The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1851-01-29
xEMARKs OF MIA. LOCKHART,
On Banking delirered in the Contention:
January Z. 1851.

veniion to lay down the fundamental laws oil
n Tree State. as the period at which The Con
yention of 1916 assembled. Ii was immedl-
ately alter the close of the late war with
Great Britain. tina; the delegates OF the lndi-
ana Territory assembled in Convention, at
Corydon, TO form our present Constitution
IL was al a period when universal bankruptcy
'pervaded the land-when business OF every
kind was Frustrated; at a period when we
had but little or 10 commerce upon which 10
levy import duties, or 10 replenish an exhaus-
led. a bunkrupt National Treasury. 1t was
at that gloomy period in the financial history
of tie United States, that our Constitution
was formed, and it will not be saying TOO
much for the delegates OF the Convention
that they formed better Constitution Tor In
diana than any then known in our political
history. Ii was the first Constitution, | be
believe OF any State. in which the elective
& anchise was declared open aud free TO every
citizen. 1t vas al that DAY, model Constr
tuIion; since then many vi the older States
have assembled in Convention to alter, re-
wise, and amend their organic laws, the
bright example set by Indiana in placing all
her citizens upon the same broad political
platform, by most OF them was deemed wOr
thy OF imitation. Indiana was the first State
Of the Union that declared in her Institution
that there shol Id De no bank or banking i'll
stitution estal liz 81 in the State unless il
should be- a Stale Bank and branches in which
By implication at least the State was TO be
q stock holder, and that individual stock TO
a sufficient amount should be subscribed and
paid Ill, in specie, before the bank could COM
nence operations. The trainers of the Con-
stiution had seen the evils incident 10 indie
pendent or free banking. They had seen The
entire banking system Of Kentucky 90 by the
board. They had seen bank after bank. in
other States become bankrupt. They had
seen tile country flooded with the paper Of
broken banks, not worth cent OH the dollar
They had known The farmer, the mechanic
and the liboring man TO receive IN exchange
Tor his produce Ills wares or his labor thai
which WIS supposed 10 be money. and that
which passed Tor money in the evening. which.
on the 10. lowing morning was oil as little val
ne as SO much blank paper. They had been
eye WITNESSES 10 the monsirous frauds which
had been pr;c;iced by these - shin plaster
machines" upon the honest, unsuspecting
citizens. TOiemedy these evils they placed
the provision il The Constitution to which |
have alluded, and but Tor that wise and
wholesome provision, | have 10 doubt but
that Indiana would have beef this day over
run with rotten. with worthless banks. the
same as many OF our sister States have been.
and now are. As lndanaiaus, we NAV feel
proud OF The Convention OF 1916, four laLo-s
shall close with the production oil d Constitu-
ton DIS lar IN advance OF other States how as
was the Constitution OF 1916 then: we may
congratulate ourselves with having dischar-
geo The high and important duties assigned
Us, 10 the satisfaction Of those who sent us
here. Under that Constitution Indiana took
her place III our glorious sisterlood of States
with population barely suffirlent for admis-
sion; but how does the account stand TO- day?
In the brief period oil thirty four years our
population has increased from sixty thousand
TOT million. How rapid The change How
amazing the advancement! Up - 1854 we
progressed slowly but steadily. In that year
The Legislature incorporated the present
State Bank. From that period n brighter
day dawned upon Indiana. From that time
to the present our growth aud improvements
have been extremely rapid. Since the or
ganIz',ion OF tie Stale Bank, as imperfect
and monopollzng Us it is, AMI the overthrow
OF the Bank Of the United States. every in
terest throughout the State has prospcred
and improved, without parallel in the pro-
gress Of States. Since then our population
HAS rapidly Increased nearly doubled, per
haps more than doubled.
1t must be admitted By every gentleman
upon this floor, that the State Bunk has done
much towards producing the rapid changes
TO which have alluded 1t has enabled pro
duce dealers and commercial men to purchase
for cast, and al far prices, the rich produc-
tons oil the soil. 1t has furnished means TO
the farmer. by which to enable him to add to
his possessions and the number of his fields
h. tt.. 81 N
one, think, will deny this. II he does, let
me refer him TO the ten years Immediately
preceding the establishments Of the bank, and
ask him to contrast that period with the ten
ears next succeeding its establishment. Bv
so doing, he will find that the products Of the
Farm brought AT least fifty per cent. more. on
the average: annually, after It's incorporation
than before.
have now briefly alluded to some of the
benefits which think the community AT large
has derived from the institution of the State
Bank. That the bank has been productive
OF some evil. as well us much good, no one
) acquainted with its operations, will pretend TO
deny. But that the benefits which the CON
munlIy al Large have derived from it, are in.
finiiely superior TO the evils which il has en-
tailed. but few, | arprehcnd will dispute
With knowledge OF these facts before US
. can we, in the present financial history ofthe
8 country. as prudent and consistent men with
draw this institution, and substitute in its
> place free banks Shall we destroy an in
: siluton which, from its commencement, has
furnished US with a safe and sound paper cir
cuIation, a circulation in which our entire
population have confidence?
call upon delegates to pause and reflect
before they transplant to our soil the New
York or Michigan system of free banking
5 Banking, have always regarded as an evil
but an evil. which, for the present, we must
tolerate. The interests If The people de-