The republic. [volume] (Washington [D.C.]) 1849-1853, 1850-11-15

BANKING IN INDIASA.-The Indianapolis (Ia.)
Journal, of the 5th inst, referring to the proceed
ings of the Indiana Constitutional Convention,
says
"The Committee on Currency and Banking,
having completed their labors, presenteda number
OF reports The first was a majority report, with
article for general banking (throwing that buai
ness open to al) based on stock security and indi-
vidual liability of the stockholders to an amount
equal TO their stock for all debts Bank notes to be
registered holders to be preferred in case of
insolvency, &c, after the New York system The
second was a minority report, authorizing the Le-
gisature to charter State bank and branches, af-
ter the expiration of the present charter, but in
which the State should have interest except she
might choose to invest any trust funds stock
loan The third was a second majority report, pre-
senting single section which provides that, after
the expiration of the present bank charter, the
State shall not be stockholder in any bank what
ever lhe fourth was a second minority report by
Mr.. Hardin, to submit to the people the question of
banks or no banks and if that is decided in favor
Of banks, then the Legislature should have authori
ty to grant bank charters or pass a general bank
ing law, which shall not GO into force until the
people ratify such Legislative act by popular
The nth report was a third minority report, by
Messrs. John p. Dunn and Watts which provides
that there shall be no banks in the State but State
bank and branches, which may have capital of
three millions OF dollars. The State is not 10 be
directly or indirectly stakeholder, but is have
a supervisory control of such bank, and to be bound
Ior Inc ultimate redemption OF all It's DIS Ibe law
creating it is not to go into force until approved
by the people. Bonus Of half Of one per cent on
the capital stock to be paid annually for common
school purposes branches to be mutually bound
stockholders to be individually liable to amount of
their stock-recharter of the present State bank
forbidden
"From the number of these reports, and the di-
vcrsity of views which they show to have existed
in the committee, it can be Judged how varied are
the views Of the delegates, and how difficult will
be the adjustment OF this question. We NAV add,
Legislative singularty, equal to that of five
there were two members of the COMMITTEES who
signed both Of the first two roports-the majority
and minority one-whie three (the gentlemen
who presented the last two rcports) did concur
with either.
"The select committee on the homestead exemp-
ton presented majority report with article
exempting land or town property, owned by a
head OF family, to value not to exceed five hun
dred dollars. from sale for debts contracted after
the adoption OF the new constitution, mechanics
liens excepted. No mortgage other alienation
thereof to be valid, If executed by married man
without the consent of his wife. Exemption of
personal property to those who not landholders
of mechanics tools, farming utensils, and other
property needed for the business or support of the
owner, to be made by the Legislature, Of such
amount as they deem equitable. The Legislature
TO pass all laws necessary to give full force to the
article.
''The iosprisonmsrst or debt section was no soamend-
ed to provide that there should be no imprison-
ment for debt; but fraudulent conceament OF prop
erty shall be thus punished until the property is
surrendered"