Whereas, the charter of the State Bank of Illinois has been forfeited, and there is no probability of the same being resusitated.

And whereas, the withdrawal of its notes from circulation, without some currency to take their place, would tend to distress the community.

And whereas, it is the duty of the General Assembly to protect its citizens against the circulation of a foreign depreciated paper currency.

Therefore resolved, That the committee on Finance be instructed to report to this House as soon as practicable, a charter for a Bank to be called the State Bank of Illinois, to embrace the following provisions, to-wit:

1st. The capital stock to be 5,000,000 dollars, to be procured in Gold

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and Silver, by the sale of the State Stock in the present Bank, and the sale of State Bonds, so fast as the same can be sold on advantageous terms, and as the wants of the State may require.

2d. The Bank to be managed by a President, Cashier, and seven Directors, to be chosen by the people, who shall hold their office for four years, and may be eligible to re-election.

3d. The President and Cashier shall have a competent salary for their services, and shall not be permitted to borrow any money from the Bank, nor be eligible to any office of honor or profit during the term for which they were elected, or for four years thereafter, and for any known violation of the charter of said Bank, or of their duty as officers of the same, it shall be deemed a criminal offence, and punished according to the laws of this State.

4th. The directors to receive a per diem allowance for each day they may be engaged in the affairs of the Bank, and they shall not be allowed to borrow from or owe the Bank at any one time more than five thousand dollars each; nor be permitted to hold the office of Senator or Representatives of the General Assembly during the term of their Directorship.

5th. The parent Bank to be located at with branches at each of the places where the old Bank had a branch with such additional branches as the General Assembly may from time to time deem to be expedient for the best interest of the State.

6th. The Bank not to issue exceeding three dollars in paper, for one dollar of actual specie in its vaults.

7th. The faith of the State and the profits of the Bank to be irrevocably pledged, first for the payment of the interest due on loans effected for the Capital stock, and the final payment of the principal when due: Second the surplus profits arising from said Bank, after paying the interest as aforesaid, to be applied to the payment of the interest due by the State to the School fund, and such other objects as the General Assembly may direct.

8th. The liabilities of any individual firm, or corporation, to said Bank and Branches, shall not exceed at any time ten thousand dollars.

9th. The President, Cashier, and Directors of theParent Bank, shall appoint a Cashier and five Directors for each of the Branch Banks, who shall hold their office for one year, subject however to removal by the President, Cashier, and Directors of the Mother Bank, or a majority of them, when ever they may deem the public good requires such removal.

1oth. The Cashiers of the several branches to report monthly to the Mother Bank, a full and detached Statement of all business done at said branches during the month.

11th. The Cashier of the Mother Bank to make a full and correct statement at the end of each month of the business and concerns of the Bank, and a condensed statement of the business of its branches, which shall be carefully examined by the President and if found correct, to be by him transmitted to the Governor, who shall cause the same to be printed in the paper authorized to publish the laws of the State.

12th The Bank and Branches shall at all times redeem their notes in specie, on demand when presented at their counters.

The Parent Bank shall keep a book, and shall enter or cause to be entered therein all notes, and bills of exchange and other evidences of debt, presented for discount, the date of such notes or bills of exchange, when,

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where, and to whom payable, with the name or names of the drawer, or drawers, endorser or endorsers, and whether the same was discounted or not, which said books are to be at all times subject to examination by the Governor, Commissioners, or any other person or persons appointed by the General Assembly, to examine the same.

14th. The Governor to have the power to remove the President and Cashier or any Director of the Mother Bank for improper conduct, and temporarily fill the vacancy until the assembling of the General Assembling, at which time he shall lay before them, the facts, which induced him, to make such removal, and if approved of by the General Assembly, they shall proceed by joint vote to fill such vacancy, and the person or persons elected shall hold the office until the next General Election, when the vacancy shall be fill by an election of the people, but should they not deem the reason for the removal sufficient to warrant the same, then the officer or officers shall be reinstated in their office or offices.

15th. The Bank may loan on real estate any sum not exceeding one million of dollars, at ten per cent. per annum, for any term not exceeding ten years, and it shall be their duty to loan at least five hundred thousand dollars on real estate, provided the same is applied for in sums not exceeding one thousand dollars to any individual, and good and sufficient security on unincumbered real estate, worth double the amount applied for be pledged for the payment of the same.

16th. The Bank shall be allowed to exact eight per cent. on all loans over four months and under eight months, and ten per cent. on all discounts made for a longer term than eight months.

17th. The Bank shall not issue notes of a less denomination than five dollars.