The Republican members seceded, legislative appropriations were blocked, and Governor Morton was compelled to take the extraconstitutional step of arranging with a New York banking house for the payment of the interest on the state debt, of borrowing money for state expenditure on his own responsibility, and of constituting an unofficial financial bureau, which disbursed money in disregard of the state officers.
Insurance and banking concerns of the state), and to Connecticut's liberal Joint Stock Act of 1837 (copied in Great Britain and elsewhere), permitting small sums to be capitalized in manufactures; and even to a larger extent, possibly it is the result of the ingenuity of the Connecticut people.
In the same year he published Banks, Banking, and Paper Currencies, a work which helped to promote the growth of the free banking system in America.
Paper currency is issued by the banks of Venezuela, Caracas and Maracaibo under the provisions of a general banking law, and their notes, although not legal tender, are everywhere accepted at their face value.
Owing to a clause in the constitution forbidding the issue of bank charters, the financial business of the state was controlled by national and private banks until 1904, when the constitution was amended and provision was made for the incorporation of state banks under a system of state supervision, regulation and control, deposits being guaranteed as in the Oklahoma banking system.
Besides the income from interest and dividends on investments, the state revenues are derived from taxes on licences, on commissions to public officers, on railway, telegraph and telephone, express, and banking companies, and to a slight extent from taxes on collateral inheritance.
The most important committees are the following: ways and means, rules, elections, appropriations (with several committees for different branches of public expenditure), rivers and harbours, banking and currency, and foreign.
In 1804 free banking was restricted to such an extent as to give practically a monopoly of the business to associations receiving special charters, and as these charters were generally awarded as favours to politicians the system was a formidable agency of corruption.
Its trade also in books, hops, horses, and cloth is considerable, and a large banking and exchange business is done here.
He gave earnest support to the Legal Tender Act, and the substitution of the national for the state banking system.