, 1862-01-25


by Mr.. Wentworth OF Cook, in the form Of It
minority report from the Committee on Ju-
dietary. is i'll substance Us follows. It is i'll
tended US Article y u the lew Constitution /:
No bank shall hereafter be established in the
State;
Tic existing banks shall not be allowed to
increase their circulation;
And the Auditor is prohibited from Issuing
auy more bills or notes to any bank;
The 2bore comprises section one, and shal
as asa an amendment to tic Constitution Of the
State: it shall remain and be in force as such,
ifarproycd by the people upon vote hcreaf-
ter to he taken for or against tile adoption Of
i the same as provided in t:,is Constitution.
! In case the above shalt .1ot In approved, the
following slsall he part OF the new Constitu-
ton and not otherwise, aud the failure to ap-
prove the above article shall he all adoption Of
provisions in substance as follows:
| Sec. !. The General Assembly shall pass
general banking Law, TO take effect Wien
! adopted by 1Ec people; no amendment to take
| effect until ratifcd },c the people; and no
/ bank to be created hereafter until the pfoyi5-
| ions be extended or renewed; nor shall anT
! bills be issued to any bank or corporation, or
| to any individual Ginning banking powers,
saTcin the manner provided herein. But no such
| Law shall take effect without the following
! provisions:
i 1st. Exemption from bank tax Of per
+? cent, which the Auditor is authorized to col
1ect from any coupons belonging to banks in
| his possession, the tax to be appropriated to
school purposes.
I'd. Personal liability Of each stakeholder
! Sd. Illinois State stock and United States
stock to be security for circulation, all dcprc-
made up; no bill to be paid out until it Is
made up. No coupon to be paid unless there
is call for security.
18th. Onc,third Of amount Of circulation de-
posits, and all other liabilities to be always
on hand in specie.
5th. Redemption In specie at two points in
tie State, at one~lalf per cent discount.
9Th. No asst ignncnt or conveyance for the
preference Of creditors
It'll. No bank TO purchase its own stock; nor
make a loan or pledge Of it.
StE No stockhoIder to borrow, either rs princi,
pal or endorse an amount exceeding one~fOurth
Of lis stock; no stockholder to endorse for an
other
9th. No bank to OWL rcal-estatc, except
necessary for its business purposes for over I'll
days.
10Th. The bank never to loan out mort
than its actual cash capital and one half Of it:
deposits.
11th. List of stockholders to be posted
conspicuously in the bank.
18th. Bank to hare u liked location, wler'
/ President and Cashier have residences.
18th. Legislature to provide for ezau1ina
tion OF banks as often as it sees fit.
18th. Specie to be paid out when demanded
In circulation, deposits, DC.
18th. Banks never to receive, except o.
special deposits, in enclosed packages, State
:; county or city funds.
+ lGtI. Bank to publish monthly statcmcn
e of affairs, including the following items
c Capital; stock deposited as security; rea!
estate and other property; loans bearing &C
: GO aud 90 days TO mature; suspended aud pro
tested papcr; amount of the debts not re:lli
c zablc III 10 days: loans to directors and of
Gers; loans to Stockholders; foreign and dc
E mcstic exchange; deposits at specie value
+ liabilities; specie on hand; bills Of othe
- banks Oh hand ut specie value.
- Violation Of provisions shall be forfeitur
!. Of rights; and Il shall bc the duty OF the Co
- session, and pay billholders, deposltors al
- other creditors,
T ,T Ally banker who shall in any way violate Il
~ provisions Of this act, make false entries, d
IT. ceivc any person. Sc, shall be liable to u
II prisonment in the pcnitcntiary for not lc
= than one year
e, All banks, corporations, &C., now ezistiu
~ to be liable to the above provisions, SO Ear
~ ~ practicable.
AUDITORS REPoRT-WAR FIND.
le The Auditors report, on the subject
u bonds for WITT purposes, gives the number
I'd sued as follows:
. ses bonds for s1,os9 each
r. r. Ss sss & i@ ..-
Of Realized as above vo:............... So, sso sso
= Allowances for arms .--.. 1S12t6
Amount Of Auditors warrants issued
, for war purposes. s..--.-...---..- SS's4le91
-. These warrants have been issued under "a
ed ed ons acts Of the Legislature.
~ ~ The amount received from the United Stat
Government towards reimburslng the State
,,e ,r poses, is 81, ST., ,33173.l6.