As finally agreed upon in the Convention, the provisions of the new Constitution relative to banking Corporations were in substance as follows: (1) The power to make laws relative to Corporations was conceded to the General Assembly. (2) But acts of the General Assembly authorizing or creating Corporations with banking powers must be referred to the people for their approval at a general or special election. (3) The General Assembly was empowered to establish "a State Bank with branches." But such a bank, if established, "shall be founded on an actual specie basis, and the branches shall be mutually responsible for each others' liabilities upon all notes, bills, and other issues intended for circulation as money." (4) The General Assembly may provide by a general law for a free banking system under certain restrictions. (_a_) Provision shall be made "for the registry and countersigning, by an officer of State, of all bills, or paper credit designed to circulate as money," and the law shall "require security to the full amount thereof, to be deposited with the State Treasurer, in United States stocks, or in interest-paying stocks of States in good credit and standing." (_b_) Records shall be kept of the names of stockholders and of the stock held by each. (_c_) Every stockholder shall be individually liable for an amount equal to twice the amount of his stock. (_d_) In cases of insolvency bill-holders shall have a preference over other creditors. (_e_) The suspension of specie payments shall never be permitted or sanctioned. (5) By a vote of two thirds of each branch of the General Assembly all laws for the organization or creation of Corporations could be amended or repealed. (6) The State shall not become a stockholder in any Corporation. Next in importance to the question of Corporations was the Negro problem. Shall the public schools of the State be open to persons of color? Shall the Constitution guarantee to all persons, irrespective of color, the right to acquire, hold, and transmit property? Shall the testimony of Negroes be accepted in the courts? Was the militia to be composed exclusively of "able-bodied white male citizens?" Shall the right of suffrage be extended to Negroes? It was in respect to these vital questions of the hour that the Republican majority in the Convention was compelled to declare and defend its attitude. The fact that the Republican party of Iowa was thus being put on trial for the first time makes the debates of the Convention of 1857 memorable in the political annals of the State. But these Iowa Republicans were at the same time defining and defending the attitude of their party on National issues; and so the debates of the Iowa Convention are a source-book also in the broader history of America.