Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1851-01-09


for this was measure for legislation, and he had no
hesitation in saying this should be done He would
saw however that United States and State bonds would
be the safest securities but if the Governor correct in
his calculation, Indiana pay oil her public debt In
in seventeen years; other States would do the sxme
and this would make it nexpedent designate State
securities but there would still be other securities.
! There another principle that might seem start
ling as coming from him, bat still it a principle he
believed to be correct A measure might be adopted
that should not be perpetuated hence he was in favor
of the right of amendment and repeal being reserved to
the Legislature 1t said this would prevent men
from embarkng their money in Banking This, he be-
lieved would not be consequence. He had voted for
provision already adopted by this Convention requir-
log the votes OF all the members of the Legislature
elected pass repeal law. This would render the
capitalist perfectly safe, because there would be dan
ger of improper legislation. This principle would be
great safeguard the people, and would add greatly
to the character OF the Banks.
Mr. Read of Clark did rise to make upon the
State Bank For the last eight years that Bank
had been well conducted 1t to the monopoly Prin
cple of the Bank that he objected There WERE indeed
thirteen monopolies, and Bank could not be estab
shed without the unanimous consent oil all the branches
In instance branch was ordered at LogansPort by
the State Board, and obtained the consent OF all the
branches but That branch prevented hOurlshlng
city from obtaining Bank facilities He then read from
published report to show that million dollars was
lost the State, effort negotiate loan Tor the
extension of Bank capital He then referred to the rs
of Bank scrip pay six seven hundred thousand
dollars the Bank for advances made for nternal I'M
Il
but for the Bank This is loss taken from the school
fund, and which will have to be repaid by taxation If
repaid all. He old enough know something
ahCut the first State Bank-a Bank whose paper for
time received in the Land Office, and he remember
ed well the time when would almost have lost his
scalp have said anything against that bank That bank
however, had long since gone by the board
He now had hundred dollar bill in his pocket, Of
that Bank, signed by Nathaniel Ewing as President
and Isaac Blacklord as Cashier that entirely
worthless. The State Bank of Illinois had also Exploded
Just after report that all was safe.
lie was in favor of safe Banks, founded on United
States State sccurtes the greatest object with him.
being to the bill-holders. He replied to Mr.
Rariden and said his arguments in reference to plank
roads and railroads, and their connection with free
Banks brought forward as scare-crow; but he be-
leved 1t would not any one here. tie had no fault
to find with the State Bank. She had been well con-
Quoted since MIR. Palmers report. He owned stock In
two Branches and knew that her dividends were not
enormous. 1t had yielded him, after deductng taxes
but aboat eight per cent, at time, too, when money
worth ten per cent.
Mr. Nave was sorry the amendment in reference to
State Bank had been offered. He would have been
glad to have fought the free Banks their merits
The loss of million of dollars, by Mr.. Merrill had
thing to do with the merits of the Bank The dement's
of the State Bank would not prove the utility of free
Banks He then proceeded to draw a picture of free
Banks in operation, to the extent Of five six in
each of several of cities The consequence would
where they located and the notes would have to be
shaved to turn them into good funds
Before the question was taken, the Convention adj
iourned.
SATURDAY, January 4, IS5I.-The Convention was
opened by prayer by the Rev. Mr.. Badger.
Mr. Chapman, from the committee on accounts made
report Mr.. Sheets account All the account they
deemed reasonable except the price of the carpet This
they thought too high, inasmuch the Hall was used
OF evenings for other purposes than those of the Con-
ventlon, which caused and tear OF the carpet
other than by the Convention.
The report was laid upon the table
The resolution offered by Mr.. Milroy providing that
all Latin terms and other words in foreign languages
words, conveying the meaning, substituted in their
place, came up for consideration.
Mr. Smith OF Ripley moved that the resolution be laid
upon the table. Lost, ayes SO, noes 49,
Mr. Clements moved To amend ly adding-''except so
far as the same has definite legal meaning;' laid on
/ the table
/ Mr. Gordon opposed the resolution as a Buncomle
proposition We had passed section, inviting foreign
shores but gentlemen seemed Mortified at the
idea OF retaining few legal technical words of other
Languages These phrases were as well understood as
, any words in the English language.
Mr. Dunn Of Jefferson was in avor of leaving out all
La in other and substituting English words as
far IA practicable. But he thought that the good
of the committee revision would properly rectify the
whole ma tier.
MIR. Badger said, that gentlemen seemed to cling to
these terms ID phrases last hope for the pettog
ger. They seemed to be afraid of any innovation.
Mr.. Keso rel.elsed the charge against the members
of the bar He wond vote .or the resolution.
Mr.. Niles disclaimed any such motives as were at
tributed by the gentleman from Putnam( Mr. Badger)
He disliked TO the Convention becoming a COM
mttee Of schoomasters instruct the committee on
vision
The resolution, as offered by Mr., Milroy. was then
adopted
The resolution heretofore offered by lMr. Robinson,
providing that section should be reported against he
Legislature passing any law permitting licenses for the
sale of spirituous liquors, was taken up
After speech from Mr. Robinson in favor of the
OlutIon, 1t was laid the table motion of Mr.. Pep
per Of Crawford by vote Of ayes 7S, noes IA.
Mr.. Thornton offered a resolution to the cxpeden-
cy of section in relation to interest money but
forfeiture should accrue where per cent is charged
if designated in the note obligation.
Mr.. Thornton never had dealt much in moneys but he
was in favor of leaving it open the property
unrestricted. The State Bank was able, in many in
stances to make as high as ten to fifteen per cent His
object was to invite competition. In Difference to the
opinion of many, he had restricted the amount to
per cent.
Mr.. Pepper of Ohio was in favor of the resolution
He knew OF fifty thousand dollars owned by citizens Of
his county, that was loaned in Cincinnati and which
not taxed By permitting this of interest to be
charged this capital would be retained in State and
would be liable to taxation.
Mr.. kilgore moved to amend, so that interest might
be charged in all cases exceeding per cent laid
on the table.
Mr.. Clark Of Tippecanoe moved to strike cut ''ten
per cent" and insert 'sseven per cent"
Mr.. Rtchey opposed the resolution. He had voted
reduce the rate Of interest from ten to six per cent
and had never given that afforded him salts
faction in his e He then moved lay the whole sub
iect on the table, which motion prevailed, ayes 81,
noes 80.
Mr. Coax moved that, hereafter, the Convention
half past eight o'clock the mornings instead OF nine
which lies over.
! Mr. McCleand offered resolution to the expedl-
ency OF providing that, hereafter local law shall be
passed unlessit cannot be provided for in general law
adopted.
Mr. Hawkins offered resolution, the expedien-