Page 3 of 20 May 1842 Issue of Indianapolis Extra State Sentinel in Indianapolis, Indiana

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Indianapolis Extra State Sentinel (Newspaper) - May 20, 1842, Indianapolis, Indiana Resumption of specie payment. The Board of directors of the slate Bank of Indiana at their quarterly session last week fixed the Fly tenth Day of june next for the resumption of specie payment by All the branches. Rhode the suffrage and the British tory Legislatures have been in session. Several arrests have been ordered and made. No fighting As yet and if president Tyler forbears sending a portion of the standing army to commit hostile acts. Against the people we do not apprehend any. The people of that state can Settle their own affairs without the Aid of a hireling soldiery and the first movement by either the president s or Daniel Webster s orders will be the signal for the states to step in find defend one of their Sisters. It is said that War Rafits Are issued for the arrest of the people s governor 0orr, who has declared Hie intention of going to prison if arrested. Among others arrested is Dutee j. I Earce who has Given bail in Fiovo. We May have important movements to an Lounce in our of Bank swindling of. Correspondence of the state Sentinel. legislature of Connecticut Fon joint ballot has elected Chauncey f. Cleveland governor for the ensuing year. The votes stood Cleveland 139, Ellsworth 63. Majority 71. William Holabird was chosen lieutenant go Kronor having received 140 votes against 65 for Reuben Booth. Jabez l. White or. Was chosen treasurer and Noah a. Phelps Secretary each receiving 1.38 votes while the whig candidates received each 64. Quot Gideon Wells for treasurer received 26 votes Kilbourn 18, Blank 29. Quot tie message of governor Cleveland goes for discriminating duties in imports but insists that the amount of Revenue shall not exceed the exp lenses of government economically administered and the sums necessary for defence. He is in favor of a repeal of the land distribution Law. He commends to the attention of like legislature the banking institutions of the state a needing a tii Orough reformation. He is in favor of the abolition of capital punishment. State of Indiana is. Dwight we find in a new York paper the following particulars in relation to the above trial before the Superior court of new York. The will be seen has recovered a verdict As we noticed in our last. But it remains to be seen whether any thing More substantial is to be obtained. J Hose of our readers who remember the statements of gov. Noble last Winter will see that they do not exactly tally with the decision of the jury. We presume however that the whig papers will still contend that he was 7 ight and that the jury is wrong although the latter could have no political ends to Subserve and though in that Case the state would not be entitled to 48,000 dollars which the jury declares upon their oaths to be its due. Quot the King can do no wrong Quot and the credit of Noble must be saved even at the sacrifice of every Public Iii Ereat in the opinion of Ilia Adini Rera a Gen. Milton Stapp late fund commissioner of Indiana when in new York made the office of Danforth amp co., brokers Wall Street his place of business. They were indebted to the state for Slock which had been sold to them by one of the associates of general s., in calling for settlement of which led to the introduction. The general frequently left Bonds with them to be placed for Safe keeping in their office trunk and vault. On going West in the Spring of 1840, he left with or. , in the same Way 16 Bonds of $1000 each. It was internal improvement Stock dated in 1838, payable in 25 years and bearing interest at the rate of 5 per cent per annul. The Bonds were signed by Isaac Coe James Farrington and Caleb b. Smith eleven of them numbered As follows a 3795, 3796, 3808, 38 0, 3811, 3822, 3823, 3824, 3827, 3840, 3841. The numbers of the others the general in giving his testimony could not recollect. In july or August he returned and asked for the Stock but or. told him that it was not convenient just then to give it to him. The free Banks being at that time going into operation or. D. Asked him to loan him for a Short time a lot of Sterling Bonds so that he might Hypothecate and meet some Little inconvenience that existed. The general a lid 8oj and they were afterwards returned. Subsequently he left 30 More Honda of $1000 each in the hands of or. Pan Forth Quot to be taken Good care of these he also after if cards demanded but Quot they had been placed promiscuously Witzl other Stock in Possession of or. D. And unintentionally wed Quot Here was a ii. The general had left the office of fund commissioner and was anxious to Settle up and was bound to account for this $45,000 Worth of Stock in ally be took a Bond from Danforth with c. L. Coles Iai Security for the Feith Fui payment of the amount to the state of Indiana with penalty for non performance in the sum of $79,000. 1 his document however the state would not recognize contending that general Stapp had left the office of fund commissioner and was not Autho i receive it. The present action for Trover there fore is brought against Danforth to recover tie value of the face of the Bonds. Or. Benjamin f. Butler late attorney general of the United states and or. Josiah Howe were counsel on the part of the state Aind messes so Herwood and r. W. Town Send for defendant. The que action presented itself whether the Bond was valid Andes to cd fed Anterior operations and liabilities of All parties or the jury after a two Day s trial decided in the of gave giving a verdict in favor of plaintiff for $47,993.95. Case of the u. S. Bank meshes of the Law have proved too weak to hold those great scoundrels the officers of the late Bank of the United states and judge Barton has consequently discharged Biddle Cowperthwaite and Andrews charged with swindling and decided that there Vas not sufficient cause to require them to give bail. In the charge against Andrews and Cowperthwaite for not paying certain Loans judge Barton said that the Loans were obtained in the usual Way and the Security was Good at the time it was Given. The first charge against or. Biddle and or. Cowperthwaite was that they conspired to cheat and defraud the Bank by obtaining therefrom Large advances upon shipments of Cotton to Europe of the fortunate sales of which they retained the surplus proceeds or profits while the losses were sustained by the Bank. In relation to this the judge decided that the Bank had no interest in this Cotton that these advances were made to the parties Aslo Ordinary individuals that the transaction was open known to the officers of the Bank and within the reach of the knowledge of All the directors. That these operations in Cotton wer e rendered indispensable by the liabilities of the Bank in Europe and the failure of the directors to meet their foreign engagements that these operations were not Only lawful in themselves but eminently useful to tie Bank and originally profitable to it. The third and last charge was that All three conspired to cheat the Bank by taking Large sums of Noney and making an entry of it on the books. On this Point the judge decided that there was no evidence before the court of the misapplication of these sums by any person. The Only charge of fraud is that the application does not appear on the books but this is shown to be in accordance with the routine of business and general usages of the Bank always prescribed or sanctioned by the directors. In other words that the directors were As much swindlers As Biddle &c., and that they All cheated according to the Quot general usages of the Bank Quot and therefore Are not amenable to Lau. Some of the beauties of the big it die from looking Over the report made at the last annual meeting of Tho stockholders of Theu. 55. Bank we perceive that the Stock in the merchants Bank of new Orleans belonging to the u. S. Bank Cost $l,000,0u0, and was sold to or. Edward York of Jneva Orleans for $575,000 loss to the u. S. Bank by Liis Small business transaction $525,000. That the insurance Bank of Columbus Georgia owned by the u. Of. Bank Cost $534,000, and was sold for $540,000 loss to the u. S. Bank by this transaction $144,000 and that the contract Between the Bank of the u. S. And its associates in new York has been dissolved for which the Bank of the u. Paid $101,gis 60.�?the sum of $76,948 42 was also awarded the associates for the unexpired term of the lease of the banking House so that we tii Ink these associates must have derived More Benefit from the Bank than any other of her associates excepting Nick Biddle and his Index. Who Are the rascals 1 new York May 2,1842. Messes editors your paper of the 5th of april has been sent to me by a Friend. In it there is an article headed As above Quot who Arv. The rascals in that article you say Quot the new York Herald states that it is rumoured that there Are in circulation 250 Sterling Bonds of tie state of Indiana which Are duplicates of a similar amount held by the rothschilds of London which were exchanged and the recalled Bonds instead of being destroyed have it is said found their Way into the Market by surreptitious again you say that you Quot would enquire if or. Stapp can enlighten or. Stapp can assuredly enlighten the Crowers on this subject and will take great pleasure in doing in. 1 have already reported the fact to the legislature that 300 of double nos. Of bunds had got into circulation in 1836 before i was a fund commissioner and the reason Why they were Given out by the commissioners and How they came to be put in circulation. And i have also reported the fact that they were , and 294 of them returned to me leaving thu other 6 in the hands of Quot the rothschilds. And i have also stated that there were 489 Sterling Bonds hypothecated to Nelson Robinson and referred them to his receipts in the hands of or. Noble. One of the receipts is for the 294 Bonds above mentioned distinctly setting Forth their nos. And the object for which Tricy were hypothecated. These Bonds were left with or. Robinson As stated in the receipt for Safe keeping with tiie privilege of using them As an enlarged margin in carrying our \o3ins, if necessary. With a strict injunction however to keep them together so that when our Loans were paid that these identical Bonds might be returned to the slate to be destroyed. But in shifting our Loans Linese Bonds were used promiscuously with other Bonds in his Possession and when called upon to return them he could not return these identical Bonds altogether but returned others in their place. So that Bonds of the stale equal to the whole number of the 294 Bonds have been returned by or. Robinson to the state. The Quot tax payers Quot therefore will not have to pay for any Bonds Quot surreptitious of put out by me. 1 now repeat As i have often done before that All the Bonds that have Ever been issued and put into my Possession Are accounted for in my report to the last legislature. And 1 have also to state further that i have now in my Possession the account of the engravers for All the Bonds that were engraved and delivered to me and i will at a proper time account by proof of the honest though unfortunate use of All of them. In other words Seitle my Blank Bond account. Can any other fund commissioner do Tajc Public. Debt. Martin Van Baren became president in March 1837. Two months afterwards came a general suspension of the Hanks and general embarrassment. Under his administration the Public expend Slurf was reduced every Yafar below the previous one so time although the Public Revenue fell to Only about half the amount it had attained under his predecessor or. Van Buren retired from Power and left Only $5,431,221 Treasury notes outstanding. At the same rate of reduction in , the government would in 1842 have been entirely exempt even from temporary debt. Such was the operation of Van Buren extravagance. But with two Short years of whig retrenchment and Economy it is now of facially announced that the Public debt will amount to about Twenty millions. People of the West a of Ohio Kentucky Indiana Illinois and Missouri Eye who number nearly four millions of people a nearly one fourth of All the Union what portion of this Twenty millions has been a Pended within your Borders or for your Benefit. A majority of you assisted to place this whig parly in Power. Behold your Reward. Yours was the District of country most distressed. Yet your portion of the Twenty millions is devoted to expenditures on the sea Board where wealth has already erected her palaces and riots in . A Large amount of this Money has been appropriated to the military department. Yet the National Road through All these states and leading to the Frontier has been permitted to lie unfinished and in Roin. The Public lands have been devoted to the states and yet the great thoroughfare to this Domain has been permitted to continue impassable to the Emigrant. But this is not All. Heretofore you have been compelled to contribute your proportion Only to that fund which was expended for the Benefit of others. Now you Are called on to do More. It is proposed that under the form of a Tariff you should Supply not Only your quota to the extravagant demands of the Public Treasury but you must pay an extra Price for the commodities you Purchase in order to find the labourer of Eastern cities with employment at the expense of your own a and in order to induce the population of that Section to remain there rather than emigrate with their wealth to your own Rich Region become the purchaser of your lands and increase your Prosperity by the accession of their wealth and your political Power by the addition of their . Enquired. Beauties of the banking what we can learn the planters of Louisiana Are taking some lessons on the banking system that they will not forget in a hurry. For instance a Small sugar planter on the Jiayou Lafourche came to this City about two months ago with his crop of sugar which he sold for $2,100, and took in payment notes on the Exchange Ami other insolvent Banks. March came round the planter had debts to pay and like an honest Man called on the holders of his notes when to they refused to receive now messes. Editors 1 have endeavoured to live such a life As would ensure to me the name of an honest Man when 1 come to die. But about the time i am old enough to leave the world i happened to have charge of the finances of the state in one of the most trying times in moneyed operations that was Ever witnessed in the world. In this inauspicious time the Besom of destruction has passed Over the Laad and with a a chaotic Power swept away property Money and character. With Many others As the financial officer of the state i became involved in the storm. But knowing that i had acted honestly and in Good Faith in All these mat lers i am mortified at the charges and insinuations made against me and have been struggling with a laudable Zeal to Rescue my character from them. In this struggle i am opposed and pursued with relentless hands. I lie shafts Liy around me from every direction. My position is food for my ene Miet and they use ii. The ambitious men of my own party think to ride into popular favor by abusing me. And the editors of Public journals catch Ai rumours in the passing Breeze out of which i to Mould insinuations of corrupt ads fur political Cifeca. Under All these circumstances May i not ask emphatically ask who Are the rascals i note that you Hope Quot the Federal whigs will not have the impudence to shove their old fund com us the states individuals continue to Prate about the u. S. Bank that know but Little about it. It seems to have been entirely forgotten that on the 16lh Day of january. 1819, a committee of Congress after examining into the condition of the Bank reported that she had violated her charter in four particulars and that or. Spencer chairman of the committee offered a Resolution to cause a Scire facial to be sued out against the Bank for the forfeiture of the charter unless she would consent to certain amendments of her act of incur oration. Or. Trimble of ky., offered a Resolution to cause a Scive facial to be issued immediately and unconditionally for the forfeiture and or. Johnson offered a Besoiu Triin to repeal the charter. About the same period. Presidents Tyler and Harrison both spoke and acted this Bank and so far As we know never changed their minds in relation to this corporation. And complaints in Congress Are not nil but it Vas and More general out of Congress. We offer to show against a reputable citizen of our fellow editor that there was a period under the reign of this Bank Vohen the Community were More severely pressed than it is now under the reign of whig Gerys and that More banking institutions went into operation during one year of its existence than Ever has since in the same length of time in pro portion to the population and Liis too at a period prior to Gen. Jackson being a candidate for the presidency. What do you say col. Burns a will you admit or deny 1�?eckels. number of Indian warriors now in Florida is is opposed not to exceed 90, the whigs Fidd it to be impossible to con i it or that 8��m�l nimber they had better try to Htoo bog pro irises of two dollars a Day Tad to St beef his creditors to wait. Another instance and we have done for the present. On either hand of the Bayou Lafourche but some distance from navigable streams there Are settlements on patches of High land called Burns or brutes whose proprietors Are generally speaking people of such Small Means As to be unable to set up a Cotton Gia. These people sell their Cotton in the seed to their wealthier neighbors on the Bayou. About seven or eight weeks ago the owner of one of those Cotton gins or Mills arrived in new Orleans where he made heavy sales of Cotton thus procured for which he received in payment eighteen or Twenty thousand dollars of what was then current Money in ther words banknotes now woth Little or nothing. Returned Horne the brutes planters received their pay in sums varying from fifty to five Hundred dollars nominally. Now those poor people cannot buy a barrel of flour or a Bam or two of Bacon with the product of a Bale of Cotton. Whole families of industrious Well intended natives of Louisiana Are destined to suffer All manner of privations during a Twelvemonth and wherefore 1 because some score or two of men in this City have aimed at amassing colossal fortunes by the privileges of . O. Courier March 11. The last War with great Britain was brought to a successful termination without a National Bank and that too when the influence of one half of the capitalists was against the government and the whole of the banking institutions of new England under the guidance of Daniel Webster and his associates were in direct hostility to or. Madison and the War. If the old Bank of the u. S. Had been renewed in 1811, its inf Tience would have been against the govern tent and this added to the powerful of Forte of the getters up of the Hartford convention at this critical juncture might have Quot upset the gov Fer trient Quot to use the expression of or. Jefferson respect Iii Wihib mighty engine of corrupt Iott in the Haiku a of the aristocracy. Bank paper and the planter returned to the City for a sound currency something thut his creditors will missioners on to the democratic party As they do accept of. What follows ? Why his $2,l�� will their thieves Quot As also the confession you make not yield him $601� and after All his loss of time i which we have Long known that you have Quot sins and travelling expenses he has to go Home and beg enough of your own to Bear without taking their a car gentlemen to our your now gentlemen so far As i am concerned you need have no fears of my being Quot shoved Quot or going Over to the democratic party for i am already a Democrat and have been Ever since col. Dick and i killed cecum the but not of your school. There Are no allurements for me in modern democracy hut old fashioned democracy is the very soul of my ambition. The signs of the times Are auspicious however to a return to Good old democratic principles. Your party Are fast falling in love with a protective Tariff but Are unwilling to support it under that name but will assist in getting the substance of what we want under another name a Tariff for Revenue. Go one step further which i think you will do and assist us in getting a Good Sale sound circulating medium on a specie basis which will pass throughout the United slates Nota United slates Bank for that name has become odious but any other name you please so we get the thing and then 1 will acknowledge you to be in our ranks not Quot shoved Quot Over but willingly come Over and though you have Many sins to answer for i will not object to your reception but will allow the honest straight Forward course of your party in most of their acts at the last sea Sioa of the legislature to absolve you from past sins. And if you will Lay aside party for the Sake of men and go in for party for the Sake of principle you honesty will be rewarded wit i a country s gratification. I need not ask you injustice to pie to publish this letter j that of Coure Eyou will do and 1 Hope other papers in the state will copy it. Very respectfully Milton Stapp. Fri a i8 a Bank there is a fed , just of aft pro a Crown a towed. Mcton. V. In Monroe s time federalism like the River Nile buried itself in the Sand and lost itself in the great mass but like that same River it arose to the surface again in the East and poisoned the atmosphere of new England with its Green and Slimy Waters. We have seen the secret enemy of our country and of her institutions again in Power polluting the streams of Justice by annihilating the rights of the citizen a Rich inheritance secured by a written constitutions the Freedom of opinion. Once in Twenty years of Federal misrule is sufficient for a reasoning people. We a amp a. Now take care of ourselves without Federal advice and sail our frigate without a Webster for a helmsman or a Southard for the officer of the deck. The Era of Good feelings will never come while democrats Are proscribed and precluded from office and while the patronage of the executive who should be the people s choices is distributed solely among the whigs. We have marked Twu office holders for removal when our party come into Power and our charge against them is As follows they have Given affidavits against democrats for the purpose of affecting their removal from Obice on the ground that they a Ere friends to the democracy a the majority of the american people and bad the Naan lines to avow it Index. A Nolle pro Sequi has been entered in the Case of the a a Skinner Littely a Teller in the trader Frank of Boston. When resumption throughout the Union shall have become perfected and the currency reduced to a specie a Landard As is now the Case nearly in new York and Pennsylvania a regular and steady improvement in business May be looked for based upon a specie currency and actual wealth. The be Nance of the Federal government Rausi be brought Down to a Corres Oft with such a state of Hinga. Thisa Trade will be in Good credit . Without danger of a Bidden i Juse. Kendalos Democrat in an article announcing or. Clays resignation of his seat in the Senate Days Quot a Quot if in truth he would confine himself to his a private affairs Quot our country might now Hope for repose. For Long Long years he has been its disturber As the ally of selfish interests and a corrupt Bank a the Fabricator of systems and the author of Quot compromises Quot made to be disregarded when the few who live by the labor of the Many feel theras Elved Strong enough to break their Faith wit a impunity. We look upon the retiring statesman a. We do upon a retiring Tornado which leaves desolation in Ita track Iod Send that a change of wind May not bring it Back again to destroy All that position or a extraordinary vigor May have saved Iti fury governor Seward of new York has ibs oed his i proclamation offering too Reward for the conviction of certain persons who have Unla tally and forcibly Reed cited the civil Aubo Itkes Iii Schoharie i county in Trio exe edition of Lel process by to a Moltu Ous bodies of disguise Aad armed men. 4 a a Tiliti

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