Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-01-15
INDIANAPOLIS, JANUARY 8, Isas.
The Small Note Law.


sumo to be the President of the Bank has furnished
has views in relation to the small note law, and ar
CUES in favor of the monstrous assumption that the
small note privilege conferred during the life of
the charter.
In former article on this subject, we examined
the law by which the State granted to the Bank the
privilege in question: and came to the conclusion that
the privilege expired the first day of January, 1876
We will now state briefly few of the reasons upon
which formed that conclusion.
The privilege granted we have seen by two
separate acts. Now, as the Judge admits, both Of
the acts relate to the subject and were enacted
by the Legislature at the same session; consequently
they must be construed together. And we must adopt
that construction which will COMFORT with the nte-
ton of the legislature according to the most common
acceptation of the language used. To understand
the language of the law, must take into consider
alton the state of facts they existed the time
When the actof February 10 was approved, the Bank
had the right, neither did it claim any right to
issue small notes. 1t is true the act of February 10
speaks of the privilege of issuing notes of less
denomination than five dollars granted, &C., by this
General Assembly" but we know that the grant had
not then been accepted, and was accepted un-
til the terms of the proposition they then stood,
were materially changed. The Bank could not ac-
qure the right to issue small notes but by complying
with certain conditions, which it refused to do.
While the matter stood in that position, the act of
Feb 10 was passed. The first thing that meets us
in section Z, of that act Is that certain privilege
was enlarged or modified. 1t was not privilege
then existing, bnt in contemplation. Not some
thing that the Bank had vested right in, but some
thing which then the subject of treaty But
what was the privilege! Was it the right to issue
small notes beyond the control of the legislature! If
there is any controversy about this it is between
Us and Judge Morrison, any body else; but be-
tween them and the language Of the law.
The words of the law are =" the privilege of is
suing small notes is hereby enlarged" sc. The e-
gislature here use the word enlarge" in reference
to the provisions of the former act and it should be
defined by the words Immediately following in tie
same section If this word had been left unqualified
in the act in which il occurs, should at once con-
clude that the effect of this only to enlarge
the provisions of the former act But the Legislature
did not stop with this word 1t went on to say
Just what it meant; and whatever may be the sgni-
fcation of the word in other connexions we cannot
for moment be at loss to know what is meant by
the provision of this act II means, just what in the
language of the Legislature, it says; more and
less to w.t. that the privilege &C., is enlarged, So
as to run from the LIST day of January 1S4l through
period of five years. and the trouble and RESPONSE
bility of the Bank in managing and collecting the
funds herein provided for being converted into Bank
stock, shall be deemed and taken in full considera-
ticn," &c.
This is just what the Legislature meant, notwith-
standing the use of the term enlarged. There is
certainly limitation most clearly and positively pre-
scrbed, in language that caunot be misunderstood.
There is no controversy about that But it is said by
Judge Morrison, that the limitation applies to the
power of the legislature that the Legislature is there
by prohibited from repeating the privilege, &C. Now
the Legislature did not say that they intended to limit
their own power; but they said that the privilege to
issue small notes should run for FIVE years, &c. We
think that the language upon this point is plain and
conclusive, and that there is no left for logical
construction to apply the limitation to the power of
the legislature The acts must be construed together
So much of each Of them as has ever been in force
went into force at the same time, by virtue of the
same acceptance on the part of the Bank An iso-
lated word, indefinite in its Specifications, cannot
control the clear and positive language of the SEN
tence but may be controlled and modified by the
language of the sentence There is nothing in the
meaning of the word enlarge, to change the subject
of the sentence from the privilege to issue small
notes. to that of the power of the Legislature to control
that privilege nor to make FIVE years mean indie
finite number of years.
The legislature of 1912, repealed certain por-
tons of the act of Feb Is, 1S4l; but not to
affect the privilege to issue small notes. There
some complaint that the citizens of of the cou
ties we're injured by the withdrawal Of the funds from
them and the conversion Of the same into Bank
stock thus giving counties where banks were located
advantages over others Hence, by an act approved
January 81 1912, it was enacted that if the bank
should be willing to give up certain funds, and the
counties should be willing to take charge of them,
then the funds should be returned to the respective
counties; and the small note privilege continued
upon the provso that the bank should resume specie
payment. By another act approved the same day,
the College fund was made subject to a Statute of
1888. These laws had not escaped our observation,
as the learned President of the Bank supposes.
But in relation to this repeal, it will be observed,
even by casual reader thai it could withdraw from
the Bank portion of these funds only. Such portions
as were already converted into Bank stock could not,
and would not be affected; and the notes, bonds,
mortgages, and other obligations relating thereto,
might be returned oily when the bfanches we're Will