Indiana State sentinel., 1851-01-16

Mr.. Bascom moved to strike out the section end in
sert: The Legislature not have power estab
ish any banking institution; bat may submit the
tiers, any general election, the question ol 'bank o
"no bank and majority OF the votes cast be in Ia
Of banks then the Legislature shall have the powe
to grant bank charters, or to pass general banking
law with such restrictions and under such regulations
they may deem expedent and proper for the security
the blholders bat such grant shall have any force
effect until the shall have been submitted
of the electors of the State at general election
and approved by a majority of the cast tha
subject at such election.
Before the question was taken, the Convention ad
iourned
SATURDAY, January IL, lS5l.-The Convention wa:
opened by prayer by the Rev. Mr.. Crumbacker Dele
gate.
The resolution heretofore offered by Mr. Coax, pro
viding for the meeting of the Convention hall pas
eight O'Clock each morning. taken up
Alter being amended, as to hold uight sessions
and that adjournment shall take place for dinner the
resolution indefinitely postponed.
The section offered by Mr.. Owen as amended by Mr.
Watts ordered to be engrossed yesterday read
a third time when
Mr.. Owen moved re-commit the section, with in.
strueons to strike out all after the word Constitution,
and insert:
All Bank bills issued this State shall be
rcdeemabe at all times, in specie and law shall pass
authorizing, directly indirectly, the suspension o
specie payments by any Bank Banking institution
Mr.. Bidde moved to amend the Instructions so that
Bank bills shall be issued until an amount of specie
equal the circulation shall be deposited with public
officer for their safety and redemption.
After remarks from Mr.. Bidde,
Mr. Dunn of Jefferson said that he was in favor of
mixed system of free and State Banks but as an alter
native would sustain free Banking. The State Bank
men appeared TO be delighted with their triumph of yes
terday but that triumph attained by the aid OF
ally, (the Bank men, who might in turn leave them
without any Bank ALL He warned gentlemen of such
result. The State Bank, when established was the
best in the country He wished the opportunity afford
od To hav fraa Il 4.
OF the State Bank, that field of competition might be
opened up to the country, in exchanges and Bank
commodations generally
Mr.. Watts explained the nature of his amendment
adopted on yesterday He was in favor OF specie ba-
sis but the details should be left to the Legislature
Mr. Conduit made able and interesting speech in
favor of amodhed State Bank
Mr.. Petit in favor of re-commttig because he
was In favor OF redemption OF all Bank issued by
specie. He asked who dare come in here and ask ex-
elusive privileges? That man. who will come in here
and will grant to the few rights and privileges that
denied to all, is craven and a coward; and he who
vould ask what he would deny to Others is thief and
rcbber He continued his remarks with much feeling
and animation.
Mr. Murray then gave his views at length in favor of
well regulated system of Banking. II is impossible
he said, to do without Bank paper. He thought the
safest foundation for Banks State or United States
stocks. He was not willing to leave the subject an
open question for the Legislature 1t the duty of
the Convention to decide upon some well defined system
Leaving details TO the Legislature
Mr.. Bidde withdrew his additional Instructions
Mr.. Owen then withdrew his instructions and offered
others-by adding to the section, amended by Mr..
Watts after the words specie basis" the words lor
the redemption of all notes issued"
Mr.. Dobson hoped that the section would not be re-
committed He hoped that the section would pass and
that the Convention might 90 and engraft other
amendments. The free Bank system was like a
potato crop, that good for nothing until the top was
dead There has been universal rot in the potato crop
all over the country for several years and such he
feared, would be the case with free Banks if estab-
shed.
Mr.. Colfax then moved to amend Mr. Owens instruc-
tions, by addng-'such specie basis shall be to the
full amount of their circulation the difference between
the two shall be made up by ample security for the
dempton OF the bills in specie 10 be deposited with
some officer oil State.
Mr.. Dunn Of Jefferson having been cut of by the rule,
MS other remarks said that he in favor of giving
power to the Legislature to adopt either the State or
free Bank system, or both. He not of the opinion
that the wisdom of Indiana would with this Con-
venton. He sorry TO hear the State Bank de-
nounced this floor and those engaged in such nstitu
tions assmilated to thieves and robbers The State
Bank of Indians has done well, with very few exccp-
tons, and the engaged in il have been of as pure
characters the OF their fellow citizens He then
entered into defence of free Banking and the stability
of the securities to be deposited He contended that in
institution having the mutual liability principle pow
must be given to accept reject their partners or
the Branches be established. The State Bank sys-
TEN must necessarily be close SYSTEM and hence his
business
the whole country may not suffer
Mr.. Rtchey moved the previous question, which be-
ing sustained, was first put on the adoption of Mr. Col
faxs amendment to the Instructions which adopted
ayes "A, noes GA.
The question was then taken on re.committing the
sections with the instructions Of Mr. Owen to amend
amended by Mr.. COllax-prOvidng that the specie
basis shall be 'for the redemption OF the notes issued
and shall be to the full amount of their circulation;
the difference between the shall be made up by
pie security for the redemption Of the bills in specie to
be deposited with officer OF State;" which motion
prevailed, ayes 49, 65.
The Convention then adjourned
In the afternoon Mr.. Holman moved 10 reconsider
the vote re-committing the section in relation
Banking, with instructions 10 amend, as moved by
Messrs. Owen and Colax which motion prevailed ayes
6S, noes 65.
The question was then again taken on re-committinG
with the Instructions, moved by Messrs Owen and Col.
fax and decided in the negative, ayes 60, noes H.
The question was then taken on the passage of the
section, and decided in the affirmative, ayes Is, noe:
Mr.. Walpole said, with a view Of making final de-
csion he would reconsider the vote the pas
sage Of the section.
Mr.. Gibson moved to adj journ. Lost, ayes 80, noe.
Mr.. Cookery moved to adjourn Lost, ayes 29
noes 80.
Mr.. Milroy moved to adjourn.
Mr.. Crumbacker moved call Of the Convention
Lost, ayes As, noes So.
The question was then taken on adjournment. Lost
ayes 30, noes "a
The President then adjourned the Convention without
a motion.
Democratic Meeting.
In pursuance Of notice previously given large mum
Der OF the Democratic members of the Constitutions
Convention General Assembly, and citizens of Indian,
in general met the Capitol the evening of the 1l
of JAM 1884, for the purpose Of taking into consideration
the proprety Of nominating behalf Of the State o
Indiana and subject the decision of National Demo
cratic Convention. General Joseph Lane candidat