History of the Constitutions of IowaShambaugh, Benjamin Franklin
History
History of the Constitutions of Iowa
Shambaugh, Benjamin Franklin
Constitutional history -- Iowa; Constitutions -- Iowa
In the discussion that followed the introduction of these reports the
Whig members of the Convention were inclined to keep restrictions out
of the Constitution and leave the whole question of establishing banks
to the General Assembly. The Democrats were not united. The more
radical supported the minority report; others favored the
establishment of banks well guarded with restrictions.
Mr. Hempstead said that he was opposed to all banks as a matter of
principle. He pointed out that there were three kinds of banks--banks
of deposit, banks of discount, and banks of circulation. "To this last
kind he objected. They were founded in wrong, and founded in error."
He declared that such corporations should be excluded altogether from
the State. Indeed, he said that "if the whole concern--banks, officers
and all--could be sent to the penitentiary he would be very glad of
it."
Mr. Quinton thought that "the whole concern of Banks, from big A down,
were a set of swindling machines, and now was the time for the
people of Iowa to give an eternal quietus to the whole concern."
Mr. Ripley declared that "Banks had always been a curse to the country
. . . . He believed Banks to be unconstitutional, and oppressive upon
the laboring classes of the community."
Mr. Bailey was an anti-Bank man; "but he knew many Democrats who were
in favor of Banks under proper restrictions."
Mr. Hall said that "Banking was a spoiled child; it had been nursed
and petted till it had become corrupt." He objected to banking
"because it conferred privileges upon one class that other classes did
not enjoy." He believed that the people would find that "a bank of
earth is the best bank, and the best share a plough-share."
Mr. Gehon wanted to put his "feet upon the neck of this common enemy
of mankind."
Ex-Governor Lucas, who represented the conservative Democrats, said
that this was not a party issue but rather a question of expediency.
He was in favor of leaving it to the Legislature and the people.
Mr. Lowe said that "the truth was, this matter, like all other
questions of internal policy, should be left where all the other
States of the Union have left it, to the sovereign will of a free and
independent people."
Mr. Hawkins said that "the Whigs were in favor of leaving this matter
to the action of future Legislatures and to the people. When a
proposition was made for a charter, let the details be decided by them
with all the lights before them at that time."
Public-domain text, read in full here on John Shaqi.
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