 1,098 miles, and by 1837 to 1,498 diles.2

•

'Ibid., p. l.
2Harold U. Faulkner, American Economic History (Ne
Harper and Brothers, 1924), p.344.


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York:

-19Canals for the transporting of heavy freight were being planned and
built in different portions of the country. As an inevitable result
of these rapidly expanding internal improvements, the trans-Alleghany
area of the United States was brought nearer to the eastern markets,
causing a rise in its price and giving an impetus to land speculation.
During this period there was a rush of immigration into Ohio, Indiana,
Illinois and Wisconsin, extending even across the Mississippi River
into Missouri.
The state of Indiana did not escape the mania for internal
improvements. In the period prior to 1837, definite plans were made
to construct within the state BOO miles of canals and 200 miles of
railroad to be built simultaneously and to connect with like facilities planned am. in process of construction in neighboring states.1
These grandiose schemes were undertaken at a time when the population
of the state was still less than 700,000 and the natural resources
of the state largely undeveloped.

•

The capital for the development of the Northwest area during
this period was furnished extensively by eastern capitalists. An additional source of capital was found in Europe, where, due to the policy of the federal government of the United States of rapidly reducing
its debt, the credit of the nation was rated highly. Apparently, the
demand for new land for settlement and speculative purposes became
almost insatiable in the years between 1832 and 1836. According to
the records of the federal 1.-ind offices located in various portions of
the frontier regions, sales of land, which had amounted to the relatively small sum of ;2,623,000 in the year 1832, mounted to ;4,857,000
in 1834, to the sum of ;14,757,000 by 1835, and, finally, to the unprecedented amount of ;24,877,000 in 1836, just before the panic of
the succeeding year.2 During this period of rapidly mounting sales,
the price of government land had remained constant at the figure of
Z1.25 an acre. As in similar periods later in the history of the United
States, the widespread speculative mania that developed throughout the
nation tended to inflate all values. One writer of the period described the extreme speculative frenzy which developed as follows: "It
was a universal carnival, in ,Ahich people seemed to vie with one another in madness of adventure and expectation.u3
The federal fiscal and financial policies of the period had
the effect of stimulating excessive speculation and the resulting inflation of values. Upon the assumption of office of the Democratic
candidate for the presidency, Andrew Jackson, in 1833, the depositary
of federal funds was the Second Bank of the United States and institutions designated by it. rue to a long existing hostility against

111

1Harding, op. cit., p. 13.
2Katherine Coman, Industrial History of th6 United States
(New York: Macmillan, 1910), p. 165.
3Smith, History of Indiana, II, p. 604.


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-20-

•

that institution, President Jackson determined to withdraw the funds
of the United States and place them in other banks selected by him
with the aid of the Secretary of the Treasury.1 Upon being ordered
to withdraw federal funds from the Second National Bank, Secretary
of the Treasury William J. Duane of Pennsylvania refused to do so,
upon the ground that the Act of Congress appointing the Second National Bank of the United States as federal depositary, enacted in
1817, did not give him the power to remove them from its custody.
As a consequence of the refusal of Secretary Duane to do the President's bidding, President Jackson removed him from office and replaced him with Roger B. Taney of Maryland, who, as Secretary of the
Treasury, obeyed the President's wishes by ordering the removal of
United States funds from the care of the Second National Bank.
The state banks selected to receive government deposits
were instructed by the Secretary of the Treasury to expand their
accommodations to business interests and to extend loans freely. Upon encouragement from such high authority, and having millions of ,
overnment funds in their possession, these institutions obeyed willingly. The imminent downfall of the Second Bank of the United States
upon the expiration of its charter in 1836 and the possibility of
securing government funds caused a rapid increase in the number of
new banks beinr, organized throughout the country. In 1850 there were
335 state banks in operation in all the states and territories,2 with
capital of sixty-one millions and currency in circulation of approximately the same amount. By the year 1837, the number of these financial institutions had increased to 634, with capital of nearly two
hundred and ninety-one millions and currency in circulation of one
hundred and forty-nine millions. In 1830, the loans of these banks
amounted to two hundred millions; in the latter year, 18371 this
figure had grown to five hundred and twenty-five millions.°
By 1855, the government debt had been completely paid off
and on June 1, 1836, there was a federal surplus accumulated and deposited in the hands of thirty-five selected banks amounting to
741,500,000. Congress, becoming alarmed at the prospect of a steadily growing surplus, in the session of 1835, enacted legislation requiring that the deposit of federal funds in any one bank should not
exceed three-fourths of its paid up capital stock; that the banks
should pay all drafts dravIll by the government on deposits in specie
if required; that no bank should hold any deposits who refused to redeem its notes in specie, or that circulated notes of smaller denomination than five dollars; and, more important still, that all surplus funds at the disposal of the federal government on January 1,

•

lAmerican State Papers, Finance, III, 134.
2cempiled from the Reports of the Comptroller of the
Currency of the United States.
3Ibid.


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-211837, excepting acre millions, should be deposited with the several
states in proportion to their representation in the House of Representatives.1
The result of this regulatory legislation was to redistribute government deposits throujhout th(-. nation, taking deposits from
some institutions and adding to others. These surplus funds were
nominally in the hands of the state banks; actually, hotever, they
had been loaned to individuals and business enterprises. The redistribution involved the calling of loans and a general disarranE,ement
of economic activity, described graphicaUy in the following quotation:
"The exchanges betvveen different parts of the country were
violently aisturbed, so th,t when the first installment of the
surplus was delivered to the States, the bodily transportation
of specie and bank notes from place to place became necessary
to an extraordinary degree. Mons anC millions of dollars
went on their travels, north, south, east ano west, being mere
freight for the time being, while the business from vhich the
money was withdrawn gasped for breath in its struggl( fearfully stringent money market.
"The first installment of the treasury surplus, amounting
due on January 1, 1837, was taken from the de59,367,000,
to
posit banks amid great agony, anci transferred to the several
states; also the secon -, about April 1. But before the third
fell due, the eneral collapse came. First, the influx of
capital from En6land ceased.... Liscounts went up and prices
went down.... The manufacturin,; industries, which, carried
along by the general whirl, had produced beyond demand, had to
reduce their operations, and the price of cotton fell more rapidly than it had risen.... The cotton houses in the South went
IS wn. Nine-tenths of the merchants in Mobile suspended. New
Orleans was in a state of financial anarchy. Tobacco shared
the fate of cotton.... It became painfully apparent that the
speculation in public lands had anticipated the possible progress of settle:nent by many years. The ilad_ned values of
great possessions in the West vanished into thin air. The
names 0:7 paper towns located in the wilderness sounded like
t,hastly jests.... The banks, being crippled by difficulties
in their aues, and by the sudden depreciation of the securities
they held, could afford very little, if any, help. In May, 1837,
while the preparatory steps for the distribution of the third
surSlus installment were in progress, the Dry
York, one of the deposit banks, failed. Runs on other institLtions followed; and on May 10, the New York banks in a body suspended spEcie payments—the effect of the surplu3 distributi


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Federal Reserve Bank of St. Louis

lsmith, History of Indiana
2Ibid., pp. 60-4110,

p. 607.

•

,

'

-

rrt'

'
.1

4

4

111

tion resulteC, in - rupic-. increase in tvolume of paper currency ,at in ircuIT
,.._Icted a baC:. situation by issuin
1 requiring the Eov _
C ..ilver in payment for
Imreele_tel-.
) created a heavy demanu for specit. fa
of the 11.11eL;hany rqoantains, tilerct: cLusin: it t_ :1
merciLl centers there it had been used to uphold th
ITT institutions.

•

Ilt

t•

1

In 18Z2, the state of Indiana had, Lorrmed several llhicas
of dollars from eastern capitalists for int.2.11L1 i-1,rrwerients. Upon
the establishment of the Second State Bank of Indiana in 184, the
funds used for improve--1,t purposes were deposited in the bank. Fre_uently, the officials L charic of the construction
ccounts.1 In additi, 1 the. federal L-overnmen'„ dcsis-n te: ILAC:
au bank E4, one of ie. _epositorie,. In spite of the fact that fedforr.ed u ve
r -1 deposit
17portant part of the bank's
total ueposiL, L ,Ir cAre7e fluctlKtions in volume were a contributing factor in the bank's difficulties 0rin- this 1,eric;c... In
of the federal government in the possession of the
/
,lat
.,anted to ri,ocz,' 78; in the folloting year, this figure
.
rose to .
"---,`2C71
ln ,ril :721 1E37, government deposits hae
to C1,47'1700, and in the latter part of that
ye-r a lot of F57C,277 had been reached. In 1840, such deposits had

rii
On
107, the Ltate Bank of Indiana had
of notes in ,_
gainst this amount of notes outstan(-1
,
there was Z1,435,300 of specie in ' .
the devo:_
of individuals amounted to the fi,
-57
Jr sli,ht15 in c
7niteC "tates Governi, nt.
of one-third of the deposit::

J-HarC„, _„ cit., pp. 115-178.
2Frola the 7e,3rt of Condition of the Dank issued as of tivA.
date.
3Esarey, op. cit., p. 258.

•

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Federal Reserve Bank of St. Louis

-23-

•

•

Approximately one month later, on May 20, 1837, information reached
the directors of the bank that ull of the ecstern banks had been
forced by the culmination of the speculative mania in a crisis, accentuated by the fiscal policies of the federal Lovern ent, to suspend specie payments. The directors vAere in a quandary. The charter
of the bank definitely prohibited it from suspending specie payments
unc:er any circtt.Ast.,:44ces. On the other hand, if it did not suspend
specie payments, its specie supply, amounting to more than Z11000,000,
v,ould be drained away. The situaticn of the bank was made even more
critical by the fact that the federal government had a sum of
71,500,000 on deposit in specie, while the state bank, in turn, had
S eposited in eastern banks F1,000,000 of its own notes, a portion of
wtiich had been put in circulation through loans and which could be
used traw
o d
specie from the various branches of the Indiana Bank.1
Faced with this precarious situation, the board of directors
Sf the State Bank immediately suspended specie payments, in spite of
the fact that the charter forbade such action.
In order to retain .
the goodwill of the United States Secretary of the Treasury and prevent the State Bank of Indiana from being stricken from the list of
federal depositaries, as a result of specie payments being suspendee,
the directors of the bank dispatched the bank's cashier, Mr. J. F.
E. Lanier, on a now famous journey to Washington, bearing ;80,000 ir
gold, to interview the Secretary of the Treasury, Mr. rooccerning the retention of depooits by the State Bank of In6--,-.- it
is interesting to note that the State Bank of Indiana was the only.
bank in the United States acting as a federal government deposit
to offer even part :Tecie payment on ,overnment funds deposited LILTing this period. As a result of the success of Mr. Lanier's missiol,
the federal deposits were left with the bank, to be withdrawn only
in the course of ordinary business.
The credit of the Second State Bank of Indiana was not
seriously imparied by the suspension of specie payment. The reasons for the suspension of payment were made known to the citizens
of the state in a public statement issued by the directors, showing
that its assets ere more than adequate to meet all its liabilities,
and that suspension had been resorted to solely for the purpose of
preventin undue abstraction of its specie by other banks. The merchants of Indianapolis immediately notified the public that the notes
of the bank would be acceptable at par for merchandise purchaseC.
The next session of the General Assembly appointed a committee to investigate the violAion of the bank's charter. The committee repor'
ted back that the charter of the irstitution 1-m(' 17)ccr

'Ibid., 259.
2journal of the House of R 2-,_

1837,

May 20th.
31. F. D. Lanier, Sketches of the Life of J. F. D. Lar-A.L_
(New York, 1870), p. 15.


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Federal Reserve Bank of St. Louis

-24•

advised against its revocation on -Lie general grounds of expediency,1
since they considered the bank necessary to the welfare of the state.
On August 13, 1858, as a result of a conference held in New
York City during the previous April, between eastern and western bankers, at which the State Bank of Indiana was represented by J. F. D.
Lanier, the bank resumed full specie payment.2

The Second Suspension of Specie Payment
Shortly after the resumption of specie payment by the Second
Aate Bank of Indiana, in the late summer of 1838, additional difficulties began to beset the bank from another source. In the years prior
to the Panic of 1837, the State of Indiana had borrowed large sums in
order to carry out extensive internal improvements. The advent of the
Panic and the ensuing deep depresion found many of these improvements
only partially completed and the borrowed funds almost exhausted. An
historian of the period has described the difficulties of the state as
follows:3

•

"By 1839 the state had gotten into such a financial condition
that it could not meet its bills as they fell due, and a remedy
was sought for. The money borrowed from the Fast had been expended, yet the canals, railroads and pikes were not finished,
and they were, like the Horse Leech's daughter, constantly crying
'give, gives Money matters in the East had assumed a darkening
aspect, and the State could borrow no more on anything like
favorable terms. The people of Indiana had speculated and had
piled mortgage on mortgage on their properties, on the faith that
the State would complete its internal improvements, and that a
flood of immigration would flow into the state. The State Bank
was very chary of loaning money, and would only loan small
amounts, and that must be well secured. The people could get no
money; the State could get none."
In 1870, the state governTent failed in its payments, thus
involving the State Bank in an umpaid.overdraft of ;;650,000.4 This
domestic threat to the bank's existence, combined with the fear that
continued national depression would cause specie to be drained from
the Test to the eastern se,board, again caused the directors of the
bank to suspend specie payments on November 19, 1839. In the following year, however, the government of the state came to the rescue of
the State Bank by issuing, as a ,:ieasure of temporary relief, Z722,640
of scrip to bear six per cent interest and to be receivable as taxes.
Tith the proceeds of this issue, the state paid off its large obligation to the bank.

•

1"Mr. Judah's Report, January 1, 1858," Journal of the House
of Representatives of Indiana, 1838.
elanier, op. cit., p.
3Smith, History of Indiana, II, 611.
4"Report of Treasurer," Documentary Journal of Indiana. 1840.


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Federal Reserve Bank of St. Louis

-25-

•

The scrip issued by the state was in denominations of five
and fifty dollars. Since it was printed upon red paper, it shortly
became known throughout the entire state as "red dog" currency. In
the beginning, the state currency was well received by the business
interests of the state, but as the volume of the issue was increased
to one and a half million dollars, its value in exchange declined until it was quoted as low as forty cents on the dollar.
The example of the state gvoernment in issuing scrip to meet
its obligations was shortly followed by millers, merchants and plank
road companies. Even contractors on public works paid their bills in
their own issues of paper money. The issues of currency put in circulation by the plank road companies was made acceptable in payment of
road tolls. These bills were issued in denominations as low as twentyfive cents and as high as three dollars. These notes were commonly
known as "blue pup" in the state, since it was customary to print them
on blue paper.'
On June 1E, 1842, the State Bank of Indiana resumed specie
payments on the order or the state legislature and never again suspended such payments from that date until it ceased operations in 1859.

Rising Criticism of the State Bank of Indiana

•

During the difficult period from 1837 to 1842, it was inevitable that the State Bank was subjected to severe criticism from various quarters. Samuel Merril, president of the institution during
this trying period, as early as 1836 was conscious of the tightening
money markets, and recognized that in all probability the bank would
be blamed for the resulting financial difficulties. Shortly after the
Panic of 1837, he INarned the officials of the various branches of the
State Bank that suspicion and attacks would be directed at them, stating, "there are many who will throw upon the bank the blame for the
4 During this time of widespread depression, the
present distress."
bank was confronted with drains upon its specie reserves by its note
holders, irregular and unpredictable demands for specie on the part of
the federal government, demands for aid from the state government to
meet state deficits, by state laws making collection of debts due the
bank difficult, and widening suspicion on the part of the public as
the depression continued.
During the periods of suspension of specie payments, the circulating notes of the State Bank were received outside of the state at
a discount of approximately five per cent. One of the most lucrative
practices of the bank was the purchase and sale of bills of exchange
on New Orleans and eastern cities, particularly New York. Bills drawn
on New Orleans banks were purchased by the State Bank in the fdl and

•

1Smith, History of Indiana, II, 611.
2House Executive Documents, No. 79, 25th. Congress, 2nd.
Session, pp. 785-786.


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Federal Reserve Bank of St. Louis

-26-

•

•

winter months. On their maturity an official of the bank would journey
to New Orleans and present them for payment, using the proceeds to purchase exchange drawn on various eastern cities. These, in turn, were
sold to the merchants of Indiana who v.ished to make payments for goods
bought in New York and other Eastern points. The discount on these
bills as a result of depreciated currency was nigh. According to the
records of the bank durini, these years of depression, it made profits
on these commercial banking transactions varying from ten to fifteen
per cent.1 Furthermore, during the period of specie payment suspension,
the bank took advantage of the situation to expand its note circulation
from thirty to forty per cent. It is natural that the accumulatim of
profits by the bunk during a period of economic distress should have
been regarded with jealous suspicion by the public.
A committee of the legislature appointed to investigate the
operations of the bank reported on Januaryl, 177% The report is of
particul-r interest since it expresses the widespread opposition to
Banking, according to the report read to the legislature by
the '
Samuel Juaah, shoula be considered a trade open to all men, the only
restraints which should be imposed are the nntural ones of lack of capital and credit.2 In its analysis of the operations of the State Bank,
the report stated the number of borrowers of the bank amounted to
40951 out of a total population of the state of 105,000; 600 of the debtors of the bank being directors and stockholders who had borrmed
almost one-half of the total credit extended.° In its estimates the investigating committee stated that only one-twentieth of the state population enjoyed the benefits of its credit, the directors and stockholders of the bank receiving nearly one-half of that credit, and that,
as a matter of fact, credit extensions were generally limited to the
thirteen communities in which the branches were located. The report,
moreover, added that the merchants of the state, constituting only onefiftieth of the population, received twice the credit granted to farmers, who formed three-fourths of the population of the state.4
In reply to these criticisms of the legislative committee,
President Merril made the foliating statement in the annual report of
the State Bank made public on October 31, 1839:5

Zession


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Federal Reserve Bank of St. Louis

1Lanier, op. cit., p. 17.
'"Bank Report No. 13," Documentary Journal of Indian
18Zp.
3House Executive Documents, No. 172, 26th. Conr-res„, 1st.
pp. 893-908.
4Ibid.
5"Report of State Bank," Documentary Journal of Indiana, 1830.

MIN\

•

-

-r

4

"But if te art
is to be added each year a str±-1
„ it
not be difficul

•

a result of th rc,)ort _
the suggestions of the president of t- i..
as a rTatter cYr policy, to extend
merchants
-ums to corter._
published in flecet,7 .
report of the
chants of r1,03201; to faers,
.nd to expJAers, 7771,776.-L T.„.: report
continuation o' the tehdency)? Loans to
982,602, while loans to exporters had incr.
F1,111,747.

I•

-

3

Despite the att,cks directed against the Second State Bank of
:ndiana curing the years of depression following the Panic of 1837, it
survived, resumed specie payments in 1842 permanently, and continued to
operate successfully until its liquidation in 1859, at the expiration
of its charter. During its lifetime the bank vas ,strong and conservative force makint., for financial stability not only within the state
7.f
, Indiana but throughout the western portion of the United States.

1IYI -. 1840.
2Ibiu. 1841.

•

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Federal Reserve Bank of St. Louis

-28Sunifflary: The Second State Bank of Indiana

111

In accordance with the provisions of its charter, the Second
State Bank of Indiana began the process of licuidation on January 1,
1857. Since its organization in 1834, the dividends paid by the bank
on the stock held by the state had enabled the Sinking Fund Commission
to pay interest upon the bonds issued by the state for the purpose of
financing the purchase of bank stock by the state and individual stockholders, and, in ddition, accumulate a surplus of ;1,955,461.1 Dividends paid by the bank ranged from a low of six per cent in 1843, when
for the first time the bank operated with a deficit, to a high of 25
per cent in 1856.2 The dividends in the period from 1843 to 1845 inclusive, were low, as a result or the fact that approximately ;700,000
of the loans extended by the bank were in a frozen condition. Total
dividends paid into the Sinking Fund Commission in excess of interest
re4uirements amounted to 71,891,214 for the entire period of its operation.5 Through the process of investNent of the surplus dividends
paid in, the Sinking Fund Commission was enabled to increase the surplus to the figure indicated on the preceding page. To this figure
must be added a suspended debt of ;216,000 existing at the time of the
liquidation of the bank, practically all of which was eventually collected, and property belonging to the bank evaluated at ;100,000, plus
An accumulated surplus held by the bank itself of slightly over
-1,000,000.4 The total of these figures approximated three and
milliondollars, which the charter of the bank provided should bu
over to the State School Fund.
It is a striking commentary upon the period that in spite of
the fact that the bank had made large sums of money for the state and
its private stockholders, had maintained its currency at par with the
exception of the two periods of suspension of specie payments in the
period between 1837 and 1842, had accumulated a large fund later turned
over to the State School Fund, and had been geners]ly acknowledged as
being a powerful influence in the direction of financial stability in
the community, that long before the expiration of its charter all hope
of its renewal had been abandoned, due to Steadily developing opposition to the State Bank.
The most frequently heard and most important objection to
the operation of the Second State Bank was that it had failed to supply an adequate volume of currency to ;wet the demands of the rapidly
growing industry and commerce or the state. The critics of the State

,'1. 87, 34th. Coure: , Frd.
••••

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)

_

3ank pointed witn
emphasis to the groldn,_ disparity -,r1 the
:Te,rs passed bet-Teen the capital st
1 loans and notes in circa, Lion
Jf the bunk when cont.7.-Jtc:: with the growth of popul,tion, evaluation
of the property -" f1i state and acres of 1 „ed. '...... facts
upon which t
I 1.rn of the policy of the bank is based are inicated in t.,
tables, in which are contrasted in terns of
..le_ numbers the growth of capital stock, loans and circulating notes
')f t
St t:
" Indiana with the increase in population, taxable
proi, 1 4,
the life of the bunk.1

TABLE XIV

INDEX NUT1BFRS OF (37.07TH OF. CAPITAL STOCK, LOANS AND
CIRCULATINU NOTES OF THE sEcoNr STT: BANK
OF rIDIANA, 1836-1856
(1336

•

100.0)

Year

Capital
Stock

Loans

Circulating
Notes

1856
1837
1838
1340
1845
1850
1856

100.0
116.7
139.8
168.5
131.7
131.4
135.6

100.0
102.7
115.8
113.8
114.1
129.8
147.6

100.0
114.4
15%1
147.1
183.0
184.1
175.5

TABLE XV

INDEX NUUB1723 OF GROTTH OF POPULATION, PROPERTY :VALUATION
AND ACRES ASSESSED IN INDIANA, 1836-1856
(1836

Year

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1836
1837
1338
1840
1845
1850
1856

Population
Growth
100..0
110.9
119.2
132.9
157.7
199.1
232.0

1See Appendix) p.

100.0)

Property
Evaluation

Acres
Assessed

100.0
125.2
123.5
116.7
151.2
174.9
390.3

100.0
112.7
120.9
150.8
294.3
310.3
380.4

•

•

It
-pparent frua these tables that the volu
ting currency elaintained by the bank did not keep p ce i
with the population, property evaluation and acre., ,Ltti_ .
be remembered that the state legislature had-the definite pe
erease the authorized capital of the bank, if it wished to C_
Lierefore, -ppuurs thet the railure to increase capitalizati
loans as rapidly as the rate of incr,
1 population and p
evaluation muet be shared by the repreee,Itetives of the state'
itants in the General Assembly. 7or, - 7, the notes of the 3-tete Bank
were not the only form of currency in circulation in the st-te during
the life of that institution. In 1840, one and a half million dollars
worth of scrip el. promissory notes were placed in circulation by the
st-te eovernipent, remaining in circulation for a period of severe].
two years after the adoption of the Constitution of
1951, the free banks orEanized in the
- put in circulation apdollars of currenc..
• -21;, eix
le Bank of•
e_
This popular criticism of the
flection of a theory of bankieL current at the time—incidentally quite
prevalent today--knovn as the Banking Principle. Thie ubiquit theory of banking advocates that the quantity of the circulatie
sliould not be restricted, but permitted to vary in amount with flucteetions in business activity. If thue left free to vary, the proponents
of this theory argue that the issue of bank notee would of necessity
and in fact vary precisely with the volume of bueiness. The originetors of the Second State Ba, its directors and officers, however,
seemed to have adhered to the opposite theory of banking, frequently
named the Currency Principle. This is evidenced by the fact that the
original legislution cre-ting tne institution fixed its capital at a
definite figure and limited all obli6ations, including note issue, to
twice the amount of the capital as a maximum.5 At no time during the
life of the bank is there any record available indiceting that the
directors or officers of the institution ever sought to have these
limitations reaoved.
Other objections raised by the opponents of the State Bank
were that it had been partial to its directors and stockhI.-xtension of credit, that the bank had suspended specie payments twice
during its lifetime in direct violation of the provisions of its
charter, that it had favored merchants during its eurly history, while
later farmers had been the favored group, and, finally, that it had
created a banking monopoly and had at timet opposed and interfered with
the financial plans of the state government.

1"Annual Report of the State Treasurer," Documentary Journal,
1341.
2 Documentary' Jornal. 1854.
.5 See supra, pp. 42-4F.

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In addition to all the specific points of protest raised by
the opponents of the bank, the popular political and economic thought
of the period in the Test vas opposed to it. The 7hia Party was declining in prestige and influence. The principles of the remocratic
Party and the teachings of Andrew Jackson and Thomas Jefferson, its two
outstanding leaders, Aere opposed to the formation of monopoly of any
type, the creation of state banking institutions and even the issuance
of p- ,)er currency. Moreover, in a rapidly growing community such as
India
during this period the debtor class forms a considerable and
vociferous portion of the population, and this group as a whole, regardless of political affiliations, favors the issuance of currency in
large quantities. Finally, there was lacking a general knowledge of
even the rudiments of sound banking practice on the part of the population of the state and many of its officials.
It may be said, in conclusion, that the Second State Bank of
Indiana was a success. From the standpoint or the public, it had provided a sound and reliable currency and the process of extending cre,it had been carried on in a conservative manner. The stockholders of
the institution found it to be a most profitable invest-nent.1 The
benefits of the Common School Sinking Fund, into which the profits derived by the state from its ownership of one-half of the capital stock
of the bank were turned, accrued to the increased efficiency of the
school system of the state for many decades after the bank had ceased
to exist.2

•

The success of the bunk can be attributed, first, to certain
provisions embodied in the charter, and second, to the ability of the
bank's management. The charter provided for the mutual liability of
all branches, each being responsible for the debts of the others, thereby placing a premium upon vigilance exercised by each over all. Another characteristic embodied in the original charter promoting safe
operation of the bank was the definite limitation placed upon the debts,
including note issue, which might be contracted. The charter provision
-equiring that all capital stock issued be p,ia for in specie also increased the conservatism or the management and provided more adequate
reserves than in the case of many other banking institutions organized
during this period.

'After the lijuidation of the bank in 1853, the averege amount
reeliLec7 upon each UO share was r76.85. This amount varied from 159.50
to :790.57, according to the branch.
2In 1370, the Auditor of State reported that the School Fund
had received up to that time from the Sinking Fund, the sum of 3,500,000,
viLh -1,250,000 in the process of collection.

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The Second State Bank of Indiana was peculiarly fortunate in
the type of men secured to laanac-e its affairs. None of its leading
officers possessed experience in the field of banking,' but all were
men of character and ability in other fields of activity. This lack
of experience in the banking practices of the day on the part of the
bank's officials accrued probably to its benefit, since it tended to
promote conservatism without the bias of improper banking theories.
An historian of the period has summarized the history of the
Second State Bank of Indiana as follows:2
"Looking back over the whole history of the State Bank of
Indiana, one is compelled to say tilt the bank was successful.
Its success is the more stridn, because it stands against the
sordid background of 'wildcat' banking-. Its career fell largely in that most unhappy period of our history called the Panic
Era of 1837, and it surely had little in its favor as far as the
era was concerned.... One is tempted to reflect that Jeffersonian
politics and laissez faire economics never won a more r,
grettale victory than when they overthre the State Bank."

•

During the final years of the existence of the Second State
Bank of Indiana there were organized within the state two additional
banking systems, a free banking system and a privately owned central
bank with branches. The operation within the state of these two .types
of banks was made possible by the adoption in 1851 of a new state constitution.

1The first president .ws- Samuel erril, a business man; the
second, James Morrison, a lawyer; the third, Ebenezer Dumont, a business
-nan.
"LSareY, PV.
(

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cit.,.do

flr°7

-33-

CHAPTER V

THE FREE BANKING ERA AND THE
BANK OF THE STATE OF INDIANA

Eight years before the date of expiration of charter of the
Secona State Bank of Indiana, the course of events in the state had
definitely removed all possibility of its renewal. On October 7,
1850, the second state Constitutional Convention .aet in Indianapolis,
for the purpose of formulating a new basic code of law for the citizens of the state. The mounting opposition to the State Bank had
grown to such an extent that it dominated and influenced not only the
legislature of the state, but also the Constitutional Convention.

•

Ahe constitution eventually adopted by the convention in its
final session on February 1, 1851, was drafted by a body composed of
ninety-five Democrats and fifty-five rhigs.1 Shortly after the convention assembled, three distinct viewpoints developed in the attitude
of the body toward the important question of the future relation of
the state to banking; the first group favored the continuation of a
state bank; a second group, viewing banking as a field which should be
open to anyone, advocated a free banking system, and the last group,
hostile to all banking institutions, favored the constitutional prohibition of all banking activity in the state.
It is noteworthy that nine members of the Constitutional
Convention of 1850 had, also, been members of the state legislature of
1834, which had enacted the legislation creating the Second State Bank
of Indiana. At that time the majority of these nine members had favored the chartering of the State Bank. Sixteen years Liter, when a
proposal to extend the charter of that institution arose in the convention& only one of the nine former members of the legislature voted
for it.'
The records of the prolonged debates held by the members of
the convention on the subject of banking are a rich source of information concerning the divided opinion of the time. A proposal for the
establishment of a free banking system was tabled during the first
sessions of the convention by a vote of 89 to 47. Later, another proposal to renew the charter of the State Bank was tabled by a vote of

•

1Leonard C. Heideman, National and State Banks, A Study of
Their Origins (New York: Houghton Mifflin, 1931), p. 52.
2Report of the Debates of the Constitutional Convention of
Indiana, 1350-1351 (Indianapolis, 1851),, p. 1995.


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75 toThese votes seemed to indicate that the free bank group %as
sufficiently strong to hold the balance of poller in the proceedings of
the convention. This group was led by two of the ablest members of the
convention. Judge John B. Niles of LaPorte deSired to see the free bank—
ing plan adopted to the exclusion of all other forms, basing his advocacy
on the theory that the government should attempt nothinE which could be
accomplished with equal benefit to the public through private
tive.2 Robert Dale Owen, son of the founder of New Harmony, was also a
leaCer of the proponents of free bankine. In dis v,rious addressea to
the convention, he seemed to recognize the soundness of the State Dank,
but he objected to it upon the ground that it was a monopoly organiza—
tion. He suggested on the floor of the convention that the State of
Indiana adopt the free banking system then in operation in the state of
Net York, vdth the additional feature of reserving to the legislature
the right to repeal or modify for cause at any time the charter of ar.
bank established and the prohibon of invest-aent Si the part of arry
chartered bank in real estate mortgages.

Banking Provisions of the Constitution of 1851

•

After months of wran,;ling a constitution vas adopted by the
convention containing a pecultir and interesting compromise among the
various viel,s held by the members on the subject of banking. Upon being
submitted to the voters of the state, the propose6 constitution lAas adopt—
ed by a majority or 860000 votes. The provisions of the constitution
concerning banking are as follots:
Article XI
"Incorooration of Banks. — Section 1. The general assembly
shall not have the power to establish or incorporate any bank or
bankini; comp,Lny or moneyed institution for the purpose of issuing
bills of credit or bills payable to order or bearer, except under
provisions prescribed in this constitution.
"General Banking Law.-- Section 2. No bank shall be estab—
lished otherwise than under a general banking law, except as pro—
vided in the fourth section of this article.
"Registry of Notes. — Section 3. If the general assembly
shall enact a Eeneral banking lav, such a lay, shall provide for
the registry and countersigning, by an officer et* tae state, of
all paper credit to be circulated as money; and ample collateral
security readily coavertible into specie for the redelaption of
the same in gold or silver, shall be required; whica collateral
security shall be under the control of the proper officer or
officers of the state.

111

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1::
1 Ia., II, 1445-47.

MI-, 1.y. 1447-49.

•
be Ilutually respJnLii'Ll

2or

aci otaer',

"LiapiliL of :holders. — Section 6. StockholOers in
every bank or banking L. „any shall be individually responsible,
to an amount over and above their stoc , e7ual to the res::cctLve
' for all debts or liabilities
b_12:124.L
"Redemption. — Section 7. All bills or notes isL
shall be at all times redeemable in gold or sliver; and no law shall
be passed sanctioning directly or indirectly the suspension, b:
--7).,ny, of specie payments.
"Holders' PreferencL. — Section 8. Holders of bank notes sh:_i
mvc
+7 preference of pay':
be entitled, in c
all other credit

•

"Interest. — Section 9. No bank shall receive diredtly or in—
directly a greater rate of interest than shall be allowed by law to
irndin Tonr:.
—

1.

not be a
ent bank
or loaned,
thE:
ton or as6ociutio.%."
The nel. constitution pro-viLed for a co:nlin,lt_
tith br:he..c-o nc a frue hank type of org:411—ation. Th
rights presented in the first Lrticle expressly forbade the '
any citizen or class of citi7eLs privileLes or

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1
-

.r"

st '
to Iiccoe a stochoiLer in case such an instit.
le7•Islature.4
The legislature, furthermore, was c-ipovereC by thc constitution to enact by specific legislation a . eneral bankii4, law, crs-ting a
free bankini_ system with the privilege of note issue, 1:roviad ti-rt sue_
note issue be protected by a deposit witn a desiL,nated state official (-)f
"ample collateral security, readily convertible into specie for the
(1,-,Aion of the same in olT or silvcr."5
The holders of bank notes issued under each systen .erc ivc
additional constitutional protection in the form of a prior licri upon
'
"Ipanl.; assets in case of insol\k—c:.e 3tcy-!4nclders, 'oreere required to 3CC pt liability over and clove
stoc'
by •ln amount "equal to their respective shares of stock."'
The life of all banking institutioi- -ranted charters by
lathe enactment 'as limited to twenty years.9

Ti.e Establishment of the Free Banking System
in Indiana, 1852

On May
,
, in spite of a veto by the governor of the
. - right, an act vas passed by the lipisst-te, the Honor
lature authorizin the creation of a free banking system in Indiana.
The Auditor of State was empowered to act as controller of the free
banks organized under the new legislation, issue all bills and keep the
'
plates from which they were pri '
The law reluired that these
be guaranteed and secrued by a deposit with the Auditor of State of
bonds or stock, as then called, or the state of Indiana, United States
,, and bonds of other states of the Union bearinr- six per cr.lit and

Constitution o-`"
aoptecl 1.
-

•

•

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•
- -.: •

,

Ts.-:c4.i.;
3.

0,
1,-041

:t-te

•

•

legal opeci€ rc:.,eine of tTellie an( one-.2 ider e,
maintained by tne issuina bank atainst all notes
:FenA.ty of susixnsion of specie payment by the is.
immedi tc closinE by the state of the
L11 1
the gencral bankir4-_ z.ct rere re:luired to prescnt semi-Lnni
conCition to the Auditor of State.''
Tne neneral Fanking Act of 1852 vent into effec' july 1, 185.
I ithin sil months' time fifteen free banking institutions3 had secured
charters anC were in operation, with a total capitalization of $1,865,000.
These fifteen institutions had deposited bonGs eligible to support
culation with par value of 910,000 with the Auditor of State, and this
official had issued notes to the amount of rzoo,000 on recember 1,,
1852.4 As time passed, seventy-four more free banks were chartered and
organized under this law.
On December 15, 1854, the report of the Auditor of State, indicated that a total of eighty-nine free bank6 Tere in operation in
0,.m_00,000 anc: it. n aggrecate
state, with a nominal capital of
.ulation of Z0,299,574.5

1Laws of Indiana, 1852, p. 17'.
2Ibid., pp. 136-138.
, with name, location anci capital were as
3These free'

7400,U00
200,000
- )00
7

—

171

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Federal Reserve Bank of St. Louis

-38-

•

•

This remarkable and extraordinary growth in the number and
note circulation of the free banks orLani2eC under the Act of 1852 was
accompanied by activities which, although apparently 1€ gal under the
law, resulted in disaster throughout the state. Banks sprang up everywhere, "on the hilltops, in the valleys aria among the swamps. Many of
them had no banking house or place of business. They. -aade no pretension of being banks of deposit, their only mission being to float notes
or bills."' Groups of individuals were able to buy the bonds of other
states, frequently at heavy discounts, due to the weakened credit of
some, deposit them with the Auditor of State, and receive notes from his
office equal in amount to the par value of the securities cepositt'.
Banks were frequently located in remote places in order to make more
difficult the presentation of notes for redemption. Other banks were
opened, notes issued and the bank closed shortly aftemard.2
Such a situation could only result in disaster. i disturbance in the American money market in May, 1854, precipitated trouble.
As a result of war in Europe, American secruities were being resold to
American buyers, thereby creating a demand for gold which shortly went
to a premium. Eastern holders of the notes of the variaus banks in
Indiana began to present them for conversion into specie. 'Enemies of
the Second State Bank charged that its officials aided in the accumulation of free bank notes and their presentation for redemption to the
already embarrassed issuers.3 The people of the state joined in the
run upon the banks, with the result that between the first
recember 15, 1854, the circulation of the free banks of the state declined by the unprecedented sum of Z5,454,279.4 Consequently, frec
1:s began to close their doors.
In January, 1855, the legislature was convened in regular
session in Indianapolis. Governor Wright, who had been unfavorably disposed toward the free banking experiment since its enactment in 1852
and had denounced the system as a failure in his annual message to the
legislature of 1852,5 immediately brought pressure to bear upon the
legislature to enact legislation creating a sound currency sys4 •
In reskolise to tile message of the governor, the legislature
took 44) the task of reforming the newly established free banking syste
Two months late_, in Mar. , 1854, a bill rewriting the General Banking
Act of 185, was passed cyvel. the governor's veto and became a law. The

•

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5

5

is

DuL to the,
a very profitabl%
'Iolders and directors,
n,-)00,)00 by
ippr
77ormer
,;osed foL.:iL most prt
'aolders of the State Ban.,:. Jet about
Institution. Several of the c:irect
•- 1'. Ists in thL..t

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Federal Reserve Bank of St. Louis

tc

1355, pp. 3F-48.
'1 of the Senate of Indiana, 1855, p. 721.
Txecutive Documents. No...1161,37tb. qpnt:ress,

•

be per-ilitta to
and pay for their
state of Indiana,
cent. A second propoz:.
o7 the nel-i institution to
the Ceneral Lsse:%bii.
open the books for public st
ticen the hors of nine and
to twclve.2

•

The first of these i
that it was not enacted; the c
into law to charter and create
State of Indiana. Governor 71 L
that its title was misleading, 71
stock of the nev ban': invitcd fr
dosed charter permittin, the bank to
to tnree ti,es capital stock plus depc.._,
state did not have sufficient power under
lank, and th-t the_ c-n_ct:L o- tile bill -frau:a.3 The bill was pssEC over 1_11E_ L,over'lo.
1955.
The rank of the State of Indiana, cre tee by the
under the provision of the constitution permitting' the organization of
a bank with branchcs in addition to the free banking
c.?:s privately mined bank Lith from fifteen to twenty branches and a charter
to run for twenty years. All branches were required to accept mutual
liability for he obligations of all, and stockholders, in addition,
t'ere ,-71,4r doubly liable for the obli4ations of the entire syste-1.4
Immediately upon the adjournment of the leL;islature which enacted the law creating the 7ank of the State of Indiana, Governor 'right
1Report.of the Joint Comlission on Bank Frauds in Indiana,
1357, (Indianapolis, 1857), p. 41.
2Ibid., Section 79. •
3Journal of the Senate of Indiana, 1855, p. 5C2.
41,cts of Indiana, 1855, pp. 229-51.


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S

A
A

s
-1-

•

nittec,
with influence in s.
'louse from Monroe Co L,..1
_
,voulci be located
Yadi.
from
LL,
House
tne
a
branch
in
promised
His
home t
was
Sentinel" as offered a bloc'', of fiv
ule suppc-,,
bank on condition thA he

L.14l

_ikers MagaAnc, )III, 65.
2Journal of thr House of Pepresentatives of

•

p. 11.


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7report of J„Din-t, Commission on nLnk Frauds,
P

cit., pp. 220-94.
295.

.
)
(
4

tp•

75 ff.

•

,

•
A

ion t
_
total cirlatir,

-3

.1

f sl-

1Branches were _
:outu
ya

•

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"TaL.

7anci
of ti
-aecutive Docurc•

'•
Con::.resb,

-43-

•

Luring the early portion of the Civil 7ar period, the Bank
of the aate of Indiana contieued to prosper, aidine :aterlelly in
the motilization of Indiana's troops and leeoseces for ;,ar ti.ie purposes. isa result, hoever, of the enactment by ConL re,s of the
National Te-e:;ing Let, creating a systeel of national banks, chartered
and controlled b the federal overnment and irnposin, a prohibitive
tax upon the circulation and issue of notes by state banks, the Bank
of the State of Indiana found its functions very definitely restricted. Conseuenti
the state legislature of 1865 gave the bank permission to discontinue operations and liquidate its assets.1
It is noteworthy that Hugh McCulloch, to rhom above all
others the Bank of the State of Indiana owed its success, later became recognized as one of the leading financiers, not only of Indiana,
but of the nation. Upon the organization of the National Banking
Syster., Mr. McCulloch was appointed Comptroller of the Currency, the
chief administrative office of the new system. So successfully did
he fulfill this task that three times he was called upon to fill the
office of Secretary or the Treasury under three administrations.

Summary

•

The Bank ,:' the State of Indiana cas the last o_ three statewide banking systems. Upon its liquidation, banking in Indiana was
left in the hande of the remaining free banks and the ewly organized
national banks. The General Banking Act of 185, enacted under the
to banking of the Constitutien of 1851, and revised
provisions , lati
under the Let of .1.,2,55, remained the basic banking law of tne state un-+
til the passage of the Deposit
Prior to the post-Civil
primary function o - .11 commercial I
ing of circulating notes in response ts
counts on the part of commercial an,: ineu.
of deposits and the use or these 6 ,osits Ia
In fact curing tne
checks had not developed extencivL
Tar perl , any banks che-eC thcie el'privil
,•
positing tluir funds with th( ban:: fo- eafee
_Is a result of this viucly held vie-: concerning the function
_ 1 it is not surprising to learn that thL
of commercial
visions of the Indiana Constitution adopted in 1851 concerning the regulation of banking sought primarily to control the extension of credit
ee+,.
'ir. Thr eeee object as embodied in the General Plnle. 7on5equently, upon -ft.r pass
'
of


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for etatements of resources and liabilitie7.
- '‘e-Ission on Indiane


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a

•

•

E. F. Scheumenn

Before the QUEST CLUB

•

February 17, 1950

FORT ViAYNE'S BANKING HISTORY
"Fort 1;aynels Banking History" had its beginning during October, 1835
when the State Bank of Indiana established its eleventh branch in this city. Hugh
UcCulloch, grandfather of our awn J. Ross NtCulloch, was its Cashier and Manager.
"The State Bank of Indiana" was chartered during the -minter of 1833-34It was limited to thirteen branches, Each branch had a capital of 0160,000,00.
One half of this was furnished by the state. The other half by subscribers.

Since

money was scarce during those early pioneer days, subscribers had the option of
buying on terms calling for cash payment of $18.75 and a note to the State of
Indiana for 031.25 per share.

The shares had a par value of 450.00. The notes to

the State had to be secured by first yortgages on real estate at not more than one

0half of its appraised value.

The State of Indiana financed its bank operation by

In issue of bonds floated in London. The bank's charter expired in 1856.

A new

benk was organipd to take its place under the name of "The Bank of the State of
Indiana."
Mr. Hugh McCulloch was the President of the new bank. He was proud of
these pioneer state institutions. Every other Hoosier may also point with pride
to their practices and records.

They were Banks of Issue, Their notes circulated

ali our five, ten, twenty dollar Federal Reserve Notes, They were redeemed in specie,
and the other obligations of the banks were paid on demand when due. te can understand and appreciate that he would be opposed to the National Banking Act because
of its provision for a tax of 10% on the note issues of ouch banks. He made a trip
to Washington to protest its enactment vith"might and main."

But the results of

his visit were strange and unexpected. President Lincoln and Secretary of the

•

Treasury Chase made him see the imperative need of such a system to float the U. S,


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Federal Reserve Bank of St. Louis

•

17auce eo that the Civil aar could be financed and brought to a successful
T-rsuaded him to serve as the first Comptroller of the Currency.
His success in organizing and conducting that office was such that he was later
appointed Secretary of the U. S. Treasury. He served as such under Lincoln, Johnson,
and Arthur—the only Secretary of the Treasury to serve under throe Presidents of the
United States.
The business of the local branch of the State Bank of Indiana was taken over
by the Fort Wayne National Bank which was established in 1865 -ith Jesse L. eillians,
President and Jarred D. Bond, Cashier.

After twenty years its charter expired, and

the Old National Bank was established to take its place. It was merged with the First
National Bank in 1931. It seems to me that the first banking institution of Fort Wayne,
the Branch Bank of Indiana, had a continued existence of ninety-six years,since its
several changes in name followed only from the twenty year limitations of charters

411granted in former years,
Allen Hamilton and Company, the second banking house in Fort aayne, was
established twenty years later in 1855. During 1874 the Hamilton National Bank was
organized and established to take over its business. The latter was merged with the
First National Bank in 1917.
The Yerchants National Bank was the third bank in Fort Wayne. It was chartered in 1865 and established at the northwest corner of Calhoun and Berry Streets.
Later its site was moved to Calhoun and Vain Streets where it remained until discontinued, This bank was still being mentioned after my employment in a bank. I came to
understand that Judge Dawson was its chief executive officer.
About that time Mr. Isaac Lauferty operated a privatf bank which was discontinued in 1889. I seem to remember seeing the name "Lauferty's Bank" over the door
of a room on the east side of Calhoun Street about one hundred feet north of Main Street.

111

The Fort Wayne Savings Bank was established in 1869 at Berry and Calhoun

Streets. It djecontinued business in 1875, the year of my birth, I'm sure that this
was just a coincidence.

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Federal Reserve Bank of St. Louis

-3_
14Y first contact with a bank and banker was made on February 3, 1390 ---a
3:Ian not forget.

As the cub and youngest employee of the wholesale department

u.c.,Jt and Cow.pany, I was told to deliver two papers of pins to the Cashier of the
ilrs

iiational Bank.

After asking several questions I arrived at his desk and said

o the man who was there, "ere are the pins from Root and Company."

He reached for

them, and when he had them in his hand he exclaimed, "My goodness alive"

Alen he

saw my surprise, he smiled and asked me to sit down. He then asked me many questions
regarding my age, health, education, and did I understand and speak German.

After I

answered these, he told no to take the pins back to the store and to come back with
two packages, because his order had not been correctly understood. 'alien I returned
with the two packages, he asked me to sit down, took the packages to the space back
of the counter and came back with money to pay the bill, He then told me to mark the
bill paid, sign the name of Root and Company per my name.

Vohile I was doing this, he

41161lowed the movement of py hand, then examined my writing, adjusted his glasses, gave
me a searching look from head to foot, and then asked me, "How would you like to work
in a bank?" From my halting, stammering reply, he probably understood that I'd like
to do that, "though I'd never thought about it." It was understood that I was to discuss it with py father and mother than noon, and then to let him know whether father
and I would meet him that evening at his desk at eight o'clock, When I left his desk
with the money in my hand, he held me back and told me to put it in my pocket and
never walk the streets with money where people would see it.

That evening, after father

and I had replied to his many other questions, it wOs understood that I would report for
duty on the morning of February 5, 1890 for $15.00 Rer month, During the course of our
conversation, he gave me another admonition which I have not forgotten:

never discuss

the business of a customer with the bank with anyone outside of the bank, father,
mother, or whosoever it might be,
I reported to the bank at 7:30 A, M. on the appointed day, During the following weeks, I was brought to see that the only things that I had of use to
the bank were

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Federal Reserve Bank of St. Louis

of legs ahd knowledge of German.

At that time many in Fort

yne wtrenot able

to converse in any other language, and I was called quite often to act as interpreter,
The banks of that day were the Hamilton National Bank, Charles VcCulloch, President,
John Mohr Jr., Cashier;

The Old National Bank, S. B. Bond, President, his brother,

J. D. Bond, Cashier; The First National Bank, J. H. Bass, President, and my employer
was T,emuel R. Hartman, Cashier. The First was the first national bank established in
Indiana, and the eleventh in the United States. It was organized by Jc D. Nuttman, who
had come to Fort 'Wayne from Decatur, Indiana. Its charter was issued in 1863. iahen it
expired twenty years later, Mr. Nuttman retired and established his private banking houseNuttman and Company, which his son-in-law managed until about 1926, when it was discontinued.

After ltd been in the bank a month or so, we were told that the deposits of

the Hamilton National Rank had reached a total of one million dollars. Olen the called
reports were published, it did report total deposits of one million and twenty thousand

411b1lars, the Old National Rank had nine hundred and some odd thousand dollars, and the
First National total deposits were several thousand dollars less than eight hundred
thousand. Itm of the opinion that the deposit total of Nuttman and Company did not exceed
fifty thousand dollars.

The combined total of deposits in all the Fort Wayne banks was,

therefor two million eight hundred thousand dollars, or several thousand under that sum.
At that time the local banks paid no interest on deposits.
Building and Loan Associations, on the other hand, had public appeal as they
paid dividends. These associations had been discussed at home, and I learned to know something about them,

any such small local associations were doing business during the early

nineties. One of the bookkeepers of another bank was the Secretary of seven associations
and received an annual salary of 0.00.00 from each of them. The Tri-State Building and
Loan Association was established in 1389, It office was on the second floor of the
Pixley and Long Building. C. A. Aiding, its Secretary, and F. C. Heine were its only

410610yees.

George ;1. Pixley, President of the Tri-State, was the owner of a Men's Ready-

to-near store in one of the two store rooms of that building. nr. idlding was alert,


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Federal Reserve Bank of St. Louis

e

rgetic, well-known, and a successful salesman of the business of his association.

di

Io continued to grow in size and importance.

As banks were feeling its impacts, they

were brought to view with alarm its theories and practices.

One day a paid-up stock

ceficate of that aseociation got in the hands of the bankers. It covered ten shares-teta1 v;:due $1000.00.

And to the surprise and dismay of the viewers, coupons bearing

!:--iterest were attached to that cercate. It reflected policies and practices
unsound and, net only that, but incredibly foolish and silly. Probably this
aleo true of a bung project which was later divulged.

After Fort Viaynefs only

Fire Departmentqs house had been moved from the forty foot strip between Court and
dlinton Streets, along Berry Street to East Yain Street, Messrs° Pixley, 1,ilding, Kilnkenberg, and others acquired control of this Real Estate°

Then one day we were thrilled

by a picture of a seven story office structure to be known as the "Tri State Building",
7thich our papers reported was contemplated for that site. The public reactions to
the site

improved with the

was
could not have been too favorable, because
op news that
are there to-day. The Tri-State moved to a room in the new building at
buildings

the corner of Court and Berry Streets.
During 1892 the banking interests were disturbed by a rumor that Captain James B.
White, owner of the White Fruit House vas organizing a bank. The truth was even more
disturbing when it was announced that the new white National Bank would issue Certifinates of Deposit payable on demand with 2% interest after four months, and
year.

3% after one

A new three story bung for the bank was erected on the northwest corner of

Wayne and Clinton Streets. It was finished in 1893, when the Ahite National Bank was
established and cpened for business.

John W. White, eldest son of Captain J.B. ahite,

was the President, Harry A. Keplinger, Cashier, and such well known and able men as
Max B. Fisher and his brother Samuel Fisher mere membere of its Board of Directors°
After several weeks the other banks realized they would have to meet its interest terms.
During the summer of 1093 I went to Chicago to see its ,- iorldis Fair. It was
known as the ":Zorldts Columbian Exposition."


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Federal Reserve Bank of St. Louis

The day I arrived at the room I had

-6previously engaged was without special incident. The next morning, as I was leaving
*he house I said "Good morning!" to the landlady, who was sweeping the front walk.
She replied that it was a good morning, and especially so because of the good news of
the day before. 1Then she saw that I didn't understand her reference to the news, she
btained 5,000,000M dollars in
told me that P, Do Armour had gone to London and ,
gold that was being shipped and would probably arrive in Chicago when Mr. Armour would
get back home, She then went on to say that business was bad, that unemployment was
increasing everyday, and that the gold would serve to restore confidence and business.
When I got back, the home atmosphere was not too cheerful. Father's work week had been
cut from six to four days.
During the days at the Fair I'd noticed the branch of the Chemical National
Bank of Chicago in an attractive building on the most attractive promenade of the
grounds0
Ame:runtero

I was intrigued by it's big round vault door in plain view back of its
They seem to be doing all right I reflected with some surprise, because py

MPimpressions, formed from

the publicity it had, were not favorable to the bank which

had just been established just a short time before. During the winter of 1892-3 the
establishment of banks with a capital of 10,000.00 dollars in many of the villages
and small towns of the Chicago area caused talk and uneasiness. In October 18939 our
newspapers published the news that customers who called at that branch shortly after
the opening hour were told that a mistake had been made when the time clock was set,
and the door could not be opened before noon.

At noon they were told that the National

Banking Department had taken charge of its main office and the Fair Grounds branch.
bank examiner had stumbled on its house of cards and kicked it over.

A

The revelations

from that examination were as weird and amazing as the name combination of its officers
and promoters: Ezra Higgins and Zimri Dviggins. All the recently established country
banks were closed too within two or three days from after the fact became known.

This

"pair of men had formed and carried out a plan that established this chain of country


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Federal Reserve Bank of St. Louis

P

-7'!-Jeaks, where the local suIscribers were required to pay cash for forty-nine sharec.

111 The remaining fifty one shares were issued to Higgins and Dwiggins against credits
Sf t6,100.00 by the Chemical National Bank, their Chicago correspondent. This
resourceful pair of men balanced such credits by personal loans which they obtained
froI the C1-1::mical bank, and their young and inexperienced country corresponaents,
bSnk at Monroeville, Allen County, Indiana, was one of the number so organized and Thc
establiehed. it was reorganized and continued

nISeraon. It's latest published

report ishowed total deposits in excess of $3,000,000.00, about one-half million more
than the combined total deposits of

eSur Fort ifayne banks of sixty years ago.

As time went on we were brought to realize that business was in the throes of
a real depression.

Coxey's marching army of unemployed, and Coup Kitchens, where

H;n without jobs or money were fed, were some of its bizarre manifestations.
I.

s results was the adoption by

Another

eSemorac party of the free silver money

theory. It's 1896 platform contained a plank that favored the free and unlimited
cSinage of silver at the ratio of sixteen to one of gold. I shall always remember the
camIaign that followed. The plank was discussed by W. J. Bryan, Dick Bland and other
proponents, and Senator Allioon of Iowa, Benjamin Harrison and others who opposed
Both the pro's and con's were able and effective debators. Some were the most eloquent
of our fine list of orators. In my opinion it Ilas the most instructive and informative campaign since Iive had the right to vote.
During these years other Building and Loan Associations attained size and
importance. One was the Allen County Loan and Savings--Gottlieb Haller, President,
F. C. Rogers, Secretary.

The other was managed by its Secretary, the late

McDonald. It seems to me that It's name was the Fort eayne Loan and Savings, but Don
McDonald

W.f.':

not able to confirm this. Some time between 1895 andHenry C. Paul

anS associates established the Fort

yne Trust Company. In 1903 this company was

.r.erged with much of the business of the Tri State Loan and Trust Company in the Court
and Berry Street rooms of the Building and Loan Association.


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Federal Reserve Bank of St. Louis

Charles A.

was

Company wee
*its President and George W. Pixley its Secretary. The Citizen's Trust
Its
formed in 1898 with John Ferguson, President and Ernest Cook as Secretary.
office was established at the southwest corner of Berry and Clinton streets. It
succeeded to the buTdness of the Allen County Loan and Savings.

In 1917 it moved

to the premises at the northwest corner of Calhoun and rain streets which had been
vacated by the Hamilton National Bank when it was merged with the First National
rank.

During the last days of 1929 it acquired possession of the building now known
Gettle Building.

Here it continued its business until May 1932 when it

closed following the death of its Secretary

aill

B. Gutelius. You may recall that

it was committed to decent, if not honorable oblivion, by paying 107 0/0 of all
claims and debts when it's Receiver was discharged on June 22, 1945.
During 1902 or thereabout the Bank of ;iayne, a private banking house,
was established by Sol. Vier and Company. It was managed by Simon Ackerman and
E. J. Lindeman until 1914, when it was discontinued.
The Commercial Bank
Bros. in 1902.

WAS

the name of a private bank established by Straus

Abe Ackerman was its ranager and Clinton R. aillson was his assist-

ant. During the early twenties it was merged with the Lincoln Trust Company when

.

it was moved from the Court Street office of the parent bank to the building erected
for the ;Mite National Bank at the northwest corner of Clinton and Wayne streets.
During the period from 1915 to 1920 a State Bank Examiner, by the name of
Head, came to Fort ';iayne and promoted a bank, First State Bank was it7 s name I
believe. It was established at the southweet corner of Calhoun and Baker streets,
how or
with Al W. Zimmerman, President, and Mr. Head as Cashier. I cannot remember
when it was discontinued. Some of the men who were interested in that bank established the Broadway State Bank at the northwest corner of Broadway and Taylor
streets.

III

All Zimmerman was its president also, and Gearge Clark its Cashier.

It

had quite a useful existence cashing the pay checks of maw employees of the industries in that part of town, but since such transactions are not profitable it was
discontinued in 19310


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Federal Reserve Bank of St. Louis

-9_

The Farmers Trust Company was established in 1918 at the corner of Vain and
3ourt Streets. The first officers were Dale i. McMillen, President, John Pfeiffer
•iice—President, Harley Somers Secretary.

Several years later Mr. John B. Spatz succeeded

Ar. Yetfillen as President. During Larch 1931 it discontinued business when the
4 tizons Trust Company assumed its deposits and liabilities for borrowed money.
The Bowser Loan and Trust Company was established during 1919. S. Fo Bowser
an Its President and O. W. Scheumann its Secretary and Cashier. It's first office
wls in the Boweer Company office building. Later it was moved to itts new building
on East Creighton Avenue on a corner across the street from the Bowser plant.

The

r-.-Jrary purpose of its founder to provide mortgage loan funds for his employees was
well observed until it was discontinued in 1931.
The South Side Bank was established in 1927, or thereabout on the southwest
8orner of Calhoun Street and i400d1and Avenue.

Ored Do Hoham Jr. its Cashier.

4. C. Rastetter was its President and

It was discontinued in 1931.

The North Side State Bank was established also at about the same time on
Wells Street.

walter E. Cook was its President and Lauren Smith its Cashier.

The East

Side State Bank was another to be established with Ben F. Geyer, President and
Ora
Blaker, Cashier, on Maumee Avenue.

Both commenced business in now buildings that were

especially built for them and well suited to their purposes.
The movement to establish neighborhood banks had become widespread in other
cities before it was followed by the First National and Lincoln National banks. Traffic
and parking problems in down town districts had come to be annoying. Therefore was
it
not intelligent to establish neighborhood banks in residential shopping centers?
Such
banks would sooner or later become the outlying branches of the banks that
sponsored
them.

But experience proved that the reasoning that brought the movement about was
not

s sound as it seamed when the conclusions were formulated.
Lemuel R. Hartman, Cashier of the First
to know him well and intimately.

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Federal Reserve Bank of St. Louis

national Bank died in 1902. I learned

During the twelve years since he hired me I heard

•

•
(1. ak,iriol.ned at the break of dawn of the .
,f,2,500,000.00 were subscril
b

1i 17:3; the national barldng department
crd

Strto National Rank and Trust Comprn3,.
7.-Jth the cooperation and contributions

Ow,
lonptrate0. a cil'5f1 sp:irit that was fine and admirabl
erank was ehr---'
-L,

old

National Bank and Trust
cltret9t building of the First i:ati(d.
the Eank Holiday ,as promulgat.Ju id;)
,

I

hovoevu.J.L,.

Thercaftel it was operated by a Conservator under rules
that prohibited withdrawals
u2 balances on its bouem ..7.on the holiday was
declared. Liquidation by Aeceivers
tic ragiz. fate of the banking businesses establis
hed by such able men as 6amuel

III


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Federal Reserve Bank of St. Louis

•••

Ameenna, President of the branch established in 1835, Hugh McCulloch, Allen Hamilton,

IOW

J. D. Nuttman and J. B. ;;hite.
As we look back over the record of the past forty years or so we note mistakes and errors of jedgment.

ee recall defaulted loans that should not have been

made and investments that brought serious losses. In retrospect they make one look
foolish and silly.

Then we recall other loans and investments that looked bad, and

they were paid and liquidated without loss of principal or interest. Our hind sight
was better than our foresight.
elements of credit.

This will always be true in human affairs, Risks are

Banks are credit institutions and established to assume normal

risks, but their norms are changed by the course of events which is unpredictable.
In. 1929 and the early thirties bank reserves for losses were inadequate to cover the
many serious losses and defaults that followed the depression. Moreover banks deposits
were not insured. Many bank depositors withdrew their savings for a rainy day
and put

41rm in safety deposit lockers.

By so doing they assured themselves that they mould

be available when the rains came. Paying four percent interest on savings
and rendering Account Services without compensations, policies of banks of former
years, were
practices that could not ba expected to yield profits that mould pay fair dividends
to
share-holders and establish reserves that would meet the shock of subnormal conditions.
Such policies were due to errors of judgment. I believe that such were the most
serious of their faults.
do not recall a time when the published reports of local banks reflect
sound reserve policies and liquidity as revealed by their current reports. By comparing them with their previous reports they show a substantial part of their good
earnings are set aside for the time when they may be needed.
The Peoples Trust and Savings Company is the oldest of our present day banks.
It was chartered during the month of October 1902 and established in business on

Ilhovember 17 of that year.

Uilliam L. Moellcrinr, former President of the Home Telephone

Company was its first President, Robert
T. Dehiald, Vice President, and P. J. McDonald

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Federal Reserve Bank of St. Louis

12

•

its Secretary and Treasurer.

Other directors were

P. Breen, M. Co McDougall,

F.Moellering, Barney Fitzpatrick, John Morris, James McKay, il1iam Stephan,
Henry Beadell and A. E. C. Becker.

:1.00,000.00 - one half of its authorized capite:

was paid in when it opened for business.
The Lincoln National Bank and Trust Company had its orgin under another name
In 1905 Theodore Wentz moved from the Buckeye state to this city. Here he met S. M.
Foster with whom he became associated to establish the German American National
Bank. The bank opened for business in 1905. It's first officers were S. M. Foster,
President, Theodore Wentz let Vice President, C. F. Pfeiffer 2nd Vice President,
Henry C. Berghoff Cashier, George Waldschmidt, Asst. Cashier. The German-American
Trust Company was organized in 1910 with Samuel Foster as President and Henry Lepper
as Secretary. The south branch was opened the following year. The main offices of

•

both banks were in the room now used by the First Federal Loan and Savings Association

In 1914 their respective names were changed to Lincoln National Bank and

Lincoln Trust Company. Several years later the Trust Company moved its office to
the building now used by the Dime Bank. In 1928 the Trust Company was absorbed by
the parent bank.

Their consolidation was reflected by the new name "Lincoln National

Bank and Trust Company." Toward the end of 1928 the several offices were consolidated
when it moved to itls new building "The Lincoln Tower."
The Dime Trust and Savings Bank was organized June 200 1921.
served as President from November 21, 1921 to February 13, 1923.

J.C. Hutzell

He was succeeded

by Harry G. Hogan. It's first Board of Directors was composed of the following:
W. F, Ranke, D. 0. McComb, Henry Eckart, Oscar Fox, F.C. Parham, O. G. Foellinger,
Gjr Coleriek0 L. C. Quimby, J. C.Hutzell, H. G. Hogan, J. I„ Evans, J. E. Ford, The
first business office was at Court and Berry Streets. It was moved to its present

•


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Federal Reserve Bank of St. Louis

-13-

location at :iayne and Clinton Streets in Yarch 1931. It's paid in and authorized

•

capital of it's opening was U00,000.00.
Fort Wayne National Rank was established October 28: 1933 in the First

National 3uilding. It's officers who directed the opening were F. S.Hunting, President, G. Albert ;;est, Executive Vice President and F. J. Mills, Cashier. It's
first report

VMS

published as of November 14, 1933.

Anthony aayne Bank was established under that name on January 17: 1944: but
it 7s business mra.s established Sept, 130 1915 as The Fort Viayne Morris Plan Company,
Theodore F. Thieme was its President for many years, and E. J. Lindeman its Secretary-Nanaeer until the day of his death, Today it conducts a general banking business
directed by Grace A. Binder, Chairman of the Board, Clinton R. iJillson, President:
W. E. Perton, Executive Vice President, Paul Gronauer, Cashier. It's office is in
the Standard Building on East Berry Street, where it's business vas established in

The Fort Tiayne Clearing House Association was organized on February 28, 1905
by the four commercial hanks of that day; - First-Hamilton, Old and White National
Banks, The officers elected were Charles VcCulloch, President, John

;;hite, Vice-

President, Paul F. Kuhne, Secretary-Manager, It was established at 723 Court Street
where its office hae been maintained to the present day, During June of that year
the German American National Bank was establiehed and admitted to membership.

The

institution served to facillitate the exchange of checks and settlement of balances
between banks, and provided a means to compile statistica which servo as barometers
of trade and business. When established the Association did not contemplate or consider
the issuance of Fort T.Ayne Clearing House certificates. However only about two and
one half years later the members were brought to authorize and use them. The decision
to put them out was taken suddenly and unexpectedly.

•

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Federal Reserve Bank of St. Louis

-

1

-

"Currency Stringincies" appeared at the turn of the century during the

111

crop moving seasons. They recurred each year more severe and critical than the
year before.

The business of moving crops from grower to elevators - to market

centers and processors was and still is on a cash basis.

Our industrial and agri-

cultural production increased and expanded by leaps and bounds with the enormous
growth in population.
and inelastic.

Cur supplies of coins and currencies were more or less fixed

Their volumes could not be expanded and contracted with the flaw

and ebb of trade.

Credits arising from crop shipments to market centers were counter-

ed by orders for currency shipments to agricultural centers. They inaugurated a
flaw of currency, almost constant for several months, from city to country banks. By
reason of the seasonal drains on their money stocks the banks of Now York City resorted to the use of Clearing House Certificates in 1902 to settle Clearing House
balances.

•

A year or so later banks in other cities were brought to adopt such

measures.
These seasonal currency shortgages were not brought home to the banks in
the Fort Wqyne area.

This may have been because the fall tax collections served

to supply this additional need.

But of course our press and periodicals kept us

well informed of their on-sets progressive stages, et. cet. "Currency Stringincies",
"Currency Crisis" "Currency Panic" were the terms they used to denote the increasing
force of these impacts as the harvest seasons advanced, and as our production and
population grew from year to year. There was nothing unusual in the affairs of
Fort Wayne on the first Saturday of October 1907. On the following Monday morning
the reverse was true. The public was aroused by the news that Fort Ywayne Clearing
House Certificates had been prepared and would be used to settle the balances as of
that day and until further notices.

Moreover that they might be put to public use

and that the cash withdrawals from banks would be limited to $100.00 per day until

•

further notice. Railroad employees would be paid by drafts payable to bearer in
50 10 and 20 dollar denominations on city banks. All business firms were urged to


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Federal Reserve Bank of St. Louis

•

accept them in trade inasmuch as banks multi accept them on deposit.

All these unusual

steps had been taken by the members of the Clearing House Association at a meeting
held on Sunday - the day before - at the behest of the Chicago correspondents of the
local banks. This abruptchange from usual practices was not only unexpected but
luIicrous and cock-eyed as well, because all local banks had supplies of lawful monies
that were ample for their needs.

In view of that they decided it would be foolish to

use Clearing House cercates for the payrolls of local industriee as the city
banks had urged them to IS.
The "Currency Panic" of 1907 passed off as the stringincies and crises of
the foregoing years had cleared up. Itwas not followed by a depression or a recession
that was more than noticeable. It did, however, bring the U. S. Congress to do something about our monetary system. To forestall such recurrences it passed the AldrichVeeland bill.

•

py virtue of its provisions National Banks were authorized to take

out addonal circulation against their own obligations secured by their approved
receivables pledced in the ratio of 120%. The Congress also appointed the Monetary
Commission with instructions to co into our currency and banking system and report
to Congress with recommendations of such changes and addons as it deemed necessary.
It's report was before the Congress that met after the election of
1912.

••

I! Wilson in

It's resultant action established our Federal Reserve System,
Fort Wayne national banks found it expedient to use the provisions of the

Aldrich-Veeland Act during the latter half of 1914.

The outbreak of World

Europe was followed by a stockmarket crisis in New York City and other stock exchange
centers.

The New York Stock Exchange was closed by its governors. The business and

financial outlook was cloudy and threatening, Larger cash reserves were considered
advisable.

•

Under the terms of the A-V Act the Clearing House approved an application

of the First National Bank for $250,004.00 addonal circulation. Thereupon the bank
placed its note obligation for a like amount with .m. P. Breen, the local custodian

fSr the Comptroller of Currency, with its receivables pledged as collateral security.


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Federal Reserve Bank of St. Louis

reeept in due form to the Comptroller0

ithin a week's time the

250oomo additional circulation was received by the bank. I was instructed to
411pplace
the woney in the Reserve Chest.
there undisturbed until January
It remained

1915, when it was exchanged for the bank's obligation and collateral.
National banks were not authorized to make mortgage loans until some time
during the early twenties.

But even so) Fort Layne has been known as a city of home

owners for many years. One of the reasons for this may be that groups of people
pooled their savines by establishing local building and loan associations. Seventy
years or so ago they became the means by

they were able to finance the ownership

The oldest of our financial institutions is the "Home Loan and Savings

of homes.

Association", which was established March 22, 1893. Its business is conducted at
132 E, Rerry Street. Edmund A Bittler, President, Hazel Calvin, Secretary.
First Federal SaVings and Loan Association of Fort Wayne was organized by
Jo H. Haberly and associates under the provision of the Federal Loan and Savings act
the U. S. Congress°

It's charter was issued December 19, 1933, its business was

established in the Court Street room vacated by the Lincoln National Bank. The first
officers elected to direct its affairs were J. H.Paberly, President, M. B. Larimer,
let Vice President, John Suelzer, 2nd Vice President, IrrinKaiser, Secretary, H.
Paul Haberly, Treasurer, Ralph W. Doctor was later elected Secretary.

eith this one

exception the officers elected when first organized have continued to manage its
affairs to this day.
I've reached the end of a long story and of a paper that may have been too
longo

However, I have some totals which I believe will "make you sit up and take

notice"-April 1890

caeca 31, 1949

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Total deposits in banks
ith building & Loan associations,
probably less than
Total Deposits
Total deposits in banks
eith Loan & Savings Associations
Total Deposits

$

2,800,000000
700,000.00

$ 3,5000000.00
179,500,000.00
10,000,000000
190,100,000.00

Increase in 60 yrs. 1861600,00mo

-17-

Another

triking fact is revealed by the figures published by the

likountry banks in Allen County. The total populations of Hew Haven, Woodburn, Monroeville, and Hoagland is probably under 3,000 or less than 10% of Fort Waynels population in 1890.

Hagever, the combined totals of their banks deposits aggregate a

sum in excess of $10,000,000.00, which is three times the total deposits of sixty
years ago in Fort Wayne in 1390, nhen its population was more than ten times the
combined totals of their population at this time. Don't you think that these comparisons reveal a most graphic picture of the enormous increase in the supply of
money, and the great changes that have taken place in our business and economic
affairs in the past sixty years. Total population 10% - total bank deposits 300%,

•

•

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Federal Reserve Bank of St. Louis


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

lnaitael,

;T./.

1- t

4.0.75.
,2..1

A PIS

8

Michigan City
Terre Haute
Lafayette
New Albany
tAwreaceburg
Fort Wayne
Indianapolis
Madison
Bedford
Evansville
South Bend
Vincennes
Richmond

-


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Ix co

.
'VE'a'-0
I= t...

0 -,4'

II g.
..

125 $29,890 00 $22,800 00 $20,482 00 $13,650 00
470
24,005 34*
_
506
19,120 00
t
39,058 00
t
348 27,764t
t
70,458 78
t
220 82,000 00
t
80,000 00
423 56,619 50
t
83,519 27
t
26P
46,335 00 25,122 00
83,074 00
68v
38,686 00
t
13,159 00
t
300
38,200 00
t
24,063 00
t
280 51,358 00
t
t
27,965 00
225 49,337 00
t
t
41,247 00
540
32,800 00
_
t
560 23,641 95
23,911 95
t
t
4,951

520,957 08

47,922 00

423,854 00 96,724 00

As drawers
as partners.

E4

ii3 4

88888888E888

Erl

As drawers
individually.

i -%':'

1.5 1-

L •

Liabilities of other stockholders.

_

4 6.

Branches.

Liabilities of directors.
ti

8---,--2g
gE6
CC
•-.11
C.7,CO II.. gad.
I 0

'4
4
0
A 'e

4 a:-.

v=

-,S)zis
.
.0

Proportion of loans.

As endorsers
as partners.

A
•

pi

.

"
(q.
gi

$5,500 00
t
t
t

large
$2,820 00 $2,300 00
small
36,550 00
$77,727 00 $21,390 1
t
t
t
176,494 00 75,367 1
73,434 00
t
as 3 to 1
t
115,486 00
t
50 per cent. 25 per cent.
t
100,211 00
78,000 II
P
150,000 00
44,964 00
93,981 00 218,435 00 25,325
t
24,176 00
t
220,839 00 73,815 II
t
54,565 00
t
47,600 00 27,700 II
t
62,106 00
19,670 tI
t
136,000 00
t
62,367 00
t
55,723 00 86,354 11
t
_
25,000 ii
105,000 00
_
88,615 00 130,090 tI

890,136 23 50,464 00 531,715 00 96,281 00 1,376,433 00 562,711 11

*Including indebtedness of firms, &c.
t Included in preceding column.

STATEMENT--Continued.

Producers and farmers.

Branches.

Manufacturers and
mechanics.

Merchants.

'
Pei

Michigan City
Terre Haute
Lafayette
New Albany
Lawrenceburg
Fort Wayne
Indianapolis
Madison
Bedford
Evansville
Bouth Bend
Vincennes
Richmond

-


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Federal Reserve Bank of St. Louis

219
59
65
229
56
150
150
78

$104,462 00
19,310 00
142,308 00
102,000 00
48,216 00
127,700 00
34,500 00
41,547 00
42,883 00

44
151
24
69
54
50
41
50

$31,568 00
97,847 00
68,567 00
28,500 00
57,613 00
89,199 00
57,500 00
41,294 00
30,034 00

160,500 00

956

822,936 00

155
70
56
65
105

50
65
33

'75,000 00
583

577,122 00

,

ag

Number of stockholders that are borrowers.

(1)
0
a'
4

§-it•

t-;

w
a) 01
0

5
23
30
17
18
11
27
24
26
25
3
12
21

1,240,989 00 613

195

242

* With directors.

.i•

r= •
§

6
16
28
22
7
5
16
9
20
18
6
1$
24

$460,138 00
90,382 00
205,970 00
106,900 00
234,302 00
92,344 00
130,009 00
111,968 00
43,934 00

4.)

0.
g

53
21
67
60
9
47
17
6
25
24
151
67
90

75,500 00
589

$500 and under.

Persons holding stock to the
amount of

Borrowers.

2
9
3
6
4
5
4

4

5
3
1

2
2
41

15

66
66
134
103
44
77
68
46
73
69
163
99
138
1,146

32
32
82
45*
33
50
25
34
40
37
69
48

527

$92,821 00
63,000 00
99,553 00
90,000 00

‘.'I •

-41

Amount of svecie in van:,

Suspended debt at last report.
5
la.

.41

14
to
Z

.)
Michigan City
Terre Haute
Lafayette
New Albany
Lawrencebnrg
Fort .ayne
Indianapolis
Madison
Bedford
Evansville
South Bend
Vincennes
Richmond

-


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

$21,945 85
35,452 35
32,797 00
947 90
39,286 18
18,959 98
5,592 00
35,669 00
31,321 56
4,520 00
7,151 00
16,454 00
252,896 82

$15,050 00 paid in
125 shares
1,376 shares
457 shares
$103,650 00
875 shares
1 or 4,-740 00
$78,100 00
2.1--72,450 00
2,i50 00
354 shares
$49,150 00
3;0.00 00
41-5 shares
$5,590 00
15,113 00

30,423 00

$40,325 54
10,000 00
740 00
2,020 00
16,536 70
3,500 00
22,500 00
13,055 00
31,700 00
2,260 00
33,000 00
50,000 00
5or6,000 00

$88,239 30
155,680 06
97,097 84
122,765 14
185,405 79
134,585 31
190,282 00
123,728 47
100,590 96
106,850 47
85,974 00
118,583 90
140,476 63

4
CI..
..I1
August 31
Oct.
6 1838
Dec. 29, 1838
Nov. 15, 1838
June
1838
Oct. 31, 1839
April
1836
Ang. 4, 1838
Aug. 24,1839
Feb. 24, 1837
Nov. 30,1839
April 6,1835
Sept. 17,1839

Lowest.

o

Branches.

$75,509 32
41,811 21
58,928 24
33,564 10
12,986 59
95,455 95
48,852 00
81,894 44
63,677 88
38,980 76
70,733 00
60,302 00
83,291 87

d
December 21st
30,
May
13 118 9
Nov.
Dec. '20, E.9
20, E.9
Dec.
9
14,
Dec.
15, 18
Aug.
3, 0
Jan.
14, F.9
Dec.
March 24, 18 5
Dec.
31, 18.9
27, IS 7
Feb.
30, '
Nov.

230,637 24

C42
C.0

STATEMENT-Continued.
Amount of liabilities of br'ch
dii ectors appointed by the
State when appointed.

Loaned to State or its officers.
•
Branches.
Amount.

When.

By what authority.
As drawers. As endorsers.

ichigan City
erre Haute

-

-

-

afayette ew Albany
wrenceburg
ort Wayne

-

-

.
-

dianapolis

-

-

-

adison

-

-

-

-

edford vansville
outh Bend
incennes

-

.

-

ichmond

-


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

-

.

-

$10,000 00
30,000 00

To pay interest due Jan. 1,1840
To pay interest due Jan. 1, 1840

,
Fund commissioner Fund com'er,governor,secreLary, and treasurer of state.
Fund commissioner Do.
Do.
Do.
I
Do.
5

177,119 60 For public works
87,835 80 June and July last for public works
For
White-water
70
canal
49,723
_ ..c 1
4 ,str
o 2. 1 To pay interest due Jan. 1, 1840
84,511 00 For public works in Nov. last
25,000 00 For interest due Jan. 1, 1840
_
15,000 00 1 Specie loan for public works 46,407 00
20,000 00 Last summer for public works /
- 1 10,000 00 Last fall specie loan
10,000 00 For interest due January 1, 1840
§ 35,000 00 / For public works to pay interest t
- / 15,000 00 i due January 1, 1840.
. 1 174:110)
500 00 t Fodrupeujban
licuam'o
ryrk
1,s1t8
o40
pa
.y interest t
16,597 49
602,500 00t

$5,300 00
5,500 00

$4,350 00
3,904 00

1,244 50:
5,30.2 00
39,569 00
17,259 00

11,877 96
20,788 00
46,W3 00

27,075 00

15,700 00

Do.

-

-

5,050 00

3,350 00

Do.
Du.
Do.
Do.

-

-

3,275 00
4,335 00
4,435 00
2,400 00

4,090 00
7,178 00
14,072 00

Do.

-

-

9,651 00

10,669

130,395 92

619,097 49

* For public works.
+ To pay interest on State bonds 1st January, 1840,for public works, besides 13nekt 1k ads held.
ClleCtiveib
-41 st4.
•era
46zoka.-_,JOINb-telLuila.

143,392 5

a?4_,e74/
47" 02-


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Federal Reserve Bank of St. Louis

•


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Federal Reserve Bank of St. Louis

4,

7/


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Federal Reserve Bank of St. Louis

Ilk

958

Doc. No. 172.
Richmond Branch.

1 do not.
Lafayette Branch.
I do not.
New Albany Branch.
We know of no such proposition or insinuation.
Terre Haute Branch.
I do not.
Fort Wayne Branch.
I do not.
Evansville Branch.
1 do not.
indianapolis Branch.
This question was not propounded.
itladison Branch.
I do not.
Bedford Branch.
No.
South Bend Branch.
1 do not.
Vincennes Branch.
Lawrenceburg Branch.
1 know of no such proposition or insinuation.

STATE BANK, Ftbruary 7, 1840.
Si a: Please present to the House of Representatives a commun
in reference to the charge against the president and directors of ication
the State
Bank, reported by the bank cpmmittee.
S. MERRILL, President.
• Hon. J. G. REED,
Speaker of the House of Representatives.

To the House of Representatives:
Your attention is respectfully solicited to a brief review
of the report
made by the bank committee to the House, on the 4th
instant. It is the
earnest wish of the undersigned to avoid all appfarance
of feeling ,and
excitement, and to use no language which can be conside
red unkind or disrespectful in the slightest degree to the gentlemen who
compose the corn-


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Federal Reserve Bank of St. Louis

Doc. No. 172.

959

mince. if in the hurry of business, and amid the haste of
examination
matters with which they were riot conversant, they
i r ino
have unintentioncommi
tted mistakes, or done injustice to any one,
41Iy
it
tratifyicig to them to be undeceived, and to have it in their will, I trust, be
power to repair
rt Are injustice before it has produced any ill effects.
Tbe importance of maintaining a sound currency; the deep
interest of
State in the bank, as the owner of about half its stock;
the
and justice to
6r the persons whose characters are assailed before you,
present stron
fin a candid hearing, and a fair allowance for the haste with g claims
-k -mminunication is prepared. The necessity is so pressing for which this
'planation of the difficulties suggested by the committee, for an early exthe correction
C ..of its errors, and the denial of its accusations, that it is hoped the
circuinL stances will be a sufficient apology for some
imperfections both of manner
A and matter. Enough, however, will be presented to show either
`,..ett alleged to have taken place have been mistaken, or that the that the
law supapply to them does not exist, or that the direct
th 4ave used the proper means for the correction of ors of the State
conduct in the branches which have come to their knowlany errors or misedge.
The bank committee, as will be !hovvii, have labored under
great disadvantages in making their examinatim and report.
Instead of having time or oppolunity to investigate
the whole subject,
their attention appears to have been mainly engrossed by a few
matters not
,` particularly connected with each cther ; and, though they
have
collected
lame valuable information, yet, as .t is of a limited or
partia
. ties, in the opinion of the undersigred, led them to a numb l character, it
er of wrong con. Itasions. If the questions to the bank officers had been
more general, so
(tolo cover their whole mode of dOr4.Y., business; or if
those
who answered
.ralliii been aware of the information desired by the
committee, many things
'
iviald have been so fully explained, as to appear in
, Vat that in which they are now exhibited. Thus a yery different light
, by
Iiiinmittee on the loans to directors, stockholders, and the remarks of the
)Inumber of bank borrowers, it vould seem that they merchants, and on
suppo
had had the same accommodations for the last five sed the same
years. If the
eehiers had been further questioled on this matte
lifitiown that there have been more than 300 instea r, it. would have been
d of
* ck so frequently changes bands, that the numb 150 din ctors ; that
416...-neld it is more than five times that stated by er of persons who
the committee; that
I* directors and stockholders, in general, pay
the same instalments as
.40er borrowers; and that, though the numb
er of borrowers is only 5,000
7ttw,and may have been about the same three month
s ago, yet several hun-ted of them must be new names, occasioned
by the paying up of old cusliters, and the accommodation of new ones.
Forty-six persons, none of
.-In in bank on the 1st of October, obtai
ned loans in the Indianapolis
.)ranch between that time and the 1st of Febru
ary.
. A. the same rate in other branches, the
new customers in the whole
imitation would be about 2,400 a year. There
have been notes and
Ilia discounted in the Indianapoli branc
h for more than 1,600 different
icrsons, and the number is no donut as great in
other branches; so that
...41,2 direct loans of the bank have been
to more than 20,000 persons.
hie indirect benefits of the loans, of
the bank must have been continually
telt by all who transact business, in
all their operations.
•.

•COMODS


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Federal Reserve Bank of St. Louis

960

Doe. No.

172.

It is much to he regretted that the committee did not make particularinquiry as to the persons for whose benefit loans are generally ma.
If they had done so, they would have found that the payor is generally the borrower; that this has been a subject of inquiry by the examiners of the branches; and though accident or Mistake may occasionally place the name of the endorser where that of the payor shotih
be, yet this is not frequent, nor with any intention to conceal the.
debtor. And it is also a matter of regret that the words "loans," "Ii
ties," "borrowers," "endorsers," "partners," itte. are so thrown togethe
that those who read the report in haste may suppose the real debt of the
directors and stockholders to be much greater than it is in fact. It seera,
scarcely necessary to state that, though endorsers are ultimately liable,
prudent men who deal in banks expect to avoid danger from these habil.
The undersigned, and the State board generally, concur in opinion
much of the report relative to the loans to merchants for purchasing fo
;oods ; yet, from the general question to the cashiers, and the intim
that produce dealers are to be reckoned as merchants, he is constra
to believe that the calculations of the cornmittee,.and their remarks uak.
reference to them, will not be fully understood without further explanation.
A few instances will illustrate th3 real character of many of tbs. .
loans to directors, stockholders, and merchants, and make it very quekil
tionable whether much of this part of the report be not founded in errotv
The Messrs. Early, at Terre Haute, are stockholders, merchants, awl
partners, and one of them a director. When the branch was examined
March last,$95,000 had been discounted md laid out in produce by them,
the whole was expected to be paid withoat renewal. N.Smith was in M
last a director and stockholder in the Viaceimes branch,and was also, in
estimation of the committee, a produce-merchant. His loans of the bra
at that time amounted to $31,540—four thousand dollars more than was due
from all the rest of the board. This money was all laid out in the produce
of the country, which, when sold, was tc be applied to pay his debt to tbs.
branch. A similar course has been adopted at most of the branches.
At the Indianapolis branch,in Novenner, persons likely to engage in t
produce business were invited to becomeborrowers ; several farmers did so.
As there were, however: not sufficient applicants, some of the merchants
the district unwillingly engaged in the Dusi ness. Seventy-eight thous
dollars was loaned to them; it has been laid out in produce, which is
the way to market, and the branch will be paid in full when the produceis sold. Such are many of the cases which help to swell the amount
in the hands of directors, stockholders, and merchants. The most useful
citizens of the State may thus be proved guilty of monopolizing bank
loans, and held up to public odium. Most of the calculations of the committee could, with a little trouble, be shown to be as groundless as that
"a million and a half of the discounts is now invested in foreign goods."
The branches which have loaned too much to merchants are now suffering for their imprudence. Such loans crave no circulation to the pa
per; they helped to increase the balance of trade against the State;
and now debts cannot be collected at once, without great sacrifices
both by debtors and creditors. It is undoubtedly the interest of the
country that much indulgence should be shown by all parties concerned. When merchants owe the bank, they have often five times


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Federal Reserve Bank of St. Louis

Doc. No.

172.

961

the amount due from the people; one of them, of whom inquiry has
been made, has about four thousand debtors in the branch district he
bes in; others have twelve hundred, some seven hundred, some five
,) hundred.
Shall the bank indulge such a creditor, or must he, like the bloodhound
lk his prey, hold the hundreds who owe him by the throat,' until his
*sands are paid ?
There is no doubt some reason for the grave rebuke of the committee
la rekrence to the loans in the towns and counties where the branches
• are situated. The capital of the bank has heretofore been supposed to
I be less than is required by the wants of the country, and therefore cus* tomers best known and most convenient would naturally be first accommodated. But the benefits of many of the loans made at the exporting
ooints extend through the whole branch district. The borrower often takes
no money from the bank, but, as he makes purchases, it is taken out
, check by the seller of produce. As the business and travel of a
59entry seek out for themselves the most convenient channels, so banking
toethities take the same course.
It is 'the interest of the bank to have safe and punctual customers,
toid it can never be long before those who deserve credit will obtain
By reference to the law of last session, it will be seen that it cona section (drawn by the undersigned) which provides for disInn
,
tributing the loans on the new stock among the counties of the disstrict. By examining this provision, it will be seen that it is an entire
mad rather astonishing mistake of the committee, (as the law was in
• Nit hands,) that there was no security that the loan under the new
.mipital would be fairly distributed through all the counties of the State.
Oo the contrary, it is expressly secured by law—not a law which the
committee, by another mistake,say the branches agreed to, but a law which
Legislature made, without asking their concurrence,.under the power
rved in the charter to invest additional State capital “on such reaulaNu as will secure the safety of the same,and make the funds more prOaucsave, and guard the rights of those concerned." (See 109th sec. charter.)
. A. this relieves the subject from a great part of the objections of the comif they had understood the law of last winter, or the power of the
'stature without amending the charter, they might have come to a very
different conclusion.
• A considerable space in the report is taken up with statements and calmlations as to the mode in which the bank is governed,the officers elected,
,.A.ot influence it uses, how it has disposed of its specie, Itc. A brief exVanation of the true state of affairs drawn from an intimate knowledge of
the whole of them, is believed to be a sufficient answer to the speculations
iUhe committee on these matters. That the stock was actually paid up in
srefle, and not in stock notes, is evident from the specie averaging for the
, kit year over $720,000, when the stock was only $S00,000. It averaged
111: ',bid year $1,000,000, when the stock was only $200,000 more; the 3d
*,.
$1,200,000; and the 4th an, 5th years $1,230,000. It was reduced
•Ile fall by redemption of paper to about $1,000,000, and afterwards near
164,000 by paying the State's interest in New York. It is now about
111600,000. The private stockholders of each branch are first to lose all
' their stock, before the State stock is affected: and in case of fraudulent insolvency, the private stockholders are liable to pay a further amount, equal
61

`1


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Federal Reserve Bank of St. Louis

962

Doc. No.

172.

to their stock. The directors of the branches are also personally liable kir
neglect, &c. For the liabilities specially imposed on the private stockholderst'
they choose eight directors in each branch, and each branch one delegate' ,;
to the State board. The officers appointed by the State are sufficient to ,
watch its interests, and to throw the balance of power, where there may be
a division, in favor of safety and right. In more than half tha branches, a
majority of the stockholders seldom or never borrow; and in all the branches,
there are many such stockholders. Their interest in the dividends, dliability of the branches for each other, and of the private stockholders to
lose their stock, and an equal amount besides, and the interest and dal
of all concerned, would seem to be sufficient guaranties that the institution
shall be correctly managed.
So far from having different interests from the community, the stock:
holders and directors of banks have even a greater interest than most others,
;n the general prosperity; for when a pressure comes—when distress
.Ades the country—it is not in the nature of things that the owners of St
and dealers on credit should escape. It is a great absurdity to imagine'
bank "controls" the business of the country. The necessities of the ti
the course which business takes, and the reasonable demands of public
opin
ion,are the "controlling powers," against which a bank is like the leaf befo
a tornado: It is fortunate for the bank that, when the committee attem
ed to show that the private stockholders had withdrawn their stock in spec
they did not also show that the State had done the same by the payme
to contractors, and their paying the 4th instalment of surplus revenue f
State bonds. If that had been done, the credit of the bank must have
injured; for the same arguments that prove the abstraction of specie by
stockholders, would show that the same has been done by the State;
the legitimate conclusion would be, as the State owes nearly the amount
her stock, that there was really no specie left!!!
In reference to the alleged suspension of specie payments in November,
and the duty of the State board in that respect, the undersigned will noi,
attempt to follow the train of reasoning pursued by the committee. Hokrr.
will submit, however, his own views, that have not been formed without
careful reflection. The government of the State Bank, as such, is vested %!
s
a president and four directors appointed by the State, and thirteen direct,.
.ors on the part of the branches, one being chosen by each. This is tho•
only body representing the whole institution, for the branches in their d.i.
tinctive capacity have nothing to do with each other's business. For
the
safety of the public, and to secure watchfulness on the part of all
concerne
t
the whole instivation is made liable for the debts of a branch becoming insolvent; but white this is the case,full power is given to the State board
to 4,
"examine, suspend, and close up" any branch that is so mismana
ged that' !I
the "interest of the other branches is endangered." The branches thus
stand under.a heavy responsibility, but the means are provided for
protection from injury in the powers vested in the State board; which interest
and duty prompt therm° execute on proper occasions. But if the individu
al
stockholders of the braaches, in addition to being liable for
the
debts
of
the
other branches, against which they may guard themselvei
State board, are also exposed to a forfeiture of the charter through the
because others
over whom they have no control commit an illegal act, then
r.1
rights or property can be so unsafe as theirs. The framers of indeed
Charter
the
provided, minutely, how the sound branches should pay the debts
of a fail-,


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ITT branch, or of a branch closed for violating its privileges; and could they
intend that the whole institution should sink for an act of one branch. and
vet make no direct provision on the subject?
ant this matter is not merely omitted. The provisions for suspending
and closing up branches leave nothing to inference. They show how a part
of them may be taken away, and the institution itself exist as before. They
show, beyond dispute, that only the offending, branches are to be closed up;
and this course is so consonant to justice and propriety,that no unprejudiced
person can doubt it was the one intended by the charter. For who would
take stock in an institution that might be totally destroyed for no fault but
in one of thirteen branches? By a careful examination of the charter, it
will be found that the State board was intended to be a species of court to
settle and determine difficulties that arise in the management of the bank.
This board is not a mere machine,so that the directors must either violate
thn4 oaths of office,or proceed to sacrifice the interests of the State and the
The sections of the charter prescribing their duty show clearly
that much is left to their discretion and judgment. The powers given in
the 40th section are to be "exercised as circumstances may require," and
the 44th section, that relied on by the committee, describing an offence which
authorizes the suspension of a branch, qualifies it with the words "whereby
the interest of the other branches is endangered ;" and as if this might not
be sufficient, it is afterwards added, in the same section, that the State board
is to close up the affairs and business of a branch "if the interest of the
State or the safety of the other branches requires it." It is said that the
words "it is hereby made the duty of said board forthwith to suspend," in
this section, are positive, and allow no discretion to the State board. But
there is no magic in the word suspend. Its meaning has never been settled
by legal decision so that it must always be used technically and in the
same sense as the words close up. it that were the case, there would be
either an idle repetition, or the section would say in one line that the duty
to suspend was positive, and immediately after the duty was only to be exercised "if the interests of the State or the safety of the other branches
requires it." A total suspension of a branch would leave neither directors
nor officers, and of course discounts and renewals of notes must cease.
—' 4 receiver appointed by the State board- would have no power but to
debts, so that in this situation nothing else could be done but "close
up the concern."
It would seem evident, then, that the charter did not intend the total
for
owspoufion of a branch, except for sufficient cause, as the directions
offence
the
When
character.
a
different
so
"closing up" a branch are of
was merely the neglect of an unimportant order of the State board, as in
regulation of the
not making "a return" properly; or when some minor
charter was casually transgressed, as if a director should by mistake "endorse for another," the punishment of a total suspension would be altogether
out of proportion to the offence. The true meaning of the word"suspend"
in this section, is, that the State board shall take away or so limit the powers conferred on the branches as to effect the object intended. It may be
either a partial or total suspension, as circumstances may require. The
State board has had occasion frequently to suspend or take away a portion
of the powers or privileges that might be allowed to the branches. By the
49th section of the charter, an order for the total suspension or closing up
of a branch must "be carried by at least two-thirds of the members pres-


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ent at some meeting, to attend which all the members of the board shall
been notified." If, then, the State board can and ought to exercise a hays
discretion in their proceedings, the words "may be closed," in the sound
8th
tion, can mean no more than that the State board by a vote of two secshall have power to close a branch. "if the interest of the State thirds
safety of the other branches requires it," which would be the case if itor the
were
insolvent, or were mismanaging its affairs.
It is said, perhaps, that all corporations are monopolies, and. their
powers special privileges, which should be construed strictly. This langua
ge
is oftener in the mouths of politicians than anywhere else. Such
expressions are not used in courts of justice, but,on the other hand,cases innume
ble occur in which judges give a strict construction to the words of a raute providing for the forfeiture of the property and rights of the citizenstat.
It is a well known principle of law, that where a distinct penalty is
'yen for violation of any law, it excludes the inference of any other
'consequence. The eighth section of the charter gives to the effect
entitled to demand specie of the bank, interest at the rate of twelve person
from the time of the demand made; and the payment of this is all per cen:..
the penalty attached by law to the merefact of suspension. In 6th Cowen'
s New
York Reports,'41.5, this question was made on an information
in the
of quo warrant° against the Washington and Warren and Hudson nature
Banks.
The charters in these cases provided, that if at any time the banks
to redeem their notes and bills in gold and silver, they shouldshould fail
immediately close their doors, and cease doing business, until they renewe
d specie
payments, under pain of forfeiting their charters ; but subjec
ted
the
bank
to ten per cent. penalty foi such refusal to redeem their notes.
They suspended and closed their doors; but the suspension
was relied
on as a forfeiture. On this point, and in reference to
charter, the court say: "It is manifest the Legislature this provision of the
did not intend that
refusal to redeem their bills on demand should be
a ground of forfeiture,
whatever may have been the cause of refusal. Whether,
therefore, the suspension was six months, or six years, there was no cause
of forfeiture. k
was considered the ten per cent. damages, in additi
would be a sufficient impulse to resume business at on to legal interest,
aking it, as by a subsequent general act, a cause an early day, without
of forfeiture when con-.tined for a year."
There are numbers of cases where the courts
corporations for improper acts, and forced themhave punished officers of
scarcely a single case of forfeiture can be found, andto do their duty; but
then only in extreme
cases. That the law has been well understood to
be
as
stated, has induced
the Le(gislatures of some of the States to provide
special
ly in charters to
banks for their. absolute forfeiture when specie
payme
nt
was suspended
for a stated period. That such provisions were requir
ed,
shows
thai previously, or without such provision, the law was
differe
of this kind can be found in the charter of the State nt. No provision
Bank of Indiana
and therefore there can be no doubt of the decision
make, unless the conduct of the State board shouldwhich the courts would
be alleged and proved
corrupt.
The undersigned has never seen the evidence taken
by the committee
in reference to the suspension of specie payme
nt by any of the branches in
November last. He has not, however, understood
by the committee. The State board were aware, the facts te be as stated
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r,... we of the branches had under consideration the propriety of suspending
vecie mment under particular circumstances; but they were not informof any actual suspension. Absence at New York, and other indispen*tie btisiness, have not permitted the undersigned to inquire particularly
tk' into the conduct of the branches since November; but he understands
that, although some of them may have waived payment of specie to brokers
wid foreigners, until they consented to take paper of the banks where they
yet no notes of the branches have been protested, and no demands
have been made, although some have been threatened for the penalties
given by the charter.
• Under the circumstances, no proceedings could yet have been had to
close up any of the branches, as the charter requires. The proceedings of
:,,, State board on that subject, at their last session, were, it is believed,
eth as all judicious men, under the circumstances and prospects, would
owirove, and were all that could then be done. They may be seen set out at
h in Mr. Ray's testimony, to which the House is respectfully referred.
position of the branches at this time, and for a few months past, is
one of singular delicacy and difficulty. With one million in specie, and
Wee millions in circulation, they suddenly see all the banks around them
Wipend the payment of specie on their notes. , For some time previous to
this, and as if preparatory thereto, the demand from brokers and foreigners
ofsome of the adjoining States had been incessant and heavy on the most
1 aposed branches. Specie commanded a premium; and had the branches,
, ander the continued calls from the ahovenamed sources, made no show of
!resistance, half the specie of the bank would have been drawn out and
carried away in half the time named by the committee, and the remainder
Mg before this period. Brokers and foreigners, the first to be informed,
most active in these matters, would have derived all the profit; while,
shit has resulted, they have been compelled to receive the paper of their
ova hanks. Specie is still at a premium at Cincinnati, notwithstanding the
resumption. I say nominal resumption; for the issue of post-notes
p aominal
fer circulation and the transaction of business generally, in the notes of this
and other adjoining States, as is the case in Ohio, cannot be called a business
tesumption.
1,ittle or no anxiety on this subject has been felt by the citizens of this
,e; and if the public feeling on this matter has generally settled on the
priety and correctness of the course pursued, will the Legislature now
direct a different course'! If they declare, in the language of the charter,
'
, of its equivalent, that "the interest of the State" demands that all the
branches which have refused, in any one instance, specie on a single note,
.even to a broker, should he suspended and closed up, and if such a
. declaration appears to coincide with the public sentiment on the subject,
i very little time need be lost. The citizens of the State will have profited
?t, somewhat by the delay, even to this time; for thereby much of their produce
, is now sold, and on the way to market.
??.
By sacrificing her profits, and pressing her debtors to extremity, the bank
r'
,‘ muld, without doubt, at once meet all demands, even from brokers or
foreig,ners. But to whose benefit would this result 7 Not, surely, to the
State; for, as the owner of half of the stock, she would suffer an equal half
of the loss, and still have the interest to meet on her $1,690,000 of State
Fends issued for banking purposes, which the bank now regularly pays
rip
from
her profits. Not the people of the State; for the oppressive demand
,

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necessarily required from the debtors of the bank would, in its tarn, have
reached the hundred-fold indebtedness of others to them; which, in addition
to their unusual embarrassments otherwise, would have created immense
suffering, without any adequate good. And the broker only is the individual
who would have fattened on the ruin advocated by the committee. It is,
however, proper to remark, that, as to requiring specie payments of the
branches to brokers and all others, the bank not only feels alive to the
subject, as every citizen would who was liable to double interest on his
debts, but also feels that anxious solicitude which all honorable men feel
whose pride it is at all times to meet every obligation against them. Toward
this object, it is, and will be, the determination of the State board to go forward in good faith, and secure its being done by every branch, as soon as
the condition and business of the country will admit.
If.the bank is in danger or unprofitable—if its proceedings have beers
corrupt or injurious—it should be assailed openly and directly. But if it has
afforded a better and more uniform currency than is found in any of the
adjoining States—if the clear profit to the State, after paying the interest on
the bank loans,and providing for the principal thereof, has been as estimated
and reported by the cashier, $481,745—if it has made the produce of the
State more available, and the industry and business of the citizen more effective—then, although perfection cannot be claimed in its management,
through all the diversified business of thirteen branches,its correction could
scarcely seem to call for the blows or covert insinuations calculated to impair its usefulness and character, or for ruinous amendments intended
utterly to destroy the checks and balances to which the framers of the
charter, with great care, committed its in:erests.
The circulation of the bank was reduced, from the 1st of August to the,
1st of November last, $549,565. If it had gone on to lose $500,000 in specie, as the committee admits it would have had to, by the 1st of December,
and as they think it ought to have submitted to, and its circulation had
necessarily been thereby reduced accordingly,(for the bank has generally
about three dollars in paper to one in specie,) there would then have remained less than two millions of the circulation of the bank among the
people for business, both within and without the State, instead of ;bout
three millions, the present amount. if there be now a loud call for stay
laws and appraisement laws, what would have been the language of the
people if, in a few short weeks, their circulating medium had been thus reduced ? And what still further would have been their call, if, in addition to
our having lost half our specie by the 1st of December,as the committee admit—which would have been in six weeks from the suspension in the adjoining States—we had in the next six weeks (say by the middle of January)
have lost our remaining specie, and the proportionate circulation been taken
from the hands of the community? For the views of the committee do not
seem to have extended beyond the commencement of the session of the
Legislature, as if theif assembling, and the appointment or investigation of
the bank committee, would have prevented brokers and foreigners from
continuing their specie runs upon the branches.
If all confidence had thus been destroyed--if, by the want of a circulating
medium, the abundant produce of the last season had met with no purchasers—if all stimulus to exertion had been lost—years must have passed away
before the State again reached its former prosperous condition.
But the injustice to creditors is alleged, as if it were Worse for a few creditors to receive their dues in something less valuable than specie, than for

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creditors to be unpaid, and most debtors to be ruined. And it should
Ir litcollected, in the change of times, that were bank paper even to deprepe,r cent., it would stillbe much More valuable than the currency
vhich most debts were contracted.
'!!,ditik
ts to the obligations of the bank, and the remark of the committee that
••••tia 12 per centum penalty was only given to satisfy the billholder, I would
tot imply remark, that if by receiving thus double interest, the billholder is
!.K
,Itought to be satisfied, surely those who do not hold any of the bills of the
Wok ought to be content.
T
It may be said by some, that, although the bank has done about right, it
110 ofort to take advantage of what has occurred, to bring the institution under
.
power of the Legislature. If this could be done, will the stockholders
**expected, as at present, to lose all their stock, and even an equal amount
h;31 „iiddition, before the State shall lose a dollar on her stock? If they are
iese their power, they must be released from responsibility. A political
L.;
AO could not for a single year supply half the applicants of a predominant
; and even ifsupplied, the result would he in a short time,that, in place
hauspended debt of $250,000, as ours is, we should have four or five milat, f. lions of desperate debts, as Alabama has.
,$ We are not left to conjecture in these matters. The losses of the State
by the State, are esti-41k Bank of Alabama, where the directors are appointed
of
the State Bank of Inlosses
ascertained
the
while
five
millions;
. aft 0' mated at
Jiana do not yet exceed five thousand. While on the .4ubject of specie paywants, much might be said of the debt due to the bank by the State, for ad.
,lances on the public works—of the bonds taken for the 4th instalment of
Intplits revenue—of the interest voluntarily paid in New York on the State
beds, to save the credit of the State—and of the difficulties which every
citizen must have felt if the bank had reduced its discounts, instead of en:1
Oring them, in the business and exporting season of the year. But these
*niters will be duly appreciated by ail who give them due reflection.
as.Iit is much to be regretted that the committee did not look into the pro!ter•eeedings and evidence on the scirefacias against the Lafayette branch, bea „! fore they stated that the State board had acted in this case "on more ques3,1 lineable authority, and for much more trivial cause, than existed in many
tier cases." The facts proved on this trial were, that the cashier of that
branch, in conjunction with the exchange committee, had bought bills of
aze
f - exchange to the amount of 14,200 dollars, when the discounts ofthe branch
re
were up to the limits fixed by the charter; that, to conceal the violation of
Illecharter, these bills were not added to the amount of discounts; that the
discounters, without having funds in the Merchants' Bank, New York,(and
.6, that well known to the cashier,) gave him time checks on that bank, which
te charged as-a balance of cash aerninst it, without ever sending the checks;
Mr-tind knowing that there were no iunds there, that he illegally applied five
iundred dollars of the funds of the bank to his own use; and that he loaned
illegally the further sum of five hundred dollars of bank funds to Taylor
t1t„ Marshall. The defence set up by the cashier was, that, in taking from
the bank these two sums, his conduct was merely informal, as he was at that
vme acting secretary of an insurance coinpany, and he only intended to use
the money of the company. But it was proved that this pretence was not
true; for, hy the accounts of the insurance company kept in bank, it appeared beyond dispute that the company had not the amount of funds on hand
•
which the cashier alleged, and which he used. The branch board at Lao


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fayette had refused to disapprove these acts, when they were proved bef
them, though they are made highly penal by the 80th section of the charte
The decision of the State board was by a unanimous vote, the delegate
from the Lafayette branch having been excused from voting.
It is alleged by the committee that the receipt and payment of notes of
other banks below five dollars, by some of the branches, is a violation of the
22d section of the charter, which says "no note shall be issued of a less denomination than five dollars." The word "issue" by a bank is usually applied to paying out its own notes. If the framers of the charter had intended what the committee suppose, they would probably have added the words,
"nor shall the notes issued by other banks, under five dollars, be received
or paid out by the State Bank."
The purchase of common promissory notes at a greater discount than 6
per cent. is believed to be allowed by the charter, yet the power has been very
-flaringly used. Many of the branches have never bought such paper, and
s not sought for at any branch. The discount charged is understood to
ne about 10 per cent. The small amount of specie in the Lawrenceburg
branch in December was occasioned by the payment of $18,000 in specie,
a deposite balance demanded by the Secretary of the Treasury. The specie
of that branch has since increased more than $18,000, and its circulation
reduced $22,000.
The committee commence the remarks on the negotiations with the Morris Canal and Banking Company by making two mistakes as to matters of
fact: one,that the undersigned acted under "an amendment of the charter?'
and the other, that his negotiation was "for the benefit of the bank." The
power to increase the State stock in the bank was reserved in the charter
originally, and the law of last winter providing for that increase did not propose any amendment to the charter. This increase of the State stock was
never thought of as being "for the benefit of the bank," as it would increase
the risk and lessen the profits; and very few concerned in the bank, if they
could have avoided it, would have consented only because they would yield
private interest to public good. The addition of State stock was expected
to aid in the payment of taxes; and as a provision was made for dividing the
new loans among the counties, it was hoped the effects would be, on the
hole, advantageous to the public, and not injurious to the bank. Not
under the charter," nor "for the benefit of the bank,' but as the agent of the,
State, the undersigned was called unexpectedly, as he has already communicated to the House, to accept or reject an offer for a loan. He understood
that State bonds were generally sold on a credit, the purchaser expecting
from another sale to realize the money for payment. He understood that
the Morris Canal' and Ban ling Company had previously bought of the State
of Indiana about $5,000,000 of State bonds, and had paid punctually, and
that the directors of that institution were gentlemen of high character and
reputed wealth. He examined the sworn statement of the cashier of the
institution, and made such inquiries, confidential and otherwise, as induced
him to believe that the contract was a safe one on the part of the State. But
the change in the value of the bonds, and all stocks, between April and August, was such as to prevent payment. Security sufficient to indemnify the
State is believed to have been taken. No part of this whole matter was referred to the bank committee ; yet the undersigned has no objection that
it should have its full weight in the decision that is to be made in refelence
to him. Though his testimony before the bank committee, except the an-


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IA\ aver to one question, was required to be taken down on the spot, and it does
, lot thecefore explain some matters as fully as he would have wished, had
se known the objects in view, yet he is anxious that those who read
the
L unwary of the committee shall also read his testimony. They will
be found,
A is believed, to have very little resemblance to each other.
I In regard to the censures passed on the directors appointed
the part
of the State, little need be said by way of defence to those on
who
know
them. Messrs. Morrison, Fletcher, Worth, Scott, and Norris
have acted
; in that capacity, and.are all more or less implicated. However prejudice
'
may kr a lime prevail, it cannot be long before their exertions to reconcile
; the conflicting interests of the branches, to allay jealousy, to quiet party
4 spirit, and to make the institution an object of pride to their fellow
-citizens
home and abroad, will be rewarded with general approbation. It was
• aot their province, by the charter, nor has it been their disposition, to ex?rise the powers intrusted to them, except for the public good. They
..isir' lri aware of occasional errors and mistakes in the branches, and
they ie taken such steps to remedy the evils that were discovered as in
general have been attended with success; and as difficulties have presented
I themselves in new forms, they have constantly made preparations to remove theca. When there have been found to be long loans in branches,the
discounts have been restricted accordingly; and when directors are found
u loan to themselves on different terms than they allow to others, they
are required to vacate their seats. Dividends have been diminished or
withheld, loans to the merchants and stockholders specially censured,
while the branches have been strongly urged to favor the exporters and
the enterprise and industry of the country. There has been scarcely a ses, son of the State board in which some action has not been had in reference
.i •.0 the duties of the branches under the charter; yet they have never
t :onceived that the business and operations. of the branches should be sus1- pended and closed up without sufficient cause. The injury to the business of the district, to the debtors of the branch,and the risk of loss to the
private stockholders and to the State, all forbid that the final closing up
of a branch should be determined on unless in case of real necessity.
'Were such necessity to exist, the other branches, for their own interest,
would urge the adoption of this course. But no member of the State
Lir
ither of those appointed by the State, or those delegated by the
bia.lies
. ,ever yet thought that duty compelled him to wind up a branch
ig an inadvertent error or an improper act, regretted and not likely to be
repeated, when neither the error nor the act was vital to the interests of
he .astitution. Persons who talk lightly of the ruin occasioned by the
unnecessary suspension of a branch, as if the waste of a few hundred
thousand dollars was of no consequence, have not aS yet had a seat in the
'State board.
The members generally have been men of business; there has been
rarely a partisan among them. They have talked, and reasoned, and decided, without noise or parade, and their decisions have been generally
.mspected ; though, occasionally, from the difficulty of the times, less has
been done by the branches to set things right than was desirable. If the
anunuttee had looked over their proceedings,(which they have not done,)
they might not have found quite as much thunder as they wish, but they
would have found good sense, and candor, and honesty. It is much
be regretted that the committee did not examine the proceedings of to
the

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State board, the letter book of the bank, and the reports of the examini
of the branches. If they had done so, it would have relieved them
much uneasiness.
The plan of the committee for increasing the stock in the bank is
less extraordinary than the other parts of the report. It to be compo
of State bonds, which cannot be sold, and mortgages from individ
not to be paid for five years. There is but one thing wanting to rnaix
the plan perfectly complete. The specie in the bank should have I
paid out; and then, when the machinery became too light for the eart
could easily be raised to the moon.
Stock can now be had in most, if. not all, the branches at its par pri
and the only difficulty in equalizing this stock among the counties is(•
want of persons wishing to hold it. It is becoming so common to
up to public odium all who are concerned in the banks,that it is not
prising that the stock should be so little in demand. If half of the di
ors of the bank and branches are to be appointed on the part of the Sta
as proposed by the committee, so that "if party or political feeling
introduced on one hand, and private local interests on the other, t
would be mutually counteracted," it would be very questionable whet
individuals can be found to take the stock, even in "real estate." B
at any rate, those who have paid money would soon be out of the conct."
Hitheito the bank has been free from political intrusion. There br
been constantly in the State board men of both parties; and no partyy
has ever yet been given there, nor has there ever yet a complaint reat,
the State board of a loan made or refused, in any branch, on politi
grounds. But if to party contests, already sufficiently bitter, there
added each year a struggle for "the power of lending monek,'.' it will
be difficult to foretell the result.
It has been scarcely possible for the undersigned to notice all the m
takes of the report, without more time than can now be spared, and w
out extending this article to an unreasonable length; and in some of
hasty remarks, he, too, may have been mistaken. He has not seen
evidence taken by the committee and, of course can say nothing to t
Bediard, and Lawre
Michigan City,'
'
remarks about the South Bend,
,burg branches, though he would fain hope and believe that some of
'blameable matters alleged may be satisfactorily explained.
In conclusion, the undersigned begs leave to return his thanks to
committee for their kindness in permitting him to hear the report on
urday evening last, and to the House of Representatives for their directi
him to be furnished with a copy.
As, under the recommendation of a large majority of the bank corn
tee, this may be the last communication which it will ever be the duty
the undersigned to make to the representatives of the people whom
twenty years he has endeavored to serve with what of faithfulness, ho
esty, and ability he posseSsed,in different stations,it is hoped and trus •
that, however the decision may be made at present, the candid and
biased judgment of the public will, in the end, be right. When,in a
tion to honest differences of opinion within these walls, you hear at
from without the most audacious falsehoods, which never reach the
of the undersigned until they have effected their object, it will be a
ter of regret, but not of surprise or complaint, if temporary injustice
done him.
S. 'MERRILL.
Respectfully submitted.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

- 25a Table 9
CAPITAL AND SPECIE RATIOS, 1835-64

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Branch Banks

Year

0

Capital
ratios 1/

Specie
ratios 2

Specie ratios,
AnMORIMMgNia/

1835
1836
1837
1838
1839

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3/
1/
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13.4

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1141
1842
1843
1844

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3/

18.1

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32.3
3/
3/
38..6
33.0

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1846
1847
1848
1849

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37.6
3/
37.9
37.9

26.8
26.8
.2/
31.8
34.0

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20.8
17.8
19.8
21.3

30.1
28.3

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17.2

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10-.5

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40.1

1851
1852
1853
1854

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36.6
40.1
45.9

28.0
29.5
30.0

1855

45.2

30.6

3/

3/

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1857

1858
1859
1860
1.861
1862
1863

1864

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33.8

56.6
30.7

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3.-.5

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43.9

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49.0

55.9

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17.4
20.0

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19.2
28.7
31.2

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11.8

3/
16.1
15.0

12.2
11.8

14.3
14.5

10.4
11.5
11.3

13.0
21.7
23.2

8.7

18.2

11.7
12.1
10.1
22.1

19.2
21.2
16.0
3/

1/ Computed by dividing the sum of capital stock, surplus and
profit and loss by total assets.
2/ Computed by dividing specie by the sum of deposits and circulation.
1/ Sufficient data not available.

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https://fraser.stlouisfed.org
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Madison
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Belford
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Indiala Documents, 1861-62,

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og5.74, .-a_25c?
42 t - 14, I Ob.ig -2022ca3.7g r 3281
?anat.:. -2737.94
I I b36.48
608'6r-15 -214V:7T .23141.5i
53?67 i a 33.1.5 44506 -31 1'133
go 5o aissr7L1
.aot,2/.46 FLI0.65
g3F4r3240 1 to
ca702.32- /0637435
EDS:90 1 cd003 I.
.581`coo
35c11.23
Zroo c1773,00
al4-143g.5o
gibri41
%5a-713.4
20000
Vi/t46c/VT.75
'052- 62.218-.1'7
63E1.23 95
4306 3o35 I.141
.51 7903701.38' 101-0.4,0
;315-

/

f-•

-

tisW44trietids,
Orotest, expenst1, ,7L-,r

5473-

7c4.71 I 55147-gq,b !GA.?? 1542'01.V%,

k525

71?83/

/15a.55 1855
1/10225 /4-P4-4/F57027850.72 37ip-/6354, 42i(e.4-43
730- 351,4442'..,
5(57sca -3338-Z23 Ke
10 11.1656 i 314 842.105
/g/&73i, /316St•tit
737‘— 1 2grn8:3q

013.VI /30'7/1(4
35obo-

243c13,73 a61 cr?cf.
I 359.71 .2.25.23/.o
42.70aiI 157:77
#g*).(75 '74267105
:
4 7i,40.37
.25013.04
t•

MONDAY GF JULY,

. 51A FOL T,- E AX '10%1HL, 'hECED1NO THE
5E1I-ANNUAL REPORT OF TlE CONDITION CF THE FREE 6A%KS IN 1 :
4111

ana Documents, 40-61, Part 1, No. I,

;nnual Report o f the Auditor of State:,

it)

pp. 48-57, 134-86
TS

Stock deposited,Notes and bills Suspended
Debt
with i-uditor :If discounted

Elkhixt,
Gosh4n,

5/000 -

Bank of Elkhart
Bank of Goshen

51-10.g5
1 5

Mount Vernon, Bank of Mount Vernon
Paoli,
New

Salem,

Bank of Salem

Bank of Salem

Itl

id)Bloomington,

Bloomington Bank

Cambridge City,

Cambridge City Bank

Attica, .Exchange_Bank
Greencastle,
Madison,

Att.ica

Exchange Bank

Indiana Bank

Franklin,

Indiana Farmers' Bank

Columbus,

Kentucky Stock Bank

Lima,

Ignange Bank

Rockville,

PErke County Bank

Terre Hate,

?a70g:3'1
I 000 -

Prairie City Bank

Goshen, ,Salem Bank
Terre Haulte,

60log
F 15

Southern Bank of Indiana


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

)5o .0I

-

,

AAts-V2-21

. Due from
shErccldrrs

13Volo:11
,311-ici

02,0oo o -

I 38-7a L1-31

3C. n ipt(00 3343*

c8142
lot1510(c. i33a706144.55
--02535'a 15
5/53gi 3g87„.15
iF.34.w 1811 --/50g5.4-1
1650
600
icikagle
g 7.gi.(c63
/Ai
35.29-2(c
I ctli.73 ,Z.D00.0 1 7 0.57 '78gs• 5
cia2134, (278:25An
02oAgloia' 0.••z,719-4

/6 r

3,F1445.1'3 47546.12- 33f1
09.40tReo.57-- 48`;1673 760
Jii2073-91r
// /65

55'000 -

Total

3533-50

/044V51

b I COO -

Corydon
Bank of Corydon
kollt.k.44AJ,A)
Boone County Bank

--)

, 00

471 4414
279•Z3
73503.1

Y-0 +013n:I
76g11.5b 15'7 V0594
714 L4.5-2 411073V
,-)00 5o000
oo254.(4,
53.3.59.N 0'30433
7gLigr I,
1 3?o7ri.50 1.595-03.15
51q96 5103(07.47 tr113. ,
7(0027 clop -

Bank of Paoli

Albany,

ok Real estate, .Duc from
1.3zn!ic•J
f.Jrnit_xe, a'
orsonLI ur )erty

Note,:

/753545

z7b3.90

ne ,riittances,
std.:Ks
bD^d4i,
?r:tmt,
itEms

`2.prci,

s1D4.-il /53959.34
/3i 1447 )1.
i-3?
,2315/-1
G.21.32.
cr/S'Ziri i5
01417%0'
351
1'3 11 7.57 3
,294011.4;6-3
17Lorprik,
L>
1005:7
0426
,
3-71
IgY:1)_) /.5K3e*Li-.3"'
K2E: 223 S'"3
.2119..a

701 147 iagb?.to
303?1•)dP-1-1/(a F50267847
S330.5‘ 164 I bia
S.)1 1-3 1210(48'9.1D
1
134/gLi.3a4214'040.041,2.44ii43 022.135,Z0
7i)06.toS 137
J
/4
4674.10
02449,07
365740%)"'

11111

8:Al-ANNUAL REPORT OF THE CONDITION OF THE FREE BANKS IN INDIANA FOR 'FIE SIX MONTHS PRECEDING THE FIRS
lana Documents, 1440-61, Part I, No. I, Annual
o f the Auditor of State, pp. 48-57, 184-86

NDAY OF JULY,

Igo

4.4
Due to bznk3

Due to
• depo5itors

C

i

Profit and

Surp1111 Fund

LQS1,

0

.

;,,,-,01(1

city iderd 5

lime billb and,Losses
oU)er evidence41 charged on
of debt

Total

I

Goshin,

g'000—

Bank of Elkhart

Elknart,

Mount Vernon, Bank of Mount Vernon

New

Albany,

Salem,

Bank of Salem

Blooeington Bonk

Cambridge City,
Attica,

Cambridge City Bank

Exchange Bank of Attica

Greencastle,
Madison,

Exchange Bank

Indiana Fareersi
ri&
Bank

Columbus,

Kentucky Stock Bank

lagoange Bank

Goshen,

Corydn,

31 12155r, 4 . i
0,003.3 5g650- ri 57)173
• /27-87 5115;Z 1
773204 5-4171
331 5741 51 75
0Q.3(,, 1 131 i 5
4150
54no

Southern Bank of Indiana

Bank of Corydon
Boone County Bank


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

'F351.1-2_
450/0
Z(1.3-7
453.73

Total

.242.66

'3/53 194, --1.2L1-2 6,40
_C-S14.40..erickin.k.'t
tiVerlAke-01.4..us4 1 lig 3 4U.
a

153/53,3-t
13
7.1.0k.
cg3715•141-3?
/478'60-73
34 6 11. 6 3

350 -

43/15
5 42gN-

1944743i,
/5k,36
Q234/F3L,
n4,727(92,
('01

5ooct--

s'itoc

01Y31.3o
/5000-

Prairie City Bank

Salem Bank

T.v..re Haute,

14 VI.CO
(9141413
/ZZsio

1 3440-`15 .584cri. ,—

PLrke County Bank

Terre Haute,

36423-

073-7733

)Miir2. IoC,553•57 /1 ._ce.-.
i a7331.73 021 123.60

Indiana Bdnk

Rockville,

a54,5F-91 77135+
4.70. 74,./73.2
›crg-i.tio
1X0•51 1 37r'747 LI-'1.1*
50to —

Franklin,

Lime,

65G.2ci7

24

Bank of Salem

Bloomington,

c241 4,-73

58".07

06

/o5.90.46 485,30
46 g',89 /02.2.7‘.‘2. 106 g.5

Bank of Paoli

Paoli,

13330-64 if6

3'7356,0 4 0

Bank of Goshen

38?),3g0.7
"01
164 006.0
1.44.-1 1.2.,04i r,

(AA
a.7.235a.01
/37774.i.5

Vi6.-13
107b5.12
0285772.
7543,2:2.

365746-5,r

3X/

SEMIANNUAL REPORT OF THE CONDITION OF THE FREE BANK, FOR THE SIX MONTHS PRECEDING THE FIRST MOINDAY OF JULY,

4110

ina Documents, Ii58-59, Part 1, No. 2, Annual Report of Aiditor of State to the Governor

ii■•••""--

I‘Aktit-41)

Goshen

- Bank of Goshen

Mount Vernon
Paoli

-

-

Bank of Salem

Bank of Salem

-

Elkhart

-

Greencastle

-

Bloomington Bank

-

Exchange Bank

,Cambridge City
Franklin

-

Indiana Bank
Kentucky Stock Bank

Aockville

-

Terre Haute

U

Cambridge City Bank

Lagrange Bank

-

Goshen

-

Indiana Farmers' Bank

-

Columbus Lima

-

3 .224.°7
05.04

1,82g:3(c

fo41
151-4r1

Bank of Elkhart

Bloomington

'ledison

Bank of Mount Vernon

Bank of Paoli

IINew Albany
Salem

-

Parke County Bank
-

Prairie City Bank

Salem Bank

Terre Haute

--

to 545•08.
073 742.22.
Ig14-1.56
.28r23b:77
11
ri
47403'01

Luvoiak

517.1/42
954loao--3Y
55c1
.323-3566.I
47652- 017051
otact /05d0.101
1'7.5
7147,64
6104341,01 6173:e.4
4G ct'a QI 810.47g /564.e
701.78'
1E1
Pr!Pio/63r ab1105.1
11-5500 Aic10
4581O4i000b
c132, :21331:73
i-g
_4,4
)t' r
T7550- )471t 1 ;4
J41F.3i 11004.):-)
5713'5"-

5724747/5645 .0q55
5a3c42
t.go 52.2:72-

.5390053

/ri.Zi2.5 I
.?.?07Z8- 7
/45012 3

3231400
.20472-

WoLi.24.01
/643N-96
fiter15•3`i
24804.(31
32oo
171 595./0

1364TOR0
it2A0 i.D
32.443

1011(677

ciLszTe—

Qu_62A,AQA ficLe.-4-4_,64

,

12144•111.60652.1i
,:ZZ:53(42.7

Southern Bank of Indiana

Total


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.t
:440.01A

TkAkASA
'
sri

1.4 rc17.,-/

11-

Illk

SEMIANNUAL REPORT OF THE GONDITIGN OF THE FREE BANKS, FOR THE SIX MONTHS PI,ECEDING THE FIRST MONDAY

(INDIANA)

F JiLY, Id

ana Documents, 111150-59, Part I, No. 2, Annual Report of Aviditor of State to the Governor

681)

1540-e-iLa ,
0

Goshen

- Bank of Gosnen

Mount Vernon
PaoliIII--

-

-

-

Bank of Salem

Bank of Salem

Elkhart

-

Bank of Elkhart

Bloomington

Bloomington Bank

Greencastle

-

Cambridge City
Fr,nklin

-

City

Bank

Kentucky Stook Bank

Lagrange Bank

Rockville

-

Terre Haute
Goshen

Cambridge

Indiana Bank

ColumbJa -

-

-

P.rice County Bank
-

Prairie City Bank

--

-

50L,

51 /9'o -

Southern Bank of Indiana

Total

/Ye 20404

9

.A-emb4
142.k.

g(372 gel
.2(03537
AM135.0

g39

/34900o -

4413'r

*1500 -

3:0. 141

334/21 231
;

24755"i'gb.3

.D5I

776(.56

ISAID

it ow.

zoi-

14(0:0•47s
.)

111041 1.31a5.ie

-

44-et-Oli

" -ateult-ekcLu, LartAx_
'

/341 S. 10871.96
I
j 75
I 47.31 .cg8bq LiAo
1,5b2Se.A7 ..):"'3540.11
745g.41 01595./0
7749. 1.Atocs2.ci

71067 4)11.4.1
ci.4 7406 435381.6

qq/ -

• to


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

175 --

20.70 00000 -

j.kat-is t33-v.)

ace u-rtsx.kk.e...n-

1

144/Et
350:7"?

14505.C,''
)404=q101

/n3 -

/0413:75
33/o.44

. -26(03g I io-ig•b
14-345V14
41q(047-cii+

-)q9

446333.31
4.456.ff5 72Aggl

-

_ )0234)00
6.12- t,cipppc_;• 4

:63 1359

CfloL

6V
/
1'57743

L ON:03 551
/5g I
.573

:3"2- ket9.547.1;•.'

71 coo

i2itcm,,51

t viax-

12770 J100 -,„41

)37517.5o an i222_, -2.
60TO gr5c(2..5 I
/ 360 74 ./oN7-

104 R31

Salem Bank

Terre Kute

75ag5 - 6.25(03.6ct
5g,w e.40 5-g3b5r5ii
7t2ger-rso oirp1:36.(04
Q.113
FY/77o,
agoit.75
5?oco
o0CO- 14.39o1.oV
7q.277 - 1/i(29?•Zo

Exchange Bank

Indiana Farmers' Bank

-

Cdison

Lima

Bank of Mount Vernon

Bank of Paoli

New Albany
Iflzi

i.s:atzu.AA
.0“4103.613 3404Li 7

;A_st -17A-dt..Q

3‘24r/
/.- yoLioq
0000 -

295,31

.2817.91

8:5441r.

Ot_

136(40.46

MADE UNDER OATH TO THE AUDITph OF STATE.
SEMI-ANNUAL STATEMENT OF THE CONDITION OF THE FREEBBANKS OF INDIANA ON THE FIRST MONDAY IN JULY, 18,;(, AS SHOWN BY THEIR RETURNS

•

--ra+0.1

BANKS MICH HAVE COMPLIED

1TH THE LAW

OF I 855
I. Bank of Goshen, Goshen
2. Bank of Gosport, Gosport
3. Bank of Indiana, Michigan City
4. Bank of Mount Vernon, Mount Vernon

5.

Bank of Paoli, Paoli

L. Bank of Rockville, A bash

7. Bank

ot dtlem, New Albany

8.

Bank of Salent_Balom

9.

Bloomington Bank, Bloomington

10. Cambridge City Bank, Cambridge City
II. Canal bank, Evansville
12. Crescent City Bank, Evansville

13.

Exchange Bank, Greencastle

14. Farmers, Bank of Westfield
15. Indiana Bank, Madison

.25006 /o0c,o0 Spool)• o5g.o450000 .5135o 7q '7.95 5000050 000
ot:;1
• 000-1 I 05o 30350-

7o ooo 12.3500 -

16. 111111a Farmers, 5,nk,
17. Kentucky Stock B,nk, Columbus
IS. LaGrange bank, Lima
19. Parke County Bank, Rockville
20. Prairie City Bank, Terre Haute
21. Salem b nk, Goshen
22. Southern Bank of Indiana, Terre Haute
23

Tippecanoe Bank, Logansport
Total

500006coak,
• C.00
g27005boco ab0000

c/7o°1407Z:31%i

31-7 4.133 433(.0-13 90209 - V 4-1 aloe.541%SI+ 21`1740.4
_202,0 24,34327 gocict3 1.35IC. 2341c1.3t4 41025 437/8- P574-27 51/5i
D00I go /5? 3.1' g123-qr
A446.47 10111'05- 45500- 132.05.14
5:71 geto(0.51 t
gi
37
I.
18'31 -7,1,0 MoG,
147-45 65573-gb 6°750 657.'47 47270.7g Li-Go oo
i 35'7- jo
1
4(016
5785-67
f
1'732(.5o 1042i 464V A5grif /435 ict.0-7 .7052(40507z031,
6043°(.57 F3/goA
.2245.3 o (co ol‘`79g34 7624-5713:7 i b2j-143.73 77024zri .51-1 47i I 14.-I 00047 /100-55 /18195, 62/ no
t .34I 81.3.t
/4-550.icti kW 1701,1,447,74- 2# 425-70 7110.4.1

1234 0.?2

i4oi5 .Ze

1 i M.53
4V72-31„

1011
:14 3
24.
5
1:1:2.
(
.1:1
1
602.31 143t 8-31

11 30.49

7110.01
5b0.44i9

i;
,231 n
i $D3
2.'ic

i 114.o5 I 43331

66011-.7o
i.563v7
5047- 49Z5-21
10 i Azir2i 32i,.7‘

7bvig
1eli--c5 4114:
:
:
5.
-:::
;
410:

ri30.5.7 3‘51.o2 4000- 11)5.:13.*:
22
3
19
4
1 ,g1,01:
c 4
?
..
5
i
97/0-25

II743.g•-A_

Li 5502_ 133
1 li5
4
.
.°11 Z252741
:

1164413.b i

lo(

14233.11:,

6q'N'f.ilx4 itv)..6t2
4-1:45
:64845 -4.--1
651512S' 3 1,do.t)5
s'Yi-ib2Lig
51 4753-- 148v1 e 1. i 4-

,v 14(3143
,

2.v
46).i.
1.3
41,
45,
i1

3151 It

a/41042. 51i95.3io 5105514i I8359z$1543!)(i..) /

1‘,"7111

'7*c4j.I i.
03324;- i,
03,44,244-

BANKS SHICH HAVE NOT COMPLIED WITH 1HE LA;
I
- 1855
I. Bank of Elkhart

rookville Bank, Brookville
Inulafts Stock Bank, La Porte

7q/C,.44- ,254cri3,29,4-1.5(0
775oo
3010- /91-3 ).400o3(01073
506.G.02/ 000-

Total


https://fraser.stlouisfed.org
UILA-4.4.41 04-.74-Q
Federal Reserve Bank of St. Louis

).1xT31 3.5 fl(,H.2 ,4qLi31h3-

o?0(7.35

;6:$366,92_

,

>,
___

tii

- , - / -,,
-, rl/
,
5''L98.41 I or-ff 7332..9--3- /6 ..2-7422 5'95'5,5 51 o55.41

SE11-/NNUAL STATEMENT OF THE CONDITION OF THE FREE/BANKS OF INDIANA ON THE. FIRST MONDAY IN JULY, 1
i-;E.1,0LJF•CE,;
-

,3ert 4-el

ckaAAJL_beti.k4tAgiAxi-4, 1 S-510-5-1_
d-at- 1 141.4.3 e i5L.j.A;.,A1141.

with
Trez.surer
of 6tate

O'f

.HICH ,i;VE CDIPL EL

5
"
Value of Eo.al
Estate nec-

0,.-

positect

•

el SHOWN BY THEIR RETURNS A,DE UNDER Oi-TH Ti THE eUDITOR OF STATE.

Due from
'nd
tflls Liscounteu

:::uspcndpd
Lbt

"-7tkre froT
:
Batks and
.,.Eankers

Notcm of
cti,r Lank
ariu GilecK•

,,,sLry for th- 1
trans,,ction
Aof

r

pliblfieSS

1TH IHE

CF 1855
I. Bank of Gos en, Goshen
2. Bank of Gol ort, Gosport

3.

Bank of In 'aria, AichiE2,n Ci:i

4. Bank of Moç4it Vernon, Mount Vcrricn
5. Bank of Paci i, Paoli
, , - bash
1. Bank of §alem, New Albany
8. Bank o.#_S_Jem, Salem
9. blo,mingto2, LLnk, Bloomington
CanLridge Oty Bank, Cambridge City
II. Canal Bank, Evansville
L. Crescent City Bank, Evansville
13. Exchange Bak, Greencastle
14. Fi,rnerst Bilnk of Westfield
15. zindiana Bamk, Madison
IC. I

a Farinerse Bank, Franklin

17. Ken ucky Stock Bank, Columbus
18. LaGrnge bark, Lima
I;. Parke Ccunty Bank, Rockville
20. Prairie City Bank, Terre Haute
I. Salem 8 nk,, Goshen
Southern Lank of Indiana, Terre Haute
TH)e.:.z-,noe Bank, Logansport
Total

652:1535
55550 (57533
544-6Sfr5'O 2N4
riti.000 io5000 50050/015/.04.
70000 71
51500
(000 521(1610000131071.50
51330
oo

425igrri
1811423
71131.21
14301%51
it ci 5,9
167.).MIr1
Igo cl77.V
b/i9

2/5 1- 3050
/fon- 5
4e64gir
1 85i -355
3635 1417o514)'i"
511.0
. 582.ct333c1.
9.301003/81158'1 -

I 01'150'1 25(,.01 22.5.1(0 Alpo - 4050c
76?37.4)0 I 595- 4%2- t;g0e7
5or
(1-74.b5 15 ip OkM000
2o
614,027S3W3-32..
7111602?) 1,3(n61 4553- i‘o090
VC32.(4.25 /T7.555
2305
III 50057500- Moo- .24114ZO /437./I / ki33
2504
/4450o 6,206746, 2S 1 4 c257K5.30
13
115'- I 443
,517-7445 j 41 5F1.87,006:so' t rljt1
/in5/910 ell50 -

4133.iT
ILIP152*.YAi416. to 1545 17)3521:
l
oot 3.87
cr515.o5
1510.10
10221 1.cl i
/2.-r;7034
.2535591
-Bo7,,N3.214
32.11.95
,444/232D3
62`44:51 1 o0Q.Q..7
ci11.41 34843
733•VP
7i03045
3$1 (35,7 (1337(o
5oo
Z058:60 ;23?"INJ.
b(2.5,30
5496%
544(21iL1-.13 0'4W-1a
11234:7lo 'Fri53gt
000
2i05. e2. 755511
o17
1. 35
125;
11590.51
Niouci5
3470b.
I
•-• 10114L41
A814.gr/
52S4.13
111 62.15
icy (41.S4
Yk83-St)
5.6411.3i 1577.4-3
iS54
R435/-Z
1;93254 M41345
12332•V
41(1.5
W349•)3
S
45t2.2.0 &X)4
viry.o424A,
UK,
4'1[Ig
447145:ki
532.or/ 74I 3104
11044-g-3 .2051.92_
1,418)711226834,
1-4-i T(1.31
/381.O5
rstri(A-3-.2_
1q525 95
3L42.'1'
- 1007 17?22-- /&112.23
3toi5.60 6
i76.4 I I 1 e•CN
)00 /- K5-42V
12.3.0j
v
,•
,...t3c. 7ink-7 259161.614,)}6 s.^ I
31381-414-V

F

/

"DL1',J2 •ITH /HE

!'CT
1355

3294756

En.< of Elkhart
. :ruokville
•

In,i6na

Eroc<ville

tock Lan,,

L,

;Zi COO -

000-

Port,
• C

ActEl


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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31, Id53

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Connersville
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Creseent City Bank

Evanavillc

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:ambridge

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Cambridge City

Indianapolis
Covington
Newport
,

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Bank of .iorth tisericz,

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Michigan City

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Ba nk of Indiana

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LEfayette

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Angola

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fTI
Indianapolis

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Logansport
Lafayette
PlymoutO

*abash Valley Bank
-

Government Stock Bank

-

New Xlbany
Vincennes
Laporte

Traders Bank

bestern Bank
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Bank of Albany
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Indiana Stock Bank
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clkhart County Bank

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Evansville

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Cambridge City Bank

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Cambridge

Indianapolis

-

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Terre Haute

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Vincennes

Cdison
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Traders Bank

f.bash Valley Bank
Government Stock Bank

-

New Albany

Laporte

-

Aestern Bank
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New York Stock Bank

Indiana Stock Bank
Indiana Bank
Elkhart County Bank

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