Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1845-1851, 1846-01-08

We perceive that some person. who, BY the man.
ncr in Which lie turns up his rose" at Us, we pre-
to be the President Of the Bank, has furnished
has views IN relation 10 the small note law, and
cues III favor of the monstrous assumption that the
small note privilege was entered during the life of
tie charter.
In former article this subject, We examined
tie law by which the State granted to the Bank the
privilege In question: and TO the conclusion that
the privilege expired ON the first day of January lsl6
We Will now state briefly few of the reasons upon
which we formed that conclusion.
The privilege was granted have by two
separate acts. Now, the .Judge admits, both of
the acts relate TO the subject and enacted
By the Legislature at the same session; consequently
they must be construed together. And adopt
that construction which Will comport with the inien-
ton Of the legislature according TO the ST
nccepaton of the language used To understand
the language of the law, must take into consider
alton tie state OF facts tLey existed OF tie time
When the act Of February 10 approved, the Pank
had not the right, neither did it claim any right TO
issue small notes 1t Is true the act of February -
speaks Of '' the privilege of issuing notes of les
denomination than FIVE dollars, granted, &c, by THIS
General Assembly,; but we know that tie grant had
not then been accepted, and never was accepted,
I'll the terms Of the proposition they then stood
were materially changed. The Bank could not ac-
quire the right 20 issue small notes but by complying
with certain conditions, which it refused to do
While the matter stood III that position, the act of
Feb. ID was passed. The first thing that meets us
IN section y OF that act, Is that certain privilege
enlarged or modified II was not privilege
then existing, bnt III contemplation. Not some
thing that tie Bank had vested right in, but some-
thing which then the subject of treaty. But
what the privilege Was it the right 10 issue
small notes beyond the control # the legislature If
there is any controversy about this II IS not between
us and Judge Morrison any body else; but be-
tween them and tie language Of tic law.
The words Of the lew - the privilege Of is
suing small note, IS hereby enlarged" &c. The e-
gslature here the word enlarge in reference
10 the provisions Of the former act, and should be
defined by the words Immediately following in tie
same section. If this word had been left unqualified
in the act IN which II occurs, should at
eIude that the effect of this act only enlarge
the provision, of the former But tie legislature
did not stop with this wcrd. Ii went on to say
Just what il meant and whatever may be the signl-
fcation of tie word in other connexions, cannot
for a moment be al loss To know what Is meant by
the provision of this act. Ii just what in the
language of the Legislature, ii says more and
less, W.T. " that Tie privilege &c, enlarged,
as To FROM the ls day of January ISL, through
period Of five years; and tie trouble and response
biiity Of the Bank in managing and collecting the
funds herein provided for being converted into Bank
stock shall be deemed and taken in full cons.dera-
ton sc.
This is Just what the Legislature meant notwith-
standing the Of the term enlarged There Is
certainly limitation most clearly and positively pre-
scribed, in language that cannot be misunderstood
There IS Controversy about that. But It is said by
Jadgc Morrison, that the Limitation applies the
power of the legislature that the legislature is there
by prohibited from repeating the privilege, &c. Now
the Legislature did say that they intended to limit
their power but they said that the privilege TO
issue small notes should for five years, &c. We
think that the language upon this point Is plain and
conclusive and that there Is no room left for logical
construction to apply the limitation to the power of
the legislature The must be construed together
So much of each of them aS has ever been in force
went into force at the time, by virtue Of the
same acceptance the part of the Bank. An so-
lated word, indefinite In Its Specifications, cannot
control the clear and positive language Of the
tonce, but may be controlled and modified by the
language of the sentence. There is nothing In the
meaning OF the word enharge, to change the subject
Of the sentence from the privilege to issue small
notes. TO that of the power of the legislature control
that privilege, to make FIVE years mean an inde-
finite number Of years
The legislature of lSil-2. repealed certain por-
tons of the act Of FEB. ID, ISL but to
affect the privilege to issue small notes There
complaint that the citizens of of the coun-
ties injured by the withdrawal Of the funds from
them and the conversion of the into Bank
stock, thus giving counties where banks located
advantages over others. Hence by an approved
January 81, 1912, it 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 made subject to a Statute of
1883. These laws had not escaped our observation,
as the learned President Of the Bank supposes.
But, in relation this repeal, it Will be observed,
even by casual reader, thai it could withdraw from
the Bank portion of these funds only. Such portions
already converted into Bank stock could not
and would not be affected; and the notes, bonds,
mortgages, and other obligations relating thereto,
nigh; be returned only when the branches will
ing and the counties desired it. Perhaps then, some
of the funds specified III the act of 1912 still
under the control and management of the Bank.
TIE reader of those Will further observe, that
the part Of the act Of February g. lsIl which pro-
vided for converting the Sinking Fund into bank
stock, has not been repeated The Bank has still the
and cola,tioo Of tho Sintinr FIND