﻿ESAREY: STATE BANKING IN INDIANA 



287 



deeply disappointed in the disastrous failure of the law. Of course 

 the system had in it all the weaknesses of banking systems not 

 founded on liquid assets. But these weaknesses do not account 

 for its quick and ruinous collapse. Had an efficient auditor ad- 

 ministered the law and enforced it rigidly, such banks as those of 

 Newport could not have been organized. The chief defect lay, 

 not in the law, but in the officials who failed to enforce it. 



