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INDIANA UNIVERSITY STUDIES 



VII 



BANK OF THE STATE OF INDIANA— THE THIRD STATE 



BANK 



The bill to charter a new state bank to be known as the Bank 

 of the State of Indiana had a career in the general assembly very 

 similar to that of the Free Bank Bill, though the opposition to it 

 was more spirited and the lobby for it more powerful. It passed 

 the Senate, February 24, 1855, ^ under the call of the previous 

 question, by the close vote of 27 to 22. The minority joined in a 

 bitter protest which they spread upon the journals.' After passing 

 the House, the bill met with the Governor's veto. His principal 

 objections were, that he had not had sufficient time to examine 

 the bill; that the bank could issue unlimited paper; that the measure, 

 which might almost ruin the state, was not discussed by the legis- 

 lature; that the bill exempted the bank from most of the burdens 

 of taxation; that the manner of subscribing its capital was unfair 

 and invited corruption; that it could discount paper equal to three 

 times its capital stock, plus three times its deposits; that its title. 

 The Bank of the State of Indiana, was adopted to mislead people; 

 that the state could have no control over it, under the charter, 

 which was to run twenty years; and that the whole atmosphere of 

 this bill, from its introduction to its last vote, was charged with 

 uncertainty and a suspicion of corruption and unfairness. The 

 Senate passed the bill over the veto by a vote of 30 to 20-^ 



1 Sen. Jour., 1855, p. 551. 

 ' Sen. Jour., 1855, p. 562. 



• The majority vote in the Senate on the tour occasions is here given: 



1. Passage of a Bill to Establish a Bank with Branches: — Alexander, Brown, Burke, Combs, 

 Crane, Cravens, Crouse, Drew, Ensey, Freeland, Griggs, Harris, Helm, Jackson of Tipton, Meekei. 

 Parker, Reynolds, Richardson of St. Joseph, Shields, Spann, Suit, Tarkington, Weston, William?. 

 Wilson, Witherow, Woods; — 27 in all. 



2. Passage of Free Bank Bill: — Alexander, Anthony, Brookshire, Brown, Burke, Chapman, 

 Combs, Cran;-, Cravens, Crouse, Drew, Ens^j^, Freeland, Gla^ebrook, Griggs, Harris, Hawthorn, 

 Helm, Hendry, Hosbrook, Jackson of Madison, Jackson of Tipton, Knightley, Mansfield, Mathes, 

 Meeker, Parker, Reynolds, Richardson of St. Joseph, Richardson of Spencer, Robinson, Rugg, Sage, 

 Shook, Spann, Suit, Tarkington, Vandeventer, Weston, Williams, Wilson, Witherow, Woods;— 43 in all. 



3. Passage of the Free Bank Bill over the veto:— Alexander, Anthony, Brown, Burke, Chapman, 

 Combs, Crane, Cravens, Crouse, Drew, Ensey, Freeland, Griggs, Harris, Hawthorn, Helm, Hendrick, 

 Hosbrook, Jackson, Knightley, Meeker, Parker, Reynolds, Richardson of St. Joseph, Robinson, 

 Rugg, Sage, Spann, Suit, Tarkington, Vandeventer, Weston, Williams, Wilson, Witherow, Woods; — 

 36 in all. 



4. Passage over the veto of a Bill to EstabUsh a Bank with Branches:— Alexander, Anthony, 

 Brown, Burke, Combs. Cravens, Crane, Crouse, Drew, Ensey, Freeland, Griggs, Harris, Helm, 

 Hostetler, Jackson of Tipton, Meeker, Parker, Reynolds, Richardson of St. Joseph, Robinson. 

 Shields, Spann, Suit, Tarkington, Weston, Williams, Wilson, Witherow, Woods;— 30 in all. 



