Report of the debates and proceedings of the Convention for the revision of the constitution of the state of Indiana. 1850.

Then, sir, let me ask, does the State Bank of judge for yuourselves, what Is best and proper forIndiana occupy this position? Will any State you to do. Let each man contribute to the
Bank that is proposed to be organized, occupy State, as much as in; necessary to keep up your
this position, and leave us all occupying that laws." That is what I would say. You. must
standing, upon the same basis of equality of haive men to enact and enforce your laws, ancl
rights'l Sir, you say to me, a private individual, these are all the legitimate subjects for which
that I shall not loan my money, but at a cer- money should betakes from the iockiets of the
tain per centage. Sir, I ought not to have said people.. my s oney," or to talk about money at all, Nowi sir, prote at th e State sho uld o
for, in God's truth, it is little I have, and when be a stoc-kholder in any such scheime as tis'
J get it, I never can keep it. [A laughi.] I, and I object on this principle, that the money
sir, have none to loan. But I make the simile. oif the Stae is derived from everybody in the
You say that I shall not loan my nmoney, but at RState. However unjustifable it ist is the
six per cent. But you say that a privileg'ed fevw, ] money of every man, barne ror no banker;
whom you arrange into a poltical co'rporat ion io s sugh h e may be, ever so averse to rsk ing' his
with the power of making all the currency of own money, the State cones fbrward and says:
the State-~you say'to this one ihundred, or six - "I] wIl risk it for you;" thus drivinca a man ie
hundred stockholders of' the S]tate, out of a reml- be a banlk.er whet}mer he will or no. T'here is.o
lion of population-you say to them thiat their firneses, no ju.stice, no equality in that. I say^.
dollar may count to them as two. three, or ibr let each'man bank who will, as I would le
dollars. You say to me that I shall not an every mn make shoes or clt,es, or follow
my dollar for more than a dollar; and yet you any.other vocation in lile. T'hen, ir, the
say to these men, that each of thenm may - loIan' stockholders must be!iable ifor al the debts and
his dollar for three dollars, thereby obtaining li ities of te bk..it is but a partnershi
eighteen per cent. per annume, while I anm not Ike any othe' part nership; it is no more x.or
to have more than six cents increase or interest less. It is merely two, or ten, or a hundred, ar
upon my dollar. Now, sir, is there any justice, five hundred men united together for the parany equality, any ri'ht, in this? Is there the pose of making a currency on which to make a
germ here, that we should seek to faird, of polit- profit, just as they would in vending goods;
ical equality, when we are moving away the and for all their contracts I would makerubbish, to lay anew the political foundations of each one who would have shared in the profits
our Government, on which all may stand, with liable, ijust as I would hmake the partners of any
equal right, and equal power, and equal inter- other copartnership concern lable ifor the debts,
est? [Applause.] Sir, so much for that pro- of the establishment. Yes, sir, I would make.
position. To gain my support, it must have this them each liable for the redemption of all the
proposition in it, in the first place. paper which they may issue.
Secondly, the stockholders must be liable for On this next proposition I nmay, perhaps, with::
all the debts and liabilities of the bank. Why the indulgence of It:e Convention, be allowed
not! Do you say that men may go merchan- to tell an anecdote. [" Cnset Consent! onsenti
dizing, or farming, or to arny other business or The State muisst not be a partner. Now of' all
avocation of life, and not be liable for their con- the fallacious, and absurd, and ridiculous propotracts, or for their mishaps, or for their wild and sitions which I ever heard —and I mean what.
reckless indebtedness! No, sir, no. And here say to the fullest extent-is the proposition that
again applies the,ffundamental principle, that in there is any propriety in the State undertaking
trade you should not give one man an advan- to make money fronm the ipeople for the beneSi'c
tageover another. Why should not all business of' the people. [Great applause.] And that,
be carried on according to the dictates of every < sir, is the allegation in favor of a.S'ate Bank.
man's judgment, or of every man's interest! You say that the State Bank has accumulatede.
Leave every one free. Leave government to its a large amount of money. Why, sir, who did
legitimate duty, and you will find that its sphere they make -it from'? From the customers of theof action is contracted indeed. All the duties Ibank! or in other words, from the people of the,~
and liabilities of a government to the individu-. State. The State is the people, and the people
als composing it, are small, and in a small corn- are the State. Now, to mnake money from the.
pass. It consists simply in protecting the weak people for the benefit of the people, is the
against the strong-and in giving redress for grossest solecism that I ever heard contended
wanton or accidental injury done. You should cIbr; and it is only fitly comparable to the anecsay, therefore, to your fellow-citizens: " You dote wiMch I once heard of three boys. An
are all put upon a par. Go and do the best you aged farmer who was excessively proud of his
can; preach ii' you please; practice law if you, children, and was always lauding their sharpplease; make shoes, or tinker, or tailor, or do ness and capacity for business and trade, praised
anything else your fancy chooses; and when, isn avery particular manner one transactios
you find that one business is no longer desira- \ which occurred between his three sons. It was
ble, then change it -for another, which may suit a very rainy mnorning', and they could not worik.
you better. You are all as frexe as the air; out of doors. T'hey wentwel eve, ho tre, to the barn