Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1850-11-14
Constitutional Convention.

Delegate.
The President laid before the Convention memorial
from the Grand Union of the Daughters of Temperance
Of the State of Indiana praying that article may be
inserted in the Constitution, to prevent licenses to vend
spirituous liquors. which referred the committee
on the Legislative department. Mr. Cole presented
petition on the same subject; referred.
Mr. HAMILTON, from a majority Of the committee
currency and banking, reported the following articles
which was read and passed to a second reading:
The business of banking shall be free TO all, on
such terms and restrictions the Legislature shall
impose general laws, for such purpose including the
following principles, which shall be obligatory all
persons associations corporations, acting under such
general laws:
SEC l. No Bank shall receive directly or indirectly
any interest than shall be allowed by law to be
ceived by persons loaning individual money.
SEC ?. Some officer of the State shall register all
bills notes issued put in circulation money and
security shall be required for their redemption IN SPECIE
by stocks of the United States this State or of other
interest paying States at their market value, and not
above par.
Sec 3. The bill holders shall be entitled to prefer
ence of payment all other creditors in of in
SEC 4. The stockholders shall be individually respon-
sibe to equal that of their respective shares
of stock for all the debts or liabilities of every kind
Sec D. No authority shall be given, sanctoning in
any manner, the suspension of specie payments
Mr.. HAMILTON also reported the following from
minority of the committee, to-wt:
SEC g. The Legislature NAV authorize the establish
ment of State Bank with Branches, 90 into
operation after the expiration of the present bank char
ter, under such regulations may be provided by law
But in case, shall the State be partner, have
any interest therein, in any Branch, except may
he occasoned by the investment of any trust funds Of
the State therein loans and the safety of any funds
invested shall be secured by their preference in pay
ment in of insolvency, over the stocks oil any ind
viduas in the bank.
Mr.. HAMILTON also reported the following from
majority of the committee:
SEC. = The State shall not be a stockholder in any
bank after the expiration of the charter OF the present
State Bank.
Mr.. HARDIN, from the minority of the committee,
submitted the following article, to-wit:
SEC =. The Legislature shall not have power to
create authorize incorporate by any general spe
cal law any bank or banking power or privilege, or
any institution corporation having any banking pow
er privilege whatever, except as provided in this ar
ticle.
SEC. =. The Legislature may submit to the
general election. the question fbank bank"
and if any snch election number of equal
majority Of all the such election that
subject shall be in favor of banks then the Legislature
shall have power to grant bank charters or to pass
general banking law, with such restrictions and under
such regulations they deem expedent and proper
for the security of the bill holders: Prorided That
such grant law shall have any force effect until The
same snail nave been 10 vote
of the State general election and been approx
ed by majority of the votes cast that subject at such
election.
Mr.. Dunn of Perry, behalf of himself and Mr.
Wars submitted the following sections, to-wt:
SEC l. There shall not be established or Incorporated
in this State any Bank ba hiking company, monied
institution for the purpose Of issuing bills of credit or
bills payable order bearer: PrOrded, That nothing
herein contained shall he construed to prevent the
General Assembly any time after the adoption Of this
Constitution from establishing State Bank and branch
such places the directors of the State Bank
direct And prorided, That the capital stock Of said
State Bank and branches shall exceed the Of
Three Millions of dollars: find prorided also: That the
capital stock of said Bank, and branches shall be paid
in, in specie by the stockholders of the
SEC ?. Any Bank established under this Article shall
not either directly indirectly charge, receive any
interest for monies loaned than the law OF this State
for the time being shall allow individual citizens to charge
receive.
SEC g. The stockholders in any Bank or branch
tabshed under this Article shall be liable to be taxed
their stock at the rate that other property IS
taxed for State, county, township, and corporation pur
poses.
SEC a. The Legislature shall not have power grant
or approve OF, suspension Of specie payment, by any
Bank, branch established under this Article.
SEC 5. The State shall be bound for the ultimate
demption of all bills notes issued by any Bank. or
branch established under this Articles Porided hocer
err, That act of incorporation passed by the Legsla
ture in pursuance with the provisions OF this Article
shall 90 into effect until the shall have been snb
mitted the qualified of this State at general
election, and shall have received the approval of ma
jority of the votes cast
SEC. 6. Any State Bank and branches established un-
der this Article, shall annually pay TO the Treasu-
of State one-haf of per cent. the capital
stock of the same, which is here set apart common
school fund to be applied under direction oil the Leglsla
ture for the of common schools.
SEC. T. The branches of any Bank established under
this Article shall be mutually bound for each others la
bilities.
SEC g. The Legislature shall provide in the charter
of any Bank established under this Article supervisory
control of the
SEC. 9. The Legislature shall not have power ex-
tend the charter Of the present State Bank allow it
any privileges than possesses and enjoys.
SEC TO- In no Bank or branch established under this
Article shall the State either directly indirectly be
stockholder.
SEC H. Every stockholder OF said State Bank or
of any of the Branches thereof shall be individually La
BILE for all debts contracted by said Bank any of the
branches during the time he shall be such sockhoder,
an amount equal to the stock owned by him at the
time any such debt may have been contracted
Mr. MURRAY from the select committee on that sub
ect, reported the following article the subject of
homestead exemption; which read and passed to a
second reading
SEC. =. The Homestead owned by any person, the
head of family in the State to consist OF land or town
property not less in value than $780, shall be exempted
from seizure and sale by any legal process whatever for
any debt contracted after the adoption Of this Consttu
tIon PToU1ded That such exemption snai not enect, IN
any manner, any mechanics lien, or any mortgage
thereon lawfully obtained but such mortgage other
alienation Of land, by the owner thereof if a married
man. shall be valid without the signature Of his wife
SEC. The Legislature shall, in addition to the
present exemption Of personal property add to It, in tie
Of those persons. who andhoders such adj
ditonal amount in value Of mechanics tools farming
utensils and other personal property necessary to the
business and support Of such person. the said Legis
lature may deem expedient and equitable.
Sec -. The Legislature shall pass such laws are
necessary to carry fall force and effect all the pro-
visions Of thie article