Article Text
# DEFERRED MATTER. TER STATE BANK - The scandalous position of the State Bank of Indiana is beginning to attract the attention it deserves. There can be no mistake about one position, and the people are becoming convinced of it. Either the Bank is insolvent and cannot pay—or it is dishonest and will not pay. Let the truth be as it will, the sooner the people are made acquainted with it, the better it will be for them. The following paragraphs are from the Mishawaka Tocsin: INDIANA MONEY. When a bank remains in a state of suspension for five consecutive years, and shews no symptoms of resuming, bot is constantly throwing her bills into market to buy up "exchang-es," we can neither look upon its conduct as honest, or free from creating grounds of suspicion, touching its ABILITY. Such as been the course of this bank, and until the matter assumes a less questionable shape, it might be well to guard against too easy an acceptance of it for the produce of the country. If suspended banks are so bad in Michigan, it seems to us tint an everlasting suspension duce not improve the money of Indiana to a great extent, or render it so peculiarly trust worthy, as our neighbors insist it is. The above, from the Niles Republican, expresses cur sentiments exactly. It a bank in a neighborong state does not pay specie or its equivalent for its bills, it is at once cried down as an insolvent or worthless concern, and its money is rejected as worse than useless. But here, in Indiana, our Banks may suspend eternally, so that no one knows whe-ther they have a doliar with which to secure the bill holder, and charge you seven or eight por cent. for drafts in exchange for their own bills, and yet their money is cracked up as the very ne plus ultra of a good currency. This is wrong. We cannot ex-pect our Michigan friends to resume winde Indiana remains in a state of suspension; of course such a measure would be ruincus to them. The only true way is to make all pay specie, then we know what is, and what is not, good. If the democrats have a majority in the House this year we hope they will take this subject up, and try the bottom of our banks. We should not be surprised if it proved no better than some of the persecuted Michigan banks. RESUMPTION AGAIN. We extract the following from an article in the Madison Courier of the 15th inst. It breathes the right spirit, and evinces the true state of public feeling;- The democratic members of the next legislature, must be aware of the fact, (and if any one should not be, we hope he will make enquiry and satisfy himself upon the subject,) that the democracy of the State are decidetly opposed to individuals issuing paper money, under any circumstances; and still more decidedly opposed to the existence of a Bank within the State, which refuses, for a moment to redeem all her obligations in specie, when de-manded within banking hours; and hence the great body of the people look to them to wind up the on-ly chartered Bank in the State, if she does not re-sume immediately and continue, without any sus-pensions hereafter, prompt payment of her debts in good faith, and in constitutional money. The objection which first seems plausible to some, that the Bank would be under the necessity of dis-tressing many of her debtors, in case she was re-quired to wind up her affairs, should have no weight whatever with the Legislature: "for two good and sufficient reasons, Bailie Jarvis": first, because the Legislature, in passing an act to close the concern, could and should put a provision in that act, giving each debtor a series of years in which to pay his indebtedness, with 6 per cent. interest, by making both araply secure; and secondly, because, when the Bocks come to be opened, it will be found that all, or very nearly all, of the large debts due the Bank, are coming from the Directors of the Mother Bank, and Branches, who "might have had better luck, and died when they were young." We think the time peculiarly auspicious for the democracy in every State where they are in power, (or where they can get Virginia abstractionists enough to join with them in the effort, to insure success,) to force all Banks within their respective States to immediately resume and continue specie payments, or 'walk out of the ring and close up their concerns; we are certain nothing more is ne-cessary to accomplish that great end for which the people, and especially the traders, so earnestly and so loudly call—a regulation of the Exchanges; and now is the very time to prove it, by actual experi-ment, when federalism is foiled, for four years, at least, in her efforts to establish a U. S. Bank, the only thing which, they say, can regulate exchanges. Now is the time to prove, beyond cavil or doubt. that something else can do it, and that that some-thing else can be applied, if the executive officers of the law can be made to do their duty; and that something else is nothing which confers privileges upon one man at the expense of his neighbors, or interferes with any man's lawful rights; it is sim-ply a power which forces men, (though associated in bodies corporate) to fulfil their promises, or cry carey! and 'give up the Ghost,' like men. # THE NEW CABINET. The N. Y. Post briefly notices the aune mem'ers of the Cabinet as follows:- Walter Forward who is nominated to the post of Secretary of the Treasury, is a western Pennsylvania lawyer, a native of one of the New England states, who went in early life to Putsburgh, and rose to eminence at the bar. He is known not to agree with the Clay party on the banking question. De the other hand, he is a high-tariff man, and strong-ly attached to the mischievous protective system.