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stallments to be so graduated that not less than one hundred thou-
sand dollars shall be required to be paid into each Branch, on or
before ihe first day of January, 1857.

The Directors of the Bank at their July session, 1856, adop-ted
a resolution recommending a call by the Branches upon their res-
pective stockholders, of the entire amount due on their subscrip-
tions, to be paid in coin or Eastern Exchange, by the first of De-
cember next.

The undersigned is happy to state that there is good reason to
expect that the requirements of the Charter, and the recommenda-
tions of the State Board, will be promptly responded to by the
Branches, and that as early at least as the first of January next,
the Bank will have an aggregate capital in coin, or its equivalent,
of little less than $1,800,000 to commence its operations with.



416

On the first of January, 1S57, the State Bank closes its career
of active business. No banking institution in the country has se-
cured to a greater extent, the confidence of the public ; and few,
if any, have been more prudently managed than the State Bank of
Indiana. The General Assembly, in view of the fact that the
Charter of this Bank would expire before another Legislature
would assemble, and to prevent that crisis in the monetary affairs
of the State, and the depreciation of property which would, inevi-
tably result from the winding up of a bank with some six millions
of discounts and four millions of circulation, unless another were cre-
ated to succeed it, wisely chartered the Bank of the State of In-
diana.

The Charter of the new Bank is similar, in its leading features,
to that of the State Bank. The principal difference between them
is, that the State owns no stock in the new Bank, and its stock-
holders are under a heavier personal liability than are those of the
old one. As was true of the State Bank, the stock of the Bank of
the State is chiefly owned by citizens of Indiana, of unquestiona-
ble integrity and responsibility, whose characters are a sufficient
guaranty that its affairs will be safely and honestly administered.
They are neither adventurers nor speculators. Many of them
have been connected for years with the State Bank, and claim a
share of the credit which is justly due to the managers of that Insti-
tution. They understand the responsibility they have assumed,
and thev will be faithful to the trust. They have in good faith in-
vested their capital in a legally incorporated Bank, and they have
no reason to apprehend that their rights and interests, as stock-
holders, will be interfered with by the Legislature or the courts,
as long as no material provision of the Charter is violated, and the
liabilities of the Branches are promptly and honorably met. They
have no right, perhaps, to expect, either for themselves or the
Bank, an exemption from attacks prompted by personal malice,
or from the opposition of those who honestly doubt the necessity
for the existence of such an institution; but they feel confident in
their ability so to manage the affairs of the Bank, as to render
harmless all such attacks, disarm honest opposition, and gain for it,
ultimately, the confidence of all fair and honorable men.

Except among the few who still cling to an exploded delusion, a
purely metalic currency in a country like ours is an obsolete idea.
Nearly every State in . the Union has authorized some kind of
Banking Institutions, and it cannot be denied that those States,
whose people are the richest, whose industry is the most active
and productive, and whose financial affairs are in the most prosper-
ous condition, have encouraged to the greatest degree, by wise
and permanent legislation, investments of capital in banking.
Many States derive large revenue from the circulation of the notes
of their banks out of their own boundaries.

Bank notes constitute, and are likely to constitute for years to
come, a large portion of the circulating medium of the country,



417

and those States that tail to provide by proper legislation for banks
of their own, must pay a tribute to other States for a circulation
which they cannot control, and which will frequently prove to be
worthless.

The people of Indiana understand fully the importance of this
question. More than twenty years ago they tried the experiment
of a Bank with Branches, and so well are they satisfied with the
result of this experiment, that they have determined that it shall
be continued.

The Bank of the State commences business, in many respects,
with fairer prospects of success, than did the State Bank. The
very largely developed resources of the State give to it a safer
field for its operations. The officers of the Branches have, gen-
erally, a good deal of experience in banking, while the increased
liability of its stockholders will stimulate a watchfulness on their
part, of its affairs, which, by securing its solvency, cannot fail to
command for it in the largest manner, the confidence of the peo-
ple.

The fact that the Branches are mutually responsible for the debts
of each other, and that the stockholders are liable for an amount.
equal to their stock, in addition to it, has necessarily placed the
stock of the Branches in a few hands. It would be idle to expect,
that men fit to be trusted with the management of banks, would
become shareholders in an institution like this, without being able
to select their associates. The liability of the stockholders, has
for the present, limited their number. This objection to the Bank,
if it be one, will be of short duration. The capital of the Bank,
should it be successful in its operations, will from time to time be
increased, as the wants of the people may render such an increase
necessary, and its stock can be obtained at its value, whatever that
may be, by all who are willing to assume the liability of stockhold-
ers, and have confidence in those with whom they will thus be-
come associated.

In order that the General Assembly may understand the condi-
tion of the Bank when it commences its operations, the Cashier
will accompany this Report with a statement of its affairs on the
*2d of January, 1S57.

Bv order of the Board of Directors.

H. McCULLOCH, President.



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OFFICERS AND COMPENSATION.



OFFICERS OF THE BANK.

Hugh McCulloch, President, $4,000 per annum.
James M. Ray, Cashier, $2,000 per annum.

BRANCHES,

• LIMA.

John B. Howe, President.
Thomas S. Beals, Cashier.

LA PORTE.

David G Rose, President.
Samuel Burson, Cashier.

PLYMOUTH.

William J. Walker, President.
H. P. Holbrook, Cashier.

SOUTH BEND.

John Brownfield, President.
Horatio Chapin, Cashier.

FORT WAYNE.

Hugh McCulloch, President.
Charles D. Bond, Cashier.



422



LAFAYETTE.



Moses Fowler, President:

J. C. Brockenbrough, Cashier,



LOGANSPORT.



William W. Haney, President.
James Cheney, Cashier.



INDIANATOLIS.



George Tousey, President.
C. S. Stevenson, Cashier.



RICHMOND.



Robert Morrison, President.
Charles F. Coffin, Cashier.



CONNERSYILLI



M. Helm, President.
Edward F. Claypool, Cashier.



RUSIIYILLE.



George Hibben, President.
Wm. C. McReynolds, Cashier.



MADISON.



J. Marsh, President.
R. J. Bright, Cashier.



JEFFERSON VILLK.



James Montgomery, President.
George F. Savitz, Acting Cashier



NEW ALBANY.



Jesse J. Brown, President.
V. A. Pepin, Cashier.



423

BEDFORD.

N. F. Malott, Cashier.

VINCENNES.

John Ross, President.
J. F. Bayard, Cashier.

1

TERRE HAUTE.

J. P. Usher, President.
Preston Hussey, Cashier.

MUNCIE.

John Marsh, President.
John W. Burson, Cashier.

LAWRENCEBURGII.

Elzey G. Burkam, President.
Henry K. Hobbs, Cashier.



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REPORTS OF BRANCHES.



BRANCH AT LIMA.

John B. Howe, President. Thomas S. Beals, Cashier.

r>R. I cr.

I'o amount of available funds on By amount of available funds on
band 54,000 00 I hand .84,000 00

BRANCH AT LAPORTE.

David G. Rose, President. Samuel Burson. Cashier.

dr. , CR .

o amount uf funds on hand, In j By amount of capital stock paid in 84 (too 00

, c ° ln $570 65 By interest received ooq 10

o amount of funds on hand, in

currency 3,305 00

"o amount of expenses paid 353 45



$4,229 10 I 84 229 10

BRANCH AT PLYMOUTH.
William J. Walker, President. H. P. Holbrook, Cashier.



DR.
o amount of capital stock paid
»» $4,000 00



OR.

By current expenses .$320 85

By amount in hands of custodians 3,673 15



$4,000 00 I $4,000 00

BRANCH AT SOUTH BEND.
John Brownfield, President. Horatio Chapin, Cashier.



DR.

current expenses, balance 8225 95

silver 05

} 5°W 3,774 00



$4,000 00

1 D. J.— 31.



OR.
By capital stock paid in S40O0 06



$4,000 GO



4-28



BRANCH AT FORT WAYNE.
Hugh McCullougii, President. Charles D. Bond, Cashier.



DR.

To current expenses • $391 -3

To amount deposited with branch

bank at Fort Wayne and ex-

change on New \ oik ■', »-" a ~

$4,22.1 35



CR.

By capital slock pnid in £4.000 1 1

By interest *** 4



£4,223



BRANCH AT LAFAYETTE. »

Moses Fowler, President. J. C. Brockenbougii, Cashier, i



DR.



CK.



To gold and silver



.$4, COO 00



By capital stock paid in $4,01*



BRANCH AT LOGANSPORT.
William W. Hanky, President. James Cheney, Cashier.



Ml



CR.



', aa r.nu on Debts due from other banks

Vo available funds on hand 34,BOU UU (



$-1,000;



BRANCH AT INDIANAPOLIS.

C. S. Stevenson, Cashier.!



George Todsey, President.

DR.

. sncs oo

To expenses paid J^ m

Gold on hand _J

|4,000 00



CR.

By capital stock paid in



MM

I

-.4,0(1 .J



BRANCH AT RICHMOND.
Robert Morrison, President. Charles F. Coffin, Cashiei



DR.



To cash

1'a expense account



83,435 4-2

6(55 58

$1.1.00 00



CK.
By capital stock paid in S 1 .'"

~94 jim



BRANCH AT OONNERSVILLF.



M. Helm, President.

DR.

SSS d"pMlV^" in Fayette Coun-

ty bank



Edward F. Claypool, Cashie



$275 00

3,725 CO

§4.000 CO



CR.



To amount of capital slock paid in 81." '"



4*29

BRANCH AT RUSIIVILLE.
George Hidden, President. ¥m. 0. McKetnolds, Cashier.

DR. CR.

To am'l or available funds on hand §4,000 00 | By amount of capital stock paid in $4 000 00

BRANCH AT MADISON.



J. Marsh, President.



R. J. Bright, Cashier.



dr. cr.

To cash in hands of the President. . $4,000 00 j By amount of capital stock paid in 84.000 00



BRANCH AT JEFFERSONYILLE.

J. Montgomery. President. Geo. F. Savitz, acting Cashier.
dr. cr.

To &m"t of available funds on hand $ 1 ,5j5 26 I By amount of capital stock paid in . $4,5.» 2ti



BRANCH AT NEW ALBANY.
Jesse J. Brown, President. V. A. Pepin, Cashier.



DR.



CR.



Toi-oin .14,000 00 I By capital stock paid in £.4,000 00

BRANCH AT BEDFORD.

N. F. Malott, Cashier.



dr.

To go'd deposited with the Bank of
Salem $3,218 05



CR.

By capital stock paid in.



$3,218 05



BRANCH AT VINCENNES.



John Ross, President.
dr.

To Vincennes Branch of State Bank $13,017 ?5
To Ohio Life Insurance and Trust

Co., Cincinnati 11,200 00

To B >es, Wittenberger & Co , St.

Louis 2,480 00

To Winslow, Lanier & Co., New

York I,fi00 00

To expenses 3G2 G>

To profit and loss K'O 00

To cash on hand 320 00

$29,GS0 00



J. F. Bayard, Cashier.

CR.

By capital stock paid in S29.0SO 00



*29,C80 00



\



430

BRANCH AT TERRE HAUTE.

J . P. Usher, President. Preston Hussey, Cashier.



DR.
To amount paid for expenses, <fcc. . 8286 65
Tn cash on hand 3,713 35



CR.

By capital stock paid in S4,000 00



$4,000 00 : S4 000 n



BRANCH AT MUNCIE.



John Marsh, President. John W. Burson, Cashier.

DR. cr.

To amount of available funds on | By capital stock paid in $31.048 00

hand S871 00 j

Value of real estate used for bank-
ing purposes 4,000 00 I

Sight exchange on New York 25,648 00

Amount of expenses 529 00

.431,048 00 S31.04S 00



BRANCH AT LAWRENCEBURGH.
Elzey G. Burkam, President. Henry K. IIobbs, Cashier.

DR. CR.

To capita) stock paid up §72,020 00 | By amount on deposit with E. G.

Burkam & Co., Bankers Cin'ti.. $72,620 00 .



I



Doc. No. 11.]



[Part I.



FIFTH ANNUAL REPORT



OF



THE SUPERINTENDENT



OF



D UBLIC INSTRUCTION,



FOR THE



STATE OF INDIANA.



PRESENTED TO THE GENERAL ASSEMBLY, JAN. 28, 1857.



INDIANAPOLIS:

JOSEPH J. BINGHAM, STATE PRINTER.



1857.



1D.J.— 32.



STATE BOARD OF EDUCATIOX.



CALEB MILLS, Superintendent, Pres't.

Hon. ASHBEL P. WILLARD, Governor.

DANIEL McCLURE, Secretary of State.

JOHN W. DODD, Auditor of State.

WILLIAM R. NOFFSINGER, Treasurer of State.

JOSEPH E. McDONALD, Attorney General.



REPORT.



To the General Assembly

of the State of Indiana :

Among the varied duties assigned the Superintendent of Public
Instruction, the 116th section of the revised school law, specifies
the following, " He shall present an annual report, containing a
brief exhibit of his labors, the result of his experience and observa-
tion, noticing any imperfection in the operation of the system, and
suggest the appropriate correction." The field thus summarily
commended to his exploration and report, is certainly one of
ample extent, and abounding with materials of a very suggestive
type. In the execution of a commission so comprehensive in its
character, so important in its bearings, and so permanent in its re-
sults, it will be readily seen that the duty imposed not only admits,
but even authorises and demands the introduction and discussion
of a wide range of topics, and also justifies a latitude and freedom
of remark of ample scope and character.

Before entering on the work of a special detail of the labor per-
formed, the workings of our educational system, the modifications
and supplementary provisions, that experience would suggest, it
may not be inappropriate to remark, that the signs of progress are
both manifest, indubitable and of a most cheering aspect. If any
skepticism on this point exists, a comparison of the educational
condition of our commonwealth in eighteen hundred and forty-six,
with that of eighteen hundred fifty-six, will be sufficient to disi-
pate all doubts and uncertainty in the premises. Within this
decade a new constitution has been adopted, whose educational
features, at least, are more in sympathy with the spirit of the age,
than those of its venerable predecessor, more in accordance with
the genius of our institutions, and the developments of experience,
and more in harmony with the great fundamental principles that
underlie and support our fabric of self government. A glance at
'fie educational position and progress of the State, anterior to the
aforesaid decade, may not be without its significance and aid in



440

the adjustment of the question of real and substantial advance-
ment.

At the beginning of that period there was no general provision
for tuition beyond the income of the school funds, which, at the
best, was but the merest pittance. This modicum was the only
annual monetary exponent of the educational interest of the State
as a commonwealth, the sole pecuniary provision she had made
for so noble a purpose, so philanthropic and patriotic an enterprise.
All else, depended on individual generosity and personal zeal.
There was no equitable and efficient local method of erecting
school houses, and making those structures what they ought to be,
a comfort to youth and an ornament to their respective localities.
Advancement in that direction depended on private enterprise,
taste, and liberality. Township libraries had no existence. There
was no State Teacher's Association, for self-improvement and
general professional development, nor educational periodical to
record the results of the past, or herald current progress in this
department. There was no wise and adequate supervision of
the educational interests of either township, county, or common-
wealth.

It is not claimed that all the above specified negatives of the
former period, have been converted into efficient and adequate
realities, within the brief period that has elapsed since the revision
of our fundamental law. Though much remains to be done, yet
it is a matter of rejoicing and cheering hope, that a commence-
ment of a thorough character and in the right direction has been
made. Under the auspices of our new constitution, an era, more
significant of the spirit of progress, has been inaugurated. The
great and noble principle, that the State, in her sovereign capacity
and maternal character, will furnish the means for the education
of her .youth, irrespective of corporation lines, has been wisely
imbeded in the very centre of that fundamental law. It is a source
of no slight gratification to know that this element of intellectual
growth, this instrument of mental and moral development, is not
at the mercy of ignorance, nor subject to the caprice of prejudice
and selfishness. It has been happily placed as far beyond their
reach and above their control, as constitutional guardianship could
place it. On all the points above indicated, progress has been
realised and results reached, directly or indirectly, that justify the
most sanguine hopes. What these elements are, the character
and extent of their incorporation into our educational system, will
be more fully developed and discussed in a subsequent part of this
report.

It may be proper to state, in the outset, that the Superintendent
has visited every county seat in the commonwealth, and addressed
his fellow citizens on the subject of "our school code, its principles
and results." In that discussion, it was intended to present a full
and candid exhibit of its merits and deficiencies, to demonstrate
the reality of the former, and suggest the appropriate remedy for



441

the latter. With what success that mission was executed, it does
not become him to indicate. The programme of exercises, con-
nected with that tour of county visitation, will disclose, at least,
the extent of the labor and the character of the purpose that
prompted it. The county auditors were requested to notify the
township trustees, that the Superintendent wished to meet them,
on a given day, at the court house, and have an interview with
them for one or two hours in the forenoon, address them and their
fellow citizens at large in the afternoon, and the youth at night.
The aforesaid programme indicates the nature and extent of the
labor performed in most of the counties. In a few counties, cir-
cumstances modified the order and curtailed the extent of the
above exhibit, compelling the substitution of the lecture to youth
for the speech, and visa versa. From this expose it will be evi-
dent that it is not the Superintendent's fault if he has not ad-
dressed crowds of citizens in every county in the State, on a theme
second to no other in its social, moral, and political bearings; if he
has not also seen every one of the trustees of our nine hundred
and forty townships, and spent an hour or more in familiar confer-
ence with those two thousand eight hundred and twenty function-
aries, charged with the supervision of the educational interests of
their respective corporations. The response which this invitation
received from the township boards was various, indicative, in some
instances, of a zeal and devotion of the most commendable cha-
racter; in others, of a negligence and apathy of the most unques-
tioned type. The facts were too manifest and the case too palpable
to admit of any other construction in some instances. In several
cases the attendance was materially affected by circumstances that
forbid it being regarded as the true index of their educational zeal.
In two instances the communications failed to reach the auditors,
and in both cases those officers, when apprised of the failure, did
all in their power to remedy the deficiency of timely notice. Two
auditors unfortunately mislaid or forgot the communication, and
consequently failed to notify the trustees of the contemplated
meeting. In several other counties, from the brevity of -the period
between the reception of the notice by the auditor and the time
appointed for the interview, intelligence of it did not reach all the
trustees in season to admit of their attendance. In four counties,
Union, Switzerland, Monroe, and Hendricks, every township was
represented. Of these, Monroe furnished the largest deputation.
The method adopted by her auditor was both unique and original,
and it suggests the propriety of statutory provision, beyond a sim-
ple invitation, to secure the attendance of trustees at these county
visitations. Why require the Superintendent to visit every county
in the State, and hold him recreant to his duty if he fail to do it, and
leave it to the convenience, inclination, or caprice of the town-
ship boards to determine whether they will favor him with their
presence? The impulsive power of a subpoena would not injure
the feelings nor persons of the staunch friends of education, but it



442

might be of great service to quicken the zeal of such of .the trus-
teeship as have the reputation of being feeble in the faith. Its
benefits would not be confined to this class of officers merely, but
even others might feel its reflective influence, and find it an admir-
able prescription for treacherous memories and sluggish move-
ments.

It is obvious that such interviews of the Superintendent with
the township trustees must be productive of the happiest results.
Their tendency would be to bring these functionaries into a more
cordial sympathy with each other, as well as furnish the former an
opportunity to impart much valuable information to the latter,
solve their doubts, quicken their flagging zeal, cheer their dispond-
ing spirits, and awaken fresh enthusiasm in this arm of the
educational corps. Such an official interchange of thought and
comparison of experience on the part of the trustees would not
only give the Superintendent an insight into the real workings of
the system, and bring to light latent defects which might otherwise
escape his notice and elude his search, but it would also sharpen
the intellectual perception, strengthen the moral courage, and im-
part new life and vigor to the subsequent action of these township
authorities themselves. Such has been the result of the last year's
experience, to a greater or less extent, to both trustees and Super-
intendent, notwithstanding the many disadvantages under which
that experience has been reached. It is also evident that these in-
terviews must prove a rich and reliable source of information to
all who wish to ascertain the real character of our educational system,
its legitimate workings and ultimate results. A careful study of
our code from this stand point will dissipate many doubts and ob-
jections which have their origin in the surmisings of ignorance, the
conjectures of prejudice, or imaginings of selfishness.

The sole aim and purpose of the suggestions that may follow,
will be to introduce nothing, that does not either rest on the firm and
immutable basis of experience, or can be demonstrated to be a
legitimate sequence, or a natural concomitant of the principles
underlying our school code. Fancy should not usurp the place of
fact, nor speculation assume the authority of experience in educa-
tional matters. Theory, that has no correspondence with reality,
may justly be discarded, but it is no mark of wisdom, no evidence
of sagacity, no proof of progress, to reject that as idle theory, or
visionary speculation, which elsewhere, under similar circum-
stances, has become a sober fact, a blessed reality. The croaking?
of ignorance, the carpings of prejudice, the sneers of self conceit
and the anathemas of inflated arrogance are harmless missile?.
While they may provoke a smile and awaken pity, they also illus-



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