lected to each house of the Legislature
shall be requisite to the passage of every law for granting,
continuing, altering, amending or renewing any act of Incorporation;"
(2) that no act of incorporation shall continue in force for more
than twenty years; (3) that the personal and real property of
the individual members of a corporation shall be liable for the debts
of such corporation; and (4) that "the Legislative Assembly shall have
power to repeal all acts of incorporation by them granted."

The minority report, which was signed by two members of the Committee,
provided that "no bank or banking corporation of discount, or
circulation, shall ever be established in this State."

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