Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1850-03-14
fOI ihe ofdfe Sehff"et.
The New Constitution.


Let the New Constitution then provide for the coniin-
of the present Banks during the time for which
they chartered aud longer and let it also
provide for uniform and general free banking Law, un-
der which banks may be organized and conducted with
speciaI laws legislation The of these banks
can be secured, New York, by State and United
States stocks They might be allowed discount bona
fde bills drawn against actual shipments Of merchandise
at fixed per uf Interest," aud for collecting, but
should be efeetuaiiy prohibited from bayng bills drawn
different points, in order get higher rate than the
legal interest," and thus open the door to evade the laws,
as is the at present Under the system Banks
might be allowed take the bills of other banks, but
they should be prohibited iom paying any but their
own.
The Constitution of Iowa absolutely prohibits "any
person persons, association, company corporation
from exercising the privileges of banking creating pa
per to circulate money"
The New Constitution of Louisiana, which went into
operation in 1896 provides that emo corporate body shall
be hereafter created renewed, extended with banking
discouning prvileges"-"ihe creation Of which is
hereby prohibited"
Banks, believe, prohibited in Illinois, Mississippi
and Michigan by legislative enactmenis and is there
fore reasonable to set down louisiana Michigan Iowa,
and Mississippi anbank States for where banks have
been prohibited by legislation there be doubt OF
their prohibition by the people whenever they form
Constitutions.
Wisconsin has no banks, but her Constitution has the
following provisions which, combining the power free
banking, might, with variations be adopted in the new
Constitution Of Indiana. The Constitution Of Wisconsin
provides that "he Legislature shall have power
create authoze or Incorporates by any general orsPecia
law any bank banking power privilege any in
siitntion corporation having any banking power
privilege whatever, except provided in this article
"Tbe Legislature may submit the at any gen
eral election the question of-"Bank bank, and i
at any such election number Of equal to MAJOR
ily Of all the such election that subjsc
shall be in favor Of banks, then the Legislature shall
have power grant charters pass general banking
law, with such restrictions and under such regulations
they may deem expedien and proper for The security o
the bill holders: Provided, That no such grant or Law
shall have any force effect until the shall hav,
been submitted 10 a vote of the electors OF the State a
some general election, and been approved by maorit.
of The votes cast that subject, at such election
Somethngiks these provisions would probably be sat
isactory large majority of the voters of Indiana th
only substantial objection lies in giving conngen
and guarded power the legislature grant Bank Char
ters Strike that out, and leave the power pass gen
aL banking lao lie submitted to the voters, and Their
could be objection.
For political municipal purposes provision might b
made for granting charters by the Legislature but for al
other corporations, by generalta U.
SWITZERLAND.