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INDIANA UNIVERSITY STUDIES 



Article I. (Bill of Rights.) 



Section 23. The General Assembly shall not grant to any citizen or class 

 of citizens privileges or immunities which, upon the same terrns, shall not 

 equally belong to all citizens. 



Article X. 



Section 5. No law shall authorize any debt to be contracted on behalf 

 of the state except in the following cases: casual deficits, to pay interest 

 on state debt, to repel invasion, or suppress insurrection. 



Article XI. (Banking.) 



Section 1. The General Assembly shall not have power to incorporate 

 a bank of issue except on the following terms: 



Sec. 2. It shall be a general banking law. 



Sec. 3. A state officer shall register and countersign all paper bills, and 

 shall require ample collateral security for its redemption. 



Sec. 4. The General Assembly shall have power to charter a bank with 

 branches without collateral security. 



Sec. 5. The branches shall be mutually responsible. 



Sec. 6. Stockholders shall be liable for double their stock. 



Sec. 7. All bills shall be redeemed in specie. 



Sec. 8. Holders of notes shall be preferred creditors. 



Sec. 9. No usury shall be allowed. 



Sec. 10. No charter shall extend more than twenty years. 

 Sec. 11. The state may invest trust funds. 

 Sec. 12. The state shall not be a stockholder. 



The Constitution was adopted by a majority of 86,000. It is 

 safe to infer that it expressed the opinion of the people. This 

 combination between the state bank, and the free banking parties 

 will appear frequently in later state legislation. 



