, 1877-09-27
HAVE We ANY LEGAL BANKS m ILL
Mnfaf


HAVE We ANY IEoAt Eoid, BANKS IN I'LL
Ons Of the leading lawyers Of this city has
been investigating tho legality Of special
bank charters in this State, md has arrived
Mt the conclusion that they are nil unconsti-
tutional. In q conversation with the said
attorney, ho stated tho points Of tho ques.
tion substantially rs follows. Tho interest
which Inns been excited by tho recent failnra
OF number OF so-cal1ed savings banks In
our city has necessarily directed public
intention not AZ to their management, Int to
the manner in which thoy camo into exist
oncc. Every ono Of tllcaa banks rnrports to
exist under special charters granted by the
Genernl Assembly of the State Of Illinois
prior 10 tho adoption Of the new Constitu-
tion. It ia conceded on all ha.tls that no
such charters could be obtained under tho
present Constitution, and m bnnka what
ever can bo authorized except under
and by virtuo OF law which
ahall be first passed. by tho General
Assembly and then submitted to vote
Of tho people, aud II now becomes necessary
to inquire IT my creator power existed under
the Constitution Of 1915 Tho tenth article
Of that Instrument specifics what corpora
tions may bc organized, and in tho first sec-
ton provides that " Corporations not pos
scssing banking powers Or privileges may bo
formed undor general faws, int shall not be
created by special acts, except Tor municipal
purposes aud III Cases where In the Judgment
of tha General Assembly the objects Of the
corporation cannot bo attained under general
laws," and unlsr this clause alrnost every
species Of corporation has been granted spe-
cinl charters, aud in several instances
their Legality hna been upheld by tho Si-
prc,no Court, on the ground that they were
=" caoes where, in tho judgment Of tho Gen.
cral Assembly, the objects OF tho corpora
lion could not DO atnined nndor genera!
laws" although everybody olae knew better.
But such reason cannot DO made to apply
to bnpking corporations OF associations
wish banking powers, because the Coustitu-
ton makes express provision in regard to
them, and they never could 10 legally osgan-
izcd except In tho manner pointed ont by
the Constitution itsclf. The 1fth section OF
Art. K Of tho Constitution Of 1913 rclates
f N,a" ..a s-.s.,ua1.s .,-ass:s,a,
WV WIZ o"A"'as t''"o'e' '>'N '1p'~3"'' p'"''oo"
LIN ~, .<u. ox,, +..n,,u .v,,ox,.,nr.o,
,ors,ions A. o..ne,a,tons ,nYh bontIno now>r.
shall 40 into t6tcs or In any manner b II (oree
mira The san'e tha'' b sa1"lttd TO tAs top'e at
fhe nert general election merit sareted!ng The pas.
o ~ rat,. % en.t at .nra t;tatan far and aaaia.t
,uch lar,
Now tho definition Of bank is In common.
cial law "a place for thodoposit Of money"
and banks are Of three kinds, viz: Of do
posit, Of discount, and of circulation. Sec
l,ouv1Eu'a Law Dictionary or any treatiso on
banking. BY tho Constitution OF 1870 the
provision of tho Constitution Of 1848 was
sr,,st ort;nIfv ndon+e,1 anil ia IN t1,oao wort,s
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.,,r-,st,t,rs =. .s.ocf",,ons ,.,.,,
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m, s,n.nm.r,. thn,.to sh.i, m inn c,rcrt NJ 4,
NV ,,,,,'er l." in f,rca un,r.. Tho .smc shal, r"
subrattcd to = vote Of tho people at the general
election next succeeding tho passage OF the fatnc.
a.la ne approved ps ma.os!.5 o! ~ .ao 'o'e' cast
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=. ..aoeta.,e.a nh hanL;nn ,owars 49,, T.,
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s.",'a a1ss - .~.s or... ~ 49,
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ah.rtas ~ - w3,,,t % hn, NJ ~. yai,,,ttv wh,ta.or ~
=. 49, ,,a1a~s. ~, - $685., ,,,n. g. a :,
IT. " - A.. n,a.snt Coas.;,n.,as ss,sa ~
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elusive privileges, under which orasnza.ion shall
not havo taken place. or which shall not havo been
| IN operation w'sa'n ton aays rom M tms the
yss..x W sss. tss wba,",sr @ A' ''s"''' A@'' "
lint II NJ wo have tuat aaid. tina constitn,
tton absolutely prohibited Tie General As,
sem1,,v FINN nussIno INV Inv organizing n