perhaps reject altogether.

The act of January 24, 1855, calling for the Convention,
provided for "the revision or amendment of the Constitution." Many
would have been satisfied with a few amendments. The Convention,
however, proceeded to draft a completely revised code of fundamental
law. The two large volumes of printed reports show that the principles
of Constitutional Law were discussed from Preamble to Schedule.

The most important question before the Convention of 1857 was that of
Corporations in general and of banking Corporations in particular. The
Republican majority was pledged to make provisions for a banking
system of some sort. But the popular mind had not decided whether
there should be a State bank with branches, or a free banking system
under legislative restrictions, or both. Difficult and intricate
as the problem was, the Iowa Convention handled it, nevertheless, with
energy and rare ability. The debates show that the laws and experience
of the other States were carefully studied. Nor were local conditions
and local experience forgotten. The discussions were long, earnest,
and often heated; but at no time did the Iowa Convention lose its
political sanity. That political poise which, in the long run, has
always characterized Iowa Politics was maintained throughout the
session.

As finally agreed upon in the Convention, the provisions of the new
Constitution relative to banking Corporations were in substance as
follows: (1) The power to make laws relative to Corporations was
conceded to the General Assembly. (2) But acts of the General Assembly
authorizing or creating Corporations with banking powers must be
referred to the people for their approval at a general or special
election. (3) The General Assembly was empowered to establish "a State
Bank with branches." But such a bank, if established, "shall be
founded on an actual specie basis, and the branches shall be mutually
responsible for each others' liabilities upon all notes, bills, and
other issues intended for circulation as money." (4) The General
Assembly may provide by a general law for a free banking system under
certain restrictions. (_a_) Provision shall be made "for the registry
and countersigning, by an officer of State, of all bills, or paper
credit designed to circulate as money," and the law shall "require
security to the full amount thereof, to be deposited with the
State Treasurer, in United States stocks, or in interest-paying stoc