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INDIANA. UNIVERSITY STUDIES 



count notes. They were usually opened only one day in the week, 

 or two half days. If business prospered, and if the bank floated 

 much money at a fair price, the banker remained. If the situation 

 did not prove favorable, he packed his notes in his grip and departed 

 for more favorable fields, leaving his bank notes that had been 

 placed in circulation to care for themselves." This might be called 

 the nomadic stage of banking. Such were the early banks at 

 Brookviile, New Harmony, and Lexington. 



However, the territorial legislature, sitting at Corydon dur- 

 ing the summer of 1814, chartered two banks intended to be of a 

 more permanent character. ^ On Monday, August 21, 1814, WiUiam 

 Polke, representing Knox county, laid before the House a petition, 

 signed by Nathaniel Ewing^ and others, praying for a charter to 

 establi^:h a bank at Vincennes. The petition was read, and re- 

 ferred lo a committee of three, Polke, Ferris, and Clarke. On the 

 same afternoon, Polke reported a bill for a bank. This was read 

 the first time that same evening, the second time the next day, 

 Tuecday. It was at once referred to the committee of the whole 

 £nd made the order of the day for Wednesday. On Thursday 

 amendments were called for, and on Friday it was placed on its pass- 

 age. Three days after this bill was introduced, a Mr. Brown asked 

 the legislature to charter a similar b^^rk for Madison, Indiana." 

 This bank was to be l^-*^c7..M.-as the Farmers and Mechanics' Bank 

 of Madison. These two charters were alike, were to run the same 

 length of time, anel by special amendment, the banks were not to 

 go out of business until they had redeemed all their notes and paid 

 all their elebts. The incorporators further agreed to wind up their 

 affairs at once after the expiration of their charter. 



Though these two territorial banks started under like charters 

 and similar cicumstances, their later careers were very different. The 

 Farmers anel Mechanics' Bank of Madison was organized by John 

 Paul, John Ritchie, Christopher Harrison, Henry Ristine, N. Hurst, 

 and D. Blackmore. The charter was signed by William Hendricks, 

 speaker of the House, and Jesse L. Holman, president of the Coun- 

 cil. John Paul was chosen president and John Sering, cashier. 

 The bank had the right under its charter to issue notes payable 



* Cenlinel, January 1, 1820; also Western Sun, March 31, 1821. 

 ' Laws Indiana Ter., 1814, p. 95. 



« Nathaniel Ewing came to Vincennes to accept the position of receiver of money at the land 

 office established by Act of March 26, 1804. He was the first receiver. He helped adjust the land 

 titles around Vincennes. He aided in most of the business enterprises of his time and was one of 

 the best known of the early business men of Vincennes. He died August 6, 1846, at the Ewing home- 

 stead, four miles east of Vincennes. 



' See MSS. records of territorial Legislature of Indiana in office ol the Secretary of State, at 

 Indianapolis. 



