BANKS AND BANKING.
Mr. CLAYPOOL, from the Committee on Banks, returned his bill [S. 86]-described on page 105 of these Reports-with amendments recommending passage.
Mr. TARKINGTON moved to amend the amendment by providing that the banks shall deposit $1 for every $1 circulation, instead of $1,10.
Mr. SLACK objected to the amendment, with ten per cent, security, banks have been breaking in this State.
Mr. CLAYPOOL explained the provisions of the bill, and stated that they will increase and add to the security of the bill holder.
Mr. MARCH. I am disposed to favor this bill as reported, but are opposed to the amendment offered by the Senator from Monroe, [Mr. Tarkington.]
Mr. WHITE opposed the amendment to the amendment.
Mr. SLACK made an ineffectual motion to lay on the table and print 200 copies.
Mr. CONLEY. My opinion is, that this act affords better security to the bill holder, than the provisions of the present law. I hope the amendment to the amendment will not be adopted.
Mr. TARKINGTON offered the amendment, not with the intention to benefit bankers, but to guard the interests of the masses of the people. Indiana bonds are better to bank upon by 20 per cent, than any other bonds in the market, therefore it is good security, dollar for dollar, with the individual liability clause. This bill is a better one than has ever been introduced in the Indiana Legislature-harder upon bankers, and better for the people.
Mr. STEELE. There are several all important provisions in this bill. The plates of the bank should never go into the hands of its officers at all; they should remain with the Auditor, and never go into the hands of the bank, as this bill provides. Another amendment secures the bill holder, even should the bills of a bank be repudiated, and its affairs closed up by the State Auditor. Another amendment allows one-sixth to be issued in small bills, as is the case with the Bank of the State. Indiana 5 per cent bonds are now 93c.-83 1-3 is the par value. In 1866, Indiana must make provision for the payment of her Internal Improvement debt.
The vote rejecting the motion to print was reconsidered, and 200 copies of the bill and amendments were ordered printed.
