Page 1 of 8 Jan 1836 Issue of Bloomington Post in Bloomington, Indiana

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Bloomington Post (Newspaper) - January 8, 1836, Bloomington, Indiana . An Intel Gem rep la want no dictat0k3. By . L. Dea. At the end if 1h� Yter Blo Oino gtd div i3�diaiva, january 8, 1836. 3ft vol. . Dinna . Tivel Vileth so ssh. . Report or the president Vethe state Dank. December 12, 1s35. I a and ordered 500 copies o be printed and ref Cirii to committee on the state u Ink wit i two reports Acampa i Iii. To the general As it Ems y of the Stair it it a a Dinna sinc the last Annu ii report of la c 5 i rec ors of Ibe Stutte Bini i they pro. in Compi Iancin with tiie his in that org pet Toro Vilic for organizing a e by Titch for the a ill oui District i ort u Waynw was Gol cited for the to Volion the Noc Siary a tick i is been a ii it scr Ilie a first instill Merit paid Over. Rigid Bali Kiritsi opera Ininns conimae Ikid Liere the 25lh nov night or. Tin loan of $450.000, for the so Road in the ten Branch Send to ? flirt in Mie t ort let rip cd was Nego cited by tiie canal fund Chininis Filini re in and it , ?l8 highly prosperous and with a largest Riltia product it Only required facilities to Render these source of wealth and Prosperity available. Such facilities have been afforded by the Bank. Of fam the table annexed it Willi appear that the Loans of All the branches on he 21it no Vennberg were 5m,c10,9g5 61 the Piper in Cirii a i tion 1,393.0 15 00 i specie in he in nuts 797,811 97 Cash on Hinl Hank notes and specie 1,369,c45 04 i ii circulation obtained by tiie paper mid Tite specie on hand Are such As ii Ive not often appeared in the of Eia Lions of banking. It will be important both for com to Unity and the i3ank, that at As Early a Periel As to Sille its customers a Lipold Beo the right class. Before Lis org Iniz Ilion much of the produce of tic Static was purchased by foreign capital and but a Small portion of he profits of its exportation was realized by our own citizens and Wien the Bank commenced operations a year since the season was too far advanced at a Premium of four and a ill per rent. The in to ailments due from trip to Alfird our exporters As mucin Aid As state , to ,200,000, a to Quot As a cirame. The Loans tii Refore 4 Aid Over to the several la Maticik i Imi j not r tired for Active business have 111� 10i. november and a ll4.ojg c7 i in some instance been in do for the cents was to lied to i Iii i Jii �1 Stock Purchase of iridis from the govern Liol Ders to pay their second instalment ment or individuals. Liat temporary on their i Elji a i to the state the Aino unt Laudi valued at double Clear of Peris liable the cum o 1.14,951 second in ten branches a was paid by he Stockli omers in specie. Such of the loan As not i borrowed by the Stockli olders and the Premium upon it has been paid to the commissioner of the sinking fun d. The capital paid in All the Branch Loans should be made for these purposes cannot be objected to Espe improvements. I scially when the funds for payment 87 . Due on arc in acted to be derived from other sources than the Sale of tie lands. But if funds Are harrowed Lar Ely from the Bank to buy lands for spec lation i the Farmers of the country ferret that their Prosperity depends upon Good crops and not upon Mil imaginary Rise of the value of is is now 1,280.000, except 221 35 land ii town lets and Quarter sections of instalment yet Una said Liy in arc to become car rent like promissory Dividu in Stoi holders. After paying notes or Bank Bills it must b appear the expense s of organizing and Man. Rent to every person of reflection that aging the but no and j5ranri s. Ami j Ilious i a few May realize immense making a Icse Valion of 33g,l70 35 fortunes before the bubbles shall for the Njeri Lih Fiina a livid do i burst yet the detects must Paraliza three a r . On tie capital paid in All that is Good and desirable in com. We Deci ted at to in session of the stat Board i he Suino it accruing to tie state has teen Pani i i r to the finking fund a Uhi ,s200, a on individual Siock set ii it Art As a portion of he Pennanon Funi for common schools. L Iio fun ii i Ninual re of the i5ran<h< s it Tiu ired by Ihu Cli Arter Ilieen daily made and it Doe not a it Peir that a Singh operate debt has been contracted to any of the by inc lies hut As Ina in of tie y Al exp Neil e Alane can Unity. The Ordinary pursuits of by. Sir Szarc neglected wherever a Mai ii a for speculation prevails. Many in. Gage in enter prizes for which they were never calculated. The throng of competitors prevents All reflection a i a tempest succeeds a midst which Industry Economy order and Good principles Are lost. Very intelligent observer must be aware of the impose Sivility that general Prosperity can he Ergo de except by gradually improving the condition of the different classes of Community in their respective of de Ermine How far they can he relied Cui nation Quot yet too often such persons on for mar Ual when it be a lend their Aid to convulse society to comes necessary to exact them i lie its i undaliou8-with Hope of rising on cd Irtira of the Brunelus generally. The ruins. Are Well Quality a and he duties con within the past year the increase tided to them in in scarce an sex cup of population i i tiie state has been to i Are Well Perfi med. At me d much or it Ater than in any preceding inc it was attempt d to one. Aditi Grants from every part of its Cerghin what num Ier of each the Union Hae by Iii drawn hither employment or in it fusion were Hen Hyt in new land thrown into Market Artom moated with Loans and it a and the Large Field Here opening for geared tint Siul it s and Bills hid Bien Etc prize. Canals and roads discounted for 72j Farmers Mer Are in Ping Rem and contemplation chants Liugi lists and grocers 27 2 that Promise n vast addition to the tii Chavies 134 produce and cattle Wealti of Many portions of the state. Tidal to s7 Mumi Acle errs mailers vhf file these circumstances should ind distillers 121 of the Dif Lead us not to undervalue our Nadvan a rent profi it Sion 27 , and tages nor lose sight of the High destiny l go a i Hoe a nil mini it was tie Tate May attain in should be re known the i i or i. Collect Eil that we must depend mainly it was not Tobe a xxi Tel unit that for Prosperity upon our agricultural Tiu Rienes of opinions As to c Tatj Duclion i f tie charter Ami tie Pic no sieges of rain till by ,1 she old a a ish Suli have Rocc i re not or ii a ing it is i lived f i it a wrong a Iio Tivi Sye flu Irver Hise have led to j u lion Alec Rai Saiti is tie it have re a biked to tie St the b Uil a Siose pm i diners have been in Glt not r., with great unanimity res Iii i i s. Coup Pierc and m in fac. Us s will hereafter ii Pri Veas they Are needed such posit on As Public convenience shall n Ianire and these selections ii Enol be made in most in St Iii Sun in the direction Given to l e internal Iii prove its of the slate Small he Inore completely developed. In the m Nin time Huw Evi a the inclination to by Lieng that what is most for severely than any other portion of Community. It affords gratification to state that he business of most of the branches has been so conducted As to have no direct influence in raising the Price of real property in their immediate Vicinity and it is believed that it has not been a leading motive at Najiy of them to effect this object and if for want of other customers too Many Loans have been heretofore made to speculators in land and town lots this evil will soon be corrected. Busi Iress paper More than can be discounted is now Ufa ered to several of the branches and at All of them a rapid Inci Case of business profitable to them and useful to the country May be perceived. If the r 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 depress Ion of either will not be seriously Felt either by the Bank or Community that such depreciation May take place and at no Distant period is not improbable. Produce for some years has borne High prices from various causes. A Large amount has been required for the accommodation of pm. Grants. The three last seasons have not been As productive As us Ual. The High prices of Coon the great amount of capital introduced into some of the states and the rapid improvements made there within a few years have occasioned an unusual demand for our products. The Price of Cotton is depreciating that of other property will probably follow and if Stich Harves s should be Here gathered As have been heretofore the prices May be As they have been or of their present rates. The rents and of course the Price of land must fall to the injury and per haps the ruin of such Asare indent and calculating to pay by the produce of the soil or an increase fits value. These fluctuations in prices May be greater than Ever heretofore if a Gen eral system of internal improvements be commenced in the state and nothing occur to Check the extravagant calculations that under such Circum. Tances May be indulged. The Bank May exercise an important influence in these matters by withholding its Aid in encouragement from All schemes Uncertain in their result and that Are adapted More for private advantage than Public Good and this will be of the More importance from he vast Field for business now opening around us into which Many will Rush without any experience of the Dill cuties to be encountered in the West. As the resources of the state Are improved or its capabilities ascertained there will be opportunities in the establishment of manufactories and the greater diversity of pursuits to insure More regularity in prices than has hereto fore existed. When experience has Shewn what will be the demand for an article the Over production and consequent reaction As to Price will in a measure Ccase. In the formation of the charter Fortis institution it could hardly be expected that no subsequent amendments should be necessary yet after the experience already had there is very Little which it is desirable to change. The machinery works Well and its construction is creditable to the null or. There arc however some restrictions which perhaps might be removed without endangering the Saf Ety of the Bank or the interests of the Public and further privileges it is believe i i Mij til be granted by Wlinich it will be the better Able to meet the new i mands constantly making upon it y a rapidly improving Community. In most parts of the stale there Are particular seasons of he year when he d Viand for a Pipit Ilia my h Gre tier and its much More Bene Micsa than at other times. More Means for the Purchase and exportation of produce Are required at the River branches during the autumn and Winter than they can Supply and in but the time required to Transfer the funds paid on new Orleans Pifie to the Eastern cities and the to Ages which arise from keeping funds to draw upon in new York and Liila Delphia will probably prevent nil arrangements of the contemplated. That Banks should be allowed to contract and expand their operations to some extent As the wants of Busic Ness May require must be a privilege of great value to lie Public. They can furnish Money for Short business transactions at a profit by expanding their circulation White individuals will not keep Money on hand for Tempora. By purposes. It is therefore respect fully suggested that the charter be so amended As to allow the branches under such restrictions As shall be proper to extend at least occasional Dis. Counts to a larger amount than twice their capital. An enlargement of the capital at some of the branches appears to be required at this time and will soon be needed at others. The individual deposits in All the branches for the last half year five been As follows at the close of each month Viz june. 272.987 42 july. 306,673 52 August. 322,370 30 september. 312,673 90 october. 323,407 94 november. 379,643 00 these amounts do not include the government deposits and Are larger in proportion to the capital than those of any country Banks in the u. States or than most of the City Banks. By the 109 h Section of the charter the state reserves the Power of investing its education and other funds in the Bank so As Quot to make them More productive Quot and by the Slot Section the Bank May Quot receive deposits on such terms and conditions As May be agreed upon Quot yet by the present charter the funds of the state not subscribed As Stork cannot be productive nor can the deposits As they Are now made be profitable to the depositors or an object of much consequence to the Bank. But if something like a Sav. Ings fund institution could be engrafted on the branches if they were in. Courage to pay a Small interest on deposits left for fixed periods and if these could be used in the Purchase of business paper or other Safe trans actions Many of the wants and necessities which our increasing business requires might be supplied by Means that Are now without use or Benefit. All experience is in favor of the Happy influence of savings Banks. They promote Economy and regularity they encourage to action and Industry and As the Fen Dancy of Money is to flow to places of business May not an Amend ment to the charter be devised in this respect that will add not less to the interest of the state than to the Comfort and Prosperity of individuals respectfully submitted on behalf of the directors of the state Bank. S. Merrill. A foreign capitals Ehi a Vita he. And cry was made against Tai by the president and his Organ id waft i. De that Job done these consistent people Are already urging the Neceski sity of obtaining the Aid of foreign capital Patriot. Extract of a letter to the editor Iab de ,, 835t Quot the Van Bure nites held a meet ing Here yesterday nov. 27, in the court House. of their orators while at the Acme of his declamation it broke Forth in tiie following eloquent Strain it would just be As easy for Van surento walk Over Gen. Harrison As for a Shad to cult an Apple tree Tail Formost parvo in Muu Tum Quot operations in he Rev Ial their interest Mut take place induces prese it on thu whole n state of numbers to calculate largely upon the Prosper ii with out sex i Ingle in Zinsli future growth of embryo towns that nations and rom inanity Circum tanned have nothing to recommend them but like our. w is on Vencrd the wishes of their proprietors. The n a most Lavoin ble a pid a alternate or Ovath and decay of we the Inte. Lor of the Sta c it will not belong until Loans cannot be supplied to the applicants in the Spring season a a it wish to Purchase Cuttle und hogs for the fall markets. In framing the Char tar this state of things was foreseen and was intended to be provi led Lor in the 98lh Sec lion which author miss one Urinch to loan to another for a definite time. Tiie of if unit in states b Ink Ern towns the to which which had Pri viou., Onali tuned our they been subject and the wide chief circulation was rapidly i sap i spread ruin frequently occasioned by earing and but for our Bank ils speculations in their property a a will place must been supplied by the a known and though not a few Niay per of in Al insult ions whip h could pro Iuit a Diller enl of things Here in ver have obtained general Roi i j after yet As a masons of Depreston and a ii if. Khosla e Wai fret from be dil Licky must come in will by found it , our Citina la it the residents of towns will in int. A Pizzi Nour Ngigi cultural inter Immier to Feci their etl Ccle n uth More and issues to be made he Cordingly the objections to or. Van Buren advancement to the i residency Are thus briefly summed up by a correspondent of the Washington Tele graph. First a total destitution of All the prominent qualifications of a statesman. Secondly a Low vulgar danger Ous and unprincipled system of Elco tii Neering which distinguishes his whole Public career. Thirdly that he is 4he pc indent a selected successor. Fourthly that the whole patronage of the Govan Imenit is most disgrace fully prostituted in Aid of his political advancement. Joii Ion i a . You Here old Ruepen nyva speaking of the existing pressure in the Money Market in new York he president s Globe holds the following language a to us it appears Clear that the great and increasing Commerce of n. Vork will require All the Active Cap tal Hud Bank of the place and that the Stock of Banks located in Distant states which Are now held there As Well Asho s Ocks in Many of their local enterprises must find Inver m5n 8 in foreign Crapim and a in til this is done As the Iudita tents will Coit tine to be called for As due the pressure which now exists will increase in severity dreadful calamity i if great loss of property in Jav. Yore the new York commercial of thursday evening says new York has been for fifteen hours in flames they Are not yet extinguished. A Large a action and that the oldest and most wealthy portion of the City is in ruins and whether the Progress of the destroyer is yet completely arrested we Capirot Tell. Since the conf i Gration of Moscow no calamity by fire so extensive and so dreadful has befallen any City in the Wold the tire broke out in merchant Street in it triangular Block formed by Wal William and Pearl 8 Rees at about nine o clock last night. A fierce wind was blowing from the Northwest and the weather so intensely cold As to Render the Effii edit working of the engines impossible. The consequence was thai the fire held the Mastery through the night spreading with great and destructive rapidity. It was an awful in by for new York and for the country. But we can neither describe the grandeur of the spectacle nor the desolation brought More distinctly to View by the morning Light. The Arm of Man was powerless Antl Many of ouf fellow citizens who retired to Ihei pillows in Hill hence were bankrupt on awaking. The fart of the powerlessness of the firemen from the alms St instant tank a Ous Cong Clation of the water and the be numbing influence of the cold increased he consternation which prevailed among the thousands of he a i aled Niue etude who were witness s of he Calami y a Many of hem doomed to stand and see the destruction of their own fortunes without being Able to lift a Finger for the Rescue. To arrest the flames was at once seen to be impossible save by the blowing up of ranges of building in Advance of the fire that its Progress might thus be interrupted. By the difficulty was to obtain powder none of Conss. Quence being allowed in the City. A sufi Clent Rupply therefore could not be obtained Short of the Navy Yard a whence also the mayor irs Obrlik ged to Send a Strong military Force to preserve property from he swarms of robbers who Are Ever ready on such occasions. What Romme Pitary upon the depravity of Manly such is the confusion that prevails and such the difficulty of working one s Way among he smoke and fire and heated ruins that it is impossible to detail particulars with any pretension to below we have Given the account prepared for the Mercan tile Adver Iser Ono of the two survive ing morning papers at the late Houf at which that paper was put to press the conflagration continued to extend for some hours afterwards. The Reader May form some opinion of the magic guide of he Calami a by he Fol. Lowing statement, consulting the Imp. After be had walked a round the ruins Lor the purpose of m deliberate Sui vey. South Side of Hal Street from will Iam Street to East River including he merchant s ex-.hangi�, excepting to Wmk three or four buildings Between merchant Street formerly Hanover and from Willu to Broad buildings Dot de troyed but ii ured a the rear. Kor hang sure ref both a ides hmm Broad treet crossing William in merchant Street he Garden St it Church was embraced in this Section Mart Karl strict formerly it no or both sides from Wall to Hant of Square. H Tiltom Farr both sides Wall a treat to Hanover Squire. Trom

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