174 
Hadden—Early Banking in Wisconsin. 
the notes of the Mitel ell Bank never failed to be redeemed in 
specie upon presentation “ and that this was more than could be 
said for any bank-notes that had ever been put forth either in 
Wisconsin or in the neighboring states, or by any bank in New 
York except the Chemical.” 23 
Undoubtedly the decade between 1840-50 was that of the 
most rapid development of business and material interests in 
the history of Wisconsin. The increase in population is note¬ 
worthy. 24 
1836 
1840. 
1846 
1850. 
1855. 
11,68325 
. 30,94525 
.155,277 
305,391 
552,109 
This shows an increase of population of over 800 per. cent, in 
ten years, a rate probably not surpassed by any state in the 
Union except Minnesota from 1850 to I860. 26 
Mines were unearthed; canals dug; the Wisconsin and Fox 
rivers widened and deepened; railroads were projected and built; 
agriculture was fostered; many towns established. During this 
fruitful period of immigration, settlement, rapid growth, and 
marvelous development of the resources of this great common¬ 
wealth, the Wisconsin Marine and Fire Insurance Company was 
able, in spite of a dubious charter and hostile legislation, to sup¬ 
ply all the channels of money circulation in the Northwest and 
in the valley of the Mississippi with a constantly increasing 
stream of currency, the integrity of which remained to the 
last absolutely unquestioned. 
Rejection and Ratification of the State Constitution. 
On October 5th, 1846, at a convention called for the purpose 
of framing a state constitution, one of the articles adopted was 
on banks and banking with these important sections: 
23 Wis. Hist Col ., Thwaites, Vol. XI, p. 439. 
24 Gov. Mess, and Accompanying Docs., 1857, Vol. I, p. 21. 
25 Probably not accurate, Census of 1838 (first) showed population of 
41,008. 
26 Wis. Hist. Coll , Vol. XI, p. 442. 
