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361 During the present year the charters of all the Banks incorporated by the State, with one or two exceptions, by the terms of their limitations, will have expired. An opportunity is thus presented for an inquiry into the manner in which they have respectively been conducted, how far the public interest and accommodation have been promoted by their operations, and if it should be considered expedient to renew their charters, to enact such terms and provisions, as shall tend to establish a sound currency, and protect, so far as may be practicable, the individual interests of the stockholders, while the most perfect security is afforded to the public for the correct and faithful management of these institutions. As it is important that provision should be made for the safe and profitable investment of the amount expended to be received on account of the militia claim, it has been suggested that our banking system should be arranged in reference to that object. For this purpose two different plans have contemplated. One is the establishment of a State Bank with Branches, the stock to be held jointly by the State and by individuals, similar to the Bank of the United States. But to the adoption of this measure, numerous, and to my mind, unanswerable objections are presented, which it may not be necessary at this time to enumerate. Another less objectionable plan, which I respectfully recommend to your consideration, proposes that provision should be made in the charters of the Banks hereafter to be incorporated, or renewed, authorizing the State, at any time when the public interest should render it expedient, to take a limited amount in addition to the capital stock of any such Bank, with power to appoint one or more Directors, in proportion to the amount of stock thus taken. The report of the Commissioners appointed to examine into the transactions and to ascertain the condition of the several Banks in the State will be laid before you, by which it appears that they are all in a sound condition, well entitled to public confidence and have substantially conformed to the law, and the rules and regulations prescribed in their respective charters of incorporation.