The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-02-12

chartering State Bank with Branches ano
free interchange of opinions on the curren-
cy, "a
On motion, John s. Hopkins. Esq., was
called to the chair. and Henry c. Gwath-
mev. Esq, appointed Secretary.
The purpose for which the meeting was
called, was explained by Jas. G. Jones, Esq.
On motion of III. 8. Johnson, Esq 4 com.
mittee Of four, consisting Of NJ. s. Johnson,
Jas. G. Jones, Henry C. Gwathmey and
William Hubbell, was appointed by the
Chairman, to prepare and report to the meet
ing res olutions expressive Of its opinions in
relation to the object for which it was called.
The committee, by NJ. 8. Johnson, ito
chairman, reported preamble and sundry
resolutions, which after some discussion were
recommitted to the same committee, with in
Istructions to report to an adjourned meeting
on Thursday evening next.
On motion, the meeting adjourned to
meet again on Thursday evening next in the
new Court House.
Thursday evening the meeting met pursu.
ant to adjournment. and after reading the
minutes of the previous meeting, the com.
mittee to which the resolutions previously
offered had been recommitted, reported for
the consideration of the meeting sundry re-
solutions. After considerable discussion.
Mr.. Ingle offered an amendment, pending
which the meeting adjourned to meet at the
same place on Friday evening.
Friday evening the meeting re-assembled.
and thereupon Mr.IngIe withdrew his amend
ment, and Judge Baker offered a preamble
and resolutions as a substitute for the report
of the committee, and thereupon Judge Eos.
ter offered an amendment to the substitute.
After protracted discussion, the smendment
was on motion laid on the table, and the pre-
amble and resolutions offered by Judge Ba.
ker were unanimously adopted and read as
follows:
WHEREAS, There was at the time Of the
adoption of the constitution Of this State,
and still is diversity Of opinion on the SUBJ
Iject of banking, ano the constitutional pro.
visions on that subject were the result Ut
CON promise, and contemplate two distinct
systems, and as one of these systems, that Of
q bank with branches without collateral Sc
curity, in which the State is not stOckh0ld.
er, has not been tried, and the other, that OF
general banking,has not received a fsir trial,
lowing to many imperfections in the present
llaw, its defective administration, and the
fragrant abuses to which it has been pervert-
ed by many of the banks organized under IL;
and us these systems of banking are not me-
cessarly aniagonistic and each 10 entitled 10
a fair trial, and both may be put on trial at
the seine time; therefore
Resolved, That the present general bank.
ing law ought to be amended without delay,
SO as to accomplish the following objects:
1. The speedy liquidation OF all the non
specie paying banks, and the application Ut
their effects TO the redemption 0f their 10.
sues.
2. Requiring all the specie paying free
banks to comply with that provision Ut the
constitution which requires that the redemP'
ton Of their Issues shall be secured by ample
coliaterais curity readi convertible into specie.
) 3. To prevent the establishment or con.
tinuance Of banks in places where such in.
sttuiions are not needed, aud prohibit the
use of name or plate calcu lated to lead the
lunsuspecting to coniound their Sssues with
the notes OF oth.r banks having a similar
name or plate. Let each bank have suita-
BILE name, easily distinguished from that OF
every other bank, proper local habitstion.
and let all its issues have an honest counten'
l ance.
4. Requiring security to be deposited to
the amount of at lie, ct $50. 900 by each
bank before it can issue any paper. and pre-
. venting the reduction Of such security below
, that amount, unless the bank 10 in process Of
liquidation.
5. Requiring each banking association to
consist Of at least eleven shareholders, and
that at least one.fourth Of the stock should
be owned by bona fde residents Of the coun.
!, ty in which the bank is located, or Of some
adjoining county, and that each bank should
have 3 banking house or place Of business
e open during 'he ordinary banking houfs o.
each business day.
6. Preventing any bank from issuing
y notes TO q greater amount than its aetna
;, capital bona .fds paid in, and providing for ;hs
winding up of all banks that may by any de-
vice violate this restriction.
v z. Remedying such other evils 40 have
!. been developed under the existing law, ant
n imposing such other restrictions as the ex
perience Of his and other States may dictate
Resolved. That the failure OF any bank un.
d der either system 10 redeem its issues in coli
: on demand under any pretence whatever
r should be an objectionable sin, the certain
and speedy penalty for which should be thu
liqc;dation Of its affairs by due process o
law.
,. On motion of Mr.. Ingle, it was further re
9 solved that copies Of the proceedings Of TIT
. meeting be signed by the officers, and for
A warded to our Senator and Representa il