BANKS AND BANKING.
On motion by Mr. CLAYPOOL, his bill 86-described on page 105 of the Brevier Legislative Reports-was taken from the table-the question being on the amendment proposed by Mr. Tarkington-see page 150 of these Reports.
Mr. TARKINGTON. The amendment is simply this: The bill requires banking upon Done other than Indiana bonds, which are worth more by 20 per cent than any Southern bonds. 'My amendment requires for every $100 circulation a deposit of $105 in Indiana bonds. This would bring our bonds home, is conceded to be a safer banking basis than the old law, which required a deposit of $110 for every $100 of circulation.
Mr. MARCH opposed the amendment.
Mr. HAMILTON was willing to vote for the bill either way, but should vote against the amendment.
Mr. LANDERS. I am in favor of the bill as originally reported by the committee, but if the amendmant proposed is adopted, I will certainly have to vote against this bill upon the ground that the bill holder will not be saved. At the same time the bankers of the country do not desire it-they are satisfied with the bill as it is.
Mr. CONLEY. I have examined this bill with some care and think the bill holder is better secured than under the provisions of the old law. I am oposed to the amendment.
Mr. STEELE. By the report of the State Auditor we see that there is one million of dollars banking capital in the State, $400,000 of which predicated upon Southern stocks. Now in order to get these banks to exchange their stocks for the benefit of the bill holder, we must offer some kind of inducement.
page: 220[View Page 220]On motion by Mr. CONLEY the amendment was laid on the table by yeas 27, nays 13.
Mr. ANTHONY moved to concur in the Committee report by striking out the words "and five" in the committee amendment and inserting the words "and ten."
Mr. A. said: My proposition is to leave it as it was under the old law-$110 shall be deposited for every $100 circulation. Gentlemen have asserted that Indiana stocks are better in the market than those of other States. That is true at present and may be so to-morrow, next week and next year, but the year following it may be untrue. In the present condition of the country there is a likelihood they may change in the market. If in a single instance Indiana should fail to meet the interest due on her bonds her stocks will go down. It is possible a large amount, of money may be required-I understand there is $20, 000 interest due in the city of New York, in a few days; Senators have prevented the passage of a bill raising money; and if these are the feelings, how long will it be before there is a failure to pay over the interest and the stocks of Indiana will go down in the market? If we are going to protect the bill holder, let us do it. I am in favor of the passage of the bill, but think this security should be in it.
Mr. TARKINGTON moved to amend the amendment by making it " twenty" instead of " ten."
Mr. CLAYPOOL. I desire to provide the citizens of the State of Indiana with a good currency; I have no other object in view. I can with $50,000 break up half a dozen free banks. Your free bank money is not worth; within fifty cents on the dollar of what it is circulating for. [Mr. C. explained his bill. When he had concluded]-
The Senate adjourned.
