Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1851-01-16

could gain his support In the first place, Banking
must free to ALL The State Bank not such an :
stuton. The six hundred stockholders Of the Bank
had the right issue three dollars for every
on hand This denied to all others. In the second
place. there be liability the part Of the stock
holders for all the debts OF the institution And why
noti The merchant partners in trade, oil any bus
ness, responsible The State should not be stock
holder There is proprety in the principle of State
partnership in Banking. He saw no propriety in the
State making money of the people for the benefit Of
the people II reminded him of the anecdote of the
boys making three dollars apiece by swapping jackets
before breakfast when the truth was, that when they
quit trading every one had only his jacket. In
the last place the security must be ample
tended this morning. that the State Bank mnst live out
lis existence, and would not be interfered with He
denied This position there was no such vested rights
known TO this land. He had no design to attack the
Bank He was perfectly willing that the State Bank
should live and shave out its existence. He was
prophet of aprophet but he predicted that when
that Bank should wind Its concerns 1t would be found
souess The history of Banking had proved that not
Bank in Thousand had wound up without being in
solvent When this Bank should wind up he feared the
result.
The million and upwards of specie placed in the Bank
by the State would not be found few old Banking
Houses and some protested or slow notes. he feared,
might only be there. The College Fund would be gone
the saline fund, and other funds and the
fund educate the poor children of the country would
be safe. 1t might be thought dangerous educate
the rising generation to know their rights He did not
helieve we could give every equality in all
things We could restore the blind their sight,
but we could give an equality oil privileges in some OF
our dearest interests
| Mr. Morrison of Marion, would hope give
much new light, in following the eminent men that had
proceeded him. but he had few thoughts, yet ad-
4 vanced.
Banks had great power. Bank Presidents and Direc-
tors frequently created in the minds of the
people, than the Dukes and Lords of Europe. 1t was
contended, that Banking was, necessarily, monopoly.
This, some extent, true. So was wealth, in any
other shape, monopoy and it was the duty of this
pie He agreed with the gentleman from Posey (Mr.
Owen) that the provisions of the Constitution should be
negative and restrictive in their character He
opposed the State Bank from any captious motive.
He had reasons to be kind to the Bank and its officers
for reasons well understood by the Convention He OPP
| posed the Bank, however, as monopoly. Laws had
been passed giving two prominent points In the State
branches but the Bank In these instances superior
to the power OF the State. single branch was able TO
veto any new Bank. Should Madison New Albany
any of cities arrive the eminence of Cincinnati
Louisville, other branch could be established under
the present principles Of the charter. The rules Of
the Bank stringent that persons from abroad
persons here, having foreign paper find no
dation. The case was qae different in Cincnnat un-
der more liberal system OF Banking. This feature
was well calculated TO drive capital from the State.
strange arrangement had been urged that Railroad
and Plank road companies would become bankers This
he believed only be found in the ina gnation of
gentlemen Much horror had also been exhibited at the
idea of foreign capital being used for banking. He
no difference, but of advantage, between payment
OF our state DOndS at nome or 10 the R0tnclldeS
London or Paris. He contended, that much credit
could be given abroad the notes of Free Bauks In
diana, 10 State Bank, were it known that prov
sion was inserted in the Constitution that notes
should be issued without the most ample security He
said that before this discussion should terminate Sc
ries of sections would be offered of restrictive charac
ter leaving it the Legislature determine all details
and what kind OF a system should be adopted.
II Before the question taken the Convention ad
journed.
/ TUESDAY, January z, Is5I.-The Convention wa.
opened with prayer, by the Rev. Mr. Badger.
Mr. Mather. with much feeling, stated that the wls
of his colleague, the Hon. Walter E. Beach, Delegate
from Ekhart county, departed this fe in this city
last evening In order that the Northern Delegation
and Others might be permitted 10 attend the funeral
this day, at half past ten o'clock, he hoped no vote
would be taken the Bank question during their alb
ence.
The Convention then resumed the consideration Of the
Bank question.
Mr. Lockhart said, that no more propitious periot
had occurred in the history of the country for th
adoption OF Constitution, than in the year 1916, whe
our present sConnstitution formed 1t was immedi
atey after the with Great Britain, when coun
rymen alive to the calls OF duty and patriotism
The right OF Universal suffrage was extended, and
was pride and boast, that had, the time, th
best Constitution in the Union Ii was beacon ligh
for other States TO follow that afterwards admttes
into the Union. That Convention declared, that 9th
than State Bank and branches shond have exist
ence. 1t was to this, he believed, indebted TO
freedom from the evils of Banking OF the surround
ing States.
Since the present State Bank had an existence W,
have than doubled our population There is NOR,
produce shipped down the Wabash and White river
than there shipped down the Ohio twenty years ago
The people appear to be strongly in favor OF Banks,
order to facilitate the purchase of the produce of th
country and the question arises, what description
Banks will have. For his own part he was not par
, ticulary welded to any system With regard to Ere
Banks, the State of New York afforded almost the on
In NaxUV York Erqa Ran ks had fall
TO redeem their votes Twenty six of this number ha
been wound up and only seventy five cents the doa
: had been realized. 1t is true gentlemen had oblecte
to OF the securtee, and had said that State
United States stocks would be far better than the
rifles permitted but he held in his hand report show
ing that in winding up of the Banks Of New Yor
S65 900 worth of Indiana bonds sold for Sl2 0O0
OF Illinois bonds $50 900 worth sold for Sc 00C
1t was contended here that stocks should be put in
their market value But this would not obviate the oh
jections The price OF stocks might vary but if stock
: go down, there would be no protection. The note
would be circulation II the price of stocks advance tn
Bank would Immediately ask increase of paper; an
= after such increase the price might again 60 dowr
leaving the people, the farmers and mechanics of tn
country to be the losers The State ank Of Indian
stood of the best institutions in the
I try. She has always paid specie for her notes. excep
during the general suspension when her condition
well able have wthstood the shock had oth9r Banks
surrounding us, redeemed their paper This Free Ban
= system one of modern invention IL about tn
time that 5000 900 900 OF State bonds discovere
: be in the hands of foreign bondholdcrs that th
scheme was concocted IL was measure oil thes
: bondholders, make their bonds valuable Br
a the question wond arise what bonds should be used
!, So far as Indiana bonds are concerned the Go'
y ernor has made a calculation that indeb
!. edness can be paid off in eighteen years What kin
y of securities should then takef Should take
e chgan, Wisconsin, other bondsl Would Railroa
?, plank road bonds answer the purposes He NJ
"a thing but difficulty and evil in the whole system.
He had taken pains the amout of specie thu