William Graham Sumner

“ In the Constitution of the State, it was provided that one State bank might be established, with such branches as the Assembly might deem expedient. No branch and no bank charter was to be renewed, except by a two-thirds vote of both Houses, and only one bank or branch might be chartered or renewed at the same session of the General Assembly. At least one-fifth of the shares of every bank must be reserved for the State, which was also to have a number of directors in proportion. ”

“ The State and the stockholders were to be liable for the debts of any bank in the proportion in which they shared the stock. Remedies for the collection of debts were to be reciprocal for and against banks. No bank was to begin until half its capital was paid in in gold and silver. Twelve per cent. penalty was imposed for a failure to redeem bank notes in specie, unless the suspension should be sanctioned by the Assembly. Whenever a State bank should be founded, the existing banks might become branches of it. ”

“ The limit of the capital was set at $500,000, besides such shares as the State might take. The State might subscribe one share for every five subscribed by individuals. It was to have one year's credit in paying for them, but was to receive dividends on them as if paid for. There was no clause providing for specie payment and no penalty for suspension; but the bank was forbidden to issue notes or contract debts "payable in the bills of credit emitted by the laws of this State." A week later the Bank of Chillicothe was incorporated, with a capital not to exceed $100,000. ”