, 1862-02-10
TszE E3eYLN1ION.
Legislation on the Banking Question
by Dody that has No Leg
- iSlative Functions.

LGStSIaii0A On Inc BANKING question
BY Body that has no Leg
= islative Functions.
rHE GREAT UsURPAr1oN. !
Our report OF fridays proceedings Of the |
Convention WAS received at 80 late an hour On
that We can make room for the fol-
lowing only, which is the gist Of the Conyen-
TONS action:
sPHKGE1LD. Friday, Feb. 7, 1854
COMMITTEE OF THE wnoLE--BASKs AND CUR
RENCT.
On motion Of Afr. Thornton the Convention
went into Committee Of the " hole on the sub
ject Of Banks and Currency. Mr. Richmond
took the chair.
Mr.. Thornton moved that the Committee
recommend the Convention to adopt the pre-
omb1e and resolutions Of the Committee on
Banks and Currency, and report the same to
the House, and recommend its adoption
MIR. Wentworth opposed the motion, and
asked that they be referred to select coIu-
Dllttee.
Mr.. Thornton thought that this would be
a1l insult to the Committee.
Mr. Ihornton's motion was finally adopted,
and the Committee rose and reported pro-
grcss.
IN CONVENTION AGAIy-Ay ORDINANCE PASS
ED-WHo's TO EXECUTE IT.
The Chairman ofthc Committee ofthe Whole
then reported back the following as the report
Of the Committee:
WHEREAS, Blythe fifth section Of the tenth arti-
Gle Of the constitution Of this state 1t is provided
that No act Of the general assembly authorizing
corporations OF associations with Banking powers.
n1,1ezs the same ehail be submitted to he people
ut the general election next succeeding the pas
| sage OF the same, and be approved by majority
such laws:.' and aeheTsas, since the original gen
eral banking 1aw Of this Statcwns passed and sub
mitted to the people, pursuant to the provisions
Of said constitution alterations and amendments
Of the same have been made aud passed by the
general assembly. comforting additional rights and
privileges upon banks and ndHssocfatfons with bank
ing powers materially altering and changing their
liabilities and powers particularly by permitting
them TO withdraw andretire tlcr securities depos-
itcdwit The auditor andto retire their circnlation
until ihe same shall not exceed the sum Of S. 00D,
and by authorizing the said banks and associa~
tions to suspend specie payment, without submit
ple az provided in the 5th section Of the article in
the constitution aforesaid which said several laws
are, as your committee is advised and believes in
direct conflict with said. section snd article
T A tns a opiaien 9Sn5'' u tnls aa eoavsatfsn ss
a1 essa aaa wh fSsn Sann e1 pe f1p e
which has it any time hitherto been less in cash
l 0I Ill EEESkt Cl " Al%l
has At any time tailed Or refused redeem it, cir
forfeited its charter and to be put into liau
Eeso1ksG-T1at the Auditor Of Public Accounts
be requested and instruceduot to Issue, hereafter
aug circulating notes, other written or prlntet
Instruments, to circulatc as money, to any oank
banking corporation or association, for hankin!
purposes, in this State. now in existence or here
to 1e 9e na
PLYING for the same, shall show to the satisfaction
Of the Auditor. by the af5daytts OF ct least tW
credible Witnesses, (which affidavit shall be file
by the Auditor in his oBice) that such bank banI
Ing corporation or association for banking purpo:
es. has awass. previously thereto, @ had an IN actn,
refused TO pay and redeem its circulation in gol
c and silver. and that said bank. banking corpor,
ton Or ass9eiaton e tS foE pan "a @
! place Of location Of said bank mentioned IN tt
ces'idcate Of association filed With the Auditor
ton Or for purpoas actua
and IN good fifth paid in as capital stock to Il
= amount Of s5o,t00.
c Mr. Edwards, should have said, in Con
7 1nittcc Of the Whole moved an amendment
7. the resolution, which is in parcnthcsis aboy,
s and which Judge Purple accepted.
:. The report being before the Convention,
c was accepted by ayes and noes as follows:
It Icas-Messrs. Alexander, Allen Of Jerse
it BARLEY, Brooks. Buckmaster, Burr, Campbe
o DUH, Eadcs, Edwards, French, Grahal
o Morrill,, Morgan, Morton, O'Melveny, Parke
l. Purple, Richmond, Ross, Simpson, Smith
o S;u1gamon, Solomon, Stone, Tanncr, Thorn
le sou, Thornton, V:ndescrr, Waters, Webbe
! Wentworth Wilson, Woodson, Young, u
lc 1ays-Anthony, Ferry, Fuller, Gale, Josly
Lawrence, Nara!norc, Orlne, PaddocS, Ple.
IL snts, Reilly, Sheldon, Smith Of Carroll, Und'
n. wood, Wcis1cy-15.
&C The above ordnance has been eugrossed