Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1851-01-16
CONSTITUTIONAL CONVENT ION.
REPORTED FOR THE STATE SENTINEL BY \. BOLTON


MONDAY January g. lS5l-The Convention was
opened with prayer, by the Rev Mr.. Babb.
Mr.. Read of Clark presented memorial from citizens
of Clark county, in favor of Free Banking which
read and laid upon the table report has already been
made from the Bank committee
Mr.. Morrison OF Marion, from the committee on the
Executive Department, reported back the sectlon IN re-
aton the power of the Governor, amended
embrace the provisions OF the present Constituton
which was read-when.
Mr.. Morrison moved TO recommt with the following
Instructions providing that bills vetoed by the Governor
may be passed by majority of all the members elected
TO the two Houses be determined by yeas and nays
Bills to become laws unless returned within three days.
unless general adjournment prevents return in which
it shall be law, unless the Governor within hve
days after such adjournment, shall file the same, with
his objections thereto in the office OF the Secretary OF
State, who shall lay the before the General As
semby its next session. for action in the
as If il had been returned by the Governor
Mr.. Gordon moved to strike out the words by a.
lority the members elected the Houses" and in
sert "by majority Of three fiths !" not adopted.
Mr. Wolfe moved to strike out "three" and insert
"four; y not adopted.
BANKING.
The section the subject of banking again up
the question being a melton to recommit, which did
The pending question being, on Mr. Shoup's
amendment.
Mr. Borden moved to amend the amendment by SUBJ
mtting article favor of free banking providing for
banking associations under general aws-prohibiting
the passage OF laws toeratlng suspension oil specie
payments-providing for registry of and ample
security for the redemption of the samethe sockhod-
Of such associations to be Individually liable Tor all
debts and liabilities of every kndn of insolvency
the bill holders to have the preerenceno greater inter-
than alIowe by law be receivsdthe General As
semby may also pass law imposing other and further
restrictions; provided that such law providing for
General system OF Banking shall have any force effect
until the shall have been submitted to vote of the
electors Of the State general election and been
approved OF by majority oil all the votes at such
election
Mr. Borden addressed the Convention al length il
favor Of submitting system oil banking to the people
after its details had been agreed upon by the Legisla
ture.
Mr. Bdde said he dstrusted his own abilities on th
subject He had objections to the details of the presen
Bank system; and in making his objections, he did
DO out OF mere spirit of hostility He thanked th
gentleman from Clark for bringing to the consideration
State Bank His constituents might have preiu
dces; but, he believed these would have effect witt
him. His own town had applied for Branch, man,
years slnce but the expectations OF the people had
been realized. There large Of territory en-
trsly without any Bank where Bank capital would hav
been invested, had Branch been permitted. His de
Of properly regulated Bank was that there should
securities to redeem the notes dollar for dollar. Col
and silver the best foundation for all monetary al
fairs for they worth ntrnscay, their marked val
The old Romans, in a time OF pressure re-stampe
their coin double its former and real value The re
suit that the people, in the end sustained loss
one-ha oil that circulation Ihe case OF issuing thrc
paper dollars for every in silver founded tn
principle. His idea was, that before Bank note
issued there should be full security behind, Of tn
foil amount Of the circulation. He noticed the railroa
argument Of the gentleman from Wayne, (Mr. Rar
den,) and contended that combination with rairoa
companies could dePrecate the securities that might
deposited He contended that the principle of Bankin
in the United States had been wrong from the CON
menccment. The old Continental notes issued
without foundation, and resulted, in the end in
tire loss This loss had been defended high patriot
ic grounds growing out of the accomplishment Of on
Independence bat such arguments could have no eec
owor hereafter, because parallel might eve
occur again. a-s
He then gave description OF bills Of exchange, an
the why they more valuable than Bank pa
per. A bill of exchange was drawn on money alread
existing 10 the vaults Of Bank in the hands OF a
individual His idea Of the issue Of Bank paper wa.
that il should be in the Of bills Of exchange
drawn dcposite Of State United States stocks
made before the issue Of the He confendsd ths