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INDIANA UNIVERSITY STUDIES 



permanent deposit of 175,000, the surplus to be transferred to the 

 Bank of the United States. 



On the 22d of April, the board of directors of the Bank de- 

 cided on a list of banks whose notes it would receive as cash:^' 

 namely, the Bank of Vincennes and the branch at Vevay, the 

 Bank of Missouri, the Bank of Illinois at Shawneetown, the Bank 

 of Kentucky and its branches at Louioviile, Shelbyville, and Lex- 

 ington, the Farmers and ]Mechanics' Bank of Lexington, the banks 

 of the District of Columbia, the banks of New York, Philadelphia, 

 and Baltimore, the State Bank of Virginia and its branches, the 

 Farmers' Bank of Virginia and its branches, the state banks of 

 North Carohna, South Carohna, and Georgia, the Bank of the 

 City of New Orleans, the Bank of Nachez, and the Bank of the 

 United States and its branches; and on April 29, all the branches 

 of the State Bank of Kentucky were added. May 6, 1819, the 

 Bank of Vincennes again became a depository bank. 



The first deposit under the new arrangement was made in 

 April 1819, the last in June 1820. During this time, the sum of 

 $295,325.77 was deposited and $77,062.87 paid over to the Bank of 

 the United States. On the 7th of July, 1820, Crawford wrote the 

 Bank complaining of its total failure to pay his drafts and notify- 

 ing it that unless all drafts against it were met and all its surplus 

 money turned over within 40 days no further deposits would be 

 made. The receiver was notified not to accept its notes or make 

 deposits in the meantime. The Bank was unable to meet this de- 

 mand and did not receive any more deposits. Under David Brown, 

 who became president March 7, 1821, an effort was made to pay the 

 United States deposit; and the sum of $30,000, all that could be 

 scraped together, was sent to the branch at Louisville. On the 

 reputation of this payment President Brown tried to get a con- 

 tinuance of deposits, but failed. The notes of the Bank were re- 

 ceived as cash, however, up to the summer of 1820 



Semiannual dividends of eight per cent on all stocks were paid in 

 1819; the first was declared by the directors in June, the second, 

 December 18. The notes of the parent Bank were accepted at 

 the United States land office at- this time and were in circulation 

 in the State. But opposition was gradually gaining force and 

 assuming definition at home as well as abroad. It was charged 

 that the Bank, through the aid of the Governor, had secured a 



«' Am. Sta. Pa., Fin., III. 736. 



» Am. Sia. Pa., Fin., Ill, 737; ibid, IV. 747.' 



»» Western Sun, October 7, 1820. Am. Sta. Pa., Fin., Ill, 746. 



*" Centinel, June 5 and December 18. 



