Rejection and Ratification of the State Constitution. 175 
Sec. I. There shall be no bank of issue in this state. 
Sec. III. It shall not be lawful for any corporation, institu¬ 
tion, person or persons within the state, under any pretense or 
authority to make or issue any paper money, note, bill or cer¬ 
tificate, or other evidence of debt whatsoever, intended to circu¬ 
late as money. 
Another section prohibited the legislature from conferring 
banking privileges upon any corporation whatsoever. 
Four-fifths of the convention were in favor of these sections, 
and they reflected public sentiment. There was among the 
people a universal opposition to the issue of notes by any 
legally-authorized corporation, but at the same time there was 
a prevailing sentiment in favor of granting the privileges of 
deposit, discount and exchange to individuals or private corpo¬ 
rations. 27 
There were many reasons for this state of the public convic¬ 
tion. The currency of the country was in a deplorable condi¬ 
tion. Many banks in the Western and Southern states had 
suspended specie payments, and bank notes of whatever kind 
were regarded with great distrust. In he southwestern por¬ 
tion of Wisconsin Territory the circulating medium was nearly 
all gold and silver, mostly foreign coin. English sovereigns 
were paid out and received at $4.90, and French five-francs at 
$.95. In the eastern part of the Territory a heterogeneous cur¬ 
rency existed, consisting partly of New York and New England 
bank notes, Mitchell certificates, and a large quantity of coun¬ 
terfeit and broken bank bills, bills issued by a foreign govern¬ 
ment, and city or county orders — “with here and there the 
honest face of a sterling bank bill from some of the Whig states 
down east.” The Milwaukee Sentinel for January 6, 1848, says: 
“Thousands of dollars are lost to this community annually. 
The banks of Canada enjoy about one-half our present currency, 
and as it is not received by our brokers at par in payment of 
notes, those who have it on hand submit to a shave of 3 and 4 
per cent. ” 
Except the Mitchell notes, it was difficult to tell anything 
about the value or the extent of the depreciation of the cur- 
27 Strong, Hist, of Wis. Terr., p. 518. 
