Page:History of Iowa From the Earliest Times to the Beginning of the Twentieth Century Volume 1.djvu/523



F. Miller, Keokuk; P. M. Casady, Des Moines; Samuel J. Kirkwood, Iowa City; Chester Weed, Muscatine; R. Bronson, Dubuque; Hiram Price, Davenport; with Hoyt Sherman and Benjamin Lake Directors for the State. The first officers of the Board were Chester Weed, President; W. T. Smith, Vice-President; Elihu Baker, Secretary; Samuel J. Kirkwood and Hiram Price, with the Vice-President, formed the Executive Committee.

Among the important acts of this first Board of Directors was the adoption of a carefully considered series of by-laws clearly defining the duties of the officers. The President was required to make a personal examination of the affairs of each branch and retain in his custody the bonds of the bank officers. The Executive Committee had general supervision of the branches; it was required to hold monthly meetings and special sessions whenever it became necessary. The high financial standing of this Board of Directors was the best guaranty to the people of the State that the new banking system would be conducted with fidelity and at once inspired confidence in the stability of the State Bank of Iowa. This confidence was never shaken during the existence of this admirable institution which met the most sanguine expectation of its framers.

A general banking law was also enacted under which any person or persons could establish a bank, but it was so rigid in its requirements for the security of bill holders and depositors, that bankers preferred to organize under the act for the establishment of a State Bank and branches. The State Banks were sound institutions, always paying their depositors in full in specie and redeeming their currency whenever presented. It is probable that no better or safer banking system was ever devised and it did the banking business of the State to the entire satisfaction of the people until superseded by the National Banks.

An act was passed providing for the establishment of a State Agricultural College. The bill for this act was