Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1850-11-28


had permitted loans to be contracted vote of the
people, and he not willing to tie up their hands in
this manner. Many contingencies might arise, that
would require n loan This buildng might be leveled
to the earth I,y fire. We might wish 10 chance onr
State debt, whereby would lessen our interest from
five four per cent; but hands would be tied up
There is dark cloud hanging Southern horizon
and know not what day may bring forth. He
afraid to the people, where such great benefits
might be involved in the result.
/ Mr.. SMITH of Ripley modified his MOTION iy
moving to strike cut the section and inserting the follow
ing
There shall not be established or incorporated in
this State any banking corporation rioneyed instt
ton for the purpose of issuing bills Of credit bills paw
able to order bearer; but nothing herein contained
shall prevent the General Assembly from establishing
State Bank and branches; not exceeding for any
three countless to be established at snch places within
such counties, tbs Directors of the State Bank may
selects provided there be subscribed and paid, specie
on the part 81 individuals equal to thirty thousand
dollars and for the purpose of establishing such Bank
the Legislature shall have full power the part of the
Srate create The stock of said State Bank and branch
es loans made the credit of the State upon the
existing Bank funds of the State and for that purpose
the Legislature may extend the existing loans
for Bank purposes on the part Of the State"
/ Mr. SMITH OF Ripley said that having offered the
amendment, it necessary for him to make some
marks When he offered his other amendment, he had
no object in view in connection with any banking inst
tuition. But the subject had up the debate and
he now thought it best at once define his position In
canvassnp before the people, he stood bound to
the State Bank it He wished the question to
be tested and il State Bank be voted down. he would
then know how to act With regard to the system of
1885, he remarked that in 1884 and 35 the great inter-
nal improvement battle was fought. During those
years lines were run all the State and the people
were imposed upon by surveys, and the people.
under such circumstances would have Cd for the
TEN in 1896. He wished to guard the people against
such impositions This the motive that
his first amendment; but that he might be fully UNDER
Stood the Bank question; he had offered his present
amendment. He in favor of the present Bank pow
not that he in favor of continuing the present
State Bank. He great admreT OF Banks but he
was in the State Legislature when the present State
Bank chartered, and he proud of it. 1t stood
out as almost solitary exception in favor Of Banks
where the people had met with losses, from its
agement He doubted the proprety of establishing in
dependent or Free Banks He hoped the question would
be met If the State Bank power is to be voted down.
its friends should know it, that they might know what
course pursue.
Mr. TAeUE moved to amend the amendment, ly
striking one in three counties" and inserting " not
to exceed two in any one county,
Mr.. STEVENSON was friend of State Bank; but he
sorry the question had been brought forward at this
time and he hoped the amendment would be withdrawn
He willing TO trust the people in making future
loans. They would correct all errors. The present
section sufficiently guarded.
! Mr.. PERRY of Crawford moved that the amendments
/ be laid upon the table, which motion prevailed
Mr. HALL said, the object of the section not
encourage any works of improvement by the State. 1t
was 10 meet any contingencies that might hereafter
arise-the people and not the Legislature being the f.
nal Judges.
Mr. ALLEN then moved TO strike out all of the section
which authorizes any other loan than the one authorized
to meet the deficit interest account contained
in the section Just passed
| Mr. DopsoN was opposed to the amendment; but ia
vored the section originally reported. He was not
afraid to trust the people. They would be able detect
and prevent any improper loans; besides should any
loan he authorized for works of improvement loan for
1 but work could be submitted time.
Mr.. READ of Monroe defined his position and read
from his circular his constituents, support the
he had taken in the Convention in opposition public
debt.
Mr. RrrcHEY was in favor Of the amendment He
took the view of the question with the gentleman
! from Ripley Mr. SMITH The people had been de-
ceived once, and they might be deceived again. Their
rights and interests should be guarded in the Const
tuition.
Mr. OWEN rose to sustain the position taken bv the
gentleman from Johnson Mr. Ritchey, and previous
y taken by the gentleman from Rpleyhat had the in
terna improvement system, with all its evils, been SUBJ
mtted to the people 1896 they would have sustained
it, The members who voted for that system were again
returned. Their acts, use expression
4 endorsed. The people deceived by reports
surveys and estimates and might be deceived again
This Convention, like man, who, in a calm and DELHI
makes rules and restrictions for his
duct, Is engaged In establishing rules for the gov
eminent of the people and there are many restrictions
which wise and salutary.
Mr. WALPoLE said, the object of the amendment
to asen the Free Banking System on the State Of Ind
ana. The State, in his opinion, had been 1eeced long
enough. disposition shown to chain down the
will of the people Gentleman should read Jefferson
before they rammeled the rights of the people in this
manner
Mr. OWEN replied to an attack Of Mr.. Wapole, on
his course the internal Improvement question in 1886
and '37; when the Convention adjourned
In the afternoon the subject last under consideration
was resumed.
Mr.. ZENoR was a member Of the committee that re-
ported the section under consideration and agreed that
should be reported, believing that it would satisfy his
constituents; but believing that the amendment
would be better, he impeed by a OF duty
support IT, He then proceeded to give history OF the
internal improvement bill Of 1896. He was in the Leg
satnre at that session, and of the eighteen who
voted against the bill. That bill, odious it is,
the offspring of tho Legislature than the peo-
pie. The people the bill, after passage,
ny parts of Indiana, with Nominations bonres and
State, exhibited scene of hilarity which WILL perhaps
be witnessed again. showing that the people had
been led astray well their representatives He
then gave history of what has been called the calb
and the part be and the gentleman from Posey chr.
owsn) took in that matter. He then referred to the
stand taken for cassi6eation the between Cover
Wallace and Mr.. Dumont, that question, where
the former elected by large majority; showing
his opinion, most conclusively that the people con-
timed to be wrong in that matter He had much
fdence any other in the intelligence of the peo-
pie; but he opposed to borrowing money for any
purpose. He was in favor of State Bank; but did not
wish borrow money for that purpose The great SAFE
guard would be to prohibit power which had already
been much abused.
Mr. KneoRE was also in the Legislature in 1885, and
voted for the internal improvement law Of that session
He gave history Of the BILL and the survey bill of the
previous session. and pointed out the errors which, he
said this section would remedy Noprovsion made
for paying interest, which is provided for. The bill
when was not submitted people He thought
this had been the case, the evils that have resulted
would not have occurred He witnessed the
Of rejoicing, the passage of the bin, described by
the gentleman from Harrison, mr. Zonor, and he rec
objected aso conversation he had that same evening"
in bis roon whore he predicted that years would not