The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-02-08


being discussed by the people, we notice that
a Bill for the charter of State Baak and
Branches, designed to incorporate the old
Bank in the new has been introduced into
the Senate and read 6rst time and ordered
TO be printed.
The Indiana Journal gives the following
synopsis of the Bill.
/. 1t establishes a bank with so many
branches as may be organized to be called
1.-THE Bank o. the State of Indiana"
2. Commissioners are appointed 10 divide
the State into not less than fifteen or more
than twenty bank districts, and TO locate a
branch in each, selecting, so far as they can,
the same places where there is now branch
Of the present bank.
3. If the commissioners do not make the
whole number of districts authorized, the
board Of directors OF the bank may, from
time to time, increase the number to that
extent. .H
4. No branch is TO be organized until one
hundred thousand dollars are subscribed and
the first instalment paid.
8. The remaining instruments are to be so
graduated that 100000 shall be required to
be paid in to each branch on or before the
lst of January, 1857.
6. The board of directors have power to
cause the capital Of any of the branches to be
increased from time to time by authorizing
; additional subscriptions, 10 such an extent
that the aggregate capital of all the branch.
es sha II not exceed S6.0OO,OoO.
7. The State Board of Directors IS to be
composed OF four members elected by each
Branch Board. 1t differs only from the pre-.
sent Bank Board in this-ihat the Board
elects the President, who is now elected by
the Leg,sleture.1
8. When not less than ten branches are
organized and elect their members, the latter
are to meet and form the State Board, nd
the bank is then to be considered organized
for all purposes, except that no bills or notes
are to be issued until after the LIST of January,
1857. This is the period when the present
bank is required to 60 into liquidation.
9. The Bank is to purchase of the State all
her stock in the present Bank, at its value to
be affixed by Commissioners elected by the
Legislature, who, in making such estimate
are to take in account not only the value of
the stock, surplus funds, &c /, but also the ad-
vantages to the new Bank in the mode of pay.
ment provided
10. At such payment the Bank is to pay
and surrender to the State such an amount
of the outstanding Bark Bonds of the State
as shall be equal to the estimated value of
the said stock, the Bank having the same
privilege as to the time and manner of pay.
ment that the State has. Any excess of the
value Of the stock, over the amount of such
outstanding bonds, is to be paid to the State
Al
IL. The State Is secured by first lien not
only on the stock sold, but on all The stock
and property, OF the new Bank; and by pro.
visions that no part of such or it's proceeds
IS to be withdrawn from the old Bank until il
may be paid over in the process OF liquidation
after its character expires, and not t.en, un.
less at least Sl,500,000 have been paid in to
the branches OF the new Bank in specie on
the subscriptions Of stock.
IL. The State Board is to distribute the
stock purchased of the State to the branches
established, in equal proportions, and The
branches are to furnish the means 10 IN axe
the required payments. The branches can
make no disposition Of the portions of stock
SO allotted to them except for the purpose of
having the proceeds invested as permanent
capital.
' Is. No part of such stocks or its proceeds
is to be Withdrawn from the Bank or Iessened
in value, but the State Board is required to
withdraw it from any branch and invest it ia
others in case Of mismanagement.
| IA. Stockholders in the present Bank may
subscribe their stock or it's proceeds in the
new Banks, and the latter may purchase the
/ property and asset or assume any debts and
liabilities Of the former on such terms as may
be agreed upon.
Is. The Bank is to pay ten cents on each
share Of stock annually as bonus to the
State for the benefit OF the school fund, and
its capital and other property is subject to
taxation as in other cases. The present
Bank pays l2t cents on each share to the
school fund, but it is only subject to taxation
for State purposes, not exceeding one per
cent.
| l6. In all other respects, the new Bank is
to be organized precisely like the present
Bank, with the same privileges. powers, and
restrictions, the exact words of the old
charter being adopted as far as they are ap.
plicable.
II. The State reserves the privilege to es-
tablish new branches with the consent Of
two.thirds Of the members of the State,
Board. gcr
1 The advantages of this system are:
/ /. The continuation Of a good currency
and system Of banking. which twenty years
Experience has proved to be one of The best
in the United States. a.t
2. The tirle it affords for paying all the in
atalments gradually SO as to be ready to COM
mence operation with strong capital VIII Ell
the present Bank is compelled to wind up.
8. 1t will prevent the disastrous effects
which must inevitably be produced il the
II present Bank is compelled to call in it's loans
within short period, before any institution
OF sufficient strength is established to afford