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INDIANA UNIVERSITY STUDIES 



made arrangements for the loan to the "Steam Mill". Lane de- 

 nied all knowledge of, or consent to, the deal.^^ At any rate, the 

 parent Bank was notified that its custom of issuing notes on the 

 Corydon branch must cease. That branch at once began to reduce 

 its circulation. 



The legislature either could not or would not help the situation. 

 In January, 1821, it elected Abijah Bayless, Benjamin V. Beckes, 

 and Marston G. Clark, directors on the part of the state. A 

 committee composed of Enoch D. John of Franklin County, E. 

 Powell of Dearborn, Joseph Holman of Wayne, Samuel Merrill of 

 Switzerland, and Charles I. Battell of Posey, spent the time of 

 the session in the investigation of banks, but no report was given. 

 The legislature passed an act placing a five per cent tax on irredeem- 

 able currency. A bill making it a crime to falsify bank records 

 failed. A bill to prohibit the issue of irredeemable currency was 

 lost. A bill empowering the Governor to borrow $1,800 from the 

 Bank, to pay interest, w^as also lost January 2, 1821. February 3. 

 1821, a notice w^as posted on the bank door at Vincennes calling a 

 meeting of the stockholders for February 5 to examine the Bank 

 with a view to protecting depositors and stockholders, and to dis- 

 cuss surrendering its charter. This notice w^as signed by the 

 stockholders, the leacUng men of the borough. 



At the meeting anew board of directors was chosen as follows:" 

 David Brown, John D. Hay, Arthur Patterson, Nathaniel Ewing, 

 Robert Buntin, Wilson Lagow, Dr. Eiias INIcNamee, William 

 Burtch, George Ewing, Samuel Tomhnson, William E. Breading, 

 Frederick Rapp. David Brown was made president. A com- 

 mittee of three was selected to examine the Bank. This committee 

 was soon discharged and another, composed of Robert Buntin, 

 Arthur Patterson and Samuel Tomlinson, was appointed in its stead 

 with notice to make a complete report on the condition of the 

 Bank, May 5th. 



In the meantime on the dark and windy night of February 10, 

 the people Avere awakened by a light in the north part of town. 

 The ''Steam Mill" was in flames, and when morning came the 

 chief source of pride and jealousy in Vincennes was in ashes. 5" 



5-' Ho. Jour., 1820-21, p. 16. 



Ho. Jour., 1820-21. p. 299. 

 " Western Sun, Feb.ruary 3, 1821. 



Western Sun, March 24, 1821. 

 66 Western Sun, March 31. 1821. 



" Centinp.l, February 17, 1821 It was a.sserted by the friends of the Bank that it would have 

 paid all debts had the mill not burned. It was the largest manufai-turing establishment in tlie 

 state. 



